Houston-based RedMeteor Inc., which provides both Internet and voice brokerage services for physical crude oil, wholesale refined products, natural gas, electricity and natural gas liquids, will begin offering price indications as well as firm bids on its exchange platform beginning next Monday (June 18).

The option, will allow customers to post and change price indications, as well as firms, at any time during the trading day, and adjust them as the market moves or as their bids and offers are countered.

“Traders have expressed concerns about leaving firms exposed in fast moving markets,” said CEO Vincent Di Cosimo. “This allows any trader to anonymously show the entire market what he wants to do and wait for a response.”

Along with customer indications capabilities, the options allow users to quickly and easily post, counter and execute trades or adjust their own positions on the site. RedMeteor’s brokers will continue to provide full phone coverage and add firm prices and price indications to the site, giving customers the ability to obtain information on available deals.

RedMeteor, which launched in April 2000 (see Daily GPI, March 29, 2000) now has released four upgrades to its trading platform technology, which Di Cosimo said increases the speed of deal entry and deal completion.

No figures were available on the number of customers using RedMeteor’s brokerage service, however, in April 2001, total volume brokered reached 185 MMbbl with a notional underlying value exceeding $5.3 billion. The crude oil group set records for both the total number of transactions and volume of barrels brokered and the company said the refined products group “eclipsed all previous company records for volume.” There were no figures on its natural gas trading business.

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