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Published : January 01st, 2018

Happy New Year!

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Happy New Year!

2018
Year of the POP



If you'd like to read "Year of the POP", I'm sure you can guess where it can be found. ;D

At the Speakeasy, we discuss things like bullion, bitcoin, bubbles, banking, and much much more. As I did in Nine, at the ninth anniversary of this blog, and back in May at the second anniversary of the new Speakeasy, I have started a new tradition of sharing samples from the Speakeasy here. For this one, I picked a fun post from back in August. It's about the coat-check room view of GLD, and it's called…

Just Another GLD Coat Check Room Post


With GLD once again on the potwatchers' radar, I thought it might be a good time to do another "coat-check room" post. Fortuitously, Rab sent me a pdf link from the SEC's website with a section on GLD. It's a lame assessment of GLD and how it works, but it's still very interesting in several respects. So what I want to do is to first give you the original article as it appears on the SEC's website. I think you will find it quite interesting. Then I will give it a thorough fisking.

First, the background. As I'm sure you are aware, there's basically an ETF for anything you can imagine. There are ETFs for stocks, bonds, commodities and currencies, there are leveraged ETFs, inverse ETFs, even leveraged inverse ETFs. For gold alone there are at least 16 different ETFs, with GLD being by far the largest. Yet even with their immense popularity, there are some serious concerns about them and their proliferation.

In the summer of 2015, the SEC put out a request for public comment on some questions it had about ETFs, or as it calls them ETPs (exchange-traded products). The primary questions revolved around arbitrage and pricing, but you can read the full list of 53 questions here, beginning on page 35.

The pdf from Rab was a 107 page response submitted to the SEC in late 2015. The section on GLD is only 7 pages out of the 107. The authors are anonymous, but "the SEC knows the authors." Here's what the paper says about that:

Author’s Comments

It is not important who supplied the information in this submission; the data comes from regulators, exchanges, ETP operators and ETP media sites promoted as researchers of ETP information. For the record, the SEC knows the authors of this submission and has had time to confirm the sources of the data.

We are taking a holistic view across various market metrics in this paper rather than just concentrating on a small subset of information, which is a consistent practice of ETP industry observers. In documents to regulators and investors, ETP operators consistently discuss the mechanics of the ETP itself, without talking about the secondary market trading for investors that ETPs create by design through their Authorized Participant business model. This model is flawed and investors in ETPs in the secondary markets are a significant focus of this submission.3

The market trading discussed herein (see data sources below the Summary Index) is being executed between investors and counterparties mostly consisting of Authorized Participants, market makers or clearing firms (which may be the same firms), which in many cases is not causing a net creation of shares (purchasing underlying assets) for certain important ETFs. In some ETPs, there is a conflict of interest between the investor and the contra parties in the secondary market.

Anyone that has been critical of ETPs has been immediately attacked by the industry, without any factual data from the industry to support their positions. The strategy has simply been ‘attack the messenger’, which does not address the underlying problems within ETPs.

This paper challenges the industry to actually address the data. It is designed to be read by regulators and financial industry experts familiar with ETPs. The data is based on long-term patterns and practices within the industry and shows the outcome of how ETPs are actually operating, not just a narrow industry view or study that distracts from serious flaws in ETPs.

The SEC, FSOC, CFTC, U.S. Treasury, the Federal Reserve and other global regulators are now concerned about different aspects of ETPs. These agencies appear to be ready for a serious discussion of the data. This will take input from the industry, not just simple responses to demean or deflect sophisticated ETP critics by saying they just do not understand how the products work. This industry answer alone raises significant red flags that ETPs may not be suitable for most investors.

The information below is not a 5 point bullet presentation because it is derived from data sets containing many millions of data points which are presented here in readable and hopefully understandable formats. As an example, we have assembled the short sale data from exchanges, which is so voluminous the SEC stated it was “unaware of the transaction-level data being widely used by any group other than academics,” and “data vendors informed the Division that they had not created products utilizing this data.” The SEC also stated “the Commission and other regulators lack direct access to the data necessary to quickly identify short sellers and short position holders.”

The data and the systemic risks revealed from a holistic view of available information should be discussed before the next financial crisis. ETPs are currently golden eggs benefitting Authorized Participants, ETF operators, clearing firms and short selling, which could shatter the U.S. economy again. Temporary profits are not worth risking the soundness of the global financial system.

3 Generally, Authorized Participants are required to trade with the ETF only in large blocks of typically 50,000 share units. Authorized Participants are not obligated to create shares/assets. ETF operators do not have any authority to cause the creation of shares/assets by Authorized Participants.



I'll tell you right up front that one of the aspects I found most interesting about this paper is they refer to the public market for ETF shares as the "secondary market". The Authorized Participants and ETF operators are the primary market.

This is an important concept to understand. Understand it, and the latitude necessary to operate GLD as a coat-check room becomes a no-brainer. I have been trying to explain this concept for years, and this is the first semiofficial paper I've seen which clarifies it.


As an investor in GLD, you already know you don't actually own the physical gold, but did you also know that you can never ever own even the shares outright? Because they are "in street name only," all you can ever own is a liability denominated in "GLD shares" from one of the AP banks. Just like an unallocated gold credit, or even a dollar in a Bank of America account, all you actually own is a bank liability. The same goes for GLD, and that's why the authors of this paper call the market that investors can participate in "the secondary market."

I explained this in a Speakeasy post back in 2013, titled Another Angle on GLD. Here's an excerpt:

"Did you catch that ZH article recently about Goldman Sachs holding 4.4 million shares of GLD? Of course you can completely ignore their analysis as they don’t know what they’re talking about, but the reason I bring it up is that bullion banks can hold these shares as reserves against their bullion liabilities. ZH thinks it’s a positional bet by GS to milk their muppets, but that’s just ridiculous. We don’t and can’t know how many of those shares are offset by GLD liabilities to GS clients nor how many are offset by XAU (unallocated ounce-denominated) liabilities. Those shares are simply reserves and GS has liabilities to its clients, some denominated in GLD shares and others denominated in gold ounces.


http://www.zerohedge.com/news/2013-08-30/guess-which-bearish-bank-bought-record-amount-gld-q2

That’s the definition of a bullion bank — a bank that also carries ounce-denominated liabilities on its books.

[…]

Notice that while Goldman Sachs is an LBMA market making member, it is neither a clearing member nor an approved LBMA custodian. But it is an LBMA bullion bank. So it has ounce-denominated liabilities on its books, but its physical reserves are in one of those other 10 vaults.

GS is also a broker dealer, market maker and AP for GLD, so it also carries GLD share-denominated liabilities. It should have one share of GLD for every GLD share-denominated liability it has to its clients, but that is not the case. It could have more or fewer actual GLD shares than it has GLD share-denominated liabilities.

Because GLD shares are issued as “global certificates” rather than “individual certificates” and because short selling is allowed, there are always more people on this planet that think they own a share of GLD than there are shares in existence. Another way to understand this is that GLD shares are listed in “street name only” which means that when someone short sells a share, the bank doesn’t need someone to specifically lend that share. It just lends a generic share from its reserve of GLD shares since all shares are registered with the DTC in the name of the bank itself. So there’s no one who is told that his share has been lent to a short seller. The bank itself lends that share out of its “GLD share reserves” and we end up with more people who think they own shares than there are shares in existence.

Here’s just a quick example of what I’m talking about:


“Take the SPDR S&P Retail ETF (NYSE: XRT) as an example. The number of shares short was nearly 95 million at the end of June, while the shares outstanding of the ETF were just 17 million. The ETF was over 500% net short! Or to look at it from another perspective, the ETF’s operator, State Street Global Advisors, believed that there were 17 million shares of the SPDR S&P Retail ETF in existence and owned shares in the S&P Retail Index portfolio to underlie those 17 million ETF shares. But, in the marketplace there were another 95 million shares of the ETF owned by investors who had purchased them (unknowingly) from short sellers.”
Source: www.businessinsider.com/run-on-an-etf-2010-9


That’s how it’s possible that a bank has fewer actual shares of GLD in reserve than it has GLD share-denominate liabilities outstanding. Some of the bank’s GLD share liabilities are offset by other assets, i.e. “GLD shares owed to the bank” by the short sellers. This is perfectly normal and it is not fraud. It is also possible that a bank, like Goldman Sachs, could have more GLD shares in reserve than it has outstanding GLD share-denominated liabilities. And that’s because GLD shares can also be used by the bank as reserves for its XAU or ounce-denominated liabilities.

[…]

So at the moment of creation of those shares or, on the other end, if GS buys them back from its clients and holds them as reserves against its unallocated liabilities, it could be holding more GLD shares than it has GLD share-denominated liabilities. The point of all of this was to show you that any one of these APs, at any given time, has an amount of GLD shares registered in its name at the DTC that is different from the amount its clients think they own. It could be more or it could be less, but it’s probably never exactly the same.

If you can wrap your head around this concept, then you will see how GLD is part of the reserves of the bullion banks. “GLD shares plus physical reserves combined” stand as fractional reserves behind “GLD share-denominated liabilities plus unallocated gold ounce-denominated liabilities combined”. Simple as that!

[…]

What do you think makes GLD so special among the gold ETFs? Why do you think it is so much bigger than the others? Do you think it’s just because it was first? It wasn’t. Perth Mint had a gold ETF in 2003 called ZAUWBA, now called PMGOLD, a full year earlier than GLD. Do you think it’s because of marketing, or brand? Sprott PHYS is a pretty good brand with heavy marketing in the gold bug community, yet PHYS is tiny compared to GLD. Back when I wrote ‘Who is Draining GLD’, PHYS only had 25 tonnes while GLD had 1,224 tonnes. Today PHYS has almost 50 tonnes (it has doubled in size) while GLD still has 911 tonnes, 18 times more than Sprott. So why is GLD so much larger?

I’ll tell you why I think it’s so much larger than any of the other gold ETFs. It’s because the size of the ETF has absolutely nothing to do with demand for the ETF. It simply has to do with how much gold the operator has available, and wants, to put into the ETF…

[…]

GLD had 1,353.35 tonnes at its peak less than a year ago, and still has 911.12 tonnes today, after a hell of a draining! So if popularity or demand was the driver of size, then GLD must have been really popular before and really hated now. Or maybe it has nothing to do with relative popularity and specific demand in the case of GLD. Maybe GLD is the coat-check room for the LBMA bullion banks’ reserves."


Now, with that in mind, here are pages 44-50, the section on GLD, in the Response to SEC Questions Regarding Exchange Traded Products - File Number S7-11-15 [none of the emphasis is mine, it's all just as it appears in the SEC paper]:

The State Street SPDR Gold Shares ETF (Symbol: GLD)

The State Street SPDR Gold Shares ETF (Symbol: GLD), holds only 1 commodity asset, physical gold. The GLD is a straightforward and simplistic ETF example that demonstrates the supply and demand for shares and values of assets are not showing the expected natural economic relationships between the trading of the ETF and its gold assets.

The GLD is an ETF that has experienced both periods when shares should have been created but were not and times when massive amounts of shares were redeemed (decreasing GLD assets at more than twice the rate of changes in the price of gold).

Each type of creation/redemption period shows unexpected risk for investors in the GLD. By any measure, the GLD exemplifies asset risk to investors outside of the fundamental movement in the price of gold.

Because the only underlying asset is gold, new investment in the GLD should result in the ETF purchasing more gold when gold is in favor as an investment. In fact, the GLD for 2 years reviewed did not purchase any significant amounts of gold to match the enormous trading of the GLD by investors.

The ETF operators know underlying assets are not adjusting to incoming net investments, but have not disclosed the fact that creations are not happening as the SEC expects for many systemically important ETFs.

Chart 2 illustrates the creation/redemption process along with the GLD price action (changes in investor sentiment for physical gold). The GLD price is reset each day to approximately 10% of the price of an ounce of gold.55 In Chart 2, the daily shares outstanding and closing prices for each month were averaged in order to keep the chart understandable for the long trading period.

55 This price fluctuates at a .5% premium or .5% discount.

44


Chart 2 – GLD Average Monthly Shares Outstanding vs. Average Monthly Closing Price from November 2010 through September 2014 (985 Trading Days – Almost 4 Years)


Change in GLD Assets Over This 552 Trading Day Period

On April 15, 2013, the closing price of the GLD was $131.31. The last time the GLD was valued at this level was 552 trading days prior, on February 2, 2011 when the closing price was $130.45.

For most of the 552 days, the GLD was a relatively ‘hot’ ETF and the data suggests significant incoming investment into the GLD occurred.

During the 552 trading days from February 2, 2011 through April 15, 2013, the reporting markets data showed more than 1 of every 2 GLD shares sold were the product of a short sale;

7.38 billion GLD shares were traded worth $1.17 trillion, but by April 15, 2013, the underlying physical gold value held by the ETF had declined by $784 million from the beginning of the period.

For the majority of this time, gold was ‘in-favor’ as an investment moving from $1,300 to $1,800 (in the first 150 days with flat or decreasing GLD shares outstanding). For the next 362 days the average price of gold remained above $1,600. It then took 40 trading days for gold to decline to $1,300 (February 18 through April 15, 2013), with the majority of the price decrease occurring within the final 3 days. Investment in physical gold and the GLD during this period had little economic influence on the GLD’s net purchasing of physical gold.

45


Table 23 shows the asset values and the total volume traded in the GLD during the 552-day period.

Table 23 – Asset Values and Volume Traded in the GLD from February 2, 2011 through April 15, 2013 (Two Years - 552 Trading Days)

Value

Asset Value February 2, 2011

$52,730,385,538

Asset Value April 15, 2013

$51,946,541,141

Highest Asset Value During Period (August 22, 2011)

$77,511,602,759

Lowest Asset Value During Period (April 15, 2013)

$51,946,541,141

Average Asset Value During Period

$66,500,114,530

Value of Shares Traded During Period

$1,170,756,995,770

By investing in the GLD, the investor pooled monies into an ETF that did not gain any new net holdings of physical gold (underlying assets of the GLD actually declined by $784 million) and investors only received the change in gold value (a GLD increase of $0.86 per share).

It appears that the pooled investor interests in the GLD were diluted with short sales that created large synthetic unreported short positions (producing excess leverage and undisclosed liabilities). The short sales were greater than half a trillion dollars when the average asset value was only $66.5 billion.

Simply put, despite investments, on February 2, 2011 and two years later on April 15, 2013, the ‘pot of gold’ owned by the GLD was the same pot of gold.

At the end of this 26-month period, an investor in the GLD did not have any more representative ownership of gold assets under management by its ETF operator than it started with and the investor asset value was diluted from high levels of short selling.

These findings of static assets (inadequate net creations during positive investment periods) and sustained short selling have continued in multiple large ETFs we have reviewed.

GLD No Net Creation – Strong Positive Investor Sentiment in 2011

It takes net creation of new shares for the GLD to purchase its’ underlying assets of physical gold.

