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Tag Archives: Citigroup

As coal demand drops, so do funding sources

Bill Rau deals in rubies and Rembrandts, and if you told him a year ago he’d be traveling to England to buy an old lump of coal, he would have called you crazy. Then he saw it — a “monumental specimen” excavated from an Italian mine in the 1890s. “I had to buy it,” he thought. “This is a museum ...

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Oil trader Hall’s fund down $500 mln after July market rout

Renowned oil trader Andy Hall suffered his second-biggest monthly loss ever in July in a “brutal month” that left his hedge fund about $500 million poorer, telling investors he failed to anticipate a sudden market shift that roiled crude. Hall’s Astenbeck Capital Management in Southport, Connecticut, was the latest commodity fund to be hit by plummeting crude oil prices, following ...

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What jump? Record U.S. oil output due to revisions, not rigs, EIA says

NEW YORK – A reported jump in weekly U.S. crude production data that set oil traders atwitter on Thursday was chiefly caused by revisions to two-month-old figures, not a surge in immediate output, a U.S. official said. On Thursday, the Energy Information Administration’s Weekly Petroleum Status Report showed field production of crude oil rose by 304,000 barrels per day (bpd) ...

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Oil prices to face selling pressure

PETALING JAYA — The recent oil price rally doesn’t seem to have legs as prices came under pressure on stronger dollar and growing stockpile. Oil prices have been hovering around the US$65 level since beginning of the month but a 3 per cent slip on Tuesday caused jitters among investors. The worry is not baseless. There is no indication that ...

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Exclusive: ConocoPhillips to launch U.S. asset sales

ConocoPhillips <COP.N> is preparing the sale of noncore oil and gas producing acreage in the United States, in the latest sign that oil majors are becoming more accepting of lower oil prices, according to people familiar with the matter. While the world’s oil and gas companies have been looking to buy assets on the cheap since oil prices plummeted, epitomized ...

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Onshore oil storage approaches holding capacity

Growing inventories of oil and gas on the market are not only exerting pressure on global prices, but it’s also causing storage space facilities to approach capacity, causing some companies to store their product in offshore tankers. Last week, CNBC reported that Head of Commodity Research for Bank of America-Merrill Lynch Francisco Blanch said, “We’re going to see pretty fast ...

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