Tag: Barclays

Oil rises to highest since mid-2015 on Saudi purge, tighter markets

LONDON (Reuters) – Oil prices hit their highest since July 2015 on Monday as Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten. Brent crude futures LCOc1 were trading 26 cents higher at $62.33 a barrel by 1012 GMT, after hitting a session peak of $62.90, a 28-month high. U.S. West Texas Intermediate (WTI) crude CLc1 rose 25 cents to $55.89 a barrel, breaking above $56 for the first time since July 2015. Saudi Crown Prince Mohammed bin Salman tightened his grip with the arrest of royals, ministers and investors... continue reading

Brent oil near two-year highs as OPEC’s compliance with cuts improves

SINGAPORE (Reuters) – Brent crude oil prices were near two-year highs on Wednesday as OPEC has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal. Brent futures, the international benchmark for oil prices, were at $61.15 per barrel at 0504 GMT, up 21 cents, or 0.34 percent, since their last close and near the $61.41 a barrel two-year high from intraday trading on Tuesday. Brent is up almost 38 percent since its 2017-lows last June. U.S. West Texas Intermediate (WTI) crude was at $54.65 a barrel, up 27 cents, or 0.5 percent,... continue reading

U.S. oil exports boom, putting infrastructure to the test

NEW YORK/HOUSTON (Reuters) – Tankers carrying record levels of crude are leaving in droves from Texas and Louisiana ports, and more growth in the fledgling U.S. oil export market may before long test the limits of infrastructure like pipelines, dock space and ship traffic. U.S. crude exports have boomed since the decades-old ban was lifted less than two years ago, with shipments recently hitting a record of 2 million barrels a day. But shippers and traders fear the rising trend is not sustainable, and if limits are hit, it could pressure the price of U.S. oil. How much crude the... continue reading

FIS to Sell Majority Interest in Capco Consulting Business to Clayton, Dubilier & Rice

JACKSONVILLE, Fla., and NEW YORK, NY, May 23, 2017 – FIS™ (NYSE: FIS), a global leader in financial services technology, and Clayton, Dubilier & Rice (CD&R) today announced a definitive agreement in which FIS will sell a majority ownership stake in Capco to CD&R, establishing Capco as an independent company. FIS will sell approximately 60 percent equity interest in its Capco business to CD&R funds and receive net cash proceeds of $477 million. Upon closing, FIS will also retain approximately 40 percent equity interest in the business. The transaction, which includes other consulting-related assets, is expected to close by early... continue reading

Smaller mining companies seek IPOs but deals remain modest

By Zandi Shabalala | LONDON Stock market flotations of smaller mining and metals companies are set to pick up this year, although a return to the flood of deals five or six years ago remains unlikely while investors rebuild their bruised confidence in the sector. A continued rally in metals prices is galvanizing some firms into raising capital on exchanges across the world to fund exploration and plow cash into existing projects, with others also preparing initial public offerings. But with investors’ memories fresh of a bloodbath in mining stocks in 2015, the firms’ ambitions are modest: they are joining... continue reading

Is BlockChain the New Golden Bullet in Commodities Technology?

Blockchain is the technology behind Bitcoin. In essence, Blockchain is a digital ledger that it is a permanent, tamper-proof, record of transactions. According to an article by GovTech Singapore, it works as follows, To become part of the permanent record, blocks must be linked to a chain, which gives them identity and a linear order — we’ll always know which transactions occurred earlier, and which occurred later. Before a block can be added to the chain, its contents must be validated. This process involves complex mathematics, but one can think of it as multiple witnesses independently testifying that the new... continue reading

British shale gas gets boost from court ruling on permit

By Karolin Schaps | LONDON Britain’s High Court ruled on Tuesday that a fracking permit awarded by a local council to developer Third Energy was legal, after it was challenged by environmental campaigners, opening the way to shale gas extraction in the UK. Substantial amounts of shale gas are estimated to be trapped in underground rocks and the British government wants to exploit it to help offset declining North Sea oil and gas output, create some 64,000 jobs and help economic growth. The contested permit in Yorkshire, in the north of England, was the first approval for shale gas fracking... continue reading

