Hilary Till is a principal of Chicago-based Premia Research, which is a consulting firm that designs indices. She is also the co-editor of “Intelligent Commodity Investing.”
Oil prices usually are influenced by a number of factors. But there arguably have been times when OPEC spare capacity has been the most important factor for driving oil prices.
With crude oil losing 50% of its value in the second half of 2014, you may not be thinking of why a long-only investment in crude is profitable, but a study of roll yield offers new insight.
The futures industry has had a tough couple of years, and with each storm there has been a dire warning that people will abandon it in droves. But the futures industry, particularly in Chicago, has faced many challenges and usually comes out the other end stronger through its ability to innovate.
Once Chicago became a transportation hub and grain terminal in the mid-19th Century, grain merchants had to figure out how to manage the price risk for their accumulating volume of grain inventories.
