Market risk
An unfair competition
As one of the largest importers of natural gas in the European Union, Italy is a clear example of why liberalisation is harder in net importing countries. Alberto Cavaliere, professor of public economics at the University of Pavia, looks at the state of…
John Casaudoumecq
Citi's head of global commodities John Casaudoumecq explains to Oliver Holtaway why he switched to the sector after a career in the rate markets – and why he felt relocating to London was crucial to building the business
Breaking the chain
Most gas sold in continental Europe is still priced against oil products, even though the rationale for this link has waned. But some end-users have had enough. Oliver Holtaway reports
EC energy package meets mixed response
The EC’s third package of EU energy market liberalisation measures has stopped short of insisting on full ownership unbundling of transmission infrastructure from generation and supply assets, and of creating a fully-fledged European energy regulator.
Bid to close Enron loophole
Legislation aimed at preventing price manipulation and excessive speculation in energy markets has been introduced to the US Senate
Lehman bros to build natural gas trading hub
Global investment bank Lehman Brothers and its affiliate, Lehman Brothers Commodity Services (LBCS), is to build a 40 mile-long natural gas trading hub between Perryville and Delhi in Northeast Louisiana
ICE to acquire Chatham Energy Partners
IntercontinentalExchange (ICE) has agreed to acquire Chatham Energy Partners, a brokerage firm that specialises in structuring and facilitating transactions in the over-the-counter (OTC) markets for energy options
Crude oil futures pass $80
West Texas Intermediate for October delivery closed at $80.09 a barrel in trading on the New York Mercantile Exchange Thursday, driven by continued concern about a report from the US Department of Energy showing that US crude inventory had fallen for the…
CME to offer clearing for ethanol basis swaps
Chicago Mercantile Exchange (CME) will offer clearing for over-the-counter (OTC) ethanol basis swaps from October 5. The service will offer centralised clearing, including daily mark-to-market margining and reduced counterparty risk, to the biofuels and…
Sub-prime hits energy
The fallout from the US sub-prime mortgage meltdown is complicating seasonal uncertainties for energy markets. David Watkins reports
Head in the sand
There is still scepticism among energy market participants around Mifid. Some believe they are exempt, while many more are waiting to see what others will do. In view of the significant changes Mifid will make to the energy markets, these are not the…
A new coal agreement
The ISDA Coal Annex allows market participants to combine physical coal trades and coal derivatives under a single trading agreement. Lauren Teigland-Hunt says this development should improve liquidity in the global coal market
Rocks and hard places
Despite the environmental, political and infrastructure challenges faced by US coal, some believe high-sulphur grades could soon be back in fashion. David Watkins investigates
Nymex confirms sale talks
Following months of heightened speculation, Nymex Holdings, the parent company of the New York Mercantile Exchange (Nymex) has released a statement confirming it has been in “preliminary” talks to be purchased.
Calyon Financial and Fimat to merge
Investment banks Société Générale and Calyon have agreed to merge the brokerage activities currently carried out by their respective subsidiaries, Fimat and Calyon Financial.
Barcap increases commodities appetite
Investment bank Barclays Capital has sharply increased its appetite for risk-taking in the first half of 2007, with all the new risk being taken in the commodities segment, according to Barcap reports.
Court of appeals rules in favor of Ice in Nymex litigation
The United States Court of Appeals for the Second Circuit has ruled in favour of IntercontinentalExchange in its long-running litigation with the New York Mercantile Exchange (Nymex) over the right of market participants to use Nymex settlement prices.
Crossed wires
The wholesale UK power market has struggled to attract liquidity from financial players. The Futures and Options Association's initiative to restructure the market is intended to solve these problems, but some established market players say they have…
White House pushes for futures fees
The Bush Administration has requested that the House of Representatives approve a proposed transaction fee on futures and options contracts.
Wells Fargo to offer electricity price risk management, RECs
US financial services company Wells Fargo is to offer an electricity price hedging facility, enabling middle market companies to manage their power costs.
Reports fuel supply fears
Upwardly revised oil price forecasts and recent reports from the International Energy Agency and the US National Petroleum Council point to growing unease about global energy supplies, writes David Watkins