Patrick Reames - Author Archive

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

Trump’s revenge: U.S. oil floods Europe, hurting OPEC and Russia

MOSCOW/LONDON (Reuters) by Olga Yagova and Libby George – As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits – and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil... continue reading

Freeport LNG delays start of Texas export terminal to September 2019

(Reuters) – Freeport LNG, a privately held U.S. liquefied natural gas company, said on Thursday it pushed back the projected start date for its $13 billion export terminal under construction in Texas by about nine months to around Sept. 1, 2019. Freeport LNG now expects the first liquefaction train to... continue reading

EIA – US Coal Exports Increased by 61% in 2017

The United States exported 97.0 million short tons (MMst) of coal in 2017, a 61% (36.7 MMst) increase from the 2016 level. Exports to Asia more than doubled from 15.7 MMst in 2016 to 32.8 MMst in 2017, although Europe continues to be the largest recipient of U.S. coal exports.... continue reading

U.S. shale output to rise by 125,000 bpd in May -EIA

NEW YORK (Reuters) – U.S. shale oil production is expected to increase in May for the fourth consecutive month, U.S. Energy Information Administration data showed on Monday, boosted by record production in the prolific Permian Basin of West Texas and New Mexico. Total oil output is set to rise by... continue reading