Thursday, October 25, 2007

Odds better for $100 oil than Chelsea winning title (football not Clinton)

I'm looking at some very dirty intermarket hedges.

From The Guardian:

Oil prices are twice as likely to reach $100 a barrel by Christmas as Chelsea are to win the English Premier League this year, bookmakers said on Thursday.
British financial bookmaker Cantor Index put the odds at 5-2 that U.S. crude futures will rally to $100 a barrel by December 25.

Irish bookmaker offered even odds of $100 oil by the end of the year.
U.S. oil prices surged to a lifetime high of $90.07 last Friday, driven by tight supplies, fund buying, a weak dollar and geopolitical tensions.

"This is slightly outside. If we were in this situation five times, it would happen only twice," said Daniel Malsbury, commodities trader for Cantor Index....MORE