Crude oil
E&P firms restructure hedges amid oil price plunge
Oil exploration and production companies in North America are looking to restructure hedge positions that have become extremely valuable since the dramatic decline in crude oil prices during the second half of 2014
Enthusiasm for hedging wanes among US airlines
Airline fuel hedging was once a thriving business for bank commodity desks. But now major US carriers are showing less appetite for hedging, while non-bank dealers such as BP and Shell are also muscling in on the airline fuel hedging business. Alexander…
Energy Risk Asia Oil & Products House of the Year: JP Morgan
Despite the sale of its physical commodities business, JP Morgan continues to offer liquidity in a broad range of crudes and refined products in Asia
Fragmentation seen holding back Canadian oil derivatives
The existence of several rival price indexes for Western Canadian Select is hindering the growth of financial trading in heavy crude oil from Alberta, market participants say
Oil benchmarks should diverge in coming year, says BAML’s Blanch
A spike in North American oil production and seasonal changes in demand should see WTI fall sharply later this year – a contrast with Brent, which is exceptionally stable, says BAML global head of commodities research in an exclusive video
Deal of the Year: BP
Moving quickly, BP managed to salvage Iona Energy’s North Sea acquisition with an innovative crude oil options transaction
No easy way to hedge Bakken crude oil, say energy firms
Despite surging production in the Bakken shale region in North Dakota and Montana, trading remains fragmented and the market has yet to coalesce around one pricing point for crude oil production, making hedging difficult
Bank-led commodity decorrelation theory rejected by analysts
Unctad economists' argument that bank withdrawals are loosening correlation between commodities and equities "doesn’t make any sense", say analysts
Derivatives trading rises in North American regional crudes
As North American crude oil production surges, liquid financial markets are developing around grades such as Louisiana Light Sweet, Western Canadian Select, Mars and Midland, changing the behaviour of both physical hedgers and financial traders…
Banks counter Fed worries on physical commodities
Goldman Sachs and Morgan Stanley stress public benefits of allowing banks to trade physical commodities, while downplaying fears of catastrophic risk
OIES trying to fuel debate on energy markets, says Fattouh
Unlike other research houses, the Oxford Institute for Energy Studies does not toe a single editorial line and occasionally publishes opposing views on the same topic. But far from being a drawback, that is what makes the institute great, argues…
Gulf War and supercycle are career highlights, says Saperia
Since Nigel Saperia first began working as an oil trader at Shell in 1976, the business of trading oil has been transformed. He speaks to Mark Pengelly
Morgan Stanley reshuffles oil liquids business amid Rosneft acquisition
Morgan Stanley names commodities CRO Nancy King as head of oil liquids business, while promoting former deputy Brett Humphreys to post of commodities CRO
More US oil producers hedging with non-WTI crudes
Increased volatility pushes oil producers to hedge with LLS, WCS and other regional crudes
Global Advisors’ Masters looks ahead to commodity rebound
Daniel Masters, the former head of energy trading at JP Morgan and co-founder of hedge fund Global Advisors, has seen his share of ups and downs. Alexander Osipovich reports
Commodities investing down but not out, Masters says
Global Advisors co-founder believes short-term woes will give way to long-term rally
Commodity position limits may make hedgers think twice
Dodd-Frank and Mifid II position limits could cause firms to withdraw from commodity derivatives
Crude-by-rail data gains in value for traders
As an increasing volume of crude oil is transported via North America’s railroads, market participants are growing hungry for data and market intelligence on crude-by-rail. Such insight had been in short supply, until recently. Alexander Osipovich reports
Barclays enters supply-and-offtake deal with US refinery
Barclays clinches deal with Hawaii refinery as US Federal Reserve scrutinises physical commodity trading by banks
Asia Exchange of the Year: Dubai Mercantile Exchange
Steady growth and big ambition are on show at the Dubai Mercantile Exchange
Asia Deal of the Year: Goldman Sachs
Sydney-based Origin Energy was able to raise $500 million against non-core assets in two structured deals by Goldman Sachs
Linn Energy SEC inquiry sparks hedge accounting debate
Linn Energy, once fêted as a leader in risk management, is under scrutiny by US regulators for its derivatives accounting practices – something that is casting a shadow over other master limited partnerships in the upstream oil and gas business, finds…
Liquidity improves in Canadian heavy oil derivatives
Trading in derivatives linked to Western Canadian Select (WCS) heavy crude oil has jumped in the past few years, giving the country's producers improved opportunities to hedge. But the lack of a unified WCS price index has made it difficult for liquidity…
