Patrick Reames - Author Archive

Reuters Exclusive: UAE’s ADNOC to venture into privatization, oil trading – CEO

ABU DHABI (Reuters) by Rania El Gamal – Abu Dhabi National Oil Company (ADNOC) [ADNOC.UL] has embarked on a major shake-up plan to privatize its services businesses, venture into oil trading and expand partnerships with strategic investors, its chief executive said on Monday. The partial privatization plan marks a major... continue reading

U.S. to account for most world oil output growth over 10 years: IEA

BONN, Germany (Reuters) – The United States is expected to account for more than 80 percent of global oil production growth in the next 10 years and it will produce 30 percent more gas than Russia by that time, he International Energy Agency (IEA) said on Thursday. “This has implications... continue reading

Allegro continues to find success in 2017

I had the opportunity to get a briefing from Allegro’s marketing and product management teams this week…and in summary, its clear that 2017 has been a good year for the company despite continuing challenges in the broader CTRM markets. With a total of 44 new customers and 39 new “go... continue reading

Glencore says grain M&A hunt goes on after it passes on several targets

GENEVA (Reuters) by Gus Trompiz – Commodities giant Glencore (GLEN.L) has made unsuccessful moves for three or four smaller targets in the grain sector this year as it seeks acquisitions to grow upstream, the head of its agricultural arm said. “We have looked at three or four possibilities in our... continue reading

Noble Energy Implements Allegro Horizon

Independent Oil and Gas Exploration Company Accelerates its Cloud-first Strategy with Allegro’s Forward-compatible CTRM Solutions DALLAS, TX, Nov. 14, 2017 – Allegro Development Corp., a leading provider of commodity management software, today announced that Noble Energy, Inc., a Houston-based oil and natural gas exploration and production company, completed its upgrade... continue reading

Sinking feeling: Asian floating oil storage declines as crude market tightens

SINGAPORE (Reuters) by Henning Gloystein and Roslan Khasawneh – The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S. exports have soared. Shipping data in Thomson Reuters Eikon shows... continue reading

ION Investment Group and Aspect Enterprise Solutions – What’s The Deal?

Last week, we had a conversation with Aspect Enterprise Solutions (Aspect) CEO, Steve Hughes and SVP of Marketing, Brigette Gebhard, with the main topic of conversation being the recently announced acquisition of Aspect by ION. Aspect has bucked a general market downturn and has been one of the CTRM success... continue reading

ADM says profit tumbles and issues gloomy view; shares drop

(Reuters) by Tom Polansek – Archer Daniels Midland Co’s quarterly earnings tumbled 44 percent on severance and restructuring costs and weaker trading profits due to a global grain glut, and the agricultural trader offered a gloomy 2018 forecast, sending its shares dropping as much as 6.7 percent on Tuesday. The company... continue reading

Brent oil hits 27-month high on Saudi talk of extending supply cuts

NEW YORK (Reuters) by Scott DiSavino – Brent crude closed at a 27-month high on Thursday as the market focused more on comments from Saudi Arabia about ending a global supply glut instead of an unexpected increase in U.S. crude inventories and high U.S. production and exports. Brent future gained... continue reading

Reuters Exclusive: Vitol set to acquire Noble Group’s oil liquids business – sources

SINGAPORE/LONDON (Reuters) – Vitol Group, the world’s largest oil trader, is nearing a deal to buy Noble Group’s (NOBG.SI) global oil liquids business, which analysts had valued at about $1 billion, three people familiar with the matter said on Friday. Once Asia’s biggest commodities trading house, Noble is slashing jobs... continue reading

Allegro Launches CTRM Mobile Application

Commodity Trading and Risk Management Software Company Launches Groundbreaking CTRM Mobile Application DALLAS, TX, October 18, 2017 – Allegro Development Corp., a global leader in commodity trading and risk management (CTRM) software, set a new CTRM industry standard today by announcing the launch of its mobile application. Allegro’s iOS and... continue reading

Finnish Industrial Company Goes Live with Allegro Horizon Ahead of Schedule

Another Nordics Company Chooses Allegro Horizon CTRM Solution to Manage Commodities LONDON, UK, October 16, 2017 – Allegro Development Corp., a global leader in commodity trading and risk management software, announced today that a major industrial company in Finland selected Allegro Horizon, a cloud-compatible commodity trading and risk management (CTRM)... continue reading

Asia oil buyers turn to U.S. in hunt for cheap supply

SINGAPORE/NEW YORK (Reuters) by Florence Tan & Catherine Ngai – Asia is set to ramp up crude oil imports from the United States in late 2017 and early next year, with buyers searching out cheap supplies after hurricanes hit U.S. demand for the commodity at a time of rising production in... continue reading

Global oil market seen balanced in 2018, even with rising output: IEA

LONDON (Reuters) by Amanda Cooper – Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said on Thursday. In its monthly... continue reading

LME to expand trading around gold and silver reference prices

LONDON (Reuters) by Jan Harvey, Peter Hobson – The London Metal Exchange expects three more clearing members to join its precious metals contracts by year-end and is looking to expand trading around its gold and silver reference prices, Chief Executive Matthew Chamberlain told Reuters on Tuesday. Adding further clearing members... continue reading

EPA chief to sign rule on Clean Power Plan exit on Tuesday

WASHINGTON/NEW YORK (Reuters) – The head of the U.S. Environmental Protection Agency said on Monday he would sign a proposed rule on Tuesday to begin withdrawing from the Clean Power Plan, former President Barack Obama’s centerpiece regulation to fight climate change. “Here’s the president’s message: The war on coal is... continue reading