Joshua's Feed
Mar 9, 2013

U.S. ethanol rules threaten gasoline supply crunch

NEW YORK/LONDON, March 8 (Reuters) – The soaring cost of
ethanol credits for oil refiners is boosting gasoline prices and
could crimp fuel supplies, threatening to send U.S. pump prices
higher during the peak summer driving season, industry officials
and traders warned on Friday.

U.S. gasoline futures for April delivery in the New
York Harbor rose 2.5 percent to more than $3.20 a gallon on
Friday. Gasoline prices are up 12.1 percent since Feb. 28, even
as the price of U.S. crude oil has fallen 1.1 percent
. Traders attributed the divergence in part to a spike in
the price of renewable fuel credits, known as RINs (Renewable
Identification Numbers), to record highs this week.

Mar 6, 2013

Oil falls below $111 on U.S. inventory data

NEW YORK, March 6 (Reuters) – Crude oil fell more than $1
per barrel on Wednesday after U.S. government data showed
domestic crude inventories rose much more than forecast.

U.S. crude stocks rose 3.83 million barrels in the week to
March 1, the Energy Information Administration said in its
weekly report. Analysts had forecast a 500,000-barrel build.

Mar 5, 2013

Brent oil lifted by shut pipeline, China after 5-day fall

NEW YORK, March 5 (Reuters) – Brent oil gained on Tuesday,
bucking a five-day losing streak, boosted by North Sea supply
disruptions, optimism on Chinese oil demand, and a rise in U.S.
equities.

Gains were limited, however, by medium-term concerns such as
rising supply and the ongoing fiscal crisis in the United
States.

Feb 25, 2013

Chesapeake, Encana sued in civil antitrust action

By Brian Grow and Joshua Schneyer

(Reuters) – A major Michigan landowner is suing Chesapeake Energy Corp and Encana Corp, alleging that the two energy giants colluded to rig bids for oil and gas rights in 2010.

Northstar Energy, which owns nearly 10,000 acres in Michigan’s Utica-Collingwood oil and gas shale formation, filed the lawsuit against Chesapeake and Canadian firm Encana in Michigan federal court Friday.

Feb 19, 2013

Oil rises, following U.S. equities higher

NEW YORK, Feb 19 (Reuters) – Oil prices rose on Tuesday as
traders grew bullish amid a rally in U.S. stock markets, even as
U.S. pipeline bottlenecks and European economic concerns
threatened to weigh on oil markets.

U.S. crude for March delivery rose 80 cents to settle
at $96.66 a barrel. The March contract expires on Wednesday.

Feb 1, 2013

Former BP trader sues firm, alleges market manipulation

NEW YORK, Jan 31 (Reuters) – A former trader at BP
has filed a lawsuit for breach of contract in which he alleges
the British company’s Houston-based unit, BP Energy Co, is
attempting to manipulate the U.S. natural gas liquids market.

Drew Sickinger, who joined BP in Houston in 2009, said the
company “created a pretext” for disciplining him late last year
and then firing him earlier this month. He said he made $100
million for the company over the previous three years.

Jan 31, 2013

Chesapeake faces enduring entanglements with departing CEO

By Brian Grow and Anna Driver and Joshua Schneyer

(Reuters) – Aubrey McClendon will no longer be running Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) come April 1. But he is likely to remain deeply entangled with the company he founded 24 years ago.

America’s second-largest natural-gas producer said on Tuesday that McClendon is stepping down as chief executive and a board member. He is leaving behind legal predicaments and intertwined personal and corporate interests that analysts say could linger for years.

Jan 10, 2013

Oil rises after Saudi Arabia cuts output

NEW YORK, Jan 10 (Reuters) – Oil futures rose on Thursday on
news that top world oil exporter Saudi Arabia had cut back
production in response to flagging demand, and after China
reported strong demand for its exports.

U.S. crude futures rose to a 14-week high of $94.70 a
barrel before settling at $93.82, up 72 cents on the day. Brent
crude rose as high as $113.29 a barrel before settling
at $111.89, up 13 cents.

Jan 9, 2013

Oil slips following big U.S. gasoline stock build

NEW YORK, Jan 9 (Reuters) – Oil futures fell slightly on
Wednesday after government data showed U.S. fuel stocks rose
sharply last week, a sign of ample supply in the world’s top
consumer of oil.

U.S. oil futures rose early, then turned negative after U.S.
Energy Information Administration data showed gasoline
inventories rose 7.4 million barrels last week. That followed a
build of nearly 30 million barrels in the final quarter of 2012.
Stocks of crude and distillate fuels also rose, data showed.

Jan 9, 2013

Oil slips on U.S. inventory, production gains

NEW YORK, Jan 9 (Reuters) – Oil futures fell slightly on
Wednesday after government data showed U.S. fuel stocks rose
sharply last week, a sign of ample supply in the world’s top
consumer of oil.

U.S. oil futures rose early, then turned negative after U.S.
Energy Information Administration data showed gasoline
inventories rose 7.4 million barrels last week. That followed a
build of nearly 30 million barrels in the final quarter of 2012.
Stocks of crude and distillate fuels also rose, data showed.