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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.

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.

Feb 13, 2014

Robust demand tightening oil market, IEA says

LONDON, Feb 13 (Reuters) – Stronger-than-expected demand has
drained oil inventories to the lowest level since 2008,
tightening the market and defying predictions of a glut, the
West’s energy watchdog said on Thursday.

The International Energy Agency (IEA) said oil inventories
in the developed world plummeted by 1.5 million barrels per day
(bpd) in the last three months of 2013, the steepest quarterly
decline since 1999

Feb 13, 2014

Oil slips towards $108; IEA helps curb losses

LONDON, Feb 13 (Reuters) – Brent crude oil slipped towards
$108 a barrel on Thursday, easing for the first time in three
sessions ahead of an expected dip in demand during the refinery
maintenance season.

Losses were limited by an upbeat report from the
International Energy Agency (IEA), which said inventories in the
developed world fell by 1.5 million barrels per day (bpd) at the
end of last year, the steepest quarterly decline since 1999.

Feb 11, 2014

Goldman puts ‘for sale’ sign on Iran’s old uranium supplier

LONDON, Feb 11 (Reuters) – Goldman Sachs and Deutsche
Bank are quietly trying to get out of a business few
people know they are even in: trading supplies of raw uranium
known as yellowcake.

In the last four years, the banks have amassed low-grade
stockpiles of the nuclear fuel ingredient larger than those held
by Iran, and enough to run China’s nuclear plants for a year.