Joshua's Feed
Nov 27, 2012

Sandy gives New York oil supply lesson, will it sink in?

NEW YORK, Nov 27 (Reuters) – At 4 p.m. on Oct. 29, as heavy
winds battered the East Coast ahead of Superstorm Sandy’s
landfall, the Coast Guard’s regional command center on Staten
Island lost power and its hulking backup generators hummed into
action.

Commander Linda Sturgis, who oversees emergency prevention
at the Port of New York, was buzzed through two thick security
doors into the Port’s hive-like vessel traffic center, the
maritime equivalent of an air traffic control tower. The Port
had been bracing for Sandy for days, and a few hours earlier,
its Captain had halted all commercial vessel traffic, an
emergency lockdown known as Condition Zulu.

Nov 16, 2012

Oil platform blaze off Louisiana leaves workers missing

HOUSTON/NEW YORK, Nov 16 (Reuters) – An oil platform in the
Gulf of Mexico and operated by Houston-based Black Elk Energy
burst into flames on Friday, leaving at least two people missing
and badly injuring several others, U.S. and Louisiana officials
said.

The fire has been extinguished, Black Elk
spokeswoman Leslie Hoffman said. She said an emergency response
is under way, but declined further comment, saying the company
will issue a statement later Friday.

Nov 6, 2012

Easing NY pump pain could net oil traders millions

NEW YORK/LONDON (Reuters) – With gas lines still snaking from filling stations in the U.S. Northeast after Hurricane Sandy, nimble oil traders like BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) may be poised to reap millions in profit by supplying fuel to the storm-struck region.

Call it disaster arbitrage: Aided by Friday’s federal government waiver allowing foreign tankers to ship oil between U.S. ports, a few firms are racing to deliver fuel from the U.S. Gulf Coast to the East Coast, where it can fetch a handsome premium.

Nov 3, 2012

As cold snap looms, Sandy sets NY up for a new fuel crisis

NEW YORK (Reuters) – Northeast residents lucky enough to have a roof after Hurricane Sandy struck now face a new problem: a heating oil shortage and widespread power outages mean some homes may go cold as the weather turns wintry.

A cold snap in the New York City area – with daily low temperatures set to drop into the upper 30s Fahrenheit (2-4 degrees Celsius) early next week – is raising concerns that residents of the storm-stricken areas of New York, New Jersey or Connecticut could be left without heat as they recover from one of the worst storms in U.S. history.

Nov 3, 2012

As cold snap looms, Sandy sets NY up for a new fuel crisis

NEW YORK, Nov 3 (Reuters) – U.S. Northeast residents lucky
enough to have a roof after Hurricane Sandy struck now face a
new problem: a heating oil shortage and widespread power outages
mean some homes may go cold as the weather turns wintry.

A cold snap in the New York City area – with daily low
temperatures set to drop into the upper 30s Fahrenheit (2-4
degrees Celsius) early next week – is raising concerns that
residents of the storm-stricken areas of New York, New Jersey or
Connecticut could be left without heat as they recover from one
of the worst storms in U.S. history.

Oct 24, 2012

Analysis: Canada’s tough stance on foreign buyers won’t cut oil growth

NEW YORK (Reuters) – In other energy-rich countries, a decision to knock back a major foreign investment would likely provoke cries of resource nationalism and raise questions about prospects for oil and gas production growth.

Canada’s surprise move last week to block Malaysian state-run oil firm Petronas’ $5.2 billion bid for Calgary-based Progress Energy has spooked some investors, and raised concerns that Chinese state firm CNOOC’s $15.2 billion bid for Calgary-based Nexen may also be rejected.

Oct 2, 2012

How Chesapeake tried to unload “worthless” acreage

By Brian Grow and Joshua Schneyer

(Reuters) – Selling land leases is as much part of Chesapeake’s land grab as acquiring them. Some are proving hard to unload.

On October 30, 2010, Chesapeake CEO Aubrey McClendon told Jeff Wojahn, a top executive of Encana Corp, that he was ready to sell Michigan leases held by Chesapeake – “at reasonable terms if you were interested.” Wojahn replied that he wanted to “trade well information first,” according to emails reviewed by Reuters.

Sep 17, 2012

Rapid plunge in oil futures leaves traders guessing

By Joshua Schneyer and Jeanine Prezioso

(Reuters) – Four minutes of hectic high volume activity that sheered $4 off the price of oil late Monday left traders, analysts and U.S. regulators looking for the cause of one of the fastest and most furious energy market routs in recent years.

In the absence of any major headline news that could have explained the drop, which hit both international benchmark Brent crude and U.S. oil futures, many traders and analysts speculated that the dramatic drop could have been caused by an incorrectly entered trade — a “fat finger error” — or a high frequency trading program gone wrong.

Sep 13, 2012

Romney energy adviser Hamm exceeded campaign-donation limits

WASHINGTON, Sept 13 (Reuters) – The national energy adviser
for Mitt Romney’s presidential campaign, Oklahoma oil
billionaire Harold Hamm, made political contributions that
exceed Federal legal limits by as much as 41 percent, according
to data compiled by Reuters.

The data, based on public filings, showed that Hamm’s
political donations exceeded the legal limits for individual
donations to political parties, campaigns and po litical action
committees (P ACs) over the 2011-2012 election period.

Jul 24, 2012

Michigan lawmakers call for action in Chesapeake-Encana probe

By Brian Grow and Joshua Schneyer

(Reuters) – Two Michigan state representatives have called on officials there to step up their investigations into possible collusion between Chesapeake Energy Corp and Encana Corp, following a Reuters report that the energy rivals plotted to avoid bidding against each other in Michigan land deals.

Encana, which opened an internal investigation led by its board of directors in late June, is scheduled to release second- quarter earnings Wednesday. Canada’s largest natural gas company, Encana has said it will not comment further on the collusion report until its inquiry is completed. Chesapeake has declined to comment beyond saying that it never bid jointly with Encana.