Crude oil Benchmark

Minyak mentah mempunyai harga yang berubah-ubah tergantung dari beberapa hal seperti:

1. nilai tukar USD terhadad EURO

2. permintaan dan penawaran dari industri di seluruh dunia

3. persediaan di AS sebagai pengguna minyak terbesar dunia

4. produksi OPEC, suatu organisasi yang terdiri dari negara2 pengexport minyak

Di bawah ini adalah beberapa benchmark atau tolok ukur untuk minyak mentah dunia.

Crude oil benchmarks, also known as oil markers, were first introduced in the mid 1980s. There are three primary benchmarks, WTI, Brent Blend, and Dubai. Other well known blends include the Opec basket used by OPEC, Tapis Crude which is traded in Singapore, Bonny Light used in Nigeria and Mexico's Isthmus. The Energy Intelligence Group has published a handbook which identifies 161 different blends in total.[1]

Benchmarks are used because there are many different varieties and grades of crude oil.[2] Using benchmarks makes referencing types of oil easier for sellers and buyers.

West Texas Intermediate (WTI)

West Texas Intermediate is used primarily in the U.S. It is light (API gravity) and sweet (low-sulfur) thus making it ideal for producing products like low-sulfur gasoline and low-sulfur diesel. Brent is not as light or as sweet as WTI but it is still a high-grade crude. The OPEC basket is slightly heavier and more sour than Brent. As a result of these gravity and sulfur differences, WTI typically trades at a dollar or two premium to Brent and another dollar or two premium to the OPEC basket.[3]

Brent Blend

Brent Crude is used primarily in Europe and the OPEC market basket, used around the world. This benchmark is a mix of crude oil from 15 different oil fields in the North Sea.[1]

Dubai and Oman

Dubai Crude is also known as Fateh is produced in the Emirate of Dubai, part of the United Arab Emirates.[4] Dubai's only refinery, at Jebel Ali, takes condensates as feedstocks, and therefore all of Dubai's crude production is exported. For many years it was the only freely traded oil in the Middle East, but gradually a spot market has developed in Omani crude as well.

For many years, most of the oil producers in the Middle East have taken the monthly spot price average of Dubai and Oman as the benchmark for sales to the Far East (WTI and Brent futures prices are used for exports to the Atlantic Basin). In July 2007, a potential new mechanism has arisen in the form of the Dubai Mercantile Exchange, which offers futures contracts in Omani crude. Whether the DME will be successful, and whether Omani futures prices will be adopted by producers and buyers as a benchmark, remains to be seen.

Contracts

Because of its excellent liquidity and price transparency, the contract is used as a principal international pricing benchmark.

Crude oil is the world's most actively traded commodity, and the NYMEX Division light sweet crude oil futures contract is the world's most liquid form for crude oil trading, as well as the world's largest-volume futures contract trading on a physical commodity. Additional risk management and trading opportunities are offered through options on the futures contract; calendar spread options; crack spread options on the pricing differential of heating oil futures and crude oil futures and gasoline futures and crude oil futures; and average price options.

The contract trades in units of 1,000 barrels, and the delivery point is Cushing, Oklahoma, which is also accessible to the international spot markets via pipelines. The contract provides for delivery of several grades of domestic and internationally traded foreign crudes, and serves the diverse needs of the physical market.

Untuk lebih detailnya :

WTI : 

West Texas Intermediate (WTI), also known as Texas Light Sweet, is a type of crude oil used as a benchmark in oil pricing and the underlyingcommodity of New York Mercantile Exchange's oil futures contracts.

This oil type is often referenced in North American news reports about oil prices, alongside North Sea Brent Crude. Other important oil markersinclude the Dubai Crude and the OPEC Reference Basket.

Historical price data for WTI can be found at a website maintained by Energy Information Administration, Department of Energy. It is listed as WTI, Cushing, Oklahoma [1].

Typical price difference per barrel is about $1 more than Brent, and $2 more than OPEC basket.

BRENT

Brent Crude is the biggest of the many major classifications of oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg, Ekofisk and Forties. Brent Crude is sourced from the North Sea. The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum. It is used to price two thirds of the world's internationally traded crude oil supplies.

