Joshua's Feed
Jan 26, 2012

Exclusive: Chevron to face criminal charges over Brazil spill

CAMPOS, Brazil (Reuters) – A Brazilian prosecutor plans to file criminal charges against Chevron Corp and some of its local managers within weeks, adding the threat of prison sentences to an $11 billion civil lawsuit as punishment for a November offshore oil spill.

The filing in federal court in Campos, Brazil, will likely include a request for criminal indictment of George Buck, chief executive of Chevron’s Brazil unit, as well as other staff, three Brazilian government officials involved in the case told Reuters.

Jan 10, 2012

Oil markets brace for turbulence of index shift

NEW YORK (Reuters) – Amid the drama of Iran, the meltdown of refiner Petroplus and a wave of upbeat economic data, it was all too easy to overlook one of the most important short-term factors shaping oil markets this week: the reweighting of the world’s biggest commodity indexes.

The S&P GSCI Index .SPGSCI and the DJ-UBS Index .DJUBS, the world’s no. 1 and no. 2 commodity indexes, announced two months ago plans to rejig their component weights to reflect growing trade in European benchmark Brent crude, at the expense of U.S. WTI, which some traders say had become detached from global prices.

Dec 28, 2011

Energy giant hid behind shells in “land grab”

TRAVERSE CITY, Michigan (Reuters) – Late in the summer of 2010, hundreds of farmers in northern Michigan were fuming.

All had signed leases with local brokers permitting drillers to tap natural gas and oil beneath their land. All were demanding thousands of dollars in bonuses they had been promised in exchange. But none knew for certain whom to go after.

Dec 28, 2011

Special Report: Energy giant hid behind shells in “land grab”

TRAVERSE CITY, Michigan (Reuters) – Late in the summer of 2010, hundreds of farmers in northern Michigan were fuming.

All had signed leases with local brokers permitting drillers to tap natural gas and oil beneath their land. All were demanding thousands of dollars in bonuses they had been promised in exchange. But none knew for certain whom to go after.

Dec 1, 2011

Suncor says leak from Colorado oil refinery contained

By David Sheppard and Joshua Schneyer

(Reuters) – Suncor Energy said on Wednesday it has contained a leak of an oily substance near its Commerce City refinery in Colorado that was running into Sand Creek, which joins a river that supplies Denver with water.

The Canadian energy firm said it had not yet identified the source of the leak, but acknowledged it was likely coming from its 93,000 barrel-per-day (bpd) refinery in the area. It said plant operations were unaffected.

Nov 30, 2011

Suncor says contains leak near S. Platte River

NEW YORK, Nov 30 (Reuters) – Suncor Energy said on
Wednesday it has contained a leak near its Commerce City
refinery in Colorado that was running into Sand Creek by the
South Platte River.

The Canadian energy firm said it had not yet identified the
source of the leak, and it did not identify the substance
leaking, but said it believed it came from their 93,000
barrel-per-day plant.

Nov 11, 2011

Traders bet Keystone alternative will end US oil glut

NEW YORK, Nov 11 (Reuters) – Within hours of news that a
proposed Canada to Texas pipeline won’t be built any time soon,
oil traders were already betting on alternative ways to ship a
glut of crude from the U.S. Midwest to the Gulf Coast.

TransCanada Corp’s $7 billion, 600,000 barrel per
day (bpd) Keystone XL pipeline had been viewed as crucial to
getting Canadian and North Dakota crude out of the landlocked
region where surging stocks have driven the price of U.S. crude
to record discounts to Europe’s benchmark Brent this year.

Oct 28, 2011

Corrected: Commodity Traders: The trillion dollar club

NEW YORK (Reuters)- For the small club of companies who trade the food, fuels and metals that keep the world running, the last decade has been sensational. Driven by the rise of Brazil, China, India and other fast-growing economies, the global commodities boom has turbocharged profits at the world’s biggest trading houses.

They form an exclusive group, whose loosely regulated members are often based in such tax havens as Switzerland. Together, they are worth over a trillion dollars in annual revenue and control more than half the world’s freely traded commodities. The top five piled up $629 billion in revenues last year, just below the global top five financial companies and more than the combined sales of leading players in tech or telecoms. Many amass speculative positions worth billions in raw goods, or hoard commodities in warehouses and super-tankers during periods of tight supply.

Oct 26, 2011

In oil markets, a U-turn for the hottest trade in years

NEW YORK (Reuters) – At $93 a barrel, U.S. oil prices traded on Tuesday within a well-worn range. But that belies a radical move in energy markets this week — the unraveling of one of the hottest and most volatile oil trades in years.

The trade-gone-haywire is known as the Brent-WTI spread bet, a wager on the relative value between the two most-traded oil futures in the world, London’s Brent and U.S.-traded West Texas Intermediate.

Oct 21, 2011

Commodity Traders: The trillion dollar club

NEW YORK (Reuters)- For the small club of companies who trade the food, fuels and metals that keep the world running, the last decade has been sensational. Driven by the rise of Brazil, China, India and other fast-growing economies, the global commodities boom has turbocharged profits at the world’s biggest trading houses.

They form an exclusive group, whose loosely regulated members are often based in such tax havens as Switzerland. Together, they are worth over a trillion dollars in annual revenue and control more than half the world’s freely traded commodities. The top five piled up $629 billion in revenues last year, just below the global top five financial companies and more than the combined sales of leading players in tech or telecoms. Many amass speculative positions worth billions in raw goods, or hoard commodities in warehouses and super-tankers during periods of tight supply.