Barclays is getting out of energy trading

Reuters is reporting that Barclays, one of Britain’s largest banks, is existing the energy markets, joining others financial institutions such as RBS Sempra and Deutsche Bank who had previously given up on energy. Reuters notes one potentially significant impact of the closing of their energy business: The departure of Barclays exacerbates the scarcity of counterparties for trade when producers are trying to hedge their production for 2018 and beyond, potentially raising the cost to lock in that output. That increase could force cash-strapped producers to forgo protection altogether, putting them at risk if the market takes another leg down. Some... continue reading

Oil prices fall on doubts over OPEC production cut

Reuters – By Christopher Johnson | LONDON Oil prices fell around 2 percent on Tuesday on signs leading oil exporters were struggling to agree a deal to cut production to reduce global oversupply. The Organization of the Petroleum Exporting Countries will meet in Vienna on Wednesday aiming to implement an agreement outlined in September to cut output by around 1 million barrels per day (bpd), from around 33.82 million bpd in October. [OPEC/O] But key OPEC members appear to disagree over details of the agreement and some analysts have suggested the meeting may fail to reach a deal or produce... continue reading

Oil set for sixth straight day of declines

Reuters – By Julia Payne | LONDON Oil prices were on course for their sixth straight day of falls on Friday, dragged lower by a surge in U.S. crude inventories, timid demand and doubts over the ability of producers to coordinate output cuts. Brent crude futures LCOc1 were at $46.18 per barrel at 0656 ET, down 17 cents from their last close. U.S. West Texas Intermediate (WTI) futures CLc1 were down 2 cents at $44.65 a barrel. The dips put crude on the longest losing run since June and, before that, since January, with Brent shedding almost 14 percent since... continue reading

CFTC fines Barclays over energy deals

Source: Financial Times, 23rd September 2016 $500,000 penalty handed down by CFTC over record keeping Read the full article on FT.com Read More... continue reading

Race into commodities risks stalling

(Reuters) by Eric Onstad – Flows into commodity investments have hit their highest levels since the global financial crisis as negative interest rates boost the appeal of real assets, but they risk reversing as rallies falter in metals and oil. The threat of investors liquidating their commodity stakes has climbed in recent years as speculative funds have become dominant and longer-term investors increasingly shun the sector. Some $51 billion has moved into commodities investments in the first seven months of the year, the most since 2009, according to Barclays, which tracks the flows. Investors scrambled to take advantage of this... continue reading

Brexit just a bump in the bull run for base metals

The EU referendum vote and the shock decision by 52% of the UK’s population to leave caused immediate shock waves throughout global financial markets: European stocks, the British pound, euro and global share prices all plummeted in the immediate aftermath, whilst safe-haven assets such as gold and the dollar rocketed up. Yet the base metals complex seemed to register only a small bump from the event, recovered quickly and is now higher than it was before the vote. Why is this? The base metals complex has climbed 10% on average since January 1 on the London Metal Exchange. Zinc has... continue reading

Botched Doha deal undermines OPEC credibility, oil prices tumble

BY HENNING GLOYSTEIN Reuters – Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel. Tensions between Saudi Arabia and Iran were blamed for the failure, which revived industry fears that major government-controlled producers will increase their battle for market share by offering ever-steeper discounts. “OPEC’s credibility to coordinate output is now very low,” said Peter Lee of BMI Research, a unit of rating agency Fitch. “This isn’t just about oil for the... continue reading

Upstream oil execs agree: Low, long and living within means

The recent Barclays CEO Energy-Power Conference came at a crucial time in the current lower-for-longer oil price environment and clarified upstream CEOs’ plans to weather what could be 2015 all over again for a couple of more years. The gathering, which typically represents the highlight of the post-summer back-to-serious season and an important way station along the road to third-quarter conference calls, this year showed bare-bones budgets amid improving performance as key upstream themes during the rest of 2015 and potentially also 2016. Executives’ remarks at the September 8-10 conference, which also followed a brief but worrisome few days of sub-$40/b oil the previous week,... continue reading

Fidelity National to buy software maker SunGard in $9.1 billion deal

(Reuters) by Richa Naidu, Abhirup Roy and Liana B. Baker – Financial industry software maker Fidelity National Information Services Inc (FIS.N) has agreed to buy rival SunGard Data Systems Inc for $9.1 billion including debt, in order to get access to Sungard‘s thousands of lucrative trading and money management clients. The deal brings to a close one of the longest-held investments in private equity history, and ends preparations by SunGard’s owners to take the Wayne, Pennsylvania-based company public. Fidelity National said the deal, for which it will pay 45 percent in cash and 55 percent in stock, would create a company... continue reading