David's Feed
Aug 5, 2013

TransCanada’s East Coast oil pipeline to change trade dynamics

Aug 5 (Reuters) – TransCanada Corp’s plan to build
one of the world’s longest oil pipelines has reverberations far
beyond Canadian shores.

The planned 2,700 mile (4,400 kilometers) pipeline, which
will bring crude from Canada’s energy capital of Alberta to
refineries and ports on the East Coast, has the potential to
upturn the dynamics of the North Atlantic oil trade squeezing
out some imported crude to North America and revitalizing
once-ailing refineries.

Aug 2, 2013

Gavilon taps Barclays to find a buyer for company -sources

NEW YORK, Aug 2 (Reuters) – Gavilon, which earlier this year
sold its grain-trading business, has retained Barclays
to help it find a buyer for its remaining energy business in a
deal that could fetch around $1 billion, according to two people
familiar with the matter.

Gavilon sold its grain-trading business to Japanese trading
house Marubeni Corp for $2.6 billion, after Marubeni
backed out of its original $3.6 billion deal to buy the entire
company.

Aug 1, 2013

Goldman blinks but no relief for Wall Street’s commodity traders

NEW YORK/LONDON (Reuters) – Goldman Sachs’ (GS.N: Quote, Profile, Research, Stock Buzz) effort to diffuse intensifying pressure over its commodity business by throwing open its metal warehouse doors likely comes too late to head off further scrutiny of Wall Street’s commodity trade.

Two weeks of escalating criticism of banks that own commodity assets and trade raw materials has shaken executives and the industry, with little sign of the pressure relenting. Britain’s financial watchdog is considering its own investigation of metals warehouses, sources said, and two lawmakers questioned whether power regulators were tough enough.

Jul 31, 2013

Under fire, Goldman offers way round warehouse lines

NEW YORK, July 31 (Reuters) – Goldman Sachs responded
to mounting political pressure and regulatory scrutiny of its
Metro International metals business, by offering customers
immediate access to aluminum stored in its warehouses on
Wednesday.

In a statement outlining the bank’s proposal to cut waiting
times at all London Metal Exchange warehouses, Goldman Sachs
said it would make aluminum immediately available to major
consumers.

Jul 29, 2013

What next for the ‘Wall Street Refiners’ as JPM exits physical commodities?

NEW YORK (Reuters) – As JPMorgan Chase prepares to exit physical commodities trading, the spotlight is turning to the future of the two banks that have dominated Wall Street’s involvement in the natural resources supply chain for 30 years.

Goldman Sachs (GS.N: Quote, Profile, Research) and Morgan Stanley (MS.N: Quote, Profile, Research) two decades ago became known as the ‘Wall Street Refiners’ for their mastery of both financial and physical commodities.

Jul 29, 2013

Analysis: What next for the ‘Wall Street Refiners’ as JPM exits physical commodities?

NEW YORK (Reuters) – As JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) prepares to exit physical commodities trading, the spotlight is turning to the future of the two banks that have dominated Wall Street’s involvement in the natural resources supply chain for 30 years.

Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) two decades ago became known as the ‘Wall Street Refiners’ for their mastery of both financial and physical commodities.

Jul 27, 2013

Under siege, JPMorgan to quit physical commodities

NEW YORK (Reuters) – JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of raw materials comes under unprecedented political and regulatory pressure.

After spending billions of dollars and five years building the banking world’s biggest commodity desk, JPMorgan said it would pursue “strategic alternatives” for its trading assets that stretch from Baltimore to Johor, and a global team dealing in everything from African crude oil to Chilean copper.

Jul 26, 2013

JPMorgan to quit physical commodity trade amid scrutiny

NEW YORK (Reuters) – JP Morgan Chase & Co (JPM.N: Quote, Profile, Research) is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of raw materials comes under intense political and regulatory pressure.

Wall Street’s biggest bank said an “internal review” had concluded it should pursue “strategic alternatives” for its physical commodities operations, which includes assets like its Henry Bath metals warehousing subsidiary and a vast global team trading everything from African crude to Canadian natural gas.

Jul 26, 2013

JPMorgan to exit physical commodities trading

NEW YORK (Reuters) – JP Morgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of oil tankers, coffee beans and metals comes under intense political and regulatory pressure.

Wall Street’s biggest bank said an “internal review” had concluded it should pursue “strategic alternatives” for its physical commodities operations, which includes assets like its Henry Bath metals warehousing subsidiary and a team of physical power and oil traders in Houston and New York.

Jul 24, 2013

JPMorgan’s commodity arm eyes sale of power plant trading deals

NEW YORK, July 24 (Reuters) – JPMorgan Chase & Co’s
commodity trading arm is looking to sell more of the electricity
deals it has with U.S. power plants and wind farms, a source
familiar with the business said on Wednesday, at a time when
Wall Street’s involvement in physical commodity markets is under
heightened scrutiny.

The so-called power tolling and marketing deals cover enough
electricity to light up Indiana’s 2.8 million homes, according
to detailed regulatory filings, and include almost 3,000
megawatts of power generation spread across nine states.