As shown in Chart 2, from February 1st through September 6, 2011 (151 trading days) the price of the GLD increased from $129.92 to $184.49 or by 42%, while there was essentially no net creation of ETF shares to purchase the underlying physical gold. There were 404 million shares outstanding on February 1st and on September 6th, there were 406.8 million shares outstanding; an increase of less than 1% (virtually no net change in the amount of gold in the pot).

46


During the 151-day period, 2.7 billion GLD shares traded worth $412 billion. Reporting markets/SROs data showed on average 52% of the shares were sold short, equating to approximately 1.4 billion shares sold short at a value of $215 billion. The only change in underlying asset value is attributable to the GLD price change (+$54.57 reflecting the price increase of gold), not because of new purchases of gold by the ETF operators/Authorized Participants. This data is shown in Table 24.

Table 24 – GLD Data February 1, 2011 through September 6, 2011 (151 Trading Days)

2/1/2011

9/6/2011

Per Share NAV

$129.92

$184.49

Shares Outstanding

404,200,000

406,800,000

Total Assets Under Management

$52,513,965,320

$75,048,750,790

Volume

Value

February 1 - September 6, 2011

Between Dates

Traded Between Dates

Shares Executed (Consolidated Tape)

2,683,600,600

$412,372,915,050

Short Sales (Based on U.S. Reporting Exchanges Percent)

1,399,586,669

$214,968,361,274

Essentially, the increase in the total assets under management mirrors only the price increase of gold. Purchasers’ investment into the GLD did not generate net purchases of new gold assets. The data suggests products operating like this provide an efficient way to siphon investors’ monies through short sales while bypassing the purchasing or borrowing of assets. This is akin to selling fictitious financial instruments (thin air), which is illegal in the U.S.

Large GLD Redemptions Caused Multiplying Losses of Physical Gold Assets – 2013

From March 1st through December 31, 2013 (212 trading days), the price of the GLD declined by $37.25 or 24%, aligning with the $378 drop in the price of gold. At the same time, there was a large amount of GLD redemptions that decreased the shares outstanding from 416 million to 266 million.

Due to the combined price decrease in the underlying asset (gold) and the net redemptions in the GLD, the value of assets under management dropped by $33 billion or 52% during the period. Simply put, the price of gold and the GLD declined by 24% and the value of the GLD assets fell by 52%.

This is very important. The 212-day period of net redemptions shows ETF underlying assets became unhinged from the underlying gold. Assets decreased by more than double the rate of gold's decline in price. Investors wishing to participate in the gold market would not buy the GLD if they knew that a price decline in gold could result in twice as much underlying asset decline for the GLD.

The summary of this period is shown in Table 25.

47


Table 25 – GLD NAV, Shares Outstanding and Assets Under Management March 31 through December 31, 2013 (212 Trading Days)

Date

Per Share NAV

Shares Outstanding

Total Assets Under Management

3/1/2013

$153.12

416,400,000

$63,758,194,679

12/31/13

$115.87

266,000,000

$30,822,044,650

Change

($37.25)

(150,400,000)

($32,936,150,030)

Percent Change

-24%

-36%

-52%

Chart 3 shows the decline in shares outstanding and the price of the GLD during the 212-day period.

Chart 3 – GLD Shares Outstanding vs. Per Share NAV March 1, 2013 through December 31, 2013 (212 Trading Days)


During the 212-day period, there were over 2.2 billion shares worth $298 billion traded for the GLD. The 51% short sale percentage on all reporting markets equates to approximately 1.1 billion shares sold short at a value of $151 billion.

When the GLD assets under management declined at a significantly different rate than the price of the underlying gold, red flags should have been/were triggered at ETF operators and the GLD auditor that serious fundamental flaws and asset risks in the GLD exist that have not been properly disclosed to regulators and investors.

48


Again, A Period of No Net Creation for the GLD – 2014

On January 2, 2014 there were 264.8 million shares outstanding and on September 3, 2014 (169 trading days later) there were 264.1 million shares outstanding; virtually no net change. The underlying asset value (amount of gold holdings) remained flat at the reduced levels of over $30 billion less than when gold declined by 24% and the GLD gold holdings declined by 52% in the previous discussed period.

During this 169 days, over 1.1 billion GLD shares traded worth $143 billion with sales of the GLD averaging 62% short each day on reporting SROs/exchanges. Using the reporting markets percentage indicates approximately 704 million shares were sold short worth $88 billion, while there was again no net creation of shares. The summary of this period is shown in Table 26.

Table 26 – GLD NAV, Shares Outstanding and Assets Under Management January 2, 2014 through September 3, 2014 (169 Trading Days)

1/2/2014

9/3/2014

Per Share NAV

$118.14

$121.72

Shares Outstanding

264,800,000

264,100,000

Total Assets Under Management

$31,424,456,594

$32,146,670,696

Volume

Value

January 2 - September 3, 2014

Between Dates

Traded Between Dates

Shares Executed (Consolidated Tape)

1,145,395,200

$143,114,573,074

Short Sales (Based on SRO Reporting Markets Percent)

703,746,799

$87,997,877,090

Most investors believe ETFs perform like a type of mutual fund.56 For the GLD, the assets under management are deviating from what would be expected from a ‘mutual fund type investment’. This is caused by the creation/redemption process implemented by the ETF operators and Authorized Participants, but not disclosed to regulators or investors. The data shows assets are not created despite incoming investment and synthetic shares increase the number of actual shares trading in the marketplace, which can exacerbate the downfall of the ETF assets under management during large redemption periods in stressed markets or over longer time periods, creating a slow insidious decline in asset value before the risks in the investment are discovered.

56 In testimony before the Senate Subcommittee on Securities, Insurance and Investment in October 2011, Eileen Rominger, the director of the SEC’s Division of Investment Management explained the SEC’s understanding of physical ETFs; “ETFs offer investors an undivided interest in a pool of securities and other assets.” “Apart from the fact that ETFs trade intraday, most ETFs are similar to mutual funds in that they both translate investor purchases and sales in the fund (and changes in investor sentiment) into purchases and sales of underlying holdings.” Eileen Rominger, Director, Division of Investment Management, Testimony on Market Micro-Structure: An Examination of ETFs, October 19, 2011 http://www.sec.gov/news/testimony/2011/ts101911er.htm

49


GLD Assets vs. Gold in 2015

When gold was at its high of approximately $1,895 per ounce in September 2011, the GLD was priced at $185. At the end of July 2015, the price of the GLD was fluctuating between $103 and $105. In both cases, whether it is the purchase of physical gold or the GLD, the price has declined since September 2011 by approximately the same percentage; 42%.

However, the investor in the GLD also suffered losses from the decline in physical gold assets held by the GLD. In September 2011, at gold’s high price, the GLD held approximately 39.6 million troy ounces of gold. By the end of July 2015, the GLD held approximately 21.8 million troy ounces. Not only did the GLD investor lose at the price level from gold’s decline, but the physical assets held by the GLD were almost cut in half.

This has occurred because the process of creation has not been happening on a regular basis, but redemptions are being executed and the physical gold held by the GLD is being liquidated.

Since the 2008/2009 financial crisis, the GLD and other ETFs have diverged from their expected relationship with their underlying assets. In this case, it has created a lose-lose for GLD investors, along with a potential collapse of GLD held assets. Moreover, the excessive short selling indicates that there is massive over-leveraging of GLD shares sold that do not actually exist (there are multiple owners for each issued share of the GLD).

When these factors are taken into consideration, it appears that the value of the assets held by the GLD are seriously diluted and over-leveraged, which has created a potentially toxic ETF. Again, these facts are not being disclosed by the ETF operators. The various metrics suggest that another $200 drop in the price of gold could cause another run in the GLD, which could leave the GLD with little assets.

State Street has not addressed these changes in the makeup of the GLD. Who would invest in the GLD if the above information was clearly disclosed?

50





According to Wikipedia, "Fisking is a blogosphere slang describing a point-by-point criticism that highlights perceived errors, or disputes the analysis in a statement, article, or essay… adding paragraph-by-paragraph commentary, dissecting and claiming to debunk… assertions and opinions. According to The Guardian, "fisking" has come to denote the practice of "savaging an argument and scattering the tattered remnants to the four corners of the internet".

Now for the fisking. Expect some repetition from me, because the article repeats some of the same mistakes over and over again:


The State Street SPDR Gold Shares ETF (Symbol: GLD)

The State Street SPDR Gold Shares ETF (Symbol: GLD), holds only 1 commodity asset, physical gold. The GLD is a straightforward and simplistic ETF example that demonstrates the supply and demand for shares and values of assets are not showing the expected natural economic relationships between the trading of the ETF and its gold assets.



That's a brain twister of a sentence, but let me make it simple for you. Right off the bat, they are stating that GLD and "gold" are not exhibiting the expected relationship. In reality, however, GLD and "gold" are exhibiting precisely the correct, the stated, the intended and expected relationship, perhaps better than any other ETF in the world, and entirely automatically (without the need for management). That is, GLD is tracking the price of "gold" more closely than any other gold ETF, and perhaps more closely than any other unmanaged ETF. What's wrong, here, is the authors' expectation.

This is actually kind of funny and ironic, because people that don't get (or don't want to get) the coat-check room view, always try to claim that the GLD inventory changes in response to investor interest in "gold", or GLD, or the relative interest between the two, exactly what the authors expect to be the "natural economic relationships between the trading of the ETF and its gold assets," but which they explain, in great detail, is actually not happening.

So, in a way, they're almost inadvertently making the case for "coat-check". Like I said, it's kind of funny when you think about it. :D


The GLD is an ETF that has experienced both periods when shares should have been created but were not and times when massive amounts of shares were redeemed (decreasing GLD assets at more than twice the rate of changes in the price of gold).



So, sometimes GLD's inventory doesn't change in concert with changes in the price of "gold", and sometimes it changes too much. Duh! ;D That's because, A) it's not supposed to change with the price of "gold"—it could theoretically never ever change at all, and still fulfill its objective of tracking the price of "gold", and B) any change in GLD's inventory is a choice made by an AP, not driven by investor interest in GLD, but for some other reason related to the bank's or the LBMA's management of its gold reserves.


Each type of creation/redemption period shows unexpected risk for investors in the GLD. By any measure, the GLD exemplifies asset risk to investors outside of the fundamental movement in the price of gold.



They're going to show us different periods of time when GLD behaved differently than they erroneously think it should have behaved, and even though it did its job perfectly (almost perfectly tracking the price of "gold"), they see risk for the investor. They are, of course, correct, but for entirely the wrong reason. ;D


Because the only underlying asset is gold, new investment in the GLD should result in the ETF purchasing more gold when gold is in favor as an investment. In fact, the GLD for 2 years reviewed did not purchase any significant amounts of gold to match the enormous trading of the GLD by investors.



Here's where they start confusing themselves, thinking of GLD as more like an open-end mutual fund. Ari said it best back in 2011:

"I’ve said it before and I’ll say it again now, the reporters are getting it wrong when they equate outflows of gold from the ETFs with “sour” investor sentiment. What they need to work harder to understand is that these are NOT actively managed funds whose gold inventory is tweaked to ebb and flow based on public sentiment in the shares. Instead, the ETFs are more like a central coat-check room in which the various bullion banks have temporarily hung out their own inventories (i.e., meaning, their unallocated stock which they hold loosely on behalf of their depositors). And whereas the claim tickets (ETF shares) may freely circulate on the open market, any significant outflow of physical inventory is simply and primarily indicative of a bullion bank reclaiming the original inventory based on a heightened need or desire for physical metal in a tightening market — for example, to meet the demands emerging from Asia."

Some mutual funds and actively managed/low volume ETFs do in fact buy and sell their underlying assets in response to investment inflows and outflows. They need to, in order for their NAV to track the price of the underlying asset(s). But GLD trades in volumes so high that only a high speed trading computer could profit from the arbitrage between the difference in prices. It is not actively managed because it tracks the price of "gold" better than any actively managed ETF could, and it does so because of the high volume in trading.

Any significant inflow of investor funds that drives the price of GLD up relative to the price of "gold" will be quickly arbed away by computers, leaving no need to add more of the underlying asset.

Now, I should note here that I suspect they did add inventory due to incoming investor money back in 2016, but I think they did this for a purpose. That purpose was to give someone (BlackRock) a giant positon in GLD (13% of the fund) off-market. You can read more about that in Eight.


The ETF operators know underlying assets are not adjusting to incoming net investments, but have not disclosed the fact that creations are not happening as the SEC expects for many systemically important ETFs.



This is just a ridiculous statement. GLD discloses inventory data every day. The charge of "incoming net investments" is simply wrong, and is based on a misunderstanding of the arbitrage that keeps GLD tracking the price of gold. As you'll see in a moment, they are getting that "net investment" idea from the short sale data they have collected.

For every buyer there is a seller, and vice versa. The buyer or seller could be another investor, a trading computer, or even the bank (the market maker or AP). In the authors' view, every buyer is a real buyer, i.e., "incoming investment." A seller who previously bought a share, on the other hand, is "outgoing investment." Then there are those who sell before buying (sell first, buy later). Those are the "short sellers." So, if all buying is "incoming investment", and selling is, say, half "outgoing investment" and half "short selling," then you might think you have "incoming net investment" at any given moment in time.

But notice that those short sellers have to buy later. So not all buying is "incoming investment." Some is closing out a short position. And as you'll see in a moment, the authors' conclusion of "incoming net investments" is totally unsubstantiated.


Chart 2 illustrates the creation/redemption process along with the GLD price action (changes in investor sentiment for physical gold). The GLD price is reset each day to approximately 10% of the price of an ounce of gold.55 In Chart 2, the daily shares outstanding and closing prices for each month were averaged in order to keep the chart understandable for the long trading period.

55 This price fluctuates at a .5% premium or .5% discount.



In the first sentence, it is entirely unclear what they mean, even though they felt it was important enough to be bolded. Do they mean the GLD price action shows changes in investor sentiment for physical gold? Or do they mean the creation/redemption process relative to the GLD price action shows changes in investor sentiment for physical gold? Do they mean changes in investor sentiment for physical gold relative to paper gold, or relative to other assets? And finally, are they suggesting a direct or inverse correlation in the two? In other words, are they considering GLD to be physical gold?

I point out all these different ways to read that sentence because it's actually not so difficult to be clear about what you mean. Again, Ari said it well back in 2011, share redemptions should be considered to signify an increase in investor preference for physical gold over paper GLD shares (which I think is the opposite of what the authors meant):

"Silly reporters. Instead of calling these “outflows” from the ETFs, it should be called what it is — a redemption of a basket of shares for physical gold by the Authorized Participants (e.g. bullion banks). Such share redemptions would actually be a bullish sign because it entails a reduction in the global supply of paper gold while at the same time signifying a preference by the redeeming party for having the metal over the ETF shares."

