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This is the real work of civilization, the trading of commodities. It's the work that makes all others possible. Virtually everything in your home is made urban from something that has been bartered, brokered or bet on by someone somewhere. The difference between a futures market, like the Nymex or the International Petroleum Exchange in London, and a forward market is that most of the trading on a futures urban market is speculative, with very few contract traders seeking actual delivery of actual oil at the urban end of the month when contracts settle. In fact, as speculative ventures, more paper contracts trade than available oil. This is a money-making venture, used by investors, funds, oil companies and governments to hedge their bets and cover any possible losses they might incur elsewhere in the supply chain. Forward traders, however, are actually hedging future production or demand and hope to take possession of real oil (or sell real oil) – or soybeans, or cocoa, or electricity, or whatever – at a later date.
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