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.
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.
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]
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.
LONDON (Reuters) – Crude oil prices fell on Monday after U.S. unions called a refinery strike and activity in China’s factory sector shrank for the second month in a row, quashing Friday’s bullish mood.
At 0938 GMT (4.38 a.m. ET) Brent crude oil futures were down $1.05 at $51.94 a barrel while U.S. crude futures were down $1.13 at $47.11 a barrel.
LONDON (Reuters) – Brent crude oil futures held above $48 a barrel on Thursday as investor inflows offset data showing that U.S. crude stocks had hit a record high.
By 0928 GMT on Thursday, U.S. crude CLc1 was trading at about $44.50 a barrel, up 5 cents and off a six-year low hit on Wednesday. Brent LCOc1 was up 26 cents at $48.73 a barrel.
LONDON (Reuters) – The songs of English folk musician Nancy Kerr may be steeped in tradition and imagery but her subject matter is taken straight from today’s headlines.
Her first solo album, “Sweet Visitor”, featured a song about the West’s exploitation of cheap Asian labour, written after the collapse of the Rana Plaza clothing factory in Bangladesh, and another one about the transformation of London’s East End, her birthplace, for the 2012 Olympics.
LONDON/OSLO, Jan 22 (Reuters) – Slammed by plunging oil
prices, oil services companies which supply rigs and carry out
seismic surveys face a bleak outlook of cutbacks and contract
cancellations. Peer through the gloom though and possible
winners as well as losers emerge.
Titans of the sector such as Schlumberger NV and
Halliburton Co may have a chance to scoop up assets and
know-how from rivals less able to weather the downturn, as their
deeper pockets give them a major tactical advantage.
LONDON (Reuters) – After one of the worst years in memory for commodity funds, even the few managers who found a way to make money last year say they expect a difficult start to 2015.
Collapsing oil and grain prices caused havoc for commodity funds in 2014, with the average actively managed fund in the Lipper Global Commodity sector losing 14.35 percent. Big names abandoned the field altogether, and investors redeemed billions.
LONDON, Jan 14 (Reuters) – Copper and other base metals were
hit by heavy selling on Wednesday and the oil price slump
continued after the World Bank lowered its global growth
forecast due to disappointing economic prospects in Europe and
Benchmark copper futures, often seen as a barometer
of industrial health, crashed over 6 percent to below $5,500 a
tonne – levels last seen in 2009.