Joshua's Feed
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.

May 9, 2011

Special report: What triggered oil’s greatest 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 9, 2011

What really triggered oil’s greatest 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 9, 2011

Special report: What really triggered oil’s greatest rout

NEW YORK, May 9 (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 5, 2011

Roubini directs clients to cut commodities exposure

NEW YORK (Reuters) – Roubini Global Economics, a major investment advisory firm, told clients on Thursday they should take profits from commodities markets, cutting exposure to raw goods to neutral from overweight, the firm’s head commodities strategist told Reuters.

In a note to clients, the New York-based consultant to hedge funds, private equity houses, sovereign wealth funds and other investors advised paring broad commodities exposure for the first time since at least mid-2010.

May 4, 2011

Analysis: Drivers go from rage to resignation over $4 gasoline

NEW YORK (Reuters) – When gasoline prices shot to $4 a gallon in 2008, sticker shock cut fuel demand and helped send world oil prices tumbling by more than $100 a barrel in just five months.

Pump prices have returned to near those highs, averaging $3.95 a gallon after rising 36 percent in a year. Oil has also soared, with Brent trading just over $122 a barrel and U.S. crude over $110.