In the second sentence, they say that the price is "reset" each day to the price of gold, from which it fluctuates about 0.5% in either direction. The 10% thing simply means that each share represents roughly one-tenth of an ounce. I should mention, btw, that 0.5% is pretty darn good, and thanks to HFT, those fluctuations are often quite a bit tighter than 0.5%, and happen very quickly, as you can see in this chart:


The use of the phrase "reset each day" is a little confusing, perhaps intentionally so. Of course GLD stops trading at the end of each trading day, and starts up again at the beginning of the next. The opening price each day of course reflects any changes to the price of "gold" that happened overnight. Even if the market makers didn't "reset" the price, the market would, so I don't get the point of saying that. It tracks the price of gold, and it doesn't trade 24/7 like its underlying asset, so there are obviously gaps each night. I think using the word "reset" reflects their erroneous view of GLD as some sort of mutual fund or index-type product where the price actually does need to be reset each day by the operator due to some complex mix of underlying assets. In any case, it feels weird to use it for GLD.


Chart 2 – GLD Average Monthly Shares Outstanding vs. Average Monthly Closing Price from November 2010 through September 2014 (985 Trading Days – Almost 4 Years)




The chart above shows the plateau (phase 2 in my chart below) and the downslide (phase 3 in my chart).


The black arrow representing a little more than half of the time of the overall chart (552 trading days), covers the period of the most dramatic difference between the volatility in the price of "gold" (and GLD) and the stability (the plateau) in the inventory of GLD. This is the first of the periods that "exemplifies" "unexpected risk for investors in the GLD" that they want to complain about to the SEC.


Change in GLD Assets Over This 552 Trading Day Period

On April 15, 2013, the closing price of the GLD was $131.31. The last time the GLD was valued at this level was 552 trading days prior, on February 2, 2011 when the closing price was $130.45.



I just want to note that April 15, 2013 was the day "gold" dropped so much that Jim Sinclair emailed me. Also, I was just looking back at emails from that day, and another gold writer named Greg Canavan also emailed me this:

"Hi FOFOA,

Thought you might be interested in this. The way I view it, it confirms your GLD as BB reserve theory, although there’s probably other ways of looking at it too…

Since the start of the year, GLD inventory has lost 204.9 tonnes of gold. In April alone it’s lost 71.12 tonnes.

In the same timeframe, SLV has ADDED 366 tonnes.

I went back to 2008 in the last gold capitulation to see what the story was and from 1 Oct 2008 to 28 Nov 2008 GLD actually added around 3 tonnes.

You probably remember that during the 2008 storm, GOFO went negative briefly.

During the recent sell-off, GOFO has been pretty stable. I expected it to be very, very low…along the lines of 2008 given the price plunge.

So I think ‘maybe, instead of having GOFO plunge and give off the warning signal of tight physical supply/reluctance to lend (maintain the flow), GLD is the source.

Cheers, greg"



For most of the 552 days, the GLD was a relatively ‘hot’ ETF and the data suggests significant incoming investment into the GLD occurred.



By 'hot', they mean the trading volume was high. You can download the CSV (Excel) spreadsheet for GLD at this link and go look at those days. Trading volume is column I:

www.spdrgoldshares.com/assets/dynamic/GLD/GLD_US_archive_EN.csv

Of course "gold" was 'hot' during that period too, just look at the chart. Anything volatile is 'hot'. Just at a glance, it looks like the GLD daily volume stayed above ten million and got as high as tens of millions during that period, and at other times it can be well under ten million. So that's what they mean by 'hot'.


During the 552 trading days from February 2, 2011 through April 15, 2013, the reporting markets data showed more than 1 of every 2 GLD shares sold were the product of a short sale;



Here's comes the short sale pitch. Apparently they have data that shows or implies that more than half of the sales during that period were short sales, i.e., a sale before purchasing. And here's the wind up…


7.38 billion GLD shares were traded worth $1.17 trillion, but by April 15, 2013, the underlying physical gold value held by the ETF had declined by $784 million from the beginning of the period.



Ok, grab your napkin and a pen… 7.38 billion shares traded (by the way, there were only about 400 million shares even in existence, so they're just adding up the daily trading volumes (about 13 million per day) to come up with billions), and half the sellers were short sellers (me: HFT arbs), so I guess half of 7.38 billion shares was "incoming net investment"? Or should we divide by two to be safe? Half of 3.69 billion shares? So that would be 1.845 billion shares that should have been added… wait, let me grab another napkin…

Ok, each share is a tenth of an ounce, so divide by 10… 184.5 million ounces, or 5,738 tonnes should have been added? That would have meant a 550% increase in the size of GLD. Surely that's not what they're suggesting…


For the majority of this time, gold was ‘in-favor’ as an investment moving from $1,300 to $1,800 (in the first 150 days with flat or decreasing GLD shares outstanding). For the next 362 days the average price of gold remained above $1,600. It then took 40 trading days for gold to decline to $1,300 (February 18 through April 15, 2013), with the majority of the price decrease occurring within the final 3 days. Investment in physical gold and the GLD during this period had little economic influence on the GLD’s net purchasing of physical gold.



Just in case the absurd numbers achieved by adding up 552 days of daily volume and short selling wasn't enough to convince you that someone's being screwed by GLD not doing what we mistakenly believe it should be doing, consider that "gold" was 'in favor' (loosely defined as days gold was either going up or above $1,600) more than 90% of that time. Give me a break.

And I also have a bone to pick with the last sentence in that paragraph: "Investment in physical gold and the GLD during this period had little economic influence on the GLD’s net purchasing of physical gold."

GLD doesn't "purchase" physical gold. The process of adding physical gold goes like this. GLD is a Trust, which has allocated and unallocated gold accounts, as well as a dollar account, at HSBC bank in London. One of the APs asks the GLD Trust to create new shares. The minimum that can be created is 100,000 shares, and it must be in multiples of 100,000 shares. 100,000 shares currently represent about 9,507 ounces of physical gold (less than a third of a tonne). That's called a basket.

In order to create a basket (or baskets) of shares, the AP bank must transfer to one of the GLD Trust accounts at HSBC bank either unallocated gold credits, the dollar equivalent of the amount of gold at that time, or it could theoretically have some physical gold delivered to HSBC via armored truck. In any case, the transfer will be converted into unallocated credits in the GLD Trust's unallocated account, and then HSBC will allocate some of its unallocated gold to GLD within three days of the shares being created. Note that even in the unlikely case that physical gold is tendered in exchange for new shares, it won't necessarily be the same bars that get allocated to GLD.

Notice, also, that nowhere in this process is physical gold purchased by the GLD Trust. HSBC and most of the GLD APs are LBMA bullion banks. They don't purchase gold. They are the gold market, and gold flows through them, like art flows through a gallery. The slack in that flow is their reserves (remember, they are banks, with gold denominated books), and the physical that HSBC allocates to the GLD Trust comes out of those reserves. If there aren't enough reserves, I guess they borrow some from a CB storing at the BOE or something. What they don't do is go to the gold market and buy some. They are the gold market. It's a simple concept.


Table 23 shows the asset values and the total volume traded in the GLD during the 552-day period.

Table 23 – Asset Values and Volume Traded in the GLD from February 2, 2011 through April 15, 2013 (Two Years - 552 Trading Days)

Value

Asset Value February 2, 2011

$52,730,385,538

Asset Value April 15, 2013

$51,946,541,141

Highest Asset Value During Period (August 22, 2011)

$77,511,602,759

Lowest Asset Value During Period (April 15, 2013)

$51,946,541,141

Average Asset Value During Period

$66,500,114,530

Value of Shares Traded During Period

$1,170,756,995,770



Oh, here we go again with the vague insinuations of an absurd comparison between a ridiculously large aggregated volume number and the NAV at five different times during the period, which is more than an order of magnitude smaller.


By investing in the GLD, the investor pooled monies into an ETF that did not gain any new net holdings of physical gold (underlying assets of the GLD actually declined by $784 million) and investors only received the change in gold value (a GLD increase of $0.86 per share).



Hahahahahaha!!! "and investors only received the change in gold value" HAHAHAHAHA!!! Stop it, please, you're killing me! :D

Do the authors really believe that investors in GLD should receive more than the change in gold value? Did they even read the prospectus? HAHAHAHA! I wonder if anyone at the SEC laughed at this paragraph? :D

Just for the record, here's what the prospectus says about the objective of GLD:

"The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion…"

There's nothing in there about investors gaining more bullion by investing in GLD. And here's what it says about when new shares will be created:

"The Trust creates and redeems the Shares from time to time…"

There's nothing in there about incoming net investment triggering the creation of new shares. There's nothing even about the reason for creations and redemptions, just that they happen "from time to time".


It appears that the pooled investor interests in the GLD were diluted with short sales that created large synthetic unreported short positions (producing excess leverage and undisclosed liabilities). The short sales were greater than half a trillion dollars when the average asset value was only $66.5 billion.



Ok, now we're finally getting to the real meat of their unsubstantiated belief, that short sales over 552 days add up to an absurd short position the way daily volume numbers add up to an absurd volume number. But as I said above, short sales only mean selling before purchasing. There's nothing but the authors' imagination to support such a ludicrous idea.

In fact, there is the opposite. Understand that GLD is almost always trading at either a slight premium or discount to the price of "gold", so it's fair to say that roughly half the time it's a premium, and the other half is a discount. Now, the HFT arbitrage trading computers will buy the lower of either GLD or XAU/USD and sell the other one simultaneously. Later, when the situation is reversed, they will unwind that trade. That means selling the one they bought, and buying back the one they sold short. That may be only minutes or hours later. So, you can imagine that half of the arb volume, whatever portion that is of the overall volume, is short sales that do not add up to a short position over time.


Simply put, despite investments, on February 2, 2011 and two years later on April 15, 2013, the ‘pot of gold’ owned by the GLD was the same pot of gold.



So what? That's the way it works. It reminds me of something I wrote back in 2011 in Who is Draining GLD?:

"Imagine GLD as a big lump of gold just sitting there in Town Square. The price of gold is "discovered" elsewhere and shares in this big lump just trade based on that elsewhere-discovered price."

Lump, pot, same difference. I mean, really, this nonsense is on the SEC website, bolded and underlined no less???


At the end of this 26-month period, an investor in the GLD did not have any more representative ownership of gold assets under management by its ETF operator than it started with and the investor asset value was diluted from high levels of short selling.



A) Why, again, should an investor in GLD have "representative ownership" of any more gold after 26 months than an investor in, say, physical gold itself? B) The dilution from short selling, again, is totally unsubstantiated, contrary to logic regarding the arbs that keep it tracking the price of "gold", and only in the authors' mistaken imagination. And C) does it bug you at all the way they say "the GLD" rather than just "GLD"? I guess that's the proper phrasing, but it sounds silly to me, so you won't see me doing it. ;D


These findings of static assets (inadequate net creations during positive investment periods) and sustained short selling have continued in multiple large ETFs we have reviewed.



Good lord. Think of all the time they must have spent on this.


GLD No Net Creation – Strong Positive Investor Sentiment in 2011

It takes net creation of new shares for the GLD to purchase its’ underlying assets of physical gold.



A) This is basically a tautology. B) As I explained above, GLD doesn't "purchase" its underlying asset. So what they're trying to say is that it takes net creations (more creations than redemptions at a given time) for the GLD inventory to increase. In other words, it takes net growth in GLD for GLD to grow. And C) "it's" is the contraction for "it is" or "it has", and "its" is the possessive, meaning "belonging to it". Its' is never correct. Ever.

Sorry, I couldn't resist. ;D


As shown in Chart 2, from February 1st through September 6, 2011 (151 trading days) the price of the GLD increased from $129.92 to $184.49 or by 42%, while there was essentially no net creation of ETF shares to purchase the underlying physical gold. There were 404 million shares outstanding on February 1st and on September 6th, there were 406.8 million shares outstanding; an increase of less than 1% (virtually no net change in the amount of gold in the pot).



This was the big run-up in gold, to its all-time high. You remember. It went from around $1,330 on February 1st up to $1,895 on September 6.

Yup, that's a 42% rise in the price of "gold" as well, so GLD did a fantastic job of tracking it. And the fact that there was virtually no change in inventory during this remarkable run should put to bed once and for all the idea that the arb is physical. A net total of 5 tonnes was added, actually less than half a percent.

There are various schools of thought on how the mythical physical arb might function, but this period alone should sufficiently debunk all of them. And the only alternative left is that creations and redemptions are a choice made by the banks, not forced upon them by investor sentiment or inflows. And if they're a choice (which they are), then "coat check" is the only view that makes sense.


During the 151-day period, 2.7 billion GLD shares traded worth $412 billion. Reporting markets/SROs data showed on average 52% of the shares were sold short, equating to approximately 1.4 billion shares sold short at a value of $215 billion. The only change in underlying asset value is attributable to the GLD price change (+$54.57 reflecting the price increase of gold), not because of new purchases of gold by the ETF operators/Authorized Participants. This data is shown in Table 24.



Again, for every buyer, there's a seller, even if it's the market-making bank. So, during that whole 42% run-up, there were as many sales as there were purchases. And the authors have data (it's not perfect data, but they believe it is reliable and I'm willing to accept it as reliable) that says roughly half of the sales during that period were short sales. And again, short selling means selling a share you didn't buy first. So why would there be so much short selling during a huge run-up?

Well, obviously there are going to be some gold bear traders calling the top all the way up, and shorting it all the way up. And GLD is an easy way to do that. There's also the arb mechanism I explained earlier. But in both cases, no one is building up a large short position. They are getting in and out quickly, or out and in as the case may be.

The authors' thesis seems to be that the GLD operators and APs should have been buying bullion and creating new shares hand over fist with all the "incoming net investment" money. Yet they weren't, so, the authors' think, someone must have been ripping off the investors. It must be either the GLD operators, the AP banks, or the short sellers diluting the pool with their synthetic supply and enormous short position.

But how can anyone say the GLD investors got ripped off when the price of their shares perfectly tracked the price of "gold", just like it's supposed to? The thing was working like clockwork.


Table 24 – GLD Data February 1, 2011 through September 6, 2011 (151 Trading Days)

2/1/2011

9/6/2011

Per Share NAV

$129.92

$184.49

Shares Outstanding

404,200,000

406,800,000

Total Assets Under Management

$52,513,965,320

$75,048,750,790

Volume

Value

February 1 - September 6, 2011

Between Dates

Traded Between Dates

Shares Executed (Consolidated Tape)

2,683,600,600

$412,372,915,050

Short Sales (Based on U.S. Reporting Exchanges Percent)

1,399,586,669

$214,968,361,274



Here we see that the authors added up all of the short sales during the 2011 run-up to not-so-subtly imply that an enormous short position exists. Can you imagine holding an enormous short position in gold or GLD from Feb. 1 to Sept. 6, 2011? Does that make any sense? Yeah, neither does Table 24.


