David's Feed
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.

Feb 12, 2013

Analysis: As U.S. gasoline prices soar, hedge fund oil bets near record

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.

Feb 8, 2013

Shell’s shock move jumpstarts oil benchmark reform debate

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.

Feb 1, 2013

Former BP trader sues firm, alleges market manipulation

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, 2013

Deutsche Bank global oil and gas trading head leaves-source

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.

Jan 22, 2013

Deutsche Bank settles U.S. power market manipulation case

By Scott DiSavino and David Sheppard

(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, 2013

Deutsche Bank settles US power market manipulation case for $1.5 mln

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.

Jan 22, 2013

Delta bets on Bakken crude to boost refinery profits

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.

Jan 18, 2013

Brent crude up on debt limit proposal, supply worries

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.