As you’ve heard, and as we’ve talked here many times, the commodities markets are…ah…”difficult” right now. With the Bloomberg Commodities Index scraping new record lows on a daily basis, commodity producers – from ags to metals to oil & gas – are certainly suffering. Traders too, having been burned by the free fall in prices, have retreated from the markets and seem to be waiting on some signal that there is a play here beyond intraday volatility. Unfortunately, until demand increases or there is a serious and lasting supply interruption, the outlook for improvement continues to look unsettled, as does the market for CTRM license sales. We’ve also previously discussed these implications…though deals continue to get done in ETRM and CTRM, the number of new license sales has declined over the last year and many of the new deals that do emerge are taking longer to close. That being said, this current CTRM market is not without a few winners. As we’ve noted before, we do expect certain segments to weather the current storm better than others. In particular, the refining and oil products markets are doing pretty well right now. Though crack spreads in December fell sharply, the majority
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