New oil discovery in Alaska could reverse three decades of decline October 10, 2016 A minor oil firm just announced that it has made a “world-class” discovery in Alaska, which could be the largest find in the state in years. Caelus Energy LLC, a small company backed by private equity, says that it has discovered oil on Alaska’s northern coast. The field could hold as much as 6 billion barrels [...]
BP chief executive Bob Dudley says oil market “pretty much in balance” October 10, 2016 BP's chief executive has said that the global oil market is "pretty much in balance", despite industry expectations for it to remain oversupplied well into next year. Speaking to CNBC at the World Energy Conference in Istanbul, Bob Dudley said: "We look at it on a daily basis and it is pretty much in balance. It is [...]
Here we go again: Sterling drops against the dollar October 10, 2016 A bad start to the week for currency traders, as the pound dropped against the dollar and the euro, adding to drastic losses at the end of last week. Sterling was up-and-down in morning trading, before an afternoon sell-off gripped the currency, taking it down 0.5 per cent against the greenback to $1.2371. Against the [...]
SolGold shares jump 13 per cent as it knocks back BHP Billiton offer October 10, 2016 Aim-listed miner SolGold said today it is recommending shareholders vote against an offer from BHP Billiton – causing its share price to rocket 12.6 per cent. The group revealed BHP offered $30m (£24m) for a 10 per cent stake in SolGold, implying a value of $0.22 per share. The stock is currently at $0.1869. BHP [...]
Chin up: How Twitter reacted to today’s sterling free fall October 7, 2016 It’s fair to say the pound has had quite a day. The currency regained some of its losses in afternoon trading, but spent most of this morning in free fall, after an overnight flash crash. Widely thought to be a case of either a "fat finger" or an algorithm picking up on negative Brexit stories overnight, at one point the [...]
Flash crash and extreme trading slams sterling October 7, 2016 Sterling has been rocked by an extreme day of trading about a freak flash crash overnight rattled markets and sent investors running. After dropping at least six per cent against the dollar in a matter of minutes, the pressure failed to lift and sterling had its worst week of trading since the referendum. A fresh sell-off had the currency down [...]
Sports Direct to lose £15m in sterling flash crash October 7, 2016 As if Mike Ashley didn't have enough troubles to deal with at the moment. Fresh from his Sports Direct warehouses being likened to a "Victorian warehouse" and a gaffe-ridden open-doors day at the retailer's Shirebrooke factory, the firm has been caught up in the fallout from sterling's flash crash. A trading update from the firm issued [...]
Where next for sterling after the flash crash? October 7, 2016 The flash crash rocked currency markets overnight and has spooked investors this morning. Despite some interesting theories as to its cause, the general consensus is it was a freak event triggered by some hasty algorithmic trading in a relatively dried-up markets. Nevertheless, that hasn't calmed nerves. Before the crash sterling was hovering between $1.25 and [...]
Sterling smashed in flash crash: Why did it happen? October 7, 2016 Sterling was hit by a freak sell-off overnight as the currency crashed by six per cent seconds after the Asian markets opened for trading. The pound fell from $1.26 to $1.18 almost instantly, before recovering slightly to stand at $1.24 against the dollar. It was the same story against the euro, where the pound sank to [...]
Brent crude and WTI: US oil breaks $50 per barrel mark for the first time since June October 6, 2016 US oil swung through the $50 per barrel mark today for the first time since June. West Texas Intermediate crude, the US benchmark, rose 1.12 per cent to $50.39 per barrel in early evening trading. Brent crude, the global benchmark, rose 1.31 per cent to $52.54 per barrel, also hitting a four week high. Read [...]
