Energy Correspondent, London
Claire's Feed
Mar 17, 2015

Britain needs oil tax cuts to attract North Sea investment

LONDON, March 17 (Reuters) – Britain’s finance minister must
announce bold oil tax changes in his 2015-16 budget this week to
inject new life into the battered North Sea where investment in
new projects has fallen and billions of dollars of assets are up
for sale.

Oil and gas companies in the area are facing a perfect storm
of record-high investment costs and a slump in global oil
prices, which has put their balance sheets under strain.

Mar 11, 2015

February another bumper month for oil ETPs: BlackRock

LONDON (Reuters) – Interest in oil and other energy-related exchange traded products (ETPs) continued for a fifth consecutive month in February with almost $2 billion of inflows, according to the latest global data from BlackRock, pushing assets under management (AUM) to over $13 billion.

This was almost as much as the $13.8 billion of assets under management in broad-basket commodity ETPs, but BlackRock’s Ursula Marchioni, head of ETP research at iShares EMEA, said it fell short of a record.

Mar 10, 2015

Brent crude dips below $58 on strong dollar and supply

LONDON (Reuters) – Brent crude futures dipped below $58 a barrel on Tuesday as the dollar scaled multi-year highs and the oil market remained hobbled by oversupply and weak demand.

The U.S. dollar hit a near 12-year peak against the euro and an eight-year high against the yen, hurting commodities priced in dollars by making them more expensive for holders of other currencies.

Mar 2, 2015

Cheap oil threatens debt squeeze for smaller UK North Sea producers

LONDON, March 2 (Reuters) – Small and mid-sized independent
oil producers in the British North Sea could face a financing
squeeze this year as banks cut lending linked to the value of
oil reserves, following last year’s oil price sell off.

Unlike the oil majors, which can slash headcount and delay
projects, smaller firms tend to be reliant on few fields, and
those that are mid-project have little choice but to continue
with their capital expenditure.

Feb 27, 2015

Brent rises above $61, set for first monthly gain since July

LONDON (Reuters) – Crude oil futures rebounded on Friday and Brent headed for its first monthly gain since July, helped by strong investor inflows, an improving demand outlook and supply outages.

At 4.55 a.m. ET, Brent crude futures LCOc1 were up $1.50 at $61.54 a barrel, while U.S. crude CLc1 was up $1.23 at $49.40 a barrel. Both contracts tumbled on Thursday, with U.S. crude falling hardest.

Feb 25, 2015

Petrofac’s order book grows, net profit falls

LONDON, Feb 25 (Reuters) – Oilfield services company
Petrofac said its order backlog was up 26 percent at the
end of 2014, sending its shares eight percent higher despite a
fall in net profit for the year.

The order backlog hit $18.9 billion at year-end and Chief
Executive Ayman Asfari said on Wednesday the company saw
attractive bidding opportunities in the year ahead.

Feb 25, 2015

Petrofac FY net profit falls, order book grows

LONDON, Feb 25 (Reuters) – Oilfield services company
Petrofac reported a fall in 2014 net profit on mainly on
impairment charges related to over-runs on two major projects,
but shares edged up in early trading on a record order book.

The order backlog hit $18.9 billion at year-end, up 26
percent, and Chief Executive Ayman Asfari said the company saw
an attractive bidding opportunities in the year ahead.

Feb 24, 2015

Hedge fund Scipion Capital fills commodity trade finance gap

LONDON, Feb 24 (Reuters) – Hedge fund manager Scipion
Capital is hoping to appeal to institutional investors
disillusioned with poor commodity fund performance by offering
an alternative – a commodity trade finance fund that delivers
decent steady returns.

In recent years some banks have reduced their commodity
trade finance activities as regulators have cranked up
capitalisation requirements, squeezing the margins on offer.

Feb 19, 2015

Oil falls sharply as U.S. crude inventories rise

LONDON (Reuters) – Oil prices tumbled on Thursday after another big weekly build in U.S. crude inventories and a possible rise in Saudi output stoked worries about oversupply.

U.S. crude stocks rose by 14.3 million barrels last week, data from industry group the American Petroleum Institute (API) showed after Wednesday’s settlement, compared with analysts’ expectations for an increase of 3.2 million barrels. [API/S]

Feb 2, 2015

Oil prices rally above $55 as investors pile in

LONDON (Reuters) – Crude oil prices rose on Monday as investors shrugged off a U.S. refinery strike and focused on a falling U.S. rig count that signalled lower production down the line.

“There were a lot of people on the sidelines waiting for an opportunity to buy,” said Bjarne Schieldrop, chief commodity analyst at SEB.

    • About Claire

      "At Reuters I am an energy correspondent covering the oil markets and investment trends in commodities. Prior to this I focused on the asset management industry. Before joining Reuters I edited Global Investor, a monthly magazine for the institutional investment industry, and Portfolio International, a magazine for the offshore funds industry."
      Joined Reuters:
    • More from Claire

    • Contact Claire

    • Follow Claire