Thursday, July 19, 2007

Oil Reaches 11-Month High After Total's Force Majeure in Angola

... Force majeure, a legal measure that exempts a company from fulfilling a contract because of circumstances beyond its control, was declared at the Angola field yesterday, Marie said. It should be lifted in one or two days, she said.
From Bloomberg

I hadn't used or even thought about the term in a couple years until two weeks ago when writing:
"There's no Force Majeure, only insolvency";
referring to your counterparty's bullion vault being located on a Japanese seismic fault in "Magical Markets, Enron and GE and a New Word", and here it is in real life.

Just goes to show you, if you spew enough words out, some of them will correspond to generally accepted reality principles (GARP).