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Less than 10 years ago the Wall Street Banks were on top of the oil trading heap and their client business in derivatives was an important source of profit for the banks and a major entry point for any corporate hedger.   Things have changes in the last 10 years. First, some open disclosure. I worked […]

The overhaul of the regulatory regime for financial instruments, including commodities, since the banking crash of 2008 constitutes a lot more than the archetypal “butterfly flapping its wings” of chaos theory.  So we should not be surprised to see far-reaching and unintended consequences in the market from the flapping of the weighty Dodd Frank and […]

When Shopping, Always Remember to Keep the Receipt! A mere 6 weeks after completing its purchase of the Forties Pipeline System (FPS), INEOS declared force majeure and shut down this key piece of North Sea infrastructure, throwing the influential Brent market into confusion: Forties makes up about half of the physical supply underpinning the Brent […]