David's Feed
Jun 10, 2013

Japan’s Marubeni says to exclude Gavilon energy arm in takeover

TOKYO/NEW YORK June 10 (Reuters) – Japanese trading house
Marubeni Corp said it will cut Gavilon’s energy
business out of its planned takeover of the U.S. commodity
merchant, reducing the size of the transaction to $2.6 billion
plus debt.

The trading company said in a statement on Monday it had
modified the terms of the acquisition that was originally valued
at $5.6 billion, including $2 billion of debt.

Jun 5, 2013

Bancorp sued over ‘Midwest Madoff’ brokerage accounts

NEW YORK/CHICAGO (Reuters) – U.S. regulators sued U.S. Bancorp on Wednesday, alleging it knowingly allowed the head of a failed Iowa brokerage, dubbed ‘the Midwest Madoff,’ to use customer money held at the bank to help fund a lavish lifestyle.

The case is the first from regulators to target banks used by Russell Wasendorf Sr., the former chief executive of Peregrine Financial Group (PFG), who began serving a 50-year sentence in February for bilking $215 million from customers.

May 30, 2013

U.S. gasoline stocks fell ahead of Memorial Day weekend -EIA

NEW YORK, May 30 (Reuters) – U.S. gasoline inventories fell
last week as motorists topped up their tanks ahead of the
Memorial Day holiday weekend, government data showed on
Thursday, while stocks of crude oil rose to their highest level
on record.

In its weekly report on fuel supplies, the U.S. Energy
Information Administration said stockpiles of gasoline fell by
1.5 million barrels in the week ended on Friday, with more than
half of the drop on the heavily populated East Coast.

May 30, 2013

Lawmaker asks Justice Department to investigate JPMorgan power trading

NEW YORK (Reuters) – A Congressman on Wednesday called on the Department of Justice to investigate JPMorgan Chase & Co’s (JPM.N: Quote, Profile, Research, Stock Buzz) power trading in Michigan, as the Federal Energy Regulatory Commission (FERC) considers whether to sanction the firm.

Michigan Congressman Dan Kildee, a Democrat who sits on the Committee on Financial Services, said in a letter to the DoJ that it should pursue its own investigation into JPMorgan to see if it manipulated electricity markets.

May 29, 2013

Lawmaker asks US Justice Dept to investigate JPMorgan power trading

NEW YORK, May 29 (Reuters) – A U.S. Congressman on Wednesday
called on the Department of Justice to investigate JPMorgan
Chase & Co’s power trading in Michigan, as the Federal
Energy Regulatory Commission (FERC) considers whether to
sanction the firm.

Michigan Congressman Dan Kildee, a Democrat who sits on the
Committee on Financial Services, said in a letter to the DoJ
that it should pursue its own investigation into JPMorgan to see
if it manipulated electricity markets.

May 29, 2013

Congressman asks Justice Dept to investigate JPMorgan trading

NEW YORK (Reuters) – A Congressman on Wednesday called on the Department of Justice to investigate JPMorgan Chase & Co’s (JPM.N: Quote, Profile, Research, Stock Buzz) power trading in Michigan, as the Federal Energy Regulatory Commission (FERC) considers whether to sanction the firm.

Michigan Congressman Dan Kildee, a Democrat who sits on the Committee on Financial Services, said in a letter to the DoJ that it should pursue its own investigation into JPMorgan to see if it manipulated electricity markets.

May 24, 2013

Exxon still waiting for ruptured Pegasus pipeline test results

NEW YORK May 24 (Reuters) – Exxon Mobil Corp is
still waiting for test results from the ruptured section of its
95,000 barrel-per-day (bpd) Pegasus pipeline, almost two months
after it spewed 5,000 barrels of oil into an Arkansas suburb,
the company said on Friday.

The Pegasus spill intensified the debate about the safety of
transporting oil from Canada’s tar sands across the United
States. After a second far-smaller spill was discovered on the
nearly 70-year-old line in Missouri last month, speculation has
mounted the line could be down for much longer than initially
anticipated.

May 16, 2013

Canada PM touts Keystone pipeline in U.S., says must be approved

NEW YORK, May 16 (Reuters) – Canadian Prime Minister Stephen
Harper turned into a pitch man for TransCanada Corp’s
Keystone XL oil pipeline on Thursday, telling a New York
audience the project is so important that Washington has to
approve it.

President Barack Obama is under pressure from environmental
groups to veto the northern section of the proposed $5.3 billion
pipeline, which would take crude from the Alberta tar sands in
Western Canada to refineries in Texas.

May 15, 2013

Wall St commodity slump deepens in Q1, led by Morgan Stanley

NEW YORK, May 15 (Reuters) – Global investment banks
suffered another bruising decline in commodity trading in the
first three months of this year, new reports showed on
Wednesday, with Morgan Stanley’s revenues collapsing to a
quarter of what they were a year ago.

While industry heavyweights Goldman Sachs and
JPMorgan reported slightly higher revenues year-on-year
in detailed quarterly filings made with the SEC in the past
week, the overall sector continues to be squeezed by increased
regulation, tepid markets, and low levels of client activity.

May 9, 2013

Analysis: Collapse in Brent-WTI oil spread spooks refiners, railways

NEW YORK (Reuters) – After almost three years of churning bumper profits from the massive price gap between the world’s two most actively traded crude oil contracts, traders, refiners, railways and investors are all asking the same question: Is the game finally coming to a close?

The near $20 premium North Sea Brent held for much of 2012 over U.S. benchmark West Texas Intermediate (WTI) has fallen to less than $8 a barrel, the lowest since the crude-by-rail boom began to gather steam in early 2011.