Essentially, the increase in the total assets under management mirrors only the price increase of gold. Purchasers’ investment into the GLD did not generate net purchases of new gold assets. The data suggests products operating like this provide an efficient way to siphon investors’ monies through short sales while bypassing the purchasing or borrowing of assets. This is akin to selling fictitious financial instruments (thin air), which is illegal in the U.S.



Hahaha!!! See, it was the dirty shorts, I tells ya! :D


Large GLD Redemptions Caused Multiplying Losses of Physical Gold Assets – 2013

From March 1st through December 31, 2013 (212 trading days), the price of the GLD declined by $37.25 or 24%, aligning with the $378 drop in the price of gold. At the same time, there was a large amount of GLD redemptions that decreased the shares outstanding from 416 million to 266 million.



Ok, we're done with the period where GLD inventory changes didn't keep up with changes in the price of "gold", and now we're going to take a close look at a period when changes in GLD's inventory actually outpaced changes in the price. Get the picture? We're done with Phase 2, and we're moving on to Phase 3.



Due to the combined price decrease in the underlying asset (gold) and the net redemptions in the GLD, the value of assets under management dropped by $33 billion or 52% during the period. Simply put, the price of gold and the GLD declined by 24% and the value of the GLD assets fell by 52%.



This is like Captain Obvious stating the obvious, but with a furled brow and a sinister tone, so as to imply that something nefarious must be afoot.



This is very important. The 212-day period of net redemptions shows ETF underlying assets became unhinged from the underlying gold. Assets decreased by more than double the rate of gold's decline in price. Investors wishing to participate in the gold market would not buy the GLD if they knew that a price decline in gold could result in twice as much underlying asset decline for the GLD.

The summary of this period is shown in Table 25.



So they're saying that, during The Big Drain (Phase 3), GLD inventory changes "became unhinged" from POG changes. How is this possible if it was never hinged in the first place? Didn't they just get done showing us how it was unhinged in 2011? But this is very important, in a bold, underlined, and italicized kind of way.

Then they say that "gold" investors wouldn't choose GLD if they knew that the inventory could drain faster than the price of gold was declining. Well, this is one of those statements that I can attack from many different angles, yet may in fact be true, though not for the reasons the authors think.

First, they're wrongly assuming or implying a causal connection in the directionality, if not the speed, of the downward inventory and price action. There are times when the price went one direction and the inventory went the other.

Second, why should GLD investors care, as long as their shares are tracking the price of "gold"? They shouldn't care, so why do the authors say they would care?

It also seems a little silly to say that an investor would choose an asset that was going to decline in price, but not one that would be drained of parts not owned by the investor while it was declining in price. I know that's not exactly what they're saying, but when you invest in something, you expect it to go up, and you don't spend a lot of time thinking about what's going to happen to it while it goes down for 212 days, except maybe how quickly you'll sell the bastard.

Then again, if you read the authors' statement from a coat-check room perspective, it makes a little sense.


Table 25 – GLD NAV, Shares Outstanding and Assets Under Management March 31 through December 31, 2013 (212 Trading Days)

Date

Per Share NAV

Shares Outstanding

Total Assets Under Management

3/1/2013

$153.12

416,400,000

$63,758,194,679

12/31/13

$115.87

266,000,000

$30,822,044,650

Change

($37.25)

(150,400,000)

($32,936,150,030)

Percent Change

-24%

-36%

-52%



Column 1 is the price drop, column 2 is The Big Drain of 2013, and column 3 is the totally meaningless combination of columns 1 and 2, meant to vaguely imply that something nefarious must be afoot. What was afoot was, as Another once said, the Asians like to buy gold "low, lower and cheaper. They never run the price and they never run out of money." So maybe, just maybe, someone was buying physical gold (not GLD) even while the price was declining for 212 days. And maybe, just maybe, reserves in the LBMA were tight because of it, so they had to pull some out of the coat-check room. ;D



Chart 3 shows the decline in shares outstanding and the price of the GLD during the 212-day period.

Chart 3 – GLD Shares Outstanding vs. Per Share NAV March 1, 2013 through December 31, 2013 (212 Trading Days)




Yup, that's "phase 3". It looks much more dramatic and sinister in my chart. ;D



During the 212-day period, there were over 2.2 billion shares worth $298 billion traded for the GLD. The 51% short sale percentage on all reporting markets equates to approximately 1.1 billion shares sold short at a value of $151 billion.



Here we go again with the vague insinuation of something amiss by aggregating and comparing daily volume and short sales. Funny, though, how the short sale percentage is pretty consistent, regardless of what's happening with price or inventory. ;D


When the GLD assets under management declined at a significantly different rate than the price of the underlying gold, red flags should have been/were triggered at ETF operators and the GLD auditor that serious fundamental flaws and asset risks in the GLD exist that have not been properly disclosed to regulators and investors.



Which was it? Red flags should have been triggered? Or red flags were triggered? They were certainly triggered at my blog, but for different reasons. I sometimes wonder how much the "GLD operators" themselves understand that they are using GLD like a coat-check room for their gold reserves. Have you ever had one of those light-bulb moments where you heard an analogy or something that suddenly made you understand yourself, or your own behavior, a little better?

People often assume that if the coat-check view is the best way to understand GLD, then the people running it must be thinking in those same coat-check terms. But I don't think that's quite the way reality works.

The Big Drain of 2013 was remarkable to watch, and I do figure some red flags went up in the LBMA. But not for the reason the authors think, which is that GLD's inventory was improperly tracking the price of "gold". Instead, I figured that someone might have figured out that it not only meant that reserves were scarce, but that the drain itself, published daily and tweeted by BF, was telegraphing that scarcity to the world. That's not something the LBMA would ever want to do.


Again, A Period of No Net Creation for the GLD – 2014

On January 2, 2014 there were 264.8 million shares outstanding and on September 3, 2014 (169 trading days later) there were 264.1 million shares outstanding; virtually no net change. The underlying asset value (amount of gold holdings) remained flat at the reduced levels of over $30 billion less than when gold declined by 24% and the GLD gold holdings declined by 52% in the previous discussed period.



See, now this is interesting with the idea of that red flag in mind. Following The Big Drain, the draining just stopped, and remained basically flat for 169 trading days, before once again resuming.

Now, looking at this from a coat-check perspective, there are one or two different things that might have happened.

1. The slack in the flow might have started accumulating again rather than draining. Remember, you've got inflow and outflow, and the slack in that flow is the LBMA reserves. Very generally, think of the inflow as coming from western mines and recycling, and the outflow would be gold heading east, to China or wherever. So for the slack in the flow to start accumulating again, that would mean a shift in the differential between the inflow and the outflow. It's only a relative change, so we can't know for sure where it came from. But we do know that the POG did rise a little overall during the period in question, and we also know that mining production was a little higher in 2014 than in 2013.

2. In the absence of #1, or possibly even in addition to it, it is possible that someone took some sort of a drastic measure to stop the drain, like turning off the fire alarm to pretend the fire's out, or rigging the thermometer to pretend it's not hot. I don't know what that drastic measure would be, but I can think of a number of possibilities. One possibility could be to just borrow some gold for a while to stop having to drain GLD. If you cut off the fire alarm long enough, perhaps you can kill the fire narrative that's been circulating.


During this 169 days, over 1.1 billion GLD shares traded worth $143 billion with sales of the GLD averaging 62% short each day on reporting SROs/exchanges. Using the reporting markets percentage indicates approximately 704 million shares were sold short worth $88 billion, while there was again no net creation of shares. The summary of this period is shown in Table 26.



Here we go again with the shorts.

If you recall, we discussed shorts recently in How Gold is Different. Here's a little bit of it:

"Now, the ratio of spec shorts to paper claims outstanding… is known as the "short interest". In the real world, if the short interest is too high, the price is thought to be too low. So, contrary to the apparent bias I mentioned above, a short squeeze price spike is expected to be more likely when the short interest is higher than when it is lower. So how high is high?

Well, in the case of Volkswagen, the short interest was 13%. I'm no expert, but from what I've found in my research, 13% is verging on high. Investopedia implies that around 3% is normal, 25% is high, and a 40% short interest makes a company very vulnerable. I found this site called shortsqueeze.com where you can check a stock's short interest. Here is GLD's:

http://shortsqueeze.com/?symbol=GLD


It says the short interest in GLD is 8,853,600 shares. Total shares of GLD right now are 270.7 million, so the short interest is about 3.3%. Pretty normal.

Another metric is the "short interest ratio", which is the short interest as a percentage of the average daily trading volume. This is important because, during a short squeeze, the shorts are all trying to cover (buy) at once, so the short interest ratio is often stated as "days to cover". In GLD, the average daily trading volume is 6,362,100 shares, and the short interest is 8,853,600 shares, so the "days to cover" is 1.4 (8,853,600/6,362,100=1.4). (BTW, I'm only using GLD as a convenient (and perhaps ironic) example of anything and everything except gold. I could have used SLV which has a "days to cover" of 1.6, or even Google (1.9) or Facebook (1.3). Try it yourself!)

My point here is to give you an idea of the range of normal to very high in short interest for everything except gold. Under 5% is normal, and 40% is very high, and in days to cover, somewhere between 1 and 2 appears to be pretty normal."
Now, there's no reason to think the data from shortsqueeze.com is any less reliable than the data used by the authors of this paper. There may be reason to believe it's more reliable, but for now let's assume they're both equally reliable.

The authors are talking about half or more of the sales in the daily trading volume being short sales, 62% during this current period we're talking about, 2014. And I'm no expert in short selling, I simply have the internet and common sense, but it looks to me like the "short interest" on shortsqueeze.com is the existing short position on any given day. Please correct me if I'm wrong. And the short interest ratio or days to cover would be indicative of how long those short sales are, on average, being held.

Note that the short interest in all the things I checked, GLD, SLV, Google and Facebook, was more than the daily trading volume, but less than twice the daily trading volume. So if we assume 50% short sales, and an average short interest ratio of 1.5, then it would seem like the shorts are being closed out after three days on average. Again, please correct me if my impression is wrong.

In any case, it's only a matter of a few days on average, not the hundreds of days the authors are repeatedly adding up as if it implies an extraordinary short position. And GLD's short interest and days to cover appears normal, and comparable to everything else I've checked.

So I had this idea to check GLD on some random days in 2014 on shortsqueeze.com by using the Wayback Machine Internet Archive. Here's the link. Unfortunately, it only has snapshots taken in 2012, 2013 and 2017. So the best I could do was to compare the short interest ratio on random snapshot days during those years. Here's what I found:

1/20/12 – 1.3
4/20/12 – 1.0
10/31/13 – 2.3
1/13/17 – 1.4
6/23/17 – 1.3
8/5/17 – 1.2

As you can see, there's nothing much to see here, so where's the beef?


Table 26 – GLD NAV, Shares Outstanding and Assets Under Management January 2, 2014 through September 3, 2014 (169 Trading Days)

1/2/2014

9/3/2014

Per Share NAV

$118.14

$121.72

Shares Outstanding

264,800,000

264,100,000

Total Assets Under Management

$31,424,456,594

$32,146,670,696

Volume

Value

January 2 - September 3, 2014

Between Dates

Traded Between Dates

Shares Executed (Consolidated Tape)

1,145,395,200

$143,114,573,074

Short Sales (Based on SRO Reporting Markets Percent)

703,746,799

$87,997,877,090



That 703 million number is the sum total of shares sold short over 169 days, presented in the same chart as the total shares outstanding, which was 265 million. So 2½ times the total number of shares in existence were sold short over 169 days, the insinuation being that this must be unusual, extraordinary, and somehow sinister. But if we divide that number by 169 days, it comes out to about 4.1 million short sales per day. This is consistent with the GLD data from shortsqueeze.com, which was comparable to the other names I checked. So again, where's the beef? I.e., you have been served a big nothingburger.



Most investors believe ETFs perform like a type of mutual fund.56

56 In testimony before the Senate Subcommittee on Securities, Insurance and Investment in October 2011, Eileen Rominger, the director of the SEC’s Division of Investment Management explained the SEC’s understanding of physical ETFs; “ETFs offer investors an undivided interest in a pool of securities and other assets.” “Apart from the fact that ETFs trade intraday, most ETFs are similar to mutual funds in that they both translate investor purchases and sales in the fund (and changes in investor sentiment) into purchases and sales of underlying holdings.” Eileen Rominger, Director, Division of Investment Management, Testimony on Market Micro-Structure: An Examination of ETFs, October 19, 2011 http://www.sec.gov/news/testimony/2011/ts101911er.htm



Just because most people believe something or misunderstand how something works, doesn't make it so. Likewise, just because the director of the SEC’s Division of Investment Management misunderstands how something works, and says it in front of Congress, doesn't make it so.


For the GLD, the assets under management are deviating from what would be expected from a ‘mutual fund type investment’.





This is caused by the creation/redemption process implemented by the ETF operators and Authorized Participants, but not disclosed to regulators or investors.



Wrong, they do disclose the process in the prospectus. It says: "The Trust creates and redeems the Shares from time to time…"

If you want more detail on the process than that, you'll have to read my coat-check room posts. ;D


The data shows assets are not created despite incoming investment and synthetic shares increase the number of actual shares trading in the marketplace, which can exacerbate the downfall of the ETF assets under management during large redemption periods in stressed markets or over longer time periods, creating a slow insidious decline in asset value before the risks in the investment are discovered.



Another example of Captain Obvious stating the obvious in an Edwardian way with a run-on sentence, a furled brow and a sinister tone. The only thing I would probably change is that "asset value" should be "total net asset value" or NAV, or just inventory.



GLD Assets vs. Gold in 2015

When gold was at its high of approximately $1,895 per ounce in September 2011, the GLD was priced at $185. At the end of July 2015, the price of the GLD was fluctuating between $103 and $105. In both cases, whether it is the purchase of physical gold or the GLD, the price has declined since September 2011 by approximately the same percentage; 42%.



In other words, GLD did exactly what it was supposed to do, track the price of "gold", through all the various periods this paper detailed.


However, the investor in the GLD also suffered losses from the decline in physical gold assets held by the GLD. In September 2011, at gold’s high price, the GLD held approximately 39.6 million troy ounces of gold. By the end of July 2015, the GLD held approximately 21.8 million troy ounces. Not only did the GLD investor lose at the price level from gold’s decline, but the physical assets held by the GLD were almost cut in half.



Say what? How…? I mean… is this kind of sheer stupidity normal on the SEC website? How did the investor suffer losses from the decline in inventory from 2011 to 2015?



This has occurred because the process of creation has not been happening on a regular basis, but redemptions are being executed and the physical gold held by the GLD is being liquidated.





Since the 2008/2009 financial crisis, the GLD and other ETFs have diverged from their expected relationship with their underlying assets.



