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.
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.
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.
NEW YORK (Reuters) – U.S. motorists searching for someone to blame for the highest gasoline prices ever at this time of year have an easy target: hedge funds who have been quietly amassing winning bets on hundreds of millions of barrels of oil.
At a filling station in Midtown New York last week, several people were prepared to blame traders on Wall Street as they paid more than $4 per gallon to fill up their cars.
LONDON/NEW YORK, Feb 8 (Reuters) – Royal Dutch Shell
upended the oil world on Friday, unilaterally rewriting
the rules of the market that sets the basis of billions of
dollars of oil worldwide, risking a liquidity-sapping
confrontation with other actors.
In a notice published on its website, Shell said it would
alter its SUKO 90 terms in the so-called Dated Brent market
starting on Monday for cargoes loading in May and thereafter in
a move the oil major said would bolster liquidity in the key
North Sea market.
NEW YORK, Jan 31 (Reuters) – A former trader at BP
has filed a lawsuit for breach of contract in which he alleges
the British company’s Houston-based unit, BP Energy Co, is
attempting to manipulate the U.S. natural gas liquids market.
Drew Sickinger, who joined BP in Houston in 2009, said the
company “created a pretext” for disciplining him late last year
and then firing him earlier this month. He said he made $100
million for the company over the previous three years.
Jan 29 (Reuters) – Deutsche Bank’s global head of oil and
agriculture trading, John Redpath, has left the firm, a source
familiar with the matter said on Tuesday.
Redpath, who joined the German bank’s New York office in
2007 from Citigroup, is the latest high profile departure from
Deutsche’s commodity arm, after global commodities head David
Silbert left the firm in December.
(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.