INTERMARKET CORRELATIONS OFBALTIC EΧCHANGE INDEX

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Backwardation Futures Pricing: Heating Oil Futures Contract Prices vs. Spot Price

Blue line is spot price for heating oil as of mid-November, 2003

Red line graphs futures contract prices by maturity date.

(Data points indicate reported contract prices; dotted line connects reported contract prices where more than 3 months exist between consecutive contracts)

Source: Wall Street Journal

Motion on the Ocean

Source: Bloomberg

The Great Note-Boat Divergence of 2002

Source: Bloomberg

CRB INDEX & BOND YIELD

Source: Bloomberg

BALTIC DRY / 10-YEAR TREASURY’S YIELD

BALTIC DRY / 10-YEAR TREASURY’S YIELD

Source: Bloomberg

Rolling Three-Month Correlation of Returns

JoC-ECRI Industrial Price Index / Russell

Baltic Dry / Dollar Index

Shipping Indexes

Commodities Sail Higher

Source: Bloomberg

Orthogonal predictors of BDI

Error (normality) of our Neural Network