Wait, when did the 2008/2009 financial crisis come into this? Phase 2 actually started July 1st, 2010, so try again. And it wasn't consistent across all ETFs, or even similar ETFs. See my email from Greg Canavan above about SLV's opposite behavior. "Expected relationship" only means it diverged from the authors' own misunderstanding.


In this case, it has created a lose-lose for GLD investors, along with a potential collapse of GLD held assets.



Again, where's the second loss? According to the authors, GLD investors lost from the price of gold declining (since 2011), and from the GLD inventory declining. Someone call the cops!


Moreover, the excessive short selling indicates that there is massive over-leveraging of GLD shares sold that do not actually exist (there are multiple owners for each issued share of the GLD).



As I pointed out, it doesn't look like the short selling was excessive, so I'm not sure what they're comparing it to. Plus it was pretty consistent. And while it's true that there is some quantity of synthetic (not actually existing) shares out there, it doesn't appear to be massive. If shortsqueeze.com is correct, it's less than 3% of the total shares existing. So, by my calculations, there are 1.029 owners for each issued share. That's more than one, but not exactly "multiple". ;D


When these factors are taken into consideration, it appears that the value of the assets held by the GLD are seriously diluted and over-leveraged, which has created a potentially toxic ETF.





Again, these facts are not being disclosed by the ETF operators.



Maybe that's because they aren't facts.


The various metrics suggest that another $200 drop in the price of gold could cause another run in the GLD, which could leave the GLD with little assets.



Woohoo! We at the Speakeasy can't wait! :D


State Street has not addressed these changes in the makeup of the GLD.



What changes? These phase changes? You're right, they haven't addressed them, and never will! :D



Who would invest in the GLD if the above information was clearly disclosed?



Good question!


And that concludes your fisking for today. I hope you had as much fun reading it as I had writing it. Fisting is fun! :D

And hopefully you realized early on that this was more about being a new and different way of sharing my perspective on GLD than about debunking a two-year-old, stupid, anonymous submission to the SEC.

While this post isn't a full explanation of the coat-check room view like I've done in the past, I do want to reiterate a few important points about "coat-check". First, it only applies to GLD. It does not apply to other ETFs. It does not apply to other precious metals or commodity ETFs like SLV. And it does not even apply to other gold ETFs. Only GLD.

The reason is twofold: A) Because gold is different from everything else, even silver, and B) because GLD is the primary ETF of the LBMA. It's the same reason GLD is the biggest. It’s not because it was first. And it's not because it's the most popular among gold bugs. It simply has to do with how much gold the LBMA bullion banks had to check into the coat-check room.

Second, while Ari first explained "coat-check" to me back in January of 2011, about 6 months into Phase 2, this basic view of GLD has been around as long as GLD has been around. Here's an old reference I found, written in 2007, halfway through Phase 1:

"GLD is a passive investment trust. That is, it doesn’t do much. The underlying economic model is that of a warehouse in which gold periodically gets deposited in exchange for claim checks, and claim checks periodically get presented for gold."

The point being, this view works for all "phases", and wasn't a result of the dramatic phase transition that occurred on July 1, 2010.

Finally, buickgs455 asked the other day if this view stipulates that all reserves in the LBMA get deposited in GLD. The answer is no. As I explained above, the truth of this view doesn't even require that the participants understand it. They simply act in their own best interest, and they simply know what they see on their screens, without necessarily thinking too deeply about it.

DI had a similar question back in 2013, to which I responded in Another Angle on GLD 2. I had made the comment:

"Some will be getting more allocation and delivery demands while others may have excess reserves they want to check into GLD for whatever reason"

DI asked:

"Isn't the underlying reason to check into GLD an important part of the narrative?

Under the "pooled reserves" theory, would there not be an agreement in place to "check in" whenever a threshold amount of individual BB reserves is crossed, eg, 1 ton?

The underlying rationale for using pooled reserves would be that the system lasts until the last BB defaults, rather than until the first BB defaults, therefore, everyone must use the pool. No?"

My reply was that no, there's no requirement, mandate, agreement or stipulation needed. The banks simply have a natural incentive, the profit motive, to want to check their reserves into the coat check. Bullion banks don't view their gold reserves the same way Freegolders do. To bullion banks, they are a dead asset, a drag on their bottom line, and not even a positional bet on gold, because the bank's position is theoretically neutral or flat.

Banks need a minimal amount of reserves for clearing and redemptions, and they need access to more as needed, but from a money-making perspective, which is what they do, they want to carry as few reserves as possible. Banks don't want reserves, they need them. So as long as they can access them as needed, they prefer to carry as few as they possibly can, and beginning in late 2004, GLD gave them a place to check those reserves in and out as necessary, while someone else (the GLD investors) paid the carrying cost of securely storing those heavy reserves.

Additionally, I never assume that ALL of the reserves in the LBMA are put into GLD. First of all, there's a constant in/out flow, so some amount of gold is going to flow through without staying very long. GLD is like the cash you might park in a money market account or a CD. When it's draining fast, like in 2013, I do suspect that there's very little if any outside of GLD, but when it's staying put or rising, I assume some slack outside of GLD is more or less accumulating.

I was going to give you a list of "coat-check" posts for those who are new to this, but it turns out there really are a lot of them that touch on this subject. So here's a list in no particular order. I'm sure there are more, but this should get anyone started who wants to read more about the coat-check room view:

Coat Check 101
Milamber and Bron Face Off c.2013
Eight! Eight contains a summary of this series of posts which were written as the mystery was unfolding:

Plausible Explanations (for GLD’s Recent Behavior)
GLD Recap
GLD and the BOE
GLD and the WGC

Bullion Banking 201
Does High (Physical) Demand = Low (Paper) Price and Vice Versa?
Superhero
Another Angle on GLD
Another Angle on GLD 2
Open (Window?) Forum


In the beginning, the coat check room is empty. Also in the end.

Sincerely,
FOFOA


Data and Statistics for these countries : China | All
Gold and Silver Prices for these countries : China | All

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Dépêches is based in Australia.

Dépêches holds various exploration projects in Canada and in Russia.

