Credit risk
Merrill Lynch sues Reliant over credit facility
Merrill Lynch has filed a suit with the New York Supreme Court claiming Houston-based Reliant Energy defaulted when it cancelled a $300m credit agreement on 5 December 2008.
ICE Clear US to clear agricultural swaps
Intercontinental Exchange (ICE) has announced that ICE Clear US will clear sugar, coffee and cocoa swap contracts on ICE Futures US from late January 2009.
Energy Risk: video interview
Energy Risk interviews European Energy Exchange CEO Hans-Bernd Menzel about the role of exchanges and clearing in Europe's energy markets.
Demise of UK suppliers hits end-users hard
The near-simultaneous bankruptcies of the UK's only two independent energy suppliers has exposed problems in market frameworks and added to challenging operating conditions for end-users, finds Roderick Bruce
LNG pricing - Moving forward
While the bulk of global LNG volumes remain locked up in opaque long-term deals, attempts are being made to introduce price transparency and a forward curve to the market. Roderick Bruce investigates
The big finance freeze
Falling oil and gas prices, the credit squeeze and the economic slump are combining to hit energy project investment, while lack of trust in financial markets has sidelined structured products. By Maria Kielmass
CFOs outline financial challenges for 2009
Credit capacity constraints will be the greatest financial challenge for the oil & gas industry in 2009, according to 57% of chief financial officers (CFOs) in the sector.
Constellation closes credit facility
Constellation Energy has closed on a $1.23bn 364-day credit facility with UBS Loan Finance and RBS Securities Corporation.
Trafigura secures $200mn credit facility
Commodity trader Trafigura has today announced the closing of a $200 million syndicated revolving credit facility, which will serve as a refinancing of an existing one year $175 million facility implemented in 2007.
Morgan Stanley back trading in Platts oil window
Platts has confirmed that Morgan Stanley has resumed trading in its Asia oil window for the first time since September, indicating that credit issues surrounding the bank, and the wider markets, may be improving.
CFTC petitioned to allow clearing of OTC agricultural contracts
Agora-X an electronic trading and negotiation platform for commodities, has petitioned the Commodity Futures Trading Commission (CFTC) to allow the clearing of over-the-counter (OTC) contracts in major agricultural commodities.
ICE Clear Europe goes live
London-based energy exchange ICE Futures Europe yesterday successfully switched its clearing operations from LCH.Clearnet to is own ICE Clear Europe clearing house.
Shale shake-up
With high natural gas prices, volatility and fewer financingoptions, shale gas developers are de-risking through jointventures and more aggressive hedging programmes. CatherineLacoursière reports
Bagging a bargain
The global oil sector is likely to emerge from the credit crisis with a more concentrated pool of players, but power will increasingly revolve around China and India as they tap the markets for cheap assets, finds Catherine Lacoursière
Dry bulk freight rates on a sinking ship
A combination of the credit squeeze and dwindling demand for raw materials has seen dry bulk freight rates slump to levels not seen since 2002. Peter Norfolk at SSY charts the fall
FCStone to post bad debt provision
FCStone Group, an integrated commodity risk management company, has announced it expects to incur a pre-tax bad debt provision of up to $25m due to losses by three domestic accounts, including an energy trading account.
Close of Constellation credit facility extended
Constellation Energy’s credit facility with UBS and RBS will now close on 26 November 2008 with commitments from the banks expected to total between $1bn and $1.25bn.
ICE Clear Europe to commence clearing on November 3
London-based ICE Futures Europe’s wholly owned clearing house ICE Clear Europe will begin operations on November 3, when all futures and OTC trading positions are transferred from current clearer LCH.Clearnet.
CME allowed to clear OTC ethanol contracts
The Commodity Futures Trading Commission (CFTC) issued an order on October 9th permitting Chicago Mercantile (CME) to clear over-the-counter (OTC) ethanol contracts.
Business as usual for Merrill as BofA eyes prize
Merrill Lynch may have made mistakes in the credit market, but its commodity franchise is a real prize for its prospective owners, finds Energy Risk
Goldman and Morgan become bank holding companies
Goldman Sachs and Morgan Stanley have applied to the US Federal Reserve to become bank holding companies, in response to the crisis that has seen the bankruptcy of Lehman Brothers and the acquisition of Merrill Lynch by Bank of America.