Oil & refined products
TFS continues expansion with Arc Oil purchase
Connecticut-based broker TFS is in fierce expansion mode: yesterday it announced its purchase of oil broker Arc Oil, an oil broker headquartered in Houston. This follows TFS’s recent opening of a Houston office and re-entering US coal and emissions…
Expect oil at $150 in a decade, Soros colleague warns
Jim Rogers, co-founder with George Soros of the Quantum Fund, has predicted oil will be at $150 within the next 10 years.
Battle for Brent rages on as open outcry closes at IPE
Open outcry at London’s IPE had its last day on Thursday, yet the debate over whether the screen can adequately replicate an oil market rages on, with IPE and Nymex both taking a punt on opposing beliefs.
Nymex to launch gas oil futures in Dublin
The New York Mercantile Exchange (Nymex) has said it will launch a northwest Europe gas oil futures contract in Dublin on Friday April 8.
Nymex launches gas oil futures in Dublin
The New York Mercantile Exchange (Nymex) has said it will launch a northwest Europe gas oil futures contract in Dublin on Friday April 8.
Has Opec lost control?
Minutes after Opec tried to cool scorching oil prices by announcing a hike in its output target, oil surged to record highs. Has Opec lost control, and is there anything it can do to bring prices down? Stella Farrington finds out
The battle for Brent
Open-outcry the IPE is over, but the debate over whether the screen can adequately replicate an oil market rages on, writes Stella Farrington
Enter the scrum
A surprise Opec headline can throw the market into a tailspin, but gathering the news can be even more frenetic. In March, one scrum even resulted in broken bones. Stella Farrington writes from Iran
A star rises in the east
Iran’s ministry of petroleum has given the green light to launch a new petroleum exchange in the country. Mohammad Asemipour, adviser to Iran’s oil ministry and a key architect of the project, talks to Stella Farrington
Petroleum price surges
Oil prices once again are on the rise, with some analysts predicting ‘super-spikes’ in the near future to match the price rises of the 1970s. Eric Fishhaut summarises some of the key changes, and looks at how traders can make use of the volatility in the…
A complicated option
Why does the New York Mercantile Exchange not list average-price WTI crude options as a contract on its ClearPort electronic platform? Internal politics could be the main obstacle. Joe Marsh reports
Ethanol
The production of ethanol – a component of gasoline – is growing fast, which has led to the imminent launch of two ethanol futures contracts and a joint production venture involving Sempra Energy. By Joe Marsh
Opec split over increasing oil production
Ministers of the Organisation of Petroleum Exporting Countries (Opec) arriving in the Iranian city of Esfahan Tuesday sent out mixed messages over the expected outcome of Wednesday’s meeting.
Greenpeace protesters storm IPE
Open-outcry trade in Brent and gas oil futures at London’s International Petroleum Exchange was halted for over an hour on Wednesday afternoon after 50 to 60 protesters from environmental group Greenpeace stormed the building.
Merrill Lynch starts building coal desk
Matt Schicke, former director of coal trading at Michigan-based DTE Energy, has joined Merrill Lynch to build a US coal trading desk from its Houston office. As vice-president, he is initiating steps to trade coal, said Merrill spokeswoman Terez Hanhan.
China Aviation report "escalating", ready soon
Global consulting firm PricewaterhouseCoopers (PWC) has denied reports that claim a draft investigation report into the China Aviation Oil (CAO) trading scandal has been released to Singapore stock exchange SGX and to CAO itself.
Nymex confirms plans to launch in London
The New York Mercantile Exchange (Nymex) today announced plans to open an open-outcry Brent futures floor in London. "It's our intention to move to London as soon as possible," Nymex president James Newsome told reporters in London.
Layers of intrigue
The Yukos saga – up to now largely confined to the political and legal arenas – recently took a step closer to the physical oil markets with a $6 billion oil deal between China and Russia. By Stella Farrington
Crude imitation
Hedging Canadian heavy crude oil is difficult: unlike Canadian light crude, ithas no closely matching price benchmarks. Trading basis differentials is onesolution, but help may be at hand from another quarter. By JoeMarsh
A hard nut to crack
This year has proved profitable for US oil refiners, but it could have been even better, had they not posted losses from forward product sales. Are refining companies learning from their trading mistakes? Joe Marsh reports
Blending the rules
The speed of decline of North Sea crude raises fresh concerns over the suitability of the North Sea as a benchmark, and to worries over the value of long-dated derivatives contracts. By Stella Farrington
Oil price falls despite Opec cut
Oil prices fell Friday afternoon despite a decision by the Organisation of Petroleum Exporting Countries (Opec) to rein in current oversupply, effectively taking 1 million barrels a day off the market.
China Aviation gets six week breather
China Aviation Oil (CAOSCO) has been granted a six week extension by the High Court of Singapore to its deadline to submit its scheme of arrangement restructuring plan, due today. The new deadline is January 21, 2005.
Satya Capital sues China Aviation Oil
Indonesian firm Satya Capital Limited is suing China Aviation Oil (Singapore) Corp and it parent company China Aviation Oil Holding Company for over $28 million for an alleged breach of a share purchase agreement, CAO (Singapore) Corp said late Wednesday.