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3/27/2018‘Single biggest change in capital markets’: China launches o...
3/27/2018India Nickel Scrap prices drop in line with MCX Nickel
3/27/20183 Top Oil Stocks to Buy Right Now
3/27/2018Technology shares lead US equities rebound
3/27/2018Cyprus hails EU support against Turkey on oil, gas search
3/27/2018Global Crude Oil Outlook: It’s All About OPEC, US Shale
3/27/2018Tallgrass Energy GP to Acquire Tallgrass Energy Partners
3/27/2018Generation ZH: Zero Halliburton Reawakens Its Legend
3/27/2018How electric vehicles could help oil majors in the medium-te...
3/27/2018New Research Coverage Highlights Lexington Realty Trust, Sta...
3/27/2018Why I’d invest £2,000 in Royal Dutch Shell plc and this ‘sec...
3/27/2018FORECAST: Copper, nickel to outperform; zinc prices likely t...
3/27/2018NORTH AMERICAN MORNING BRIEF 27/03: LME base metals recover;...
3/27/2018Crude oil markets remain focused on Iran deal, dollar weakne...
3/27/2018Saudi Aramco Chief Says IPO On Track For 2018
3/27/2018Global oil prices firm on Middle East tensions
3/27/201810 days hair oil signs contract with Xpressbees for faster d...
3/27/2018Iraq may build oil storage in Japan, South Korea in bid to i...
3/27/2018Lekoil heads to court over 2015 acquisition of OPL 310
3/27/2018OGTC partners with University of Aberdeen to set up new deco...
3/27/2018LIVE FUTURES REPORT 27/03: LME base metals prices recover on...
3/27/2018India Brass, Copper Scrap prices fall further tracking the w...
3/27/2018Nostrum Oil & Gas Swings To Profit Despite Operational Diffi...
3/27/2018Mosman Oil and Gas continues to advance Arkoma project
3/27/2018Oil Gains as Questions Linger Over Iran Deal
3/27/2018European Stocks Buoyant on Strong Earnings, Rising Oil Price...
3/27/2018India's Crude Oil import bill may jump by 25% in FY18
3/27/2018EOD Risers: Caterpillar Inc., Chevron Corporation, Cisco Sys...
3/27/2018No respect for elders: China's new oil benchmark crushing ol...
3/27/2018Oil and gas firm steps up efficiency with digital platform
3/27/2018First Quantum's Annual Disclosure Documents Now Available On...
3/27/2018Air clears as cities shift from coal to gas
3/27/2018Vedanta Limited: Copper India Announcement
3/27/2018SHFE vs LME physical arbitrage 27/03: Copper, aluminium, zin...
3/27/2018Energy programme proceeding as planned, president tells oil ...
3/27/2018How Saudi Aramco, Sabic and Other Companies Became Global Br...
3/27/2018Iraqi oil exports set to dip on terminal overhaul
3/27/2018Europe-Asia trade war looms over palm oil
3/27/2018Barclays: Copper selloff 'overblown'
3/27/2018Government suspending export tax on crude palm oil for 3 mon...
3/27/2018Luberef II Yanbu Refinery to produce Group II/III base oils
3/27/2018Records, Zinke’s office refute Scott framing of impromptu oi...
3/27/2018Statoil sees synergies between Askeladd and similar projects
3/27/2018Capgemini, Statoil Sign 3-Year partnership deal
3/27/2018Tehran, Baku on verge of sealing Caspian oil deal
3/27/2018Newcrest restarts mining at Cadia, processing remains suspen...
3/27/2018Trump's trade war is derailing copper rall that he kickstart...
3/27/2018Trump's trade war is derailing copper rally that he kickstar...
3/27/2018Rajkot Oilseeds Complex Open- March 27, 2018
3/27/2018Nigeria:A-Ibom Communities Tackle Govt, Oil Companies On Inj...
3/27/2018Nigeria:Nigeria Earns N3.8trn From Crude Oil, Gas Export in ...
3/27/2018Statoil ASA files 2017 Annual Report on Form 20-F
3/27/2018Kuwait oil price up 36 cents to stand at US$65.08 pb
3/27/2018Aramco will be ready for IPO in H2 this year: CEO
3/27/2018Latin American Giant's Hunger for Foreign Gas Ebbs Amid Oil ...
3/27/2018Lundin Petroleum finds more oil at Luno II, offshore Norway
3/27/2018KazMunayGas increased production of oil and gas condensate b...
3/27/2018China's steel, iron ore rise as trade war fears ease
3/27/2018Petropavlovsk executes forward sales agreement with Gazpromb...
3/27/2018Nigeria:Oil Industry - Mass Sack Looms Over Picketing
3/27/2018Henrikki Talvitie is the new CEO of St1 Nordic Oy
3/27/2018‘UK shift to natural gas slashed emissions by 400kg per capi...
3/27/2018Crude Oil Prices Eye API Data, May Turn at Chart Resistance
3/27/2018Oil industry: Mass sack looms over picketing
3/27/2018Oil firm on Middle East tension, though rising U.S. output l...
3/27/2018Oil holds above $65 as easing trade tensions offset supply f...
3/27/2018Nigeria:Thousands of Jobs At Risk As Oil Firms, Workers' Cri...
3/27/2018Falcon Oil & Gas Plc: Final scientific report says Australia...
3/27/2018Why AGL Energy Ltd and Origin Energy Ltd share prices could ...
3/27/2018Spirit Energy makes small oil discovery in Norway
3/27/2018Cobalt upstarts add capacity in Congo as prices triple
3/27/2018Saudi Aramco preparing for stock listing in second half of 2...
3/27/2018Concern about Middle East tension pushes up oil prices
3/27/2018Oil edges up on Middle East tension, global market recovery
3/27/2018Indonesia’s proven oil reserves to last just 12 years: Arcan...
3/27/2018Kuwait oil price up to USD 65.08 pb
3/27/2018MBRSC to host workshops for UAE Astronaut Programme nominees
3/27/2018EUROPEAN MORNING BRIEF 27/03: SHFE base metals prices reboun...
3/27/2018Iron ore futures steady as SHFE launches oil
3/27/2018Wheatley warns against unrealistic oil expectations
3/27/2018China Tries to Lift Yuan's Profile With Oil Futures
3/27/2018Camel power turns sesame into precious oil in Afghanistan
3/27/2018Cairn Energy makes minor North Sea find
3/27/2018Palm oil company accused over failing moratorium in Papua
3/27/2018Thousands of jobs at risk as oil firms, workers’ crisis wors...
3/27/2018Shanghai oil futures off to robust start on 2nd day
3/27/2018Shanghai oil futures off to robust start on second day
3/27/2018AUD/USD drops despite relief rally in Dalian iron ore future...
3/27/2018NLNG, NAPIMS, Shell, Total, Agip move toward FID on $10bn LN...
3/27/2018China's steel, iron ore bounce as trade war fears ease
3/27/2018Govt holds off on block offers for oil and gas permits
3/27/2018Iron ore and steel futures have jumped in early trade
3/27/2018Not Every Barrel Of Oil Is Equal – OpEd
3/27/2018Aiteo meets with ex-militants, youths over illegal oil bunke...
3/27/2018Middle East Tensions Support Crude Oil Price at $70 Per Barr...
3/27/2018Palladium hurt by trade-war fears but fundamentals tight
3/27/2018Newcrest mining again after dam collapse
3/27/2018Saudi Aramco CEO Amin Nasser Confident on IPO
3/27/2018After Gujarat Gas, will GSPC exit Mundra LNG?
3/27/2018Parents Respond With Hot Oil And Broomstick Beatings To Daug...
3/27/2018China Focus: China launches crude oil futures trading
3/27/2018Vox Sentences: Shell Oil envisions a world that doesn’t need...
3/27/2018Husky Energy faces Canadian charges over 2016 oil pipeline s...
3/27/2018Iraq opens bid of 11 oil, gas blocks to foreign companies fo...
3/27/2018Oil majors expected here to evaluate Mannar Basin oppor ...
3/27/2018Price of crude palm oil stays under pressure
3/27/2018A-Ibom communities tackle FG, oil companies on injustice in ...
3/27/2018NEITI: Investors Can No Longer Wait for Nigeria’s Oil Reform
3/27/2018Newcrest Mining Limited shares drop lower on Cadia update
3/27/2018Disgraced President Kuczynski Signs 5 Oil Deals Before Quitt...
3/27/2018Canada's Crude-by-Rail Terminals Sit Idle as Oil Glut Grows
3/27/2018Colombia oil spill kills 2400 animals
3/27/2018Deepwater Oil Starting to Hold Its Own With Shale, Chevron S...
3/27/2018Australia's Newcrest to recommence mining at flagship mine
3/27/2018Australia's Newcrest to recommence mining at flagship Cadia ...
3/26/2018Shanghai oil futures make strong debut, but crude prices dip...
3/26/2018Not every barrel of oil is equal
3/26/2018Ecopetrol told to boost efforts to control oil spill
3/26/2018New Jersey gets additional natural gas supplies as latest Tr...
3/26/2018Picking our path on oil
3/26/2018Colombia announces oil, mining tax breaks
3/26/2018Global Drilling Tools Market 2018-2022 - Leading Players are...
3/26/2018Chevron's Venezuela Oil Fields Operating Normally, Executive...
3/26/2018China oil futures launch may threaten primacy of U.S. dollar...
3/26/2018Operator Series: Fresnillo - the last of Mexico's big spende...
3/26/2018Forte Oil, Unilever drive negative Nigerian stock exchange p...
3/26/2018Chevron's Venezuela oilfields operating normally: executive
3/26/2018Oil and Gas West Asia exhibition attracts participants from ...
3/26/2018‘Single biggest change in capital markets, maybe of all time...
3/26/2018Market Chatter: Royal Dutch Shell Said to be in for Sharehol...
3/26/2018Oil futures pull back from 8-week high
3/26/2018Global trading giants dip toes in China oil futures on debut...
3/26/2018PDVSA plans April upgrader maintenance, more oil imports: do...
3/26/2018Oil & Gas Innovation Centre supports three UK offshore R&D p...
3/26/2018Energean contracts TechnipFMC for Karish FPSO, SURF faciliti...
3/26/2018Saudi Aramco ready for IPO in second half of 2018 -CEO
3/26/2018Ethanol industry ire grows as deadline in oil refinery case ...
3/26/2018UK to open decommissioning center in Aberdeen area
3/26/2018Saudi Aramco CEO on IPO, Expansion, Shale Competition
3/26/2018Husky faces charges from 2016 oil spill into the North ...
3/26/2018Alberta wages war against climate change just as oilsands em...
3/26/2018Too early to consider leaving oil cut deal: Russian energy m...
3/26/2018Oil prices dip on profit taking after last week's rally
3/26/2018Too early to consider leaving oil cut deal - Russian energy ...
3/26/2018Husky faces charges from 2016 oil spill into the North Saska...
3/26/2018Preparing UAE for the post-oil era
3/26/2018Commander Resources Ltd. (TSXV: CMD) South Voiseys Bay Proje...
3/26/2018Chinese oil futures launch may threaten primacy of U.S. doll...
3/26/2018Charges laid against Husky Energy for 2016 oil spill in Sask...
3/26/2018ZINC & LEAD CONF: European galvanizers resistant to zinc pri...
3/26/2018LIVE FUTURES REPORT 26/03: LME base metals prices recover; b...
3/26/2018Saudi Aramco CEO defends IPO plan amid investor skepticism
3/26/2018Aramco CEO Defends IPO Plan in Face of Investor Skepticism
3/26/2018Fjordland (TSXV: FEX) Options Claims from Vulcan Minerals in...
3/26/2018Chinese oil futures launch may threaten primacy of U.S. doll...
3/26/2018Regulator Suggests Natural Gas Price to Rise by 2.6% as agai...
3/26/2018Chinese oil futures launch may threaten primacy of U.S. dlr ...
3/26/2018Saudi Aramco CEO Says IPO Ready for Second-Half of 2018
3/26/2018Permian power: How Texas has U.S. close to passing Saudi Ara...
3/26/2018EIA’s estimates for Texas crude oil production account for i...
3/26/2018Iraqi President says country supports OPEC-led oil productio...
3/26/2018Oil firms impose hefty price increase
3/26/2018Nelson: Oil is welcome from Azerbaijan, but not Alberta. Wha...
3/26/2018China launches crude oil futures
3/26/2018Saudis: American Investors Will Have Chance To Buy Into Aram...
3/26/2018Oil's Seven Sisters Enter a ‘Golden Age’, Goldman Sachs Says
3/26/2018Crude oil lower to start week in US; ICE Brent still above $...
3/26/2018How will the final Brexit decision affect UK oil and gas ind...
3/26/2018Russia Holds Firm As Top Crude Oil Supplier To China
3/26/2018Britain's emissions dropped by 6 percent in 2016 by switchin...
3/26/2018Russian oil producers can make money from China’s oil future...
3/26/2018MARKET WATCH: Brent crude oil breaks above $70/bbl
3/26/2018Nelson: Canada sure loves its foreign oil imports
3/26/2018Spirit Energy discovers oil northwest of Gjøa field in the N...
3/26/2018Pemex seeks bids for H-Oil plant rehabilitation in Miguel Hi...
3/26/2018Son of Angola’s former leader dos Santos accused of fraud
3/26/2018Region’s leading oil and gas exhibition opens officially
3/26/2018Oil prices search for clear direction after last week's big ...
3/26/2018‘Golden Age for Big Oil’ Is Coming
3/26/2018Britain’s emissions dropped by six per cent in 2016 by switc...
3/26/2018Rajkot Oilseed Complex Close- March 26, 2018.
3/26/2018China Launches Oil Futures Contract in Direct U.S. Dollar Ch...
3/26/2018Shanghai exchange makes oil futures contract debut
3/26/2018World’s largest oxygen production plant inaugurated at Sasol...
3/26/2018Sasol unveils world's largest oxygen production unit
3/26/2018China Launches Effort To Wrestle Control Of Crude Oil Pricin...
3/26/2018Oil output at Kazakh Kashagan oilfield down to 180,000 bpd -...
3/26/2018Russia tightens oil grip as top crude supplier to China
3/26/2018CANADA FX DEBT-C$ dips with oil as investors weigh trade tal...
3/26/2018Iraq supports OPEC-led oil output cuts, president says
3/26/2018Canadian dollar dips with oil as investors weigh trade talks
3/26/2018Devon Energy eyes more asset sales to simplify portfolio
3/26/2018LIVE FUTURES REPORT 26/03: Comex copper selloff extends into...
3/26/2018Investors test the waters as Shanghai oil futures jump 3.34%
3/26/2018Iraq supports OPEC-led oil output reduction deal, Iraq's Mas...
3/26/2018Mexico Oil reserves Dip Again As Private Firms Begin To Cont...
3/26/2018Lundin Petroleum Finds More Oil At Luno II Offshore Norway
3/26/2018Video: Shanghai crude oil futures roar into action
3/26/2018China’s front-month crude oil futures contract closes 3% hig...
3/26/2018Petrobras hires $606 mln credit line from Banco do Brasil
3/26/2018Oil prices find support in trade talks, Middle East tensions
3/26/2018Oil interests worry if key NAFTA provision is…
3/26/2018New discovery a good start for Apache in the British North S...
3/26/2018Seven Stars Cloud Launches First Super Intelligence Produced...
3/26/2018Should Bank of Nova Scotia or Suncor Energy Inc. Be in Your ...
3/26/2018Japan's Marubeni Sells Part Of Its Eagle Ford Stake
3/26/2018Crude oil futures markets remain focused on geopolitical ris...
3/26/2018In Reply to Cities’ Liability Suit, One Oil Firm Agrees Huma...
3/26/2018China Opens Market of Oil Futures in Yuans
3/26/2018Commodities Outlook: Precious Metals and Base Metals decline...
3/26/2018Solar Energy Will Be the Biggest Winner of the Aramco IPO
3/26/2018Market Risers: Barclays PLC, Barratt Developments Plc, Berke...
3/26/2018Dutch oil trader Vitol sees long-term impact from renewables
3/26/2018What Trump's New Appointment Means For Oil Prices
3/26/2018Market Risers: Rolls-Royce Holding PLC, Royal Bank of Scotla...
3/26/2018China's crude oil futures market takes flight
3/26/2018Oil prices fall as US commerce dispute with China looms
3/26/2018Oil slips but hovers near multiweek highs reached on risk-dr...
3/26/2018Crude Oil Takes Breather After Strong Rally
3/26/2018How Royal Dutch Shell plc can help you build a £1 million IS...
3/26/2018Uganda: Oil Palm Project to Be Extended to Other Districts
3/26/2018Global trading giants dip toes in China oil futures on debut...
3/26/2018Potential trade war between US and China restricts oil price...
3/26/2018Violent risks intelligence bulletin – 26 March 2018
3/26/2018ADNOC awards $3.5bn deals to boost oil refinery output
3/26/2018Oil and gas to drive rising Oman GDP
3/26/2018China’s oil futures: what this means for the US
3/26/2018NORTH AMERICAN MORNING BRIEF 26/03: LME copper price falls 1...
3/26/2018Yuan-based oil futures begin trading on Shanghai market
3/26/2018Congo's 2017 mining revenue up 36% while oil revenue doubles
3/26/2018Energy trader Vitol's traded oil volumes edged lower in 2017
3/26/2018Congo's 2017 mining revenue up 36 pct while oil revenue doub...
3/26/2018China extends its influence on the crude oil market to prici...
3/26/2018Saudi Aramco could go public in 2018 — or not, says Saudi mi...
3/26/2018What's Happening With These Oil & Gas Stocks? -- Petroleo Br...
3/26/2018Stats speak: Oil activities haven’t improved education in oi...
