CL Redux
- Thread starter schizo
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<< This Barclays analyst issue statement every week reminding all of us he is Bullish on OIL >>
http://www.marketwatch.com/story/oil-retreats-as-dollar-strengthens-2011-05-24
Despite recent prices moves, analysts at Barclays Capital said the balance of risk for crude remains âheavily biased to the upside.â
âWe have seen nothing over the past few weeks that makes us wish to tone down our current constructive view on oil on a fundamental basis,â the analysts said.
â<b>We see current prices as a solid floor, </b>and while short-term downside risk emanating from external events like sovereign-debt crises cannot be ruled out, the highs for the year are not in yet,â the Barclays analysts said.
http://www.marketwatch.com/story/oil-retreats-as-dollar-strengthens-2011-05-24
Despite recent prices moves, analysts at Barclays Capital said the balance of risk for crude remains âheavily biased to the upside.â
âWe have seen nothing over the past few weeks that makes us wish to tone down our current constructive view on oil on a fundamental basis,â the analysts said.
â<b>We see current prices as a solid floor, </b>and while short-term downside risk emanating from external events like sovereign-debt crises cannot be ruled out, the highs for the year are not in yet,â the Barclays analysts said.
.CFTC Charges 3 Firms With Manipulating Oil Market
CFTC, ENERGY, TRADING, CRUDE OIL MARKET, PARNON ENERGY, ARCADIA PETROLEUM, ARCADIA ENERGY
Reuters | 24 May 2011 | 03:04 PM ET
The U.S. futures regulator on Tuesday charged oil trader Arcadia and two senior traders with artificially driving up crude oil prices three years ago, one of its toughest attacks yet on market manipulation.
Traders at Parnon Energy and Arcadia Energy, both owned by Norwegian shipping magnate John Fredriksen, are accused of carrying out a cross-market trading scheme between January and April of 2008 involving the accumulation and sell-off of a substantial position in physical crude oil to manipulate futures prices, it said in the complaint.
The Commodity Futures Trading Commission said James Dyer and Nick Wildgooseâformer senior traders at oil major BP âdirected the manipulative trading scheme, which it said yielded more than $50 million in unlawful profits.
Neither Arcadia nor Wildgoose or Dyer were immediately available for comment.
The measures stem from trading activities related to the interplay between physical oil storage held in Cushing, Oklahoma, the delivery point for the U.S. benchmark futures contract, and the derivatives market.
The traders executed a manipulative strategy by "amass(ed) a sufficient quantity of physical WTI to be delivered the next month at Cushing to dominate and control WTI supply even though they had no commercial need for crude oil," it said.
It said the traders aborted the scheme in April 2008 after learning of the CFTC investigation.
Volatility in commodity prices has renewed calls for the futures regulator to crack down on speculators in oil markets, with some lawmakers calling on the commission to immediately impose position limits.
Parnon, headquartered in Oklahoma, owns at least 3 million barrels of storage facilities at NYMEX crude delivery point Cushing. London-based Arcadia is a major global oil trading firm, which typically markets about 800,000 barrels a day of crude and product around the world.
Both are controlled by Fredriksen's Farahead Holdings, based in Cyprus. Fredriksen also controls one of the world's leading oil tanker companies, Norway's Frontline.
Arcadia has been implicated in ounplays in the past. In 2000, US independent refiner Tosco filed a New York lawsuit alleging that, together with other conspirators, Arcadia had colluded to control a large trunk of the physical Brent crude markuup prices. Arcadia settled the lawsuit out of court for an undisclosed sum.
CFTC, ENERGY, TRADING, CRUDE OIL MARKET, PARNON ENERGY, ARCADIA PETROLEUM, ARCADIA ENERGY
Reuters | 24 May 2011 | 03:04 PM ET
The U.S. futures regulator on Tuesday charged oil trader Arcadia and two senior traders with artificially driving up crude oil prices three years ago, one of its toughest attacks yet on market manipulation.
Traders at Parnon Energy and Arcadia Energy, both owned by Norwegian shipping magnate John Fredriksen, are accused of carrying out a cross-market trading scheme between January and April of 2008 involving the accumulation and sell-off of a substantial position in physical crude oil to manipulate futures prices, it said in the complaint.
The Commodity Futures Trading Commission said James Dyer and Nick Wildgooseâformer senior traders at oil major BP âdirected the manipulative trading scheme, which it said yielded more than $50 million in unlawful profits.
Neither Arcadia nor Wildgoose or Dyer were immediately available for comment.
The measures stem from trading activities related to the interplay between physical oil storage held in Cushing, Oklahoma, the delivery point for the U.S. benchmark futures contract, and the derivatives market.
The traders executed a manipulative strategy by "amass(ed) a sufficient quantity of physical WTI to be delivered the next month at Cushing to dominate and control WTI supply even though they had no commercial need for crude oil," it said.
It said the traders aborted the scheme in April 2008 after learning of the CFTC investigation.
Volatility in commodity prices has renewed calls for the futures regulator to crack down on speculators in oil markets, with some lawmakers calling on the commission to immediately impose position limits.
Parnon, headquartered in Oklahoma, owns at least 3 million barrels of storage facilities at NYMEX crude delivery point Cushing. London-based Arcadia is a major global oil trading firm, which typically markets about 800,000 barrels a day of crude and product around the world.
Both are controlled by Fredriksen's Farahead Holdings, based in Cyprus. Fredriksen also controls one of the world's leading oil tanker companies, Norway's Frontline.
Arcadia has been implicated in ounplays in the past. In 2000, US independent refiner Tosco filed a New York lawsuit alleging that, together with other conspirators, Arcadia had colluded to control a large trunk of the physical Brent crude markuup prices. Arcadia settled the lawsuit out of court for an undisclosed sum.
I was just thinking about him this morning.
I went to a weekend seminar he gave here in Santa Barbara quite a while ago. There was a mix up and they couldn't do it at the University so I helped them set it up at the Unitarian Church and then got to go for free. A cool guy. We hit it off and he invited me to visit him at his house in Virginia. But I never made it. One of the most interesting things he said was he went to England to talk to David Bohm the famous physicist and even though JCP had devoted his professional life to studying human development, he said David Bohm was so brilliant he knew more about it than he did.