Energy Correspondent, London
Claire's Feed
Nov 6, 2014

BG Group’s Samuel to head new UK Oil & Gas Authority

LONDON, Nov 6 (Reuters) – BG Group’s Andy Samuel will
head Britain’s Oil & Gas Authority (OGA), a new regulator
charged with fostering cooperation between government and
industry to get the remaining barrels out of the North Sea.

The OGA, expected to be up and running by April 2015, is
being established following recommendations in Sir Ian Wood’s
strategic industry review published earlier this year.

Nov 4, 2014

Mercuria sees traders teaming up with banks on hedging

LONDON (Reuters) – Banks and trading houses will join forces to provide hedging services in commodities in the same way that they have provided joint trade finance in the last two years, Mercuria’s chief executive Marco Dunand said.

Last month Swiss trading house Mercuria completed the purchase of U.S. bank JPMorgan’s physical commodities unit. It now wants to expand its provision of hedging services to external customers.

Oct 31, 2014

Hermes to close commodities business, joins flight from sector

LONDON (Reuters) – Hermes Investment Management on Friday joined an exodus of financial institutions from commodities, saying it planned to close its business in the sector due to difficulties in making returns and a shift in investor attitudes.

Many fund managers have struggled to make profits in commodities in recent years as prices have slid and volatility has been low, leading to fund closures including Hall Commodities earlier this month, Clive Capital, BlueGold and Higgs Capital Management.

Oct 10, 2014

Commodity insiders wring hands over poor investment prospects

LONDON (Reuters) – In a telling sign that commodities may struggle for several years to attract investment flows, a clutch of professionals who make their living from the asset class slammed its prospects at a recent conference.

One speaker dismissed one by one the attractions of holding commodities in an investor portfolio.

Oct 10, 2014

UK North Sea asset sales stall as money goes elsewhere

LONDON, Oct 10 (Reuters) – A lack of buyers willing and able
to take on ageing oil rigs in Britain’s North Sea has stalled
deal flow this year, creating a headache for North American
firms who are under pressure from shareholders to sell.

Marathon, Conoco and Talisman have
all put North Sea assets on the block, but the bigger packages
are slow to change hands due to wrangling over decommissioning
costs, financing problems for smaller buyers, and the fact that
some rigs have very little time left on the clock.

Oct 3, 2014

Brent edges up off 27-month low to $93.50; supply, dollar weigh

LONDON, Oct 3 (Reuters) – Brent crude oil futures edged up
on Friday to around $93.50 a barrel after a three-day slide
pushed prices to their lowest since 2012, but the overall tone
remained bearish as abundant supplies and a strong dollar
continued to weigh on the market.

Brent for November delivery was up 14 cents at
$93.56 a barrel by 0838 GMT. But the contract is down more than
$3 for the week, having hit $91.55 on Thursday, its lowest since
June 2012.

Sep 25, 2014

European refiners seek sacrificial cuts in fight for survival

LONDON, Sept 25 (Reuters) – European refiners, in a
desperate battle for survival, are investing in costly upgrades
or trying to close plants that bleed the most money, but
industry experts say their efforts fall short of what is needed
to make the industry profitable.

Some 1.8 million barrels per day (bpd) of capacity has shut
since 2008, with the loss of Coryton in Britain, Harburg in
Germany and Berre l’Etang in France, to name a few, but the
industry is still struggling to make decent returns.

Sep 24, 2014

European refiners pressured by U.S. onslaught at home and away

BRUSSELS (Reuters) – European refiners will enjoy only a brief period of improved margins before high product imports and weak demand will undermine profitability, industry experts say.

In particular an abundance of light shale oil and gas in the United States will create surplus gasoline, propane and naphtha barrels, prompting U.S. refiners to seek new markets overseas, forcing out European products.

Sep 17, 2014

Oil falls below $99 after large stock build in U.S.

LONDON, Sept 17 (Reuters) – Brent crude oil fell below $99
per barrel on Wednesday after a bigger-than-expected build in
weekly U.S. crude stocks, and a strong dollar continued to
create headwinds for commodities.

U.S. crude stocks rose more than twice as much as expected
week-on-week, the Energy Information Administration said, as
refineries cut output and imports jumped.

Sep 12, 2014

Oil falls below $98 a barrel as weak demand, strong dollar weigh

LONDON, Sept 12 (Reuters) – Brent crude oil fell below $98 a
barrel on Friday as concerns over weak demand and plentiful
supplies prompted investors and traders to dump the contract,
while a strong dollar created further headwinds.

Brent futures have sold off hard this week, dipping to
two-year lows. On Friday, short-covering provided some support
early in the session but by the time U.S. traders arrived at
their desks the market had resumed its slide.

    • 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