From the “unsustainable business” department, who wants carbon at 10 cents a ton? Apparently, nobody. Data below as of August 8 2010:
Source: http://www.chicagoclimatex.com/market/data/summary.jsf
From Reuters, news of layoffs. At least their carbon footprint will be lower…
ICE cuts staff at Chicago Climate Exchange-sources
* ICE to cut around half of 50-person CCX workforce
* 1st round of layoffs began July 23, more to come in autumn
* Sources cite U.S. climate inaction as main reason for cuts
* ICE collecting feedback on what to do with climate bourse
LONDON, Aug 11 (Reuters) – Market operator Intercontinental Exchange Inc. (ICE.N) is laying off staff at newly acquired U.S. environmental bourse the Chicago Climate Exchange (CCX), industry sources told Reuters, citing a lack of U.S. action on climate change.
They said the first round of layoffs began on July 23 and, although the total number of jobs to be cut was unknown, one said around 25 employees, or roughly half CCX’s headcount at the time of ICE’s acquisition, had already been or were being let go.
ICE would not confirm or comment on the layoffs.
“ICE just came in one day and started hacking away … We were told the company was restructuring,” said one source, who declined to be named.
…
full story: ICE cuts staff at Chicago Climate Exchange-sources
Indeed Anthony. I stopped going to “Climate Fraud” at about the same time as I stopped going to “Real Climate”.
Much better to spend valuable time at a site like WUWT where multi-faceted respectful discussions can be read.
Thank you for a great site.
Wayne Delbeke
Faraway, Alberta, Canada – and yes … Faraway is a real place – a good place for a retired engineer to hang his cowboy hat.
Have a great day all.
” kwik says:
August 13, 2010 at 7:39 am
Isn’t this MUCH more interesting;
http://www.climatechangefraud.com/climate-reports/7491-official-satellite-failure-means-decade-of-global-warming-data-doubtful
REPLY: No, because he’s making some inflated claims that aren’t supportable, which is why I’m not jumping on to it – Anthony”
I thank myself for doing my part to bring that scam to a crashing end.
Another fractional reserve banking scam like the Federal Reserve System with its Federal Reserve Nothings (ie: Notes) being printed like toilet paper.
If you start off assigning an arbitrary price on a commodity (ie: Carbon Credits) that has no intrinsic value, the result will be the commodity will end up worthless. What did you expect?
Funny. 10 cents per ton.
UNEP (United Nations Environment Programme) is asking countries which joined the world cup soccer about US$12 per ton of CO2.
http://joongangdaily.joins.com/article/view.asp?aid=2924584
How many tons would I need to buy to be exempt from any future taxes that may come along? If I spent a couple of hundred bucks on carbon credits could they be used to offset future emissions?
$300.00 / 10¢ = 3,000 tons. How much would an average house use in a year?
Thanks
Surely it’s too big to fail….?????
Jimmy Haigh says:
August 13, 2010 at 3:03 pm
Carbon futures. Not worth the carbon-based paper they are printed on. I’d get philosophical about it but I’ve been too busy enjoying myself drinking CO2-rich beverages.
I’m not as thunk as drinkle peep am I.
Jimmy, I’m with you. But I don’t know what these Chicago people were thinkin’. I buy this CO2 by the bottle, so I can keep my kegs of barley-pop from goin’ flat! One a month keeps the doctor away?
Ralph Dwyer
kwik says:
August 13, 2010 at 3:58 pm
“REPLY: No, because he’s making some inflated claims that aren’t supportable, which is why I’m not jumping on to it – Anthony”
Okay,I agree. I meant perhaps you could have your own approach on the case, since there was clearly something going on.
Anyway, I am impressed by the posts Goddard, Willis and the rest are presenting here on WUFT, and I have asked myself where did you find all these fantastic people?
Reply: OK, it’s Friday the 13th. What’s a WUFT? But kudos on the komrades /supersarc!
Gary D. says:
August 13, 2010 at 3:55 pm
Re: CRS, Dr.P.H.
