Such a situation can severely narrow the crack spread, which represents the profit margin a refiner realizes when he procures crude oil while simultaneously selling the refined products into a competitive market. Because refiners are on both sides of the market at once, their exposure to market risk can be greater than that incurred by companies who simply sell crude oil, or sell products to the wholesale and retail markets.
In January, the spread between April crude oil futures ($50.00 per barrel) and May RBOB gasoline futures ($1.60 per gallon or $67.20 per barrel) presents what the refiner believes to be a favorable 1:1 crack spread of $17.20 per barrel. Typically, refiners purchase crude oil for processing in a particular month, and sell the refined products one month later.
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Two months later, in March, the refiner purchases the crude oil at $60.00 per barrel in the cash market for refining into products. At the same time, he also sells gasoline from his existing stock in the cash market for $1.75 per gallon, or $73.50 per barrel. His crack spread value in the cash market has declined since January, and is now $13.50 per barrel ($73.50 per barrel gasoline less $60.00 per barrel for crude oil).
An independent refiner who is exposed to the risk of increasing crude oil costs and falling refined product prices runs the risk that his refining margin will be less than anticipated. He decides to lock-in the current favorable cracking margins, using the 3:2:1 crack spread strategy, which closely matches the cracking margin at the refinery.
One month later, on October 15, the refiner purchases the crude oil at $60.00 per barrel in the cash market for refining into products. At the same time, he also sells gasoline from his existing stock in the cash market for $1.70 per gallon ($71.40 per barrel) and diesel fuel for $1.80 per gallon ($75.60 per barrel). The 3:2:1 crack spread value in the cash market has declined since September, and is now $12.80 per barrel.
@Samuel Fabroneyou have a Windows 10 Home system that says it's activated by "your organization's activation service"?? I'll provide the details below, but the short answer is that it sounds like whoever sold you that system put a hacked/pirated copy of Windows 10 on it. My guess is that if you went to support.dell.com, entered your Service Tag, and looked up the Original System Configuration, you will find that it originally shipped with Linux or a previous version of Windows and therefore isn't licensed for Windows 10.In terms of why I think that, the organizational activation service is called KMS (Key Management System) activation. Basically, the way it works is that large corporations have the option activating Windows in a way that doesn't involve using product keys at all. Instead, they deploy their own internal activation server, called a KMS server, and then they configure their deployed Windows systems to check in with that activation server in order to activate. When a Windows system configured to be a KMS client checks in with the configured KMS server, it receives a temporary license to run Windows on that system for 180 days. As long as the system continues to renew that license by checking in with the organization's activation server periodically, everything runs normally. If the system stops being able to do that, perhaps because that system is no longer being used within that company, then Windows falls out of activation. The benefit of KMS activation for organizations is that they don't need to use or track product keys on individual systems when they deploy or retire them. Instead, they just need to maintain a licensing server, and if Microsoft ever audits that organization's licensing usage, they can just check the company's KMS server.However, KMS activation is only supposed to be used for Pro, Enterprise, Education, and Server versions of Windows, because organizations don't use Windows 10 Home -- and it can only be used in companies that have at least 25 systems. The reasons I think your copy is hacked/pirated are that a) you shouldn't be seeing this on Windows 10 Home, b) it sounds like you're not using a system provided by an organization, so there's no legitimate reason your Windows system should be a KMS client even if it was running Pro, and c) there are some Windows activation cracking utilities that involve running a KMS server emulator on the system itself and configuring Windows to check in with that emulator, because in theory that would allow the system to remain activated forever without ever needing a product key or having to check in with a real KMS server.It's possible that a recent Windows update has caused Windows to detect whatever KMS emulator your system has been using and no longer trust it, and now your system's temporary Windows license is reaching the end of its 180-day period and can't be renewed because there isn't a real KMS server available.In terms of a fix, you can try talking to whoever sold you the system, but ultimately someone will need to purchase a real Windows 10 Home license. At that point, you'll be able to reactivate Windows using the product key that you'll receive when you purchase the license. Or if you associate your newly purchased license with your Microsoft account, you would have the option of linking that system to your Microsoft account and it will then activate without you needing a key.
Because of these changes in the size and structure of the firm during the First World War, E. I. du Pont de Nemours and Company was led to adopt a strategy of diversifying into the production of largely unrelated product lines. The firm found that the centralized, divisional structure that had served it so well was not suited to this strategy, and its poor business performance led its executives to develop between 1919 and 1921 a decentralized, multidivisional structure that boosted it to the first rank among American industrial firms.
The decline in real prices in the latter part of the twenties shows that supply was growing even faster than demand. The discovery of new fields in the early twenties increased the supply of petroleum and led to falling prices as production capacity grew. The Santa Fe Springs, California strike in 1919 initiated a supply shock as did the discovery of the Long Beach, California field in 1921. New discoveries in Powell, Texas and Smackover Arkansas further increased the supply of petroleum in 1921. New supply increases occurred in 1926 to 1928 with petroleum strikes in Seminole, Oklahoma and Hendricks, Texas. The supply of oil increased sharply in 1930 to 1931 with new discoveries in Oklahoma City and East Texas. Each new discovery pushed down real oil prices, and the prices of petroleum derivatives, and the growing production capacity led to a general declining trend in petroleum prices. McMillin and Parker (1994) argue that supply shocks generated by these new discoveries were a factor in the business cycles during the 1920s.
The supply of gasoline increased more than the supply of crude petroleum. In 1913 a chemist at Standard Oil of Indiana introduced the cracking process to refine crude petroleum; until that time it had been refined by distillation or unpressurized heating. In the heating process, various refined products such as kerosene, gasoline, naphtha, and lubricating oils were produced at different temperatures. It was difficult to vary the amount of the different refined products produced from a barrel of crude. The cracking process used pressurized heating to break heavier components down into lighter crude derivatives; with cracking, it was possible to increase the amount of gasoline obtained from a barrel of crude from 15 to 45 percent. In the early twenties, chemists at Standard Oil of New Jersey improved the cracking process, and by 1927 it was possible to obtain twice as much gasoline from a barrel of crude petroleum as in 1917.
General Electric, Westinghouse, and other firms began producing the electrical appliances for homes and an increasing number of machines based on electricity began to appear in industry. The problem of lower cost production was solved by the introduction of centralized generating facilities that distributed the electric power through lines to many consumers and business firms.
The changes in the energy industries had far-reaching consequences. The coal industry faced a continuing decline in demand. Even in the growing petroleum industry, the periodic surges in the supply of petroleum caused great instability. In manufacturing, as described above, electrification contributed to a remarkable rise in productivity. The transportation revolution brought about by the rise of gasoline-powered trucks and cars changed the way businesses received their supplies and distributed their production as well as where they were located. The suburbanization of America and the beginnings of urban sprawl were largely brought about by the introduction of low-priced gasoline for cars.
All Joe's Stone Crab meal products except the key lime pie, are packed in wet ice, the pie is shipped frozen in dry ice. All items except the pie must be refrigerated, the pie should be kept frozen. Because all of our food products are perishable, they must be stored in your refrigerator and eaten no later than the day after you recive them. Joe's stone crabs must be kept refrigerated and uncracked. It is best to crack them when you are ready to eat them.Joe's Stone Crabs are available fresh during Stone Crab season only. The season begins on October 15 and ends on May 1. During the summer months, we offer a superior quality, previously frozen claw that arrives ready to eat. All packages come with instructions and bibs. 2ff7e9595c
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