Typical price difference per barrel is between +/-3 USD/bbl compared to WTI and OPEC Basket. The different price spreads are based on physical variations in supply and demand (short term). The depletion of the North Sea oil fields is one explanation for the divergence in forward prices.Crude :

OPEC BASKET :

The OPEC Reference Basket (ORB), also referred to as the OPEC Basket is a weighted average of prices for petroleum blends produced by OPEC countries. It is used as an importantbenchmark for crude oil prices

On June 15, 2005 the OPEC basket was changed to reflect the characteristics of the oil produced by OPEC members. The Reference Basket currently consists of a weighted average of the following blends of oil:

▪                Saharan Blend (from Algeria)

▪                Minas (from Indonesia)

▪                Iran Heavy (from Islamic Republic of Iran)

▪                Basra Light (from Iraq)

▪                Kuwait Export (from Kuwait)

▪                Es Sider (from Libya)

▪                Bonny Light (from Nigeria)

▪                Qatar Marine (from Qatar)

▪                Arab Light (from Saudi Arabia)

▪                Murban (from UAE)

▪                BCF 17 (from Venezuela)

Prior to June 15, 2005, the OPEC Basket consisted of the following:

▪                Arab Light (from Saudi Arabia)

▪                Bonny Light (from Nigeria)

▪                Fateh (from Dubai)

▪                Isthmus (from Mexico, a non-OPEC country)

▪                Minas (from Indonesia)

▪                Saharan Blend (from Algeria)

▪                Tia Juana Light (from Venezuela)

OPEC attempts to keep the price of the Opec Basket between upper and lower limits, by increasing and decreasing production. This makes the measure important for market analysts. The OPEC Basket, including a mix of light and heavy crudes, is heavier than both Brent crude oil, and West Texas Intermediate crude oil.

DUBAI CRUDE:

Dubai Crude is a light sour crude oil extracted from Dubai. Dubai Crude is used as a price benchmark or oil marker because it is one of only a few Persian Gulf crude oils available immediately. The other two main oil markers are Brent Crude and West Texas Intermediate.

Dubai Crude is generally used for pricing Persian Gulf crude oil exports to Asia. The Dubai benchmark is also known as Fateh is used in the United Arab Emirates.[1] Forward trade of Dubai Crude is limited to one or two months.

Dubai Crude is a light oil. It has a gravity of 31° API (specific gravity of 0.871) and a sulfur content of 2%/weight[2]

Source : Wikipedia

Baltic Dry Index

Dengan membaiknya harga komoditi, akhirnya shipping rates atau harga pengangkutan di Baltic Dry Index naik.

Apakah Baltic Dry Index itu ?

Definisi dari wikipedia adalah sebagai berikut :

The Baltic Dry Index (BDI) is a number issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the Index tracks worldwide international shipping prices of various dry bulk cargoes.

The index provides "an assessment of the price of moving the major raw materials by sea. Taking in 26 shipping routes measured on a timecharter and voyage basis, the index coversHandymax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain."

Baltic Dry Index adalah angka index yang dikeluarkan secara harian oleh Baltic Exchange yang ada di London. Tidak terbatas pada negara2 di Negara-Negara di Laut Baltic saja, index ini mengukur harga pengangkutan lewat laut. Mengambil dasar dari 26 rute pengangkutan laut yang mengangkut komoditi diantaranya batubara, biji besi, gandum dan lain-lain.

Kenapa BDI ini menjadi penting untuk para ekonom dan bursa efek mencermati index ini ?

Secara langsung, BDI mengukur permintaan akan kapasitas pengangkutan laut dibandingkan dengan supply yang disediakan oleh perusahaan pengankutan laut di berbagai macam pasar. sehingga bisa disimpulkan BDI mengukur supply dan demand untuk pengangkutan komoditi dan barang mentah dunia.

Dengan demikian BDI juga menjadi indikator ekonomi untuk memproyeksikan pertumbuhan ekonomi dan produksi di masa yang akan datang.

Semoga membantu

Right Issue

Kemarin IHSG yang sudah naik cukup besar akhirnya kembali ke zona hijau karena adanya sentimen negatif right issue di group Bakri. Apakah right issue itu ?

menurut businessdictionary.com  definisi right issue adalah :

New stock (share) issue offered to existing stockholders (shareholders) in proportion to their current stock/shareholding, for a specified period and at a specified (usually discounted) price. Its objective is to afford them the opportunity to maintain their percentage of ownership of the firm. 


saham baru yang diterbitkan dan ditawarkan kepada pemegang saham yang sudah ada sesuai dengan proporsi kepemilikan saham yang sudah mereka miliki, untuk periode tertentu dan untuk harga tertentu yang biasanya lebih murah dari harga pasar yang ada.


Kenapa suatu emiten melakukan right issue ?
biasanya suatu emiten melakukan right issue jika emiten tersebut kesulitan untuk mencari penambahan modal dengan cara-cara yang biasa, atau karena menghindari bunga pinjaman. 


Contoh dengan sedikit perhitungan dari Wikipedia :

An investor: Mr. A had 100 shares of company X at a total investment of $40,000, assuming that he purchased the shares at $400 per share and that the stock price did not change between the purchase date and the date at which the rights were issued.