August 13, 2010 at 8:56 am
I noticed the graph has a large uptick in March 2009. What happened? Could some misinformation have been spread to raise the price so the insiders could get out?
——
Probably a dead-cat bounce of some kind! I hadn’t heard of anything particularly persuasive happening at that time, but these fictional markets are subject to all sorts of rumors & market churning.
Happenings at the US voluntary exchanges are closely linked to the EU carbon trading mechanisms, here’s an article on one event that some may have taken as “significant”:
http://www.guardian.co.uk/environment/2009/mar/04/emissions-trading-carbon-price
It is interesting to watch US industry position themselves for what they believe will be an inevitable carbon regulatory climate! At such low prices, the bottom-feeders will be out.
These corporations are acting more in the interests of “green-marketing” than anything, as the article discusses (fluffing up their annual reports with all sorts of news about progress on the carbon front).
I’ll take my carbon as diamonds, please.
I think we need a logarithmic scale for the y-axis on the carbon credit price chart.
kwik says:
August 13, 2010 at 3:58 pm
“Anyway, I am impressed by the posts Goddard, Willis and the rest are presenting here on WUFT, and I have asked myself where did you find all these fantastic people?”
WUWT. The best bar in town.
I am able to write coherently in that I can put one word after another and make a sentence that makes sense, at least sometimes. I am not William Shakespear. I would suggest that anyone who wishes to know Shakespear reads his sonnets not his plays, as brilliant as they are. However, Mr. Shakespear wrote a line in one of his plays which perfectly describes carbon traders
“What fools we mortals be.”
Gary D. : August 13, 2010 at 3:55 pm
I noticed the graph has a large uptick in March 2009. What happened? Could some misinformation have been spread to raise the price so the insiders could get out?
It could have been a reaction to the administration’s breathless announcement that the Cash for Clunkers program had gotten off to a slow start, and would be extended until June ’09.
I like this site for its comprehensive reporting of climate issues, but I don’t agree that with Anthony’s view of AGW. Normally I admire Anthony’s evenhandedness – but here the reporting is incorrect and biased. The real carbon market is not on the Chicago bourse, but in the EU, as the EU has a cap and trade CO2 scheme – check it out – its quoted on Bloomberg even and run by ICE. Current price, according to Bloomberg on the iPhone is 14.49 Euros/tonne. And it ain’t flatlining.
As I wrote in my Carbon Credit Article back in 2008:
Quote:
Meanwhile, back at the financial dealing desks for Carbon Credits, another commodity is about to crash. But perhaps I should not use the term ‘commodity’, for Carbon Credits (CCs) are an abstract construct that have even less contact with the real world than our over-inflated monetary systems. If there was ever an emperor with no clothes, it is a carbon trader declaring that a CC is worth £30 or £20 or £10, or any other figure that he or she may invent. CCs are a new pyramid selling scheme, that only survives as long as someone is promoting it and as long as there are more gullible customers pilling into this new market. But there are not. A small element of science is beginning to doubt the Global Warming trends, fraud has destabilised the Carbon Trading market, and a global recession will flood this already unsteady market with millions of unwanted CCs. The price of a CC is about to fall through the floor, and I expect that the whole concept of a Carbon Trading market will fall over the cliff with it.
Endquote
It was all too easy to see – even before the present financial crash.
The article is here somewhere on WUWT.
.
>>>Reminds me when a TV reporter was up in Scotland ….you
>>>could see the windmills for miles – and not a single one
>>>was turning – no wind – and had been like that for ages !
No, no. The best moment ever was when the BBC set up their first ever live broadcast powered only by wind power (they had a mobile reporting truck wired up to a huge great windelec).
Only trouble – no wind.
Studio:
“Over to our reporter in Wales – Jim. Tell us about that huge wind turbine behind you, Jim.”
Outside broadcast:
“Well here we are at the BBC’s first renewable-powered live broadcast in the delightful Welsh countryside. As you can see, the wind turbine is not actually working at present, so we are using the diesel generator on the lorry…..”
I kid you not, this actually happened. Never seen the clip again, in one of those out-take shows though.
