Patrick Reames - Author Archive

Reuters says Exxon is going to expand trading ops and is looking at ETRM software

Reuters posted a story overnight that Exxon Mobil, the “largest non-trading energy company in the world”, is going to shed that title and start actively trading around their huge physical resources.  From the Reuters story: Exxon Mobil Corp. is pushing deeper into energy trading, building a global cadre of experienced... continue reading

LNG trade grows 10 percent in 2017 as U.S., Australia boost exports

(Reuters) by Scott DiSavino – Global liquefied natural gas (LNG) trade grew by 10 percent last year due primarily to growing liquefaction capacity in the Australia and the United States, the U.S. Energy Information Administration (EIA) said on Monday. LNG trade reached 38.2 billion cubic feet per day (bcfd) in... continue reading

An Update: Long Island Iced Tea/Long Blockchain Corp crashes to Earth

As readers of this blog may remember, back in December I looked at the story of the Long Island Iced Tea Corp. changing their name to the Long Blockchain Corp. and declaring that they had pivoted from being a money hemorrhaging bottled-drink company to now being a bleeding edge blockchain-centric... continue reading

Surge in 2018 EU steel imports directly linked to Trump tariffs: Eurofer

BRUSSELS (Reuters) by Maytaal Angel – An 8 percent surge in European steel imports this year is a direct result of Washington’s import tariffs on the metal, which have caused trade flows to be deflected to Europe’s shores, European steel industry association Eurofer said on Thursday. The association called on... continue reading

More than 14 percent of U.S. farm exports at risk in trade disputes: official

DES MOINES (Reuters) – More than $20 billion of $140 billion of U.S. farm exports has or is likely to have retaliatory tariffs against it as a result of trade disputes with countries such as China and Mexico, the United States Trade Representative’s chief agricultural negotiator said on Thursday. Mexico... continue reading

U.S. oil exports jump to record 1.76 million bpd in April: Census data

NEW YORK (Reuters) – U.S. crude exports surged to a record 1.76 million barrels per day (bpd) in April from 1.67 million bpd in March thanks to the rising discount for U.S. crude versus the global benchmark, foreign trade data from the U.S. Census Bureau showed on Wednesday. Most of... continue reading

Higher PJM auction prices won’t save some U.S. nuclear plants

(Reuters) by Scott DiSavino – U.S. nuclear power generators are sticking with plans to shut several reactors after none of them cleared an auction to supply capacity in the country’s largest power grid despite winning bids nearly doubling, energy companies and analysts said on Thursday. A record amount of nuclear capacity... continue reading

Cyber researchers, Ukraine warn of possible Russian attack

TORONTO/KIEV (Reuters) by Jim Finkle & Pavel Polityuk – Hackers have infected at least 500,000 routers and storage devices in dozens of countries, some of the world’s biggest cyber security firms warned on Wednesday, in a campaign that Ukraine said was preparation for a future Russian cyber attack. The U.S.... continue reading

Oil producers boost 2019 hedging – Goldman Sachs

NEW YORK (Reuters) by Stephanie Kelly – Oil producers have picked up the pace in hedging against further production in 2019, with an average price at about $60 a barrel, which limits upside but protects against volatility, according to Goldman Sachs. For 2018, about 48 percent of oil production is... continue reading

Allegro and BroadPeak Announce Global Strategic Partnership

DALLAS, May 16, 2018 – Allegro Development Corp., a leading provider of commodity trading and risk management (CTRM) software, announced today that it has formed a strategic partnership with BroadPeak Partners, a world-renowned developer of K3 and other intuitive UI applications that provide both custom and off-the-shelf interconnectivity toward a... continue reading

India’s Infosys sets up blockchain-based trade finance network with seven banks

MUMBAI (Reuters) – India’s Infosys Ltd (INFY.NS) has formed a blockchain-based trade finance network with seven private-sector banks, to increase security and efficiency in the banking sector while also broadening its product offering. India’s second-biggest software services exporter, whose Finacle software powers the core functions of the majority of Indian... continue reading

Oil holds near multi-year highs on Iran supply concerns

NEW YORK (Reuters) by Jessica Resnick-Ault – Global benchmark Brent crude stabilized near 3-1/2-year highs on Friday as the prospect of new U.S. sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand. U.S. crude... continue reading

European regulators: We’re not ready for new privacy law

FRANKFURT/BRUSSELS/PARIS (Reuters) by Douglas Busvine, Julia Fioretti & Mathieu Rosemain – Europe’s General Data Protection Regulation (GDPR) has been billed as the biggest shake-up of data privacy laws since the birth of the web. There’s one problem: many of the regulators who will police it say they aren’t ready yet.... continue reading

China’s iron ore rises on renewed steel output; second day of foreign trade

BEIJING (Reuters) – China’s iron ore futures rose on Monday, the second day the contracts have been open to direct trade by foreign investors, with robust restocking demand amid resuming steel capacity helping to push prices higher. “Downstream demand remains very strong at this moment as construction sites rush to... continue reading

Oil hits highest since November 2014 as Iran tensions mount

NEW YORK (Reuters) by Jessica Resnick-Ault – Oil prices rose about 2 percent on Friday with U.S. crude hitting its highest in more than three years as global supplies remained tight and the market awaited news from Washington on possible new U.S. sanctions against Iran. The May 12 deadline for... continue reading

CFTC fines Glencore Agriculture, Glencore Ltd $2 million for trading violations

(Reuters) – The U.S. Commodity Futures Trading Commission (CFTC) on Monday said it has levied a fine of $2 million against Glencore Agriculture B.V. and Glencore Ltd. for multiple violations under the Commodity Exchange Act and CFTC regulations between January 2013 and November 2015. The two entities held net positions... continue reading