backwardated defined benefit

Contango vs. Normal Backwardation: What's the Difference?

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4/20/2019 · The shape of the futures curve is important to commodity hedgers and speculators. Both care about whether commodity futures markets are contango markets …

Contango vs. Normal Backwardation: What's the Difference?

Backwardation Definition - Investopedia

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5/10/2019 · Backwardation is when the current price of an underlying asset is higher than prices trading in the futures market. Futures contracts are financial contracts that obligate a buyer to purchase an ...

Backwardation Definition - Investopedia

Alternative Investments and the Solvency Requirements for ...

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This state pension can be supplemented by a pension provided by employers (second pillar), generally leading to a defined benefit equal to 70 percent of the person's final wage. In addition, the Dutch pension system has fiscal arrangements to allow private savings for retirement (third pillar).

Alternative Investments and the Solvency Requirements for ...

Contango - Wikipedia

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A market that is steeply backwardated—i.e., one where there is a very steep premium for material available for immediate delivery—often indicates a perception of a current shortage in the underlying commodity. By the same token, a market that is deeply in contango may indicate a perception of a current supply surplus in the commodity.

Contango - Wikipedia

J.P. Morgan Contag Module A: Selection Methodology

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Preceding Futures Contract (Fi-1) as further defined in Section 4.2 (Local Backwardation) below. Market Disruption means the occurrence of a Disrupted Day, as described in Section 5 (Market Disruptions) below. Most Backwardated Contract means, in relation to an Eligible Set, the Eligible Contract with the highest Local Backwardation.

J.P. Morgan Contag Module A: Selection Methodology

Information to the Shareholders of Credit Suisse (Lux ...

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which aim to benefit from structural return sources (i.e., Risk Premia, as further defined below) and market movements. More specifically, the Subfund’s investment strategy focuses on systematically monetizing return sources (Risk Premia) across various asset classes with the help ... backwardated commodity indices versus diversified ...

Information to the Shareholders of Credit Suisse (Lux ...

The Fundamentals of Commodity Futures Returns

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Using a large cross section of commodity futures and associated inventory data, we analyze the fundamentals of commodity futures excess returns (the future spot price at maturity minus its current futures price). We show that time-series variation and cross-sectional variation in the risk premium (the

The Fundamentals of Commodity Futures Returns

Document - sec.gov

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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Document - sec.gov

Document - SEC.gov

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The maximum permitted consolidated senior secured leverage ratio (as defined in the credit agreement, but generally computed as the ratio of consolidated total secured debt to consolidated earnings before interest, taxes, depreciation, amortization and certain other non-cash charges) is 3.50 to 1.00, but this covenant is only tested from and ...

Document - SEC.gov

Research Review - CAIA Association

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Research Review 6XPPHU Alternative Investment Analyst Review 10 we can explain in simple terms whether holding long futures positions in crude oil is a wise decision or not. It turns out that knowing if OPEC spare capacity is at comfortable levels would have been very helpful in making this decision, at least since the 1990s. But this factor

Research Review - CAIA Association

EXPLOITING COMMODITY MOMENTUM ALONG THE FUTURES …

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the first benefit by maximizing the roll yield. More precisely, for the winner commodities we buy the most backwardated contract on the futures curve and for the loser commodities we sell the most contangoed contract, where we only include futures contracts that expire within 12 months. We show that

EXPLOITING COMMODITY MOMENTUM ALONG THE FUTURES …

10-K: BLUEKNIGHT ENERGY PARTNERS, L.P. - MarketWatch

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3/12/2019 · Under the Agreement, we have the right, at any time, to purchase 100% of the authorized and outstanding member interests in DEVCO from Ergon for the Purchase Price (as defined …

10-K: BLUEKNIGHT ENERGY PARTNERS, L.P. - MarketWatch

Diversification benefits of commodities: A stochastic ...

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We employ for the first time a stochastic dominance efficiency approach. • Commodities provide diversification benefits for 2nd and 3rd generation indices. • The evidence holds both in-sample and out-of-sample and for different equity strategies. • Benefits accrue because commodity markets are segmented from the equity and bond markets.

Diversification benefits of commodities: A stochastic ...

Frank Benham Edmund Walsh Roberto Obregon - SSRN

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historical benefit is that commodities have offered an effective hedge against inflation. Most investors have no interest in taking physical delivery of, for example, 40,000 pounds of live cattle. As a result, the bulk of the commodities market operates with the use of futures

Frank Benham Edmund Walsh Roberto Obregon - SSRN

Understanding commodity futures Basis

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1 simple equation. And the answer is a key to improving your profitability. Basis is used to determine: • the best time to buy or sell • when to use the futures market to hedge a purchase or sale

Understanding commodity futures Basis

SPR Quick Facts and FAQs | Department of Energy

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The Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a capacity of 727 million barrels and store emergency supplies of crude oil owned by the U.S. Government.

SPR Quick Facts and FAQs | Department of Energy

Long-short commodity investing: A review of the literature ...

