Joshua's Feed
Jun 30, 2011

Traders abuzz at timing of U.S.-led oil talks, price swings

NEW YORK (Reuters) – One of the largest oil price routs in history came in early May as the United States led discussions with top Middle East producers to intervene in the market.

That timing, and a subsequent price plunge this month, now have many traders wondering whether word of the talks leaked out to key players, according to a dozen traders spoken to by Reuters.

Jun 2, 2011

Oil trader Arcadia may have rigged Yemen exports-cable

ATLANTA/NEW YORK, June 1 (Reuters) – Oil trading firm
Arcadia Petroleum, sued by U.S. regulators last week for
allegedly manipulating U.S. oil prices, used hardball tactics
in Yemen to buy the country’s oil exports at below market
prices, until authorities revamped their sales process to break
the trading house’s “long-standing monopoly”, according to a
confidential U.S. State Department cable.

The September 2009 cable says that an internal government
shift in control over the country’s valuable oil exports, meant
to open up oil bidding to more international buyers, threatened
Arcadia’s sway over Yemen’s exports. It also put at risk an
alliance between Arcadia and its “local agent” in Yemen, tribal
leader Hamid al-Ahmar, the cable says.

Jun 1, 2011

Exclusive: Arcadia may have rigged Yemen exports: cable

ATLANTA/NEW YORK (Reuters) – Oil trading firm Arcadia Petroleum, sued by regulators last week for allegedly manipulating U.S. oil prices, used hardball tactics in Yemen to buy the country’s oil exports at below market prices, until authorities revamped their sales process to break the trading house’s “long-standing monopoly”, according to a confidential State Department cable.

The September 2009 cable says that an internal government shift in control over the country’s valuable oil exports, meant to open up oil bidding to more international buyers, threatened Arcadia’s sway over Yemen’s exports.

May 26, 2011

US firm buys “mystery” cargo of Libyan rebel oil

NEW YORK (Reuters) – U.S. refiner Tesoro has bought the first oil cargo sold by rebels who control eastern Libya, a deal that could help them drum up funds to fight Muammar Gaddafi.

San Antonio-based Tesoro told Reuters on Wednesday it bought the Libyan rebel crude to process in its Hawaii refinery. The deal was first agreed upon in late April, company spokesman Mike Marcy said.

May 25, 2011

US firm buys cargo of controversial Libyan rebel oil

NEW YORK, May 25 (Reuters) – U.S. oil refiner Tesoro
(TSO.N: Quote, Profile, Research, Stock Buzz) has bought a cargo of crude oil from eastern Libyan
rebels to run in its Hawaii refinery, the company told Reuters
on Wednesday.

The deal marks the first known oil transaction between
eastern Libyan rebels — who are fighting with NATO backing to
topple the regime of Muammar Gaddafi — and a U.S.-based
company.

May 25, 2011

Arcadia oil firm to CFTC: See you in court

NEW YORK (Reuters) – Global oil trading firm Arcadia Energy rejected on Wednesday the U.S. futures regulator’s claims that its traders had manipulated crude oil markets in early 2008, and said it would fight them in court.

“The CFTC is wrong on both the facts and the law,” said Colin Hurley, the Chief Financial Officer of Arcadia, in an e-mailed statement to Reuters.

May 24, 2011

US sues big oil traders for 2008 manipulation

NEW YORK/WASHINGTON, May 24 (Reuters) – U.S. regulators
launched one of the biggest ever crackdowns on oil price
manipulation on Tuesday, suing two well-known traders and two
trading firms owned by Norwegian billionaire John Fredriksen
for allegedly making $50 million by squeezing markets in 2008.

The Commodity Futures Trading Commission (CFTC) said
traders James Dyer of Oklahoma’s Parnon Energy, and Nick
Wildgoose of Europe-based Arcadia Energy, amassed large
physical positions at a key U.S. trading hub to create the
impression of tight supplies that would boost oil prices.

May 14, 2011

What triggered oil’s biggest rout

NEW YORK (Reuters) – When oil prices fell below $120 a barrel in early New York trade last Thursday, a few big companies that are major oil consumers started buying around $117.

It looked like a bargain. Brent crude had been trading above $120 for a month. But the buying proved ill-timed. Crude kept on falling.

May 10, 2011

Top funds dealt double-digit losses by commods crash

NEW YORK (Reuters) – Several commodity hedge fund titans suffered double-digit losses last week as oil fell by a near-record $16, money managers who invest in the funds told Reuters on Monday.

While some of the losses will likely be recovered after Monday’s price rebound of nearly $7 a barrel, last week’s fund results underscore how oil’s sharp fall caught some top traders off guard.

May 9, 2011

Commods crash lands top funds with double-digit loss

NEW YORK (Reuters) – Some of the biggest names in commodity hedge funds suffered double-digit losses last week as oil fell by a near-record $16, money managers who invest in the funds told Reuters on Monday.

While some of the losses will likely be recovered after Monday’s oil price rebound of nearly $7 a barrel, last week’s fund results underscore how the sharp fall caught some top oil traders off guard.