Patrick Reames - Author Archive

U.S. uncompleted well backlog hangs over oil market: Kemp

LONDON (Reuters) by John Kemp – U.S. oil and gas exploration and production companies are drilling new wells faster than they can be fractured and hooked up to gathering systems, creating a growing backlog of drilled but uncompleted oil and gas wells. By June, the number of drilled but uncompleted... continue reading

Can Trump resurrect U.S. aluminum, and who killed it anyway? Andy Home

LONDON (Reuters) – Alcoa is bringing one of its U.S. aluminum smelters back from the dead. The Warrick smelter in Indiana has annual capacity of 269,000 tonnes, its own coal-based power source and is integrated with a rolling mill. None of which saved it from Alcoa’s scramble down the cost... continue reading

France rolls out new energy plan…

The French government has just announced their plans to make the country carbon neutral by 2050, and the initial reaction is…let’s say “skeptical”.  Among the actions they intend to take, here’s a few highlights: Kill-off their domestic oil and gas industry by ending the sale of oil and gas leases... continue reading

U.S. crude oil exports in May reached 1.02 million bpd: U.S. Census Bureau

U.S. crude oil exports reached 1.02 million barrels per day in May, slightly higher than the 1.00 million bpd in April, foreign trade data from the U.S. Census Bureau showed on Thursday Exports to Canada were 372,000. Exports to China were 147,000. Exports to Netherlands were 108,000. Exports to Malaysia... continue reading

Oil pipeline firms’ discounts rile clients, roil markets

By Catherine Ngai | NEW YORK U.S. pipeline operators are selling their underused space at steep discounts to keep crude flowing – angering shippers and distorting an already opaque market for oil trading. Pipeline firms such as Plains All American (PAA.N) and TransCanada Corp (TRP.TO) move about 10 million barrels... continue reading

China, India, Japan hamper Asia oil demand growth, efforts to balance market

By Henning Gloystein | SINGAPORE As the global oil market frets about a stubborn supply glut, faltering demand growth in key Asian crude importers is further hampering efforts to restore market balance. A fuel glut in China, a hangover from demonetization in India, and an ageing, declining population in Japan... continue reading

Reuters Exclusive: London Metal Exchange to cut fees, see if volumes can be lured back – sources

By Pratima Desai | LONDON The London Metal Exchange is expected to cut trading fees within months after two years of complaints but might only do so for a trial period of up to six months to see if volumes that moved to over-the-counter markets return to the exchange, sources... continue reading

Oil falls to seven-month low on more signs of growing crude glut

By Scott DiSavino | NEW YORK Oil prices fell about 1 percent on Monday to a seven-month low as market players saw more signs that rising crude production in the United States, Libya and Nigeria undercut OPEC-led efforts to support the market with output curbs. “We’re seeing more tankers used... continue reading

Glencore to move sugar trade to Rotterdam

Glencore will move its global sugar trading desk to Rotterdam from London early in 2018, an industry source said on Monday. The relocation, first reported by Bloomberg, coincides with the retirement of Glencore’s long-standing Global Head of Sugar Michael Rembaum and follows the company’s decision last year to spin off... continue reading

Japan’s trading houses offload thermal coal assets amid climate concerns

TOKYO, June 13 (Reuters) – Japanese trading houses including top-ranked Mitsubishi Corp are offloading thermal coal assets on growing concerns about the fuel’s environmental impact, in a move also reflecting a shift in their focus to the more profitable coking coal. With networks spanning the globe, trading houses are trying... continue reading

U.S. shale firms more exposed to falling oil prices as hedges expire

By Catherine Ngai and Swetha Gopinath Cash-strapped U.S. shale firms scaled back their hedging programs in the first quarter, leaving them more vulnerable to tumbling spot market prices just after OPEC reached a landmark deal to curb global supply. The pullback in hedging was driven by rising service costs and... continue reading

Qatar crisis to speed the rise of Asia’s spot LNG trade

By Henning Gloystein | SINGAPORE Qatar’s isolation by other Arab nations has dealt a strong hand to Japanese utilities in talks reviewing long-term gas contracts with the top LNG exporter, likely accelerating a shift to a more openly traded global market for the fuel. If Japan gets its way in... continue reading

Oil shrugs off geopolitical tensions but some see red flags

By Amanda Cooper | LONDON The oil price has ignored rising geopolitical tensions in the Middle East, as a three-year old crude surplus has wiped out any real fear over supply, but one of the world’s largest security consultants says there are red flags the market cannot ignore. Bahrain, Saudi... continue reading

BP, Eni deepen blockchain trading in European gas

Oil majors BP and Eni are deepening their foray into blockchain technology, starting to run blockchain trades in parallel with their live trading systems, according to developer BTL Group. The energy traders, together with Austria’s Wien Energie, had previously tested BTL’s Interbit blockchain platform over 12 weeks, carrying out trades... continue reading

Qatar’s dispute with Arab states puts LNG market on edge

By Henning Gloystein and Oleg Vukmanovic | SINGAPORE/LONDON Saudi Arabia and key allies on Monday cut ties with Qatar, the world’s top seller of liquefied natural gas (LNG), stoking concern over any supply disruptions to neighboring countries spilling over into global gas markets. Saudi Arabia, along with the United Arab... continue reading

Reminder – 2017 CTRM SourceBook Submissions are due soon!

Just a reminder to all ETRM/CTRM product vendors – submission materials and listing agreements for the 2017 SourceBook are due back to us by June 15th. As I stated in an earlier blog post, “the SourceBook has become more or less the definitive first source of information for those companies... continue reading