.
Richard says August 14, 2010 at 4:35 am:
“The real carbon market is not on the Chicago bourse, but in the EU…. is 14.49 Euros/tonne. And it ain’t flatlining.”
I beg to differ. The inherently criminal nature of carbon dioxide trading – it is after all the product of corrupt politicians and greedy financial traders attempting to monetize the air we breathe – eventually shows up as conventional criminal activity on conventional police blotters. And the EU carbon dioxide trading market is swamped in criminal activity, which should come as no surprise to anyone.
http://www.thegwpf.org/international-news/254-carbon-trading-fraudsters-in-europe-pocket-5bn.html
Carbon trading fraudsters in Europe pocket €5bn
Thursday, 10 December 2009 13:44 Rowena Mason
The Daily Telegraph: Carbon trading fraudsters may have accounted for up to 90pc of all market activity in some European countries, with criminals pocketing an estimated €5bn (£4.5bn) mainly in Britain, France, Spain, Denmark and Holland, according to Europol, the European law enforcement agency.
The revelation caused embarrassment for European Union negotiators at the Copenhagen climate change summit yesterday, where they have been pushing for an expansion of their system across the globe to penalise heavy emitters of carbon dioxide.
Rob Wainwright, the director of serious crime squad, said large-scale organised criminal activity had “endangered the credibility” of the current carbon trading system.
I one could actually buy the CARBON for 10 cents, it would be a good deal… but as a derivative of a contract for CO2, it’s pretty worthless.
Almost as useful as Quatloos…
Here’s a nice historic bit concerning how CCX was “supposed” to work:
http://www1.voanews.com/learningenglish/home/a-23-2006-05-30-voa2-83130467.html
E.M.Smith@7:30am, thanks for pointing out the similarities to the derivative schemes that just got us into so much hot water (bundled mortgages etc.).
Major manufacturers are updating facilities and equipment constantly, replacing worn-out process boilers with newer, more fuel-efficient systems as an example. The CCX was a place for these folks to gather and trade credits as a hedge against Kyoto limits & proposed cap & trade schemes, which nearly all have seen as inevitable.
The post-Climategate collapse of carbon trading & momentum for regulation (look at COP-15 at Copenhagen) seems to have convinced at least some industries that we won’t be having any carbon limits or caps soon. However, I sense much trepidation about what the US EPA is likely to do, as this has been threatened repeatedly by the Obama administration.
Considering all the organized crime activity, refusal of China to participate, and serious doubts about the science of climate change, I think the bubble of carbon has burst.
Another global warming success story.
The heavy volume (the blue bar in the red box) came just as the stock hit its peak (the yellow line) and then it took a nose dive. Those who knew what they were doing shorted the stock at its peak. The suckers that were getting in at the peak created the heavy volume of money which ended up in the pockets of the shorters who got rich.
http://img411.imageshack.us/img411/5309/ccx081210.png
This is a usual pattern in the stock market.
Amino Acids in Meteorites says:
August 14, 2010 at 1:15 pm
The heavy volume (the blue bar in the red box) came just as the stock hit its peak (the yellow line) and then it took a nose dive. Those who knew what they were doing shorted the stock at its peak. The suckers that were getting in at the peak created the heavy volume of money which ended up in the pockets of the shorters who got rich.
http://img411.imageshack.us/img411/5309/ccx081210.png
This is a usual pattern in the stock market.
——–
Heh! Good job, my dad (economics professor DePaul University) taught me about that years ago…..he called it “fleecing the sheep”!!
What goes down can go right back up again, keep your eye on the carbon markets for any reaction to this:
http://thehill.com/blogs/e2-wire/677-e2-wire/114023-epa-proposes-greenhouse-gas-permitting-rules
The Euro exchange, ECX.EU, is still operational. Looks to me like about $70M/day transactions, with prices per ton about $15-18. Still fortunes changing hands there, I guess!
I can see a loverly bit of arbitrage action here; buy on the CCX at $0.10/ton, sell on the ECX at $15/ton — maybe I can revive my retirement fund after all!