Oil & refined products
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.
Back in power
As George W. Bush settles back into the White House for his second term, experts analyse the influence his energy and foreign policies may have on the energy industry both domestically and abroad. By Stella Farrington
Ten years of trading
As an analyst and software designer who has spent the past ten years working closely with energy markets, Sandy Fielden had no problem identifying what had the most impact on his world in that time – technology. A regular Energy Risk contributor for some…
The Energy Risk Team
The Energy Risk team of 2004 (above) wishes to thank its loyal readers, advertisers, sponsors and contributors for supporting the magazine through 10 years of tremendous market development. James Ockenden looks back over its history
Evolution in energy
The price of oil has undoubtedly been the top story in the energy sector overthe past year or so, but examined over a period of 10 years, the picture looksmore stable. If there’s one trend that has changed the energy markets inthe past decade, it has to…
Benchmark in limbo
The development of a spot market for crude oil in the 1980s eventually led to oil futures trading and the need for benchmark pricing. With oil prices fluctuating wildly in the region in tandem with markets across the globe, theneed for price transparency…
Merrill Lynch sees oil staying high in 2005
The oil price, which has roughly doubled since the start of 2000, and risen by over 60% this year, is likely to remain historically high in 2005 due to a structural shift in the market, said Robin Batchelor, co-fund manager of Merrill Lynch’s World…
China Aviation Oil hid US$390m derivative loss in struggle to survive
China Aviation Oil’s trading unit, China Aviation Oil (Singapore) Corp (CAOSCO) hid an initial US$390 million loss while its directors sought “white knights” to save it from liquidation, it emerged yesterday as the company announced an estimated US$550…
Saudi to up oil output to 12.5 million b/d
Saudi Arabia’s total oil production capacity is now at 11 million barrels a day (b/d) and plans are in place to increase it to 12.5 million b/d, Saudi Arabia’s Minister of Petroleum and Mineral Resources, Mr Ali Al-Naimi, said Monday.
IPE members approved to trade on Ice OTC markets
The International Petroleum Exchange’s (IPE) registered brokers and local traders can now trade on IntercontinentalExchange’s (Ice) over-the-counter markets for their own accounts.
Gazprom completes Rosneft merger, appoints head of new company
Sergei Bogdanchikov will retain his job as chief executive of Gazpromneft, the new company formed yesterday by the merger of Russian gas monopoly Gazprom and state oil company Rosneft. He was previously head of Rosneft.
A slice of the IPE
The fate of the Nymex Brent contract launched this month in Ireland – an undisguised attempt to grab business from the IPE – will be determined by Christmas, say Dublin floor traders. By Stella Farrington
A slow squeeze
The oil price may have eased recently, but it remains high. What impact is this having on the global economy? Concerns remain for the long-term future of crude supply. Joe Marsh reports
A surprising future
High oil prices are not triggering as large an upturn in oil exploration as was first expected, with many questioning how long the current situation will last. But high prices are having some rather unexpected effects. By Maria Kielmas
Ex-citations
Cutting Edge is one of the most popular sections in Energy Risk – the only energy magazine to run a full referee service for the academic community. The number of papers submitted has blossomed since our first paper three years ago. Here, Anusha Roy ,…
Playing monopoly
China Aviation Oil is well placed to benefit from China’s economic boom – thanks to its powerful jet-fuel supply monopoly. Yet there are still opportunities for those willing to develop new markets, finds James Ockenden
Kinder Morgan to buy more refined products terminals
US pipeline operator Kinder Morgan Energy Partners is to buy nine refined-products terminals from Georgia-based Charter Terminal Company and Charter-Triad Terminals for $75 million in cash and assumed liabilities. The deal is expected to close later this…