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Long-short commodity investing: A review of the literature ... This highlights the now common belief that investors benefit from taking long positions in backwardated markets and short positions in contangoed markets. Making the simplifying assumption that commodity futures markets are solely backwardated by being long-only seems suboptimal ...

Long-short commodity investing: A review of the literature ...

Vistra Energy Corp. (DYNC) Q1 2019 Earnings Call ...

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In terms of your question about can other plants benefit, the reality is right now just because of the pipes that benefit is exclusively in the Permian area, we're not be able to get there, but we ...

Vistra Energy Corp. (DYNC) Q1 2019 Earnings Call ...

US20090119230A1 - Commodities Based Securities and Roll ...

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This is a continuation of U.S. patent application Ser. No. 11/243,015 filed Oct. 3, 2005, in the name of Robert Allen Levin and Jay Lester Gottlieb, and entitled COMMODITIES BASED SECURITIES AND ROLL NEUTRALITY THEREFOR.

US20090119230A1 - Commodities Based Securities and Roll ...

US20090006274A1 - Commodities based securities and ...

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The subject invention pertains to securities, preferably exchange traded funds, or ETFs, relating to commodities subject to futures contracts in a commodities market. More specifically, the invention relates to shipping certificates for commodities that dynamically compensate for commodity “roll neutrality” adjustments by altering the quantity of commodity associated with the shipping ...

US20090006274A1 - Commodities based securities and ...

Public Interest Reports – Page 8 – Federation Of American ...

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8/15/2013 · This certainly does not benefit an authoritarian government that can now be brought under surveillance (or even strategically challenged) by non-state actors. ... or backwardated (encourages stock draws). ... narrowly defined as preserving the means for retaliation if anyone uses nuclear weapons against the United States or certain allies ...

Public Interest Reports – Page 8 – Federation Of American ...

BNP Paribas Exchange Traded Trust (Form: S-1, Received: 07 ...

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More specifically, the Commodity Broker will benefit from executing orders for other clients, whereas the Fund may be harmed to the extent that the Commodity Broker has fewer resources to allocate ...

BNP Paribas Exchange Traded Trust (Form: S-1, Received: 07 ...

Uncategorized – Page 5 – Federation Of American Scientists

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Lastly, even if Iran (or other nations) obtained nuclear weapons in the future, they can be delivered in any number of ways- not just via missiles. In fact, nuclear missiles have the benefit of being self-deterring – nations are actually hesitant to use nuclear weapons if they are mated to missiles.

Uncategorized – Page 5 – Federation Of American Scientists

Invesco - Registered Investment Advisors - Exchange-Traded ...

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Registered Investment Advisors. At Invesco, we believe in the value of professional investment advice. ... Benefit from the tax ... Roll Risk is the risk of not realizing return generated in a backwardated futures market from rolling a short-term contract into a longer-term contract and profiting from the convergence toward a higher spot price ...

Invesco - Registered Investment Advisors - Exchange-Traded ...

CLARK REFINING & MARKETING INC (Form: 424B3, Received: 01 ...

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The Company believes it is well positioned to benefit from improving refining industry fundamentals and to take advantage of emerging growth opportunities in the marketing and refining sectors ...

CLARK REFINING & MARKETING INC (Form: 424B3, Received: 01 ...

Document - ir.alonusa.com

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“Bpd” An abbreviation for barrels per calendar day, which is defined by the EIA as the amount of input that a distillation facility can process under usual operating conditions reduced for regular limitations that may delay, interrupt, or slow down production such as downtime due to such conditions as mechanical problems, repairs, and ...

Document - ir.alonusa.com

Buckeye Partners (BPL) Q2 2018 Earnings Conference Call ...

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After our prepared remarks, we will take your questions. We'd like to remind everyone that we may make comments on the call that could be construed as forward-looking statements as defined by the SEC.

Buckeye Partners (BPL) Q2 2018 Earnings Conference Call ...

Biofuels International July/August 2015 by Woodcote Media ...

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Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Easily share your publications and get them in front of Issuu’s ...

Biofuels International July/August 2015 by Woodcote Media ...

SemGroup Corporation & Rose Rock Midstream 2011 Fourth ...

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SemGroup Corporation & Rose Rock Midstream 2011 Fourth Quarter and ... defined differently by other companies in our industry, our definitions of these non- GAAP financial measures may ... We believe that investors benefit from having access to the same financial measures that our management uses in evaluating our operating results.

SemGroup Corporation & Rose Rock Midstream 2011 Fourth ...

Risk Parity and Alternative Risk Premia: A Happy Marriage ...

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In September 2015 Neuberger Berman published a paper, “Beyond Beta”, which introduced the concept of alternative risk premia and described how they “can potentially provide reliable long-term returns that are weakly correlated to traditional asset classes, and cheaper and easier to find than genuine alpha”. 1 That paper focused on the two most well-researched premia—value and ...

Risk Parity and Alternative Risk Premia: A Happy Marriage ...

4. Commodities: Flashcards | Quizlet

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DB plans that link benefit to commodities may benefit from investment in commodities For Univ. Endowments commodities have a role as a good risk diversifier in a portfolio that needs inflation protection For individual private investors, commodities awaits further studies, but PASSIVE programs have infrequently been marketed to that group

4. Commodities: Flashcards | Quizlet

Edited Transcript of SWN earnings conference call or ...

