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Aug 4, 2011

US firms plan rail expansion to profit from oil spread

NEW YORK, Aug 4 (Reuters) – Logistics firms are
accelerating plans to build crude-by-rail terminals in the
United States as shippers look to transport more oil on
railroads to capture massive oil price spreads between the
country’s northern and southern regions.

Logistics firm Musket said on Thursday it would build
capacity to ship 70,000 barrels a day of oil by railroad from
North Dakota’s Bakken region, and competitor Plains All
American (PAA.N: Quote, Profile, Research, Stock Buzz) said it is also boosting crude-by-rail
capacity.

Aug 4, 2011

Analysis: Oil traders ask “what glut?” as Midwest stocks shrink

NEW YORK (Reuters) – The latest U.S. oil inventory data contradict a widely held notion among oil traders that a huge glut of Canadian and U.S. shale crude oil is accumulating in the middle of the United States and causing the record gap in global oil benchmark prices.

Instead, U.S. commercial crude oil inventories in the Midwest and Cushing, Oklahoma, fell last week to their lowest this year. Midwest, or PADD 2 stocks, are now lower than they were a year ago, the first time in over 12 months that they have fallen below year-earlier levels.

Aug 1, 2011

Oil falls on weak US factory data, firm dollar

NEW YORK (Reuters) – Oil futures fell more than $1 a barrel on Monday in volatile trade, reversing earlier gains following a tentative deal to raise the U.S. debt ceiling, on weaker-than-expected U.S. manufacturing data and a firming dollar.

U.S. crude futures for September delivery fell $1.55 to $94.15 a barrel by 11:40 a.m., while Brent futures traded down $1.18 to $115.56, falling back from a six-week high above $120 a barrel earlier.

Jul 8, 2011

Top commodities funds take fresh beating in June

NEW YORK (Reuters) – Two of the biggest commodity hedge funds suffered a second month of painful losses in June, falling victim to a rout across raw goods markets, a hedge fund investor told Reuters on Thursday.

Clive Capital, a top commodities fund with more than $4 billion under management, and energy-focused BlueGold, with around $2 billion, hit a rough patch in May and June due in part to a series of sharp drops in oil prices, said the investor, who is familiar with the funds’ returns.

Jul 7, 2011

Exclusive: Top commodities funds take fresh beating in June

NEW YORK (Reuters) – Two of the biggest commodity hedge funds suffered a second month of painful losses in June, falling victim to a rout across raw goods markets, a hedge fund investor told Reuters on Thursday.

Clive Capital, a top commodities fund with more than $4 billion under management, and energy-focused BlueGold, with around $2 billion, hit a rough patch in May and June due in part to a series of sharp drops in oil prices, said the investor, who is familiar with the funds’ returns.

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.