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Jan 8, 2014

Brent climbs toward $108 on Libyan supply worries

LONDON, Jan 8 (Reuters) – Brent crude oil rose towards $108
per barrel on Wednesday, supported by new worries over Libyan
supplies and expectations for a drop in crude inventories in the
United States.

Tensions in Libya escalated after a heavily armed eastern
autonomy group said on Tuesday it would invite foreign companies
to buy oil from seized ports and protect arriving tankers, in
defiance of the government in Tripoli, which has vowed to stop
them.

Jan 7, 2014

BofA-Merrill Lynch shuts European power and gas trading desk

LONDON (Reuters) – Bank of America-Merrill Lynch shut its European power and gas sales and trading operation on Tuesday, the fourth major player to close parts of its commodities business as tighter regulation and fewer arbitrage opportunities erode profits.

Last month Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) sold its main physical oil trading unit to Russian state-run oil major Rosneft, and Deutsche Bank said it was largely exiting commodities trading. In July, JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) put its physical trading operations up for sale.

Dec 19, 2013

Exclusive: Deutsche Bank talks with buyers for its uranium business

LONDON (Reuters) – Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research, Stock Buzz) is holding preliminary talks with potential buyers of its uranium trading business – the first sign since announcing it was largely exiting commodities trading that parts of the operation are now on the block.

The bank’s uranium desk is one of the biggest third-party traders in the market, and holds substantial stockpiles of low-grade uranium, known as yellowcake, and numerous long-term deals with nuclear power plants.

Dec 19, 2013

Deutsche Bank talks with buyers for its uranium business

LONDON, Dec 19 (Reuters) – Deutsche Bank AG is
holding preliminary talks with potential buyers of its uranium
trading business – the first sign since announcing it was
largely exiting commodities trading that parts of the operation
are now on the block.

The bank’s uranium desk is one of the biggest third-party
traders in the market, and holds substantial stockpiles of
low-grade uranium, known as yellowcake, and numerous long-term
deals with nuclear power plants.

Dec 6, 2013

Goldman tells oil market U.S. is the new China as cycle reverses

LONDON, Dec 6 (Reuters) – The oil market is on the cusp of a
new cycle, Goldman Sachs said on Friday, with demand in the
United States growing at a faster pace than in emerging
economies such as China and India for the first time in a
decade.

That’s likely to have profound implications for how oil
markets operate, Jeffrey Currie, Goldman’s influential chief
commodity analyst wrote in a note, which says there will be a
“new oil order”.

Dec 5, 2013

Deutsche Bank quits commodities under regulatory pressure

LONDON (Reuters) – Deutsche Bank (DBKGn.DE: Quote, Profile, Research) pulled the plug on its global commodities trading business on Thursday, cutting 200 jobs as it becomes the first major bank to exit the once lucrative sector due to toughening regulations and diminished profits.

Germany’s largest bank, which was one of the top-five financial players in commodities, will cease energy, agriculture, base metals, coal and iron ore trading, it said in a statement, retaining only precious metals and a limited number of financial derivatives traders.

Dec 5, 2013

Deutsche Bank to quit commodities trading

LONDON, Dec 5 (Reuters) – Deutsche Bank said on
Thursday it is exiting the majority of its global commodity
business due to rising regulatory pressures, becoming the latest
bank to sell or scale back its operations in the once lucrative
sector.

Deutsche Bank will exit energy, agriculture, base metals and
dry bulk trading, it said on its website, retaining only
precious metals and a limited number of financial derivatives
traders.

Dec 3, 2013

Brent crude oil rises towards $112, near 11-week high

LONDON, Dec 3 (Reuters) – Brent crude rose towards $112 a
barrel on Tuesday, just off an 11-week high hit in the previous
session, as strong economic data boosted the demand outlook and
ongoing outages in Libya maintained concerns about supplies.

Brent prices rose almost 2 percent on Monday after data
showed U.S. factory activity expanded last month at its fastest
pace in 2-1/2 years. That came after a report showing
manufacturing growth in China, the world’s No. 2 oil consumer,
hit an 18-month high in November.

Nov 27, 2013

Exclusive – JPMorgan tried but failed to satisfy Fed on metals warehousing: letters

LONDON/NEW YORK (Reuters) – The U.S. Federal Reserve was pressing JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) to distance itself from its metals warehousing business more than a year ago, documents seen by Reuters show, long before the issue became a focal point in the debate over Wall Street’s role in physical commodities trading.

A series of letters between JPMorgan’s lawyers and the Fed, released to Reuters through a Freedom of Information Act request, show Wall Street’s primary regulator took a tough stance on the bank’s efforts to hold onto the global network of Henry Bath & Sons warehouses, part of the larger RBS Sempra commodity trading business it bought in mid-2010.

Nov 22, 2013

Goldman to sell uranium trading desk as Fed review looms

NEW YORK/LONDON, Nov 22 (Reuters) – U.S. bank Goldman Sachs
Group Inc has put its uranium trading business up for
sale, a source familiar with the matter said on Friday, the
latest sign that Wall Street’s most storied commodity trader is
paring back parts of the business.

The move comes as other U.S. banks, including JPMorgan Chase
& Co and Morgan Stanley, look to exit physical
commodity trading in the wake of increased government scrutiny,
squeezed trading margins and forecasts for tepid demand in
certain markets.