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3/7/2019 · We definitely had some benefit with drill bit improved type curves. ... We don't particularly like a backwardated curve. So we've been leaning more on collars, where we have at least preserved ...

Edited Transcript of SWN earnings conference call or ...

SemGroup Corporation & Rose Rock Midstream 2011 Fourth ...

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SemGroup Corporation & Rose Rock Midstream 2011 Fourth Quarter and Full Year Results . Forward-looking Information . Certain matters contained in this Presentation include “forward- looking statements” within the meaning of Section 27A of the Sec urities Act of

SemGroup Corporation & Rose Rock Midstream 2011 Fourth ...

Improving on Traditional Commodity Indices

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Traditional long-only commodity indices typically fail to deliver desired diversification benefits and tend to impose negative roll returns due to construction rigidities. These shortcomings can be overcome, however, by employing a thoughtful, transparent, rules-based construction process.

Improving on Traditional Commodity Indices

Section 1: 10-Q (RRMS 3.31.16 10-Q) - snl.com

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Section 1: 10-Q (RRMS 3.31.16 10-Q) - snl.com

Section 1: 10-Q (RRMS 3.31.16 10-Q) - snl.com

The Journal of Alternative Investments by Harry Katz - Issuu

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Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Easily share your publications and get them in front of Issuu’s ...

The Journal of Alternative Investments by Harry Katz - Issuu

Testimony of Melanie Kenderdine - energy.senate.gov

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Testimony of Melanie A. Kenderdine before the U.S. Senate Committee on Energy and Natural Resources February 26, 2008

Testimony of Melanie Kenderdine - energy.senate.gov

Terminal News from Tank Storage Magazine

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Tank Storage Magazine is the world’s only publication dedicated 100% to the bulk liquid storage industry. It is read by terminal managers, senior engineers, logistics/distribution managers and CEOs within oil, gas and petrochemical facilities as well as third party terminal operators.

Terminal News from Tank Storage Magazine

Strategic Energy Policy Challenges for the 21st Century

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The Independent Task Force on Strategic Energy Policy Challenges for the 21st Century was a collective endeavor reflecting the contributions and hard work of many individuals. ... for governments and consumers were based on the sometimes extraordinarily large surplus capacities that defined the energy system. ... One clear benefit of this ...

Strategic Energy Policy Challenges for the 21st Century

Unembarrassed CEOs Have More Freedom - Bloomberg

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5/9/2018 · Since in fact there is a benefit to being long spot and short futures (ability to capture forks, and ability to arbitrage between spot exchanges with the coins), we need to compare that benefit vs ...

Unembarrassed CEOs Have More Freedom - Bloomberg

World Point Terminals, LP - www-qc.nasdaq.com

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World Point Terminals, LP - www-qc.nasdaq.com

World Point Terminals, LP - www-qc.nasdaq.com

PAA 10Q Quarterly Report 2019-03-31 | Quick10K

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Plains All American Pipeline 10Q quarterly report filed 2019-03-31. Read the latest PAA earnings, compare with past earnings, and copy+paste into Excel.

PAA 10Q Quarterly Report 2019-03-31 | Quick10K

Trading on Mean-Reversion in Energy Futures Markets ...

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Trading on Mean-Reversion in Energy Futures Markets. ... we are able to show via a decomposition of performance that the bulk of this benefit is due to their ability to predict realised volatility ...

Trading on Mean-Reversion in Energy Futures Markets ...

Bondholder-Stockholder Conflict: Contractual Covenants vs ...

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Bondholder-Stockholder Conflict: Contractual Covenants vs. Court-Mediated Ex-Post Settling-Up ... that junior bondholders’ claims are more similar to equity – they have more to benefit ...

Bondholder-Stockholder Conflict: Contractual Covenants vs ...

vocab Flashcards Preview - brainscape.com

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vocab Flashcards Preview - brainscape.com

vocab Flashcards Preview - brainscape.com

Facts and Fantasies about Commodity Futures* - capmgt.com

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6/14/2004 · Futures investors will benefit when the spot price at maturity turns out to be higher than expected when they entered into the contract, and lose when the spot price is lower than anticipated. ... A commodity is said to be "backwardated" if the prices for future delivery are below the price in the spot market. ... defined as the difference ...

Facts and Fantasies about Commodity Futures* - capmgt.com

FINC 602 Final at Texas A&M University - StudyBlue

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Study 169 FINC 602 Final flashcards from Colton B. on StudyBlue. ... A positive roll yield results from a backwardated market, whereas a negative yield is produced in a contango market. ... is one of the major components of GDP (the others are consumption, government spending, and net exports). Investment is defined as expenditures allocated to ...

FINC 602 Final at Texas A&M University - StudyBlue

NuStar Energy Reports Increased EPU, EBITDA & Total DCF ...

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NuStar Energy L.P. (NYSE: NS) today announced third quarter earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing op

NuStar Energy Reports Increased EPU, EBITDA & Total DCF ...
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