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Saturday, June 25, 2005
Hidden Pandemonium
Oil prices surged in New York this afternoon, topping $40 a barrel as Chinese demand increases continued to outpace estimates ... NYMEX crude topped $50 a barrel today despite a government report showing inventories at five-year highs ... Benchmark crude oil dropped $1.62 in active trading today as New York traders took profits after a weeklong bull run ... Prices on oil futures inched closer to parity with front month prices as it appeared that oil would remain an expensive commodity for some time ... Experts say sustained high oil and gasoline prices may start to slow the economy. In New York, oil prices rose to a record on fears of civil unrest in Nigeria, more after this ...
The steady drumbeat of hightening tension in the world oil markets has received saturation coverage in the news media for months: On the radio, on the nightly news, in newspapers, and all day long, every day, right here on the Internet.
 As oil prices continue to rise and our economy stumbles into the transition to alternative fuels, the eyes of the world are turning their attention to the New York Mercantile Exchange, which overlooks the Hudson from Vesey Street in Lower Manhattan, and to counterpart organizations in London and Tokyo. Here, oil traders gesturing and shouting in an open outcry system will mediate the transition into a post-oil future. The growing fears of high oil prices spreading across the globe will be manifested in the controlled chaos in the pits of this building's trading floor. All the while, the bidding up and the bidding down will be hidden from the public by the exchange's serene and subdued exterior.
The New York Times's David Dunlap, quoted in the AIA Guide to New York City, describes the building this way: [N]othing about its gray-flannel facade betrays the sheer pandemonium within ... clad in the eye-popping colors of a medieval pageant, shouting and gesturing wildly, they buy and sell futures and options in crude oil, ... platinum, copper, silver and gold. That was written between 1997 and 2000, when oil was cheap and prices stable.- Posted at 5:29 PM |
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