Assuming a 1:1 subscription rights issue at an offer price of $200, Mr. A will be notified by a broker dealer that he has the option to subscribe for an additional 100 shares of common stock of the company at the offer price. Now, if he exercises his option, he would have to pay an additional $20,000 in order to acquire the shares, thus effectively bringing his average cost of acquisition for the 200 shares to $300 per share ((40,000+20,000)/200=300). Although the price on the stock markets should reflect a new price of $300 (see below), the investor is actually not making any profit nor any loss. In many cases, the stock purchase right (which acts as an option) can be traded at an exchange. In this example, the price of the right would adjust itself to $100 (ideally).

The company: Company X has 100 million outstanding shares. The share price currently quoted on the stock exchanges is $400 thus the market capitalization of the stock would be $40 billion (outstanding shares times share price).

If all the shareholders of the company choose to exercise their stock option, the company's outstanding shares would increase to 200 million. The market capitalization of the stock would increase to $60 billion (previous market capitalization + cash received from owners of rights converting their rights to shares), implying a share price of $300 ($60 billion / 200 million shares). If the company were to do nothing with the raised money, its Earnings per share (EPS) would be reduced by half. However, if the equity raised by the company is reinvested (e.g. to acquire another company), the EPS may be impacted depending upon the outcome of the reinvestment.

Semoga menambah pengetahuan kita tentang investasi

KBW bank Index In USA

Index description (from the official PHLX website)
The KBW Bank Sector (BKX) is a capitalization-weighted index composed of 24 geographically diverse stocks representing national money center banks and leading regional institutions. BKX is based on one-tenth the value of the value of the Keefe, Bruyette & Woods Index (KBWI). Founded in 1962, Keefe, Bruyette & Woods is long recognized as the "banking industry experts," following more than 200 commercial banking and thrift industries on a daily basis.
The index was initiated at the time of the firm's founding and was calculated retroactively to 1947. The index is evaluated at least annually by Keefe, Bruyette & Woods to review whether the composition is highly representative of the banking industry. BKX was set to an initial value of 250 on October 21, 1991; options commenced trading September 21, 1992.

Bank of America Corp.	BAC
BB&T Corp.	BBT
Bank of New York Company	BK
Citigroup Inc.	C
Comerica Inc.	CMA.
Fifth Third Bancorp	FITB
Golden West Financial Corp	GDW
JP Morgan Chase & Co	JPM
Keycorp	KEY
MBNA Corp	KRB
Mellon Financial Corporation	MEL
M&T Bank Corp	MTB
National City Corp.	NCC
North Fork Bank	NFB
Northern Trust Corp.	NTRS
PNC Financial Services	PNC
(New) Region Financial	RF
SunTrust Banks Inc.	STI
State Street Corp.	STT
US Bancorp	USB
Wachovia Corp	WB
Wells Fargo and Co.	WFC
Washington Mutual	WM
Zion Bancorporation	ZION

BAC,BBT,BK,C,CMA,FITB,GDW,JPM,KEY,KRB,MEL,MTB,NCC,NFB,NTRS,PNC,RF,STI,STT,USB,WB,WFC,WM,ZION

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Disiplin

Malam minggu ini, kita pergi sekeluarga ke Grand Indonesia. Begitu sampai di daerah blora, kita menjumpai kepadatan. Saya bertanya dalam hati, ada apa gerangan. Sabtu malam yang sudah-sudah tidak pernah jalan Blora sampai macet seperti ini. Aga bingung, seharusnya Sabtu malam ini lebih sepi karena banyak orang cuti dengan adanya hari kejepit. Biasanya banyak yang keluar kota, terutama ke Bandung membuat Bandung menjadi traffic jam. Hmmm. Hal ini buat orang Bandung kesel dan orang Bandung akhirnya ke jakarta.... that's life...

Kembali ke jalan Blora yang begitu macet...
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Hal ini sebenarnya bisa dihindari asal saja semua pengemudi bisa sabar dan tetap pada jalurnya.. Hanya ada satu kata yang kurang menyebabkan hal ini... DISIPLIN...

Jika saja kita, para pengemudi lebih disiplin, maka kepadatan yang seharusnya tidak ada, dapat dihindari.
Hal ini juga banyak kita temui dijalan raya, seperti pengemudi Motor yang tidak memakai helm, padahal itu sangat membahayakan jiwa. Pengendara yang melajukan motornya dengan cepat pada jalan yang berlawanan...

Dengan disiplin segalanya pasti akan lebih baik. Kenapa Bangsa kita tercinta ini sulit sekali disiplin?

Padahal untuk disiplin dan mematuhi peraturan kita hanya perlu untuk sedikit bersabar. Sabar untuk antri. Sabar untuk berada di jalur yang benar. sabar untuk memutar sedikit lebih jauh dibandingkan melawan arah. Bersabar untuk menunggu sebentar lampu merah yang ditujukan untuk mencegah kecelakaan. Bersabar untuk mematuhi peraturan yang ada.

Dengan sabar, dengan mematuhi peraturan yang sudah ada, dengan disiplin hidup kita pasti akan lebih baik, lebih teratur.

Semoga...