3/26/2018UK North Sea oil output to resume decline after brief respit...
3/26/2018Oil firms ready new bets in Mexico, Brazil ahead of election...
3/26/2018Oil Holds on to Risk-Driven Gains
3/26/2018These AR Goggles Are Making Faster Fixes in Oil Fields
3/26/2018M25 crash: Two lorry accident and oil spillage causes delays...
3/26/2018Senegal approves Stratex’s option agreement over Dalafin pro...
3/26/2018Oil firms to raise pump prices of petroleum products on Tues...
3/26/2018Aliso Canyon Disaster Highlights Risks, Inadequate Safety Ru...
3/26/2018China launches first crude oil futures contracts on bullish ...
3/26/2018Congo's 2017 mining revenue up 36 percent while oil revenue ...
3/26/2018Oil Exploration: Polarcus Seismic Vessel Arrives in Jamaica
3/26/2018Shanghai crude oil futures roar into action
3/26/2018SHFE vs LME physical arbitrage 26/03: Copper, aluminium, zin...
3/26/2018Norway’s oil industry threatened by $14bn legal test
3/26/2018METALS-Copper slides to 3-1/2 month low as inventories jump
3/26/2018China’s oil futures surge on their debut
3/26/2018LIVE FUTURES REPORT 26/03: LME copper price falls 1.5% on la...
3/26/2018India’s oil import bill to jump by 25% in FY’18
3/26/2018Home goes up in flames after cooking oil catches alight
3/26/2018Stock Review for Independent Oil & Gas Investors -- CNX Reso...
3/26/2018India's oil import bill to jump by 25% in FY'18
3/26/2018Buri Oil Pipeline Blast: Payouts urged for families rendered...
3/26/2018Oil import bill to jump 25% to Rs 5.65 trn in FY18 as crude ...
3/26/2018Seven bids submitted for Zambia oil refinery
3/26/2018India's oil import bill to jump by 25 per cent in FY'18
3/26/2018Stratex International Receives Government Approval For Dalaf...
3/26/2018China’s Oil Futures Soar on Debut
3/26/2018China launches oil futures to stake claim on its own benchma...
3/26/2018China's Sinopec inks first deal to buy oil priced off Shangh...
3/26/2018US investors will have access to Saudi Aramco shares
3/26/2018China aims to shake up oil-futures market with own contract
3/26/2018A $14 Billion Legal Test Is Latest Threat to Norway's Oil Fu...
3/26/2018Oil prices open above $70 on heightened Middle East tensions
3/26/2018Kamal Group seeks natural gas supply at Bagamoyo EPZ
3/26/2018Oil surging to multi-year highs as China launches petro-yuan
3/26/2018KBR, Anton Oil to win management contracts at Iraq's Majnoon...
3/26/2018Rajkot Oilseeds Complex Open- March 26, 2018
3/26/2018Rio sees $5bn copper expansion on track amid Swiss probe
3/26/2018Lundin Petroleum find more oil at Norway's Luno II in North ...
3/26/2018Russia holds firm as top crude oil supplier to China
3/26/2018China crude oil imports rise 1.5 percent in February
3/26/2018China launches crude oil futures trading
3/26/2018US: Parents dump hot cooking oil on teen who refused marriag...
3/26/2018Apache makes oil discovery at Garten prospect in UK North Se...
3/26/2018Former Posco Daewoo vice president to head state-run oil fir...
3/26/2018Turning Sour on China's Oil Benchmark
3/26/2018YES – London Palladium, UK (24th March 2018)
3/26/2018Leadership can take many forms
3/26/2018Mercuria among international merchants trading China's crude...
3/26/2018Glencore is first to trade on new Shanghai oil futures excha...
3/26/2018Nifty, Sensex slip; oil refiners, IT stocks drag
3/26/2018India Brass, Copper Scrap prices decline on US-China trade-w...
3/26/2018Lebanon's joining oil-producing states' club will create tho...
3/26/2018Oil Erases Gains as Traders Shrug Off Rising Middle East Ten...
3/26/2018Indian shares slip; oil refiners, IT stocks drag
3/26/2018Chinese oil contract to rival US WTI and UK’s Brent is born
3/26/2018Dubai non-oil trade with South Korea hits $7.47bn
3/26/2018Oil Pipeline Blast: Payouts urged for families rendered home...
3/26/2018Oil gives up gains on US rig count and US-China trade war
3/26/2018Apache (APA) Up 7% Since Earnings Report: Can It Continue?
3/26/2018Shanghai crude oil futures roar into action as Glencore bags...
3/26/2018Shanghai crude oil futures roar into action as Glencore bags...
3/26/2018Why Nigeria may miss targets for oil reserves
3/26/2018One of World's Dirtiest Oil Sources Wants to Go Green
3/26/20183-D seismic vessel arrives - in Jamaican waters for oil and ...
3/26/2018LIVE FUTURES REPORT 26/03: Copper leads the SHFE base metals...
3/26/2018South Korea’s PPS seeks 4kt of aluminium, 500t each of zinc,...
3/26/2018Total, ExxonMobil to drill ultra-deepwater well in Mexico in...
3/26/2018China eyes new oil benchmark with futures launch
3/26/2018China’s first oil futures off to a flying start as Beijing v...
3/26/2018Japan secures more Iraqi oil after approval of Itochu's West...
3/26/2018Pigb: Oil Marketers, Man, Others Oppose Single Regulator
3/26/2018Oil prices fall as U.S. trade dispute with China looms
3/26/2018In debut, Shanghai crude oil futures jump more than 6 pct
3/26/2018In debut, Shanghai crude oil futures jump more than 6 percen...
3/26/2018News Live: Brent trades above $70/bbl on West Asian tension;...
3/26/2018Glencore did first trade on Shanghai oil futures - Xinhu Fut...
3/26/2018Argosy Minerals to begin processing lithium brine concentrat...
3/26/2018Brent crude oil futures above $70 per barrel on Middle East ...
3/26/2018China's first ever yuan oil futures begin trading in Shangha...
3/26/2018NEXIM Bank Earmarks N5bn for Non-oil Export Projects in N’De...
3/26/2018China launches crude oil futures trading
3/26/2018Libya loses over 145 mln USD due to closure of major oil fie...
3/26/2018How Trump, Bolton And Pompeo Pushed Oil Prices Higher
3/26/2018Unimech Group eyes oil and gas markets in Asia
3/26/2018China Set to Shake Up Oil Futures Market
3/26/2018Yuan Oil Futures to Start Trading
3/26/2018Oil & Gas Veteran Jean-Michel Gires Joins Fluid Efficiency B...
3/25/2018U.S. holds biggest oil and gas lease sale in history, finds ...
3/25/2018China Is About to Shake Up the Oil Futures Market
3/25/2018Southcentral community leaders want in on LNG site selection...
3/25/2018Oil companies in Alaska have applied for $800 million in cas...
3/25/2018Oil price crosses $70 amid Iran deal tensions
3/25/2018Leading French oil & gas firms to exhibit latest innovations
3/25/2018Shell exits last Iraq oil holding with $406mn Itochu deal
3/25/2018Kuwait joins post oil push with a different vision
3/25/2018El Segundo natural gas power plant on the chopping block?
3/25/2018Al Zubair launches Oil and Gas West Asia 2018
3/25/2018Benchmark crude oil futures surge almost 6%
3/25/2018Hiranandani family to invest Rs3,500 crore in oil and gas bu...
3/25/2018BP to drill first deepwater oil well offshore Mexico block i...
3/25/2018Oman’s non-oil exports jump 28% in first 10 months of 2017; ...
3/25/2018A $14bn legal test is latest threat to Norway’s oil future
3/25/2018Lukoil pledges decade-long shareholder gains even at $50 oil
3/25/2018US imports of Nigerian oil hit five-year high in 2017
3/25/2018French oil companies showcase latest innovations at OGWA Con...
3/25/2018Aramco Services Company to strengthen MIT collaboration with...
3/25/2018Increasing global oil prices cause rise in local fuel costs
3/25/2018China Invades Saudi Oil Realm: PetroDollar Kill
3/25/2018Mangaluru-Kochi natural gas pipeline to be ready by year-end...
3/25/2018M'luru-Kochi natural gas pipeline to be ready by year-end: m...
3/25/2018Better times in the oilpatch fail to impress stock market in...
3/25/2018The Oil Market Problem No One Is Talking About -- Yet
3/25/2018We've Uncovered a Secret Plan to Push Oil Prices to $100 a B...
3/25/2018Indonesia pins hope on ASEAN-EU FTA to support SMEs, palm oi...
3/25/2018Radar Images Reveal Major Ground Movement And Sinking In Tex...
3/25/2018Saudi Aramco Could Create Employee Shareholders Ahead of IPO
3/25/2018Oil producers are rushing to New Mexico. But tapping its sup...
3/25/2018Saudi Aramco, Pearl Initiative Partner to Promote Corporate ...
3/25/2018Aramco's US arm forms new collaboration with MIT
3/25/2018Aramco unit bolsters MIT collaboration
3/25/2018Oil communities storm NASS over land payment issues with She...
3/24/2018Oil services giant Wood Group hands Unaoil file to investiga...
3/24/2018Parents Poured Hot Cooking Oil on 16-Year-Old Daughter Who R...
3/24/2018Oil services giant Wood Group hands file on controversial Mo...
3/24/2018The delicate balancing act that is the oil market
3/24/2018The Axeman Cometh – U.S. Gov’t Cuts Bitcoin Futures Watchdog...
3/24/2018Import bill for oil, food, transport surges: PBS
3/24/2018BP squeezed out of Abu Dhabi offshore oil as China, Italy wi...
3/24/2018Qatar’s non-oil exports reach QR2.2bn in Feb 2018, says repo...
3/24/2018Could India Support Oil Bulls As Its Crude Demand Spikes To ...
3/24/2018Treating oily water: Efficiency exceeds requirements 10 time...
3/24/2018Central to Enbridge's new Minnesota pipeline request is how ...
3/24/2018Shell sells Iraqi oilfield stake to Japan's Itochu for $406 ...
3/24/2018Saudi output extension comments buoy oil prices
3/24/2018Oil price crosses $70, amid Iran deal tensions
3/24/2018Bill Gates to Nigerian govt: Shift your attention from oil
3/24/2018Canada: more arrests as protest against oil pipeline expansi...
3/24/2018Kuwait oil price down 3 cents to $64.72
3/24/2018Kuwait oil price down to US$64.72 pb
3/24/2018Kuwait oil price down 3 cents to USD 64.72 pb
3/24/2018Venezuela's oil-backed cryptocurrency will be convertible to...
3/24/2018How to Compare Climate Risk Across the Biggest Oil Companies
3/24/2018Why natural gas from Putin's Russia has to be imported to Ne...
3/24/2018Oil prices take flight following appointment of US hawk John...
3/24/2018Price of oil jumps by more than 5 percent
3/24/2018The American Strategic Petroleum Reserve drawdown plan
3/24/2018Is Guyana Prepared For An Oil Boom? – Analysis
3/24/2018Total to drill deepwater oil well offshore Mexico in October
3/24/2018Shell to sell its stake in Iraq’s West Qurna 1 Oil Field
3/24/2018Oil Bulls Back in a Big Way as Prices Thrust Towards Three-Y...
3/24/2018Explainer: China aims to challenge Brent, WTI oil with crude...
3/23/2018Mexico oil reserves dip again as private firms begin to cont...
3/23/2018Oil prices post largest weekly gain in 8 months
3/23/2018Natural gas chemical industry calls for cooperation between ...
3/24/2018Oil Rigs "Signs of life in the minor plays"
3/24/2018US import of Nigerian oil hits five-year high
3/23/2018Will protest escalate in Kinder Morgan pipeline fight?
3/23/2018Solvent extractors prepare to fight campaign against refined...
3/23/2018Govt urge oil cos to defer LPG scheme loan recovery
3/23/2018USA oil memes are the new interventionist commentary we need
3/23/2018Total Will Start Drilling Deepwater Oil Well Offshore Mexico...
3/23/2018John Bolton Poses ‘Material Risk’ for Oil: Strategist
3/23/2018The Oil Rig Count
3/23/2018Total to start drilling deepwater oil well in Mexico block i...
3/23/2018Apache makes oil discovery at Garten in the North Sea
3/23/2018Apache makes North Sea discovery in UK
3/23/2018Ujjawala scheme: Indian Oil, others defer loan recovery up t...
3/23/2018Venezuela oil workers clash with security officials in PDVSA...
3/23/2018US Army Corps announces scoping period for Northern Dynasty’...
3/23/2018Mexico's proven oil reserves dip over 7 percent at start of ...
3/23/2018Mexico's proven oil reserves dip over 7 pct at start of 2018
3/23/2018US crude oil futures settle at $65.88
3/23/2018Oil futures settle at an 8-week high
3/23/2018Apache Strikes Oil At Garten Prospect In UK North Sea
3/23/2018Oil Search operations slowly coming back on line after quake
3/23/2018Apache makes oil discovery at Garten prospect in UK North Se...
3/23/2018MARKET WATCH: Oil prices slip as White House moves to impose...
3/23/2018Aiteo meets with ex-militants, youth leaders over illegal oi...
3/23/2018US Oil Rig Count Rises To 804
3/23/2018Oil companies push U.S. drilling to pace last seen in 2015
3/23/2018Guggenheim: Natural Gas Demand Holds Own Against ‘Unstoppabl...
3/23/2018Tinka Resources shareholders re-elect directors at AGM
3/23/2018Apache makes multi-million barrel oil discovery in North Sea
3/23/2018Statoil presents Annual and Sustainability reports for 2017
3/23/2018Aliso Canyon Disaster Highlights Risks, Inadequate Safety Ru...
3/23/2018Oil Rising for Second Week as Tudor Pickering Touts Servicin...
3/23/2018Apache Corporation Announces Significant New Discovery at Ga...
3/23/2018Natural gas outage in Saskatchewan was caused by unreported ...
3/23/2018LIVE FUTURES REPORT 23/03: LME base metals end week under pr...
3/23/2018Baker Hughes US oil rig counts 804 versus 800 prior
3/23/2018US Exploration Industry Holds Up Well: 4 Oil Stocks to Buy
3/23/2018U.S. drillers add oil rigs for 2nd consecutive week -Baker H...
3/23/2018Total Completes Its First Oil Liftings from Lapa and Mero fi...
3/23/2018OPEC coalition's production cut deal should have no timefram...
3/23/2018Baker Hughes reports a second straight weekly rise in the U....
3/23/2018Oil rises as Saudi talks about extending output cuts into 20...
3/23/2018Oil prices take flight with US hawk
3/23/2018Is Oil Ready to Break Out?
3/23/2018Zambia in talks with Canadian mining giant over customs duti...
3/23/2018John Bolton’s Ascent Could Raise Oil Prices As Iran-Nuclear ...
3/23/2018Alberta looks beyond oil as crash leaves balanced budget far...
3/23/2018China slaps tariff on U.S. oil pipe, potential hit to Texas....
3/23/2018Touting Oil Exports Means Comparing Maple Syrup and Cream So...
3/23/2018Crude palm oil prices down as Malaysia export tax policy wei...
3/23/2018UK Oil & Gas Investments notes Horse Hill development approv...
3/23/2018NOV develops iron roughneck upgrade for cost-effective perfo...
3/23/2018OPEC rumours drive oil prices up
3/23/2018China slaps tariff on U.S. oil pipe, threatening Texas indus...
3/23/2018Range Resources provides Indonesia operational update
3/23/2018MSPO is crucial for palm oil to widen export base - Mah
3/23/2018US-based gas corporation ‘Apache’ plans to drill 50 oil well...
3/23/2018Federal rollbacks + huge new oil and gas project = trouble f...
3/23/2018Nutella maker Ferrero discloses 116 palm oil mills
3/23/2018Oil rises as Saudi backs extending output cuts into 2019
3/23/2018NORWEGIAN STOCKS-Oslo Bourse turns positive on rising oil, s...
3/23/2018Putin relative appointed to management of state gas giant Ga...
3/23/2018Statoil awarding Askeladd development contracts
3/23/2018China's CEFC Investigation Hits $9 Billion Russian Oil Deal
3/23/2018Cenovus Energy responds to pipeline constraints in Canada
3/23/2018Is Guyana Prepared For An Oil Boom?
3/23/2018Shell divests stake in Iraq’s West Qurna 1 oil field
3/23/2018Rajkot Oilseed Complex Close- March 23, 2018.
3/23/2018Are You Sure Oil Is A Good Bet? The Previous Slump Lasted Ab...
3/23/2018What's at Stake for Oil as Trump Appoints Another Iran Hawk?
3/23/2018Iraq's southern oil exports fall for third month in March: s...
3/23/2018Oil rises on Saudi talk of extending output cuts into 2019
3/23/2018Geopolitical risk drives oil prices higher
3/23/2018Endeavour Energy Kicks Off North Sea Asset Sale, Sources Say
3/23/2018Oil Price Isn't Spurring Enough Investment, Saudi Minister S...
3/23/2018Oil hits $70 a barrel as risk to US-Iran nuclear deal mounts
3/23/2018Oil hits $70 a barrel as risk to Iran nuclear deal mounts
3/23/2018South Sudan slams U.S sanctions on oil firms
3/23/2018Shell Deals Iraqi Oilfield Stake To Japan's Itochu For $406 ...
3/23/2018Asian Oil, Gas Producers Step Up Activity After Long Lull
3/23/2018Saudi expects oil producers to extend output curbs into 2019
3/23/2018Shell sells stake in southern Iraq oil field for $406 millio...
3/23/2018Zinc prices edge lower
3/23/2018Lonmin hands over New Marikana primary school to Basic Educa...
3/23/2018What Trump's Tariffs Mean For Global Oil And Gas
3/23/2018Iraq's southern oil exports fall for third month in March-so...
3/23/2018US’ Gulf of Mexico oil and gas lease sale yields $124.7m in ...
3/23/2018Shell Unit Agrees to Sell West Qurna 1 Oilfield Stake in Ira...
3/23/2018Panoro in early discussions to offload Aje field asset
3/23/2018Sdx Energy Swings To Income In 2017 With Gains From Circle O...
3/23/2018South Sudan:U.S. Sanctions Oil Companies to Choke Off War Fu...
3/23/2018Petrobras to get compensated for transfer of rights deal
3/23/2018Norway's Statoil highlights green agenda
3/23/2018Ruble rate becomes less sensitive to oil prices — Central Ba...
3/23/2018Are Canada’s Top Oil Stocks Doomed?
3/23/2018Auryn Resources Announces Closing of US$9.8 Million Financin...
3/23/2018India Nickel Scrap prices gain; Nickel Futures fall in line ...
3/23/2018Repsol Says GN Buyer Drops Condition
3/23/2018Crude Oil Steadies After Big Swing
3/23/2018RNC mulls selling of Beta Hunt mine to focus on Dumont nicke...
3/23/2018Oil takes heart from talk of production-cut extension
3/23/2018Commodities Outlook: Precious Metals rally, Base Metals and ...
3/23/2018Asian interest in Iraqi oil sector grows with Shell exit
3/23/2018Duke Energy to invest $36bn on grid modernization and renewa...
3/23/2018Oil buoyed by Saudi talk of extending output cuts into 2019
3/23/2018Oil gains as Trump picks Iran hawk Bolton as security advise...
3/23/2018Weekly grains and oilseed market view from Europe, March 23
3/23/2018Vietnam halts South China Sea oil drilling project under pre...
3/23/2018Aasgard A safety failings for Statoil
3/23/2018Oil price, SDX Energy, Savannah Petroleum, Sundry-Aminex-Gul...
3/23/2018UK Oil & Gas, Alba Mineral Resources advance in early deals ...
3/23/2018Oil Edges Up on Hopes for OPEC Cut Extension
3/23/2018Trans-Siberian sets 2018 production guidance
3/23/2018PENGASSAN’s picketing worries oil service firms
3/23/2018Lukoil can reach strategic goals at oil price of $50/barrel ...
3/23/2018Sasol appoints Levergy
3/23/2018Lukoil can reach strategic goals at oil price of $50 per bar...
3/23/2018$4.6 Bn Natural Gas Generator Market - Global Demand Analysi...
3/23/2018Russia's Lukoil sees annual investments at $8 bln if oil pri...
3/23/2018RMB round-up: Guo Shuqing takes charge of CBIRC, no tax on R...
3/23/2018Oilfield Helping Hands Hosting Fundraising Event To Honor Vi...
3/23/2018Stock futures plunging on White House turmoil, trade war wor...
3/23/2018Myanmar, India mull building cross-border oil pipeline
3/23/2018Oil Companies Admit Climate Change Is Real
3/23/2018US still driving oil investment recovery
3/23/2018Dog owners warned of deadly palm oil washing up on UK beache...
3/23/2018Oil & Gas UK: Resilient and reshaping
3/23/2018Vietnam Suspends Repsol's S China Sea Project: Report
3/23/2018Namibia:Another Oil Leak As Japanese Vessel Runs Aground
3/23/2018OPEC, Russia should cut oil into 2020 if U.S. output booms: ...
3/23/2018Oil rises as Saudi talks about extending output cuts into 20...
3/23/2018Oil sector local content may fizzle out in structural gaps
3/23/2018Statoil presents its annual report and sustainability report
3/23/2018Oil jumps as bulls return on Trump's pick of Iran Hawk Bolto...
3/23/2018Repsol 'forced to halt' Ca Rong Do drilling
3/23/2018Gabon to revise hydrocarbons law to attract investment: oil ...
3/23/2018Malaysia sets April Crude Palm Oil export tax at 5%
3/23/2018Spar Austria Removes Palm Oil From Private Labels
3/23/2018Gabon to revise hydrocarbons law to attract investment – oil...
3/23/2018Shell to sell off stake in Iraq oil field to ITOCHU Corp
3/23/2018SHFE STOCKS REPORT 23/03: SHFE copper stocks rise further; a...
3/23/2018India Brass, Copper Scrap prices gain; Copper Futures fall o...
3/23/2018SDX Energy swing to profit as oil prices rise
3/23/2018Oil Companies Admit Climate Change Is Real, Say Don’t Blame ...
3/23/2018UK Oil & Gas and Alba Mineral Resources advance in early dea...
3/23/2018Opinion: Is Guyana prepared for an oil boom?
3/23/2018Statoil ASA presents Annual and Sustainability reports for 2...
3/23/2018Shell to sell West Qurna 1 oilfield stake to Japan's Itochu ...
3/23/2018Shell to sell West Qurna 1 oilfield stake to Japan's Itochu ...
3/23/2018Rajkot Oilseeds Complex Open- March 23, 2018
3/23/2018Carbine pulls plug on Mt Morgan, MD quits
3/23/2018Shell Sells Off Iraq's West Qurna 1 Oil Field To Itochu
3/23/2018Statoil increases production while committing to energy tran...
3/23/2018Kuwait oil price up USD 1.31 to USD 64.75 pb
3/23/2018RMB round-up: Guo Shuqing takes charge of CBIRC, no tax on R...
3/23/2018-China's CEFC investigation hits $9 billion Russian oil deal
3/23/2018Oil Climbs as Investors Weigh Trump Tariffs and Bolton Hirin...
3/23/2018Oil prices rise as Saudi says production curbs could last in...
3/23/2018Oil rises more than 1 pc as Saudi says production curbs coul...
3/23/2018Oil rises after Saudi says cuts could be extended into 2019
3/23/2018Oil veteran Ray honoured
3/23/2018Justin Bieber 'can't stop thinking about Selena Gomez'
3/23/2018Vietnam scraps South China Sea oil drilling project under pr...
3/23/2018Crude palm oil prices down as Malaysia export tax policy wei...
3/23/2018South Sudan says U.S oil sanctions will undermine peace
3/23/2018North Sea oil field deal provides boost for area
3/23/2018EUROPEAN MORNING BRIEF 23/03: SHFE base metals prices plunge...
3/23/2018Oil rises more than 1 pct as Saudi curbs could last into 201...
3/23/2018Asian oil, gas producers stepping up activity after long lul...
3/23/2018Vietnam 'scraps new offshore oil project'
3/23/2018$3.2M bid at Calgary Stampede tarp auction as oilpatch picks...
3/23/2018Aramco: An oil company en route to an IPO
3/23/2018The world's largest oil trader is changing its strategy
3/23/2018Oil rises more than 1 percent as Saudi says production curbs...
3/23/2018Oil rises more than 1 pct as Saudi says production curbs cou...
3/23/2018Oil prices do not affect inflation expectations after all
3/23/2018Oil spillage: NGO strategises to clean up N’Delta
3/23/2018A-Cap Resources acquires nickel-cobalt project as cobalt pri...
3/23/2018Investors should watch out for rising bond yields, oil price...
3/23/2018President to commission Mutare’s oil plant
3/22/2018Oil revenue down to $24.7b
3/23/2018Al-Falih: Aramco IPO could still happen in 2018
3/23/2018Saudi Aramco says oil facilities safe after reported attack
3/23/2018'End new oil exploration now'
3/22/2018Bullion association punting responsible sourcing as a ‘must ...
3/22/2018Rubicon Minerals Announces its 2017 Financial Results and Co...
3/22/2018Saudi expects oil producers to extend output curbs into 2019
3/22/2018Oilfield Helping Hands hosting fundraising event to honor vi...
3/22/2018Sparton Resources Inc. Private Placement Financing Closed
3/22/2018Canada's Cenovus cuts oil sands production on lack of market...
3/22/2018Saudi energy minister says Aramco IPO could still take place...
3/22/2018Colombia opens probe into Ecopetrol over oil spill
3/22/2018The Flip Side to Rising Oil Prices: Baytex Energy Corp.’s Ga...
3/22/2018Iron ore futures have been slammed, tumbling to the lowest l...
3/22/2018Saudi Energy Minister weighs in on Saudi Aramco IPO
3/22/2018B.C. announces rebates, conditions for liquefied natural gas...
3/22/2018Saudi Energy Minister says Saudi Aramco could go public this...
3/22/2018Northwest Gas Association Supports Washington Gov. Jay Insle...
3/22/2018Britain's SFO to recover $6 mln from Chad oil corruption cas...
3/22/2018Analysis: US natural gas storage falls 86 Bcf to 1.446 Tcf: ...
3/22/2018Spire customers in eastern Missouri will save on bills
3/22/2018Spire customers in western Missouri will save on bills
3/22/2018Saudi energy min Al-Falih: Two-thirds of oil glut is gone
3/22/2018Mexican presidential front-runner would review oil contracts
3/22/2018Oil traders, supermajors split on demand forecasts
3/22/2018Dovish Fed fails to lift Indian markets; oil prices hit seve...
3/22/2018Crude Oil Rally Stalls After Fed
3/22/2018Statoil awards Askeladd subsea hardware contracts
3/22/2018US crude oil futures settle at $64.30/BBL
3/22/2018Analyst: Rosneft Projects Could Be Postponed If Oil Output P...
3/22/2018Chevron’s lawyer, speaking for major oil companies, says cli...
3/22/2018MARKET WATCH: Oil prices rise following reports of oil inven...
3/22/2018China Plans To Advance Oil Exploration With Philippines
3/22/2018Floater issues slow Petrobras’ production
3/22/2018LIVE FUTURES REPORT 22/03: LME base metals plummet after dol...
3/22/2018Oil retreats after failing to hit $70 per barrel
3/22/2018Tell It to the Judge, Big Oil
3/22/2018Serious Fraud Office to recover £4.4million following “Chad ...
3/22/2018Yemen targets Saudi Aramco installations
3/22/2018Oil Sands Pipeline Shortage Takes Toll as Cenovus Cuts Outpu...
3/22/2018Oil Giant Accepts Climate Consensus, Denies Responsibility f...
3/22/2018'Artificial magma' technology used to suppress Alberta oil a...
3/22/2018Interior announces results of Gulf of Mexico region-wide oil...
3/22/2018LEAD & ZINC CONF: ‘Volatility is on the horizon – hedging ri...
3/22/2018Marketed: Operated Legacy Gas Assets, Southern Mississippi
3/22/2018Oil prices fall about 1% after failing to hit $70 a barrel
3/22/2018Statoil awarding Askeladd development contracts
3/22/2018GlobalData: 130 new oil and gas projects in Asia to commence...
3/22/2018Malaysia sets April crude palm oil export tax at 5% after ea...
3/22/2018Allan Gray Ups Interest In Caledonia Mining Corp To 20% (All...
3/22/2018Aramco says all facilities safe after report of Yemeni attac...
3/22/2018Holland & Barrett stops selling krill oil
3/22/2018Saudi Aramco says all facilities safe after missile attack r...
3/22/2018Oil producer Norway calls in mediator to avert strikes
3/22/2018EU Leaders To Slam Turkey Over Offshore Cyprus Drilling Spat
3/22/2018SFO recovers £4.4m from corrupt diplomats in ‘Chad Oil’ shar...
3/22/2018UNCF Mayor’s Masked Ball Secures Better Futures for the Next...
3/22/2018LAGCOE names Galtway Marketing as strategic and creative age...
3/22/2018More sinkholes? Permian Basin bucking under stress of oil an...
3/22/2018LEAD & ZINC CONF: Sluggish conditions in China a reason for ...
3/22/2018US restrictions likely to deter Western oil companies, but S...
3/22/2018PetroChina (PTR) Buys Oil Stakes in UAE for $1.18 Billion
3/22/2018In court, oil company admits reality of human-caused global ...
3/22/2018Statoil proposes name change
3/22/2018Rajkot Oilseed Complex Close- March 22, 2018.
3/22/2018LEAD & ZINC CONF: Asian zinc alloy users eager to test alter...
3/22/2018CANADA STOCKS-TSX slips on trade war fears; oil rally stalls
3/22/2018Statoil awards contracts for $642m Askeladd field developmen...
3/22/2018Petrobras reports February oil and gas production
3/22/2018Domestic natural gas prices all set to rise to the highest l...
3/22/2018Endeavour Energy kicks off North Sea assets sale
3/22/2018Chrysaor picks up second North Sea oil and gas acquisition
3/22/2018Crude oil prices retreat in sell-off action
3/22/2018Yemen's Houthis Say They Fired Missile at Aramco Najran Faci...
3/22/2018Oil trades near $65 with U.S. inventories below five-year av...
3/22/2018Emerald Bay to sell first 700 bbl of oil produced from Kuhn ...
3/22/2018China's CEFC investigation hits $9 billion Russian oil deal
3/22/2018South Korea’s SK Innovation buying U.S. shale oil producer
3/22/2018Massive Oil Fields in Texas Are Heaving, Sinking, And Openin...
3/22/2018Oil transition laggards risk “run for green” in mid-2020s, s...
3/22/2018EU leaders condemn Turkish actions in Mediterranean gas stan...
3/22/2018Army fired ballistic missile attack Saudi Aramco in Najran
3/22/2018Zambian leader pushes for miner's $7.9bn tax bill to be sett...
3/22/2018LIVE FUTURES REPORT 22/03: Comex copper prices pares back ga...
3/22/2018LIVE FUTURES REPORT 22/03: Comex copper price pares back gai...
3/22/2018Oil trades near $65 with U.S. inventories below 5-year avera...
3/22/2018Statoil Awards Ocean Installer Askeladd Marine Operations Co...
3/22/2018Oman antimony roasting project readying for June production
3/22/2018Nickel prices trade sideways
3/22/2018Crude oil futures ease back on bullish US stocks reports
3/22/2018LEAD & ZINC CONF: 'This will be the best zinc price for year...
3/22/2018New Orleans Pelicans attempt to close out home stand against...
3/22/2018Gulf of Mexico oil and gas auction draws modest interest
3/22/2018PetroChina profit pops as oil rally counters gas, write-down...
3/22/2018Saudi Aramco may create employee shareholders says US think ...
3/22/2018Russian Lukoil Hits Record Gas Output
3/22/2018South Sudan says U.S. oil sanctions will undermine search fo...
3/22/2018Shareholder motions demand Imperial Oil transparency on wate...
3/22/2018Oil Prices Retreat After Hitting Six-Week Highs
3/22/2018Range Resources Gets Work Programme, Budget Approval In Indo...
3/22/2018India Brass, Copper Scrap prices fall further; Copper Future...
3/22/2018Crude Oil Pauses After Strong Rally
3/22/2018Oil and gas transition laggards risk “run for green” in mid-...
3/22/2018Cenovus cuts oilsands production due to price differential, ...
3/22/2018Oil gives up gains, but Opec-led output curb limits losses
3/22/2018Nate McMillan on Pacers' loss to Pelicans
3/22/2018Oil firm on draw in US inventories
3/22/2018Putin relative nominated to Gazprom board
3/22/2018M2 Cobalt Appoints Mahendra Naik as Advisor to the Board of ...
3/22/2018Armoil to invest some $35 million in construction of refiner...
3/22/2018One Oil Major Is Taking Energy Storage Very Seriously
3/22/2018PetroChina to ramp up oil and gas E&P despite lower fourth-q...
3/22/2018PetroChina to ramp up oil and gas E&P despite lower Q4 earni...
3/22/2018CANADA STOCKS-TSX futures drop as oil prices slip
3/22/2018(OFFICIAL)--Greenpeace boards rig due to drill for Statoil i...
3/22/2018Rising oil price propels PetroChina profit to 22.7b yuan
3/22/2018Guyanese campaigners mount legal challenge against three oil...
3/22/2018Palm oil industry in spotlight amid heightened environmental...
3/22/2018TSX futures drop as oil prices slip
3/22/2018Putin relative nominated to management board of gas giant Ga...
3/22/2018Oil pulls back from 7-week high
3/22/2018SEMAFO : La construction de la mine Boungou achevée à 87 %
3/22/2018Game 72: Pelicans-Pacers Postgame Quotes 3-21-18
3/22/2018Texas Oil Drilling Causes Alarming Increase Of Land Sinking,...
3/22/2018Nigeria’s Oranto Petroleum among oil firms sanctioned by U.S...
3/22/2018Cenovus Energy says transportation bottlenecks hit productio...
3/22/2018Natural Gas and Coal Generation Fell in 2017, While Renewabl...
3/22/2018Yedlin: Canadian Oil Sands Innovation Alliance could better ...
3/22/2018UK Oil & Gas Converts Gbp250,000 Loan To 20.7 Million Shares...
3/22/2018Greece’s Energean gets nod to develop 2 Israeli offshore nat...
3/22/2018Gran Colombia Adapts Previously Proposed Debt Financing in R...
3/22/2018METALS-Copper rallies, but trade war angst keeps it near 3-m...
3/22/2018Pacers lose to Pelicans after rough shooting night
3/22/2018Royal Dutch Shell Plc 0.5% Potential Decrease Indicated by C...
3/22/2018EOD Risers: 3M Co, Caterpillar Inc., Chevron Corporation, Ex...
3/22/2018This Morning's Research Reports on Oil & Gas Stocks -- Genes...
3/22/2018PetroChina Profit Pops as Oil Prices Outweigh Gas Import Los...
3/22/2018LIVE FUTURES REPORT 22/03: Dollar weakness supports LME base...
3/22/2018KPC, leading int'l co. agree to long-term LNG supply deal
3/22/2018Greenpeace in Statoil rig action
3/22/2018Oil giant BP squeezed out of Abu Dhabi concessions
3/22/2018Oil and gas dealmakers come to London
3/22/2018NBA Star Ben Simmons Conforms Relationship With Tinashