(Reuters) – German bank Deutsche Bank AG will pay nearly $1.7 million to settle allegations it manipulated electricity markets in California in 2010, federal regulators said on Tuesday.
The settlement is the latest victory for the U.S. Federal Energy Regulatory Commission (FERC) in its crackdown on alleged trading schemes reminiscent of the Enron scandal that led to the California energy crisis more than a decade ago.
Jan 22 (Reuters) – German bank Deutsche Bank AG
agreed to pay a civil penalty of $1.5 million to settle
allegations by federal energy regulators of power market
manipulation in California, according to an order on Tuesday.
The U.S. Federal Energy Regulatory Commission (FERC) said in
the order that Deutsche Bank also agreed to disgorge “unjust
profits” of $172,645 for manipulating the California power
market between January and March in 2010.
NEW YORK, Jan 22 (Reuters) – Delta Air Lines Inc
plans to run cheaper domestic crude at its newly-acquired
Trainer, Pennsylvania refinery to improve profits at the plant,
becoming the latest U.S. company to cash in on the burgeoning
shale oil boom.
After losing $63 million at the refinery in the fourth
quarter, the Atlanta-based airline will receive its first crude
shipments there from North Dakota’s Bakken shale in the first
quarter, the company said during its earnings call Tuesday.
NEW YORK, Jan 18 (Reuters) – Oil prices rose on Friday,
recovering from an earlier dip after news that the U.S. House of
Representatives will consider a bill to raise the debt ceiling
enough to allow the country to pay its bills for another three
Gains were capped by a surprise drop in U.S. consumer
sentiment to the lowest level in more than a year, with many
consumers citing fallout from the ongoing fiscal wrangling in
Washington. Still, Brent crude oil finished the week higher for
the fifth time in six.
NEW YORK, Jan 16 (Reuters) – Oil prices rose on Wednesday
after an Algerian gas field came under attack from Islamist
militants and as data showed crude stocks fell in the United
States last week.
Gains in the Brent contract were capped, however, by news of
a restart of a North Sea pipeline system. The Brent February
crude contract seesawed as it approached expiration at the end
of Wednesday’s session, eventually finishing 31 cents higher
NEW YORK Jan 15 (Reuters) – CME Group said on
Tuesday that the new specification of its heating oil contract,
which takes effect from May, will contain no renewable fuel or
biodiesel, matching the grade of ultra-low sulfur diesel (ULSD)
carried on the Colonial Pipeline to the Northeast.
The heating oil contract specification is switching
to lower sulfur diesel to reflect changes in environmental
requirements in New York and the surrounding states for diesel
and heating fuels.
NEW YORK, Jan 14 (Reuters) – Brent crude oil edged up in
choppy trading on Monday, seesawing with the U.S. dollar, as
investors weighed a statement from Saudi Arabia disputing claims
OPEC’s largest producer has altered its output policy.
Traders also eyed the start-up of a key pipeline expansion
in the United States, which should help reduce the glut of crude
oil that has depressed benchmark U.S. prices in the Midwest
relative to international rivals.
NEW YORK Jan 8 (Reuters) – U.S. crude oil production is
expected to rise by the largest amount on record in 2013, the
Energy Information Administration said on Tuesday, and is set to
soar by almost a quarter over the next two years.
The EIA, the independent statistical arm of the Department
of Energy, said U.S. crude oil production would grow by 900,000
barrels per day (bpd) in 2013 to 7.3 million bpd. The agency’s
forecast in the monthly Short-Term Energy Outlook is 300,000 bpd
higher than its estimate in December.
NEW YORK, Jan 7 (Reuters) – Brent crude oil prices slipped
toward $111 a barrel on Monday while the U.S. futures contract
held firm, narrowing the spread between the two benchmarks to
the lowest level since September as traders eyed the anticipated
start-up of a Midwest pipeline.
The Seaway Pipeline expansion project, which will increase
the amount of crude oil flowing from the bottlenecked
midcontinent market around Cushing, Oklahoma, to premium-priced
refiners on the Gulf Coast, is due to be completed by Friday,
the companies involved said last week.
NEW YORK, Dec 21 (Reuters) – When federal regulators
proposed a six-month penalty on JPMorgan Chase & Co’s
electricity trading arm last month, they took aim at what is now
a rare sight on Wall Street: a large and growing power sales
After five years of rapid and lucrative growth, the world’s
biggest investment banks are now dramatically scaling back their
U.S. power operations, a Reuters analysis of electricity sales