David's Feed
Mar 31, 2013

Exxon pipeline leaks thousands of barrels of Canadian oil in Arkansas

NEW YORK (Reuters) – Exxon Mobil was working to clean up thousands of barrels of oil in Mayflower, Arkansas, after a pipeline carrying heavy Canadian crude ruptured, a major spill likely to stoke debate over transporting Canada’s oil to the United States.

Exxon shut the Pegasus pipeline, which can carry more than 90,000 barrels per day (bpd) of crude oil from Pakota, Illinois, to Nederland, Texas, after the leak was discovered on Friday afternoon, the company said in a statement.

Mar 27, 2013

Train hauling Canadian oil derails in Minnesota

NEW YORK/CALGARY March 27 (Reuters) – A mile-long train
hauling oil from Canada derailed and leaked 30,000 gallons of
crude in western Minnesota on Wednesday, as debate rages over
the environmental risks of transporting tar sands across the
border.

The leak – the first major spill of the modern North
American crude-by-rail transit boom – came when 14 cars on a
94-car Canadian Pacific train left the tracks about 150 miles
north west of Minneapolis near the town of Parkers Prairie, the
Otter Tail Sheriff’s Department said.

Mar 26, 2013

Oil up on strong US data, Brent premium to US crude shrinks

NEW YORK, March 26 (Reuters) – Brent crude rallied late on
Tuesday to settle up more than $1 above $109 a barrel, after
U.S. crude had surged to a five-week high above $96 a barrel,
lifted by stronger manufacturing and housing data in the United
States.

Brent’s premium to U.S. crude narrowed to as little as
$12.52 a barrel CL-LCO1=R at one point, the smallest in eight
months. Brent’s late rally moved the spread back to around $13 a
barrel.

Mar 19, 2013

Brent oil falls 2 pct to 3-month low on Cyprus fears

NEW YORK, March 19 (Reuters) – Brent crude oil fell 2
percent to a three-month low beneath $108 a barrel on Tuesday as
uncertainty over a bailout for Cyprus raised concern about the
euro zone debt crisis and its impact on energy demand.

Cyprus’s parliament appeared likely to reject a divisive tax
on bank deposits, pushing the island closer to a debt default
and banking collapse. A vote was scheduled for 12 p.m. EDT ( 1600
GMT), b ut it had been postponed twice. A German official said it
was unclear when results would come.

Mar 18, 2013

Brent crude oil hits 3-month low on Cyprus fears

NEW YORK, March 18 (Reuters) – Brent crude oil fell to hit a
three-month low beneath $108 a barrel on Monday after a plan to
tax bank accounts in debt-laden Cyprus sparked fears of further
turmoil in the euro zone.

Oil prices recovered from early lows, however, as positive
economic data in the United States bolstered the outlook for
energy demand, and as Saudi Arabia’s top oil official said
prices near current levels won’t hurt the economy.

Mar 11, 2013

Goldman leads decline as Wall Street commodity revenues drop

NEW YORK (Reuters) – Commodity revenues at leading Wall Street firms crashed last year to their lowest on record, as tighter regulation and limited price swings squeezed the once dominant traders of Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz), JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz).

All three firms reported double-digit percentage declines in revenues for oil, grains and copper trading in 2012, illustrating how the one-time ‘Wall Street Refiners’ have withered in the face of subdued markets and restrictions on proprietary trading.

Mar 11, 2013

Goldman leads decline as Wall Street commodity revenues plummet

NEW YORK, March 11 (Reuters) – Wall Street commodity
revenues crashed last year to their lowest on record, as tighter
regulation and limited price swings squeezed the once dominant
traders of Goldman Sachs Group Inc, JPMorgan Chase & Co
and Morgan Stanley.

All three firms reported double-digit percentage declines in
revenues for oil, grains and copper trading in 2012,
illustrating how the one-time ‘Wall Street Refiners’ have
withered in the face of subdued markets and restrictions on
proprietary trading.

Mar 1, 2013

Brent crude drops on US budget cuts, erases 2013 gains

NEW YORK, March 1 (Reuters) – Brent crude prices fell to a
six-week low below $110 per barrel on Friday, erasing all gains
so far in 2013 as political gridlock in Washington triggered
automatic U.S. budget cuts, feeding fear about the economy in
the world’s largest oil consumer.

Brent has dropped more than $9 a barrel over the last three
weeks since it hit a nine-month high of $119.20.

Feb 25, 2013

Oil rises as Chinese imports rise, Italy vote weighs

NEW YORK, Feb 25 (Reuters) – Brent crude rose on Monday
after official Chinese data indicated strong demand in the
world’s second-largest oil consumer, though prices pared early
gains as uncertainty surrounding Italian election results
weighed on the euro and spooked markets.

Chinese oil imports rose more than 7 percent in January from
a year earlier, customs data showed, while China also slashed
imports from sanction-hit Iran by around a third, spurring fears
of a tighter market.

Feb 21, 2013

Oil extends sell-off, Brent hits 3-week low below $114

NEW YORK, Feb 21 (Reuters) – Brent crude oil fell to a
three-week low below $114 a barrel on Thursday, dropping almost
2 percent as weak economic data added to concerns that the rally
that began at the start of the year may be over done.

The slide took losses for the last two sessions to almost $4
a barrel and marked the biggest, two-day fall since October, as
traders weighed the likelihood of higher supplies from Saudi
Arabia and signs that higher prices may be hurting demand.