David's Feed
Jul 3, 2013

As US crude gap shrinks, CME retakes lead in oil benchmark battle

NEW YORK, July 3 (Reuters) – Trading in CME Group’s
benchmark U.S. crude oil contract surpassed
IntercontinentalExchange Inc’s North Sea Brent in June
for the first time in 15 months as the huge price difference
between the two contracts collapsed.

The move halts a three-year trend that has seen CME cede
ground to ICE in crude oil trading, as soaring North American
production flooded the delivery point of the flagship New York
Mercantile Exchange (NYMEX) contract and disconnected it from
global prices.

Jun 27, 2013

Texas oil output surges, growth now outpacing North Dakota

June 27 (Reuters) – Crude oil production in Texas has jumped
by a third in just 12 months, government figures showed on
Thursday, with booming output driven by the Eagle Ford shale
fields now outpacing growth in North Dakota.

Oil output in Texas hit 2.45 million barrels per day (bpd)
in April, the U.S. Energy Information Administration said in its
Petroleum Supply Monthly report, an increase of more than 33
percent in the past year or more than 600,000 bpd.

Jun 24, 2013

Oil bounces off 3-week low as Alberta floods threaten imports

NEW YORK, June 24 (Reuters) – Brent and U.S. crude prices
recovered from an early sell-off to three-week lows on Monday,
rising as record flooding in Canada’s main oil producing
province threatened exports to the United States.

Major Canadian pipelines that move almost 1 million barrels
per day (bpd) of Alberta oil sands crude remained shut on Monday
after a spill on a smaller line was discovered over the weekend,
a spokesman for operator Enbridge Inc said.

Jun 19, 2013

Oil pressured by Bernanke comments, crude stocks up

NEW YORK, June 19 (Reuters) – Oil prices were pressured on
Wednesday after U.S. Federal Reserve Chairman Ben Bernanke said
the Fed might reduce the amount of money it pumps into the
economy later this year, while higher crude stocks in the United
States also hurt prices.

Brent crude was choppy all session as traders looked to see
if it could overcome broad economic headwinds to extend its near
6 percent rise so far in June.

Jun 12, 2013

Exxon to run more tests on ruptured Arkansas oil pipeline

NEW YORK (Reuters) – Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) was granted time by regulators to carry out a second round of testing on the ruptured Pegasus oil pipeline, after the firm said an initial investigation into the reason the nearly 70-year-old line failed was not conclusive.

The 95,000-barrel-per-day (bpd) line has been shut since spilling thousands of barrels of heavy Canadian crude oil into the town of Mayflower, Arkansas, in late March, and questions have been raised over whether it will ever be restarted.

Jun 11, 2013

Developing world oil demand surpasses wealthy nations -EIA

June 11 (Reuters) – Oil demand in developing countries in
April surpassed that of wealthy nations for the first time ever,
a U.S. report showed on Tuesday, in the latest demonstration of
how rapid growth in Asia has upended trade and increased
competition for resources.

Led by surging growth in China, oil demand outside the
wealthy nations’ club of the Organization of Economic
Cooperation and Development (OECD) has jumped by almost 50
percent in the last decade, hitting 44.5 million bpd in April,
the U.S. Energy Information Administration (EIA) said.

Jun 10, 2013

Japan’s Marubeni says to exclude Gavilon energy arm in takeover

TOKYO/NEW YORK June 10 (Reuters) – Japanese trading house
Marubeni Corp said it will cut Gavilon’s energy
business out of its planned takeover of the U.S. commodity
merchant, reducing the size of the transaction to $2.6 billion
plus debt.

The trading company said in a statement on Monday it had
modified the terms of the acquisition that was originally valued
at $5.6 billion, including $2 billion of debt.

Jun 5, 2013

Bancorp sued over ‘Midwest Madoff’ brokerage accounts

NEW YORK/CHICAGO (Reuters) – U.S. regulators sued U.S. Bancorp on Wednesday, alleging it knowingly allowed the head of a failed Iowa brokerage, dubbed ‘the Midwest Madoff,’ to use customer money held at the bank to help fund a lavish lifestyle.

The case is the first from regulators to target banks used by Russell Wasendorf Sr., the former chief executive of Peregrine Financial Group (PFG), who began serving a 50-year sentence in February for bilking $215 million from customers.

May 30, 2013

U.S. gasoline stocks fell ahead of Memorial Day weekend -EIA

NEW YORK, May 30 (Reuters) – U.S. gasoline inventories fell
last week as motorists topped up their tanks ahead of the
Memorial Day holiday weekend, government data showed on
Thursday, while stocks of crude oil rose to their highest level
on record.

In its weekly report on fuel supplies, the U.S. Energy
Information Administration said stockpiles of gasoline fell by
1.5 million barrels in the week ended on Friday, with more than
half of the drop on the heavily populated East Coast.

May 30, 2013

Lawmaker asks Justice Department to investigate JPMorgan power trading

NEW YORK (Reuters) – A Congressman on Wednesday called on the Department of Justice to investigate JPMorgan Chase & Co’s (JPM.N: Quote, Profile, Research, Stock Buzz) power trading in Michigan, as the Federal Energy Regulatory Commission (FERC) considers whether to sanction the firm.

Michigan Congressman Dan Kildee, a Democrat who sits on the Committee on Financial Services, said in a letter to the DoJ that it should pursue its own investigation into JPMorgan to see if it manipulated electricity markets.