Energy Correspondent, London
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Jan 16, 2012

Traders hit as petrol glut builds offshore Nigeria

LONDON, Jan 16 (Reuters) – Oil traders face lower
profits or potential losses as a gasoline glut of around 1
million tonnes builds offshore Nigeria due to a dispute over a
cut in petrol subsidies, which has pitched protesters against
President Goodluck Jonathan.

Around 30 vessels are now waiting to offload their gasoline
cargoes, or just under 1 million tonnes of the refined product,
according to trade sources. The product glut would have a market
value of under $900 million, according to Reuters calculations
based on benchmark European prices.

Jan 16, 2012

Commods funds target pockets of tight supply in 2012

LONDON, Jan 16 (Reuters) – Tight supply in grains and
industrial metals such as copper along with further support for
gold offer opportunities in what top commodities managers see as
another challenging year in 2012.

“Our general feeling going into 2012 is that the trading
environment is still a difficult one, and that markets will
continue to be volatile with macro headwinds,” said Colin
O’Shea, head of commodities at Hermes.

Jan 12, 2012

Petroplus unions witholding stock at Antwerp site

BRUSSELS/LONDON, Jan 12 (Reuters) – Trade unions are
blocking millions of dollars worth of oil products from leaving
Petroplus’s Antwerp refinery to ensure that provision
is made for payments to staff as the company struggles to stay
in business.

“We want to keep this stock on the site to guarantee
whatever happens that there is enough stock to be sold to
generate money,” a spokesman for the BBTK union said on

Jan 5, 2012

Oil steady as dollar gains cap rise on Iran

LONDON (Reuters) – Oil was steady at around $113.80 a barrel on Thursday as geopolitical tensions kept a floor under prices, following a European Union agreement to stop importing Iranian crude, but a stronger dollar capped gains.

Brent crude futures were up 10 cents to $113.80 at 1420 GMT, giving up earlier gains as the dollar strengthened.

Jan 5, 2012

Oil dips on strong dollar, but Iran supports

LONDON, Jan 5 (Reuters) – Oil edged lower to around
$113.40 a barrel on Thursday as a stronger dollar offset fears
of supply disruptions to Iranian crude should a European Union
agreement to cut off oil imports from the No. 2 OPEC producer
come into force.

Brent crude futures were off 37 cents to $113.33 at
1018 GMT, giving up earlier gains as the dollar strengthened.

Dec 21, 2011

Burnt this year, funds wary of commodities in 2012

LONDON, Dec 21 (Reuters) – New Year rallies have
become so commonplace for commodities that fund managers have
almost come to expect them.

Not this year.

Commodities indexes, metals and many other raw materials
have seen big losses in 2011 and many investors say the prospect
of another year of slack global growth is likely to keep them in
cash and other safe havens for some time to come.

Dec 16, 2011

Oil up near $104, Iran sanctions support

SINGAPORE, Dec 16 (Reuters) – Oil prices were up near
$104 on Friday, consolidating after a heavy sell off earlier in
the week, supported by a weaker dollar and concern over U.S.
sanctions against Iran, but the eurozone debt crisis continued
to weigh.

Brent crude, which rolled over to February as the
prompt month, was up 53 cents to $104.13 a barrel by 0924 GMT.
U.S. crude rose 17 cents to $94.04 a barrel, after
falling $1.08 to settle at $93.87 on Thursday.

Dec 15, 2011

QE, tight supply to support commods in 2012 -BoA ML

LONDON, Dec 15 (Reuters) – Economically sensitive
commodities such as energy and copper may fall by less in 2012
than the consensus view as large-scale monetary easing and tight
inventories lend support, Bank of America Merrill Lynch said on

“Quantitative easing will lend a strong hand next year,”
said Sabine Schels, head of fundamental commodity research,
speaking at the bank’s year-ahead briefing in London. “We see
cyclical commodity prices falling only modestly.”

Dec 15, 2011

Investors’ cash grab shreds gold’s safe-haven status

LONDON (Reuters) – Investors’ dash for cash has overwhelmed gold’s traditional status as a haven from risk, putting the metal on course for its first quarterly fall since end-September 2008, when the global credit crunch was at its worst.

Investors said gold could continue its slide through to the end of 2011 as they liquidate positions in a scramble for dollars at the end of a difficult year, with the euro zone debt crisis causing money markets to seize up.

Dec 14, 2011

Oil plunges on economy, OPEC worries

LONDON (Reuters) – Oil fell $4 on Wednesday amid a deepening euro zone crisis, failed expectations of a new stimulus for the U.S. economy and concerns that oil producing group OPEC may struggle to quickly cut production after formally agreeing a high output ceiling.

Oil together with other commodities suffered from a stronger dollar .DXY as investors diverted money into the greenback to avert risk while the Reuters-Jefferies commodities index .CBR was down by over 2 percent, the lowest since early October and the sharpest drop since mid-November.

    • 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:
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