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Apr 1, 2014

Brent slips towards $107 on China data, Libyan ports

LONDON, April 1 (Reuters) – Brent crude slipped towards $107
on Tuesday due to lacklustre manufacturing data from China and
the possibility of a jump in supplies from Libya after rebels
blocking eastern oil ports hinted at a deal with Tripoli.

Activity in China’s factory sector edged up in March,
according to government data, which economists said was not
enough to dispel concerns that the world’s second-largest
economy slowed more than expected in the first quarter.

Mar 27, 2014

Cargill exits coal trading, European power and gas

LONDON, March 27 (Reuters) – Cargill is exiting coal trading
and will stop dealing in gas and power in Europe, the global
commodities giant said on Thursday, becoming the latest company
to step away from the sectors that have been hit by falling

The privately-held firm, which employs 140,000 people in 65
countries, said its Energy, Transportation and Metals (ETM)
division would close the businesses following a review that
identified limited long-term opportunities in the sectors.

Mar 26, 2014

Brent oil rises above $107 on Nigerian supply cut

LONDON, March 26 (Reuters) – Brent crude oil rose above $107
per barrel on Wednesday as a disruption in supply from Nigeria
and Libya supported prices, while promising data from top
consumer the United States also boosted investor sentiment.

But an easing of worries over Ukraine – after the U.S.
president and his allies agreed to hold off on more damaging
economic sanctions against Russia, the world’s top oil producer
– kept a lid on crude price gains.

Mar 24, 2014

Trafigura co-founder Dauphin steps down as CEO, Weir takes helm

LONDON, March 24 (Reuters) – Trafigura’s co-founder Claude
Dauphin has stepped down as chief executive to become executive
chairman, the independent company said on Monday, marking a
once-in-a-generation shift at the top of one of the world’s
largest oil and metals traders.

Dauphin will be replaced as CEO with immediate effect by
Australian Jeremy Weir, who was previously the firm’s head of
mining and market risk. Dauphin previously held the dual
position of both CEO and chairman.

Mar 21, 2014

Brent oil rises near $107 as U.S. expands Russia sanctions

LONDON, March 21 (Reuters) – Brent crude rose towards $107
per barrel on Friday as fresh U.S. sanctions against Russia, the
world’s second-largest oil exporter, increased fears of a
disruption to supplies.

Brent remained on track for a fourth weekly loss, however,
with a seasonal slump in demand leading to a near 5 percent
slide since the beginning of March, when prices briefly jumped
to a three-month high above $112 as Russia took control of
Ukraine’s Crimea region.

Mar 20, 2014

JPMorgan named top commodities bank, day after selling physical business

LONDON (Reuters) – JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) commodity chief Blythe Masters laid out an ambitious plan four years ago to become the top Wall Street bank in energy and metals trading.

Last year Masters achieved that goal, a closely watched report said on Thursday, the day after the bank announced the sale of the giant physical commodities operation she had assembled.

Mar 19, 2014

JPM deal propels Mercuria to elite club of commodity titans

NEW YORK/LONDON, March 19 (Reuters) – The big three just
became the big four.

Mercuria’s purchase of JPMorgan’s physical
commodities business marks the culmination of a 10-year journey
for Swiss traders Marco Dunand and Daniel Jaeggi, two men who
transformed a small trading house into an operation to rival the
biggest in the natural resources business.

Dunand and Jaeggi started Mercuria in 2004 when they took a
stake in Poland-focused trade house J+S, but buying the largest
oil and metals trader on Wall Street for $3.5 billion catapults
them into the elite club of global commodity titans, alongside
Glencore Xstrata, Vitol and Trafigura.

Mar 6, 2014

BP more than tripled CEO Dudley’s total pay last year

LONDON (Reuters) – Oil and gas major BP Plc more than tripled Chief Executive Bob Dudley’s pay last year, the firm’s annual report showed on Thursday, with cash and performance-related bonuses taking his total remuneration to $8.7 million.

The payout came as the CEO works to right the course of BP following the 2010 Gulf of Mexico oil spill and streamline the business, returning cash to shareholders.

Mar 5, 2014

Brent oil falls for 2nd day, Crimea rally gains wiped out

LONDON, March 5 (Reuters) – Brent crude oil futures fell for
the second straight session on Wednesday, dropping below $109 a
barrel on an easing of fears that Russia’s incursion into
Ukraine could lead to war.

Brent is now more than $3 below a two-month high hit at the
start of the week following Russia’s seizure of Ukraine’s
autonomous Crimea region, with prices having retraced all the
gains seen on Monday.

Feb 21, 2014

Brent eases to $110, on track for highest weekly close in ’14

LONDON, Feb 21 (Reuters) – Brent crude oil slipped towards
$110 a barrel on Friday but remained on course for its highest
weekly close this year, as supply disruptions in Africa tighten
the market.

U.S. benchmark West Texas Intermediate was heading for its
sixth straight weekly rise and its discount to Brent has shrunk
to the narrowest in four months, as a new pipeline helps drain
supplies from WTI’s delivery point at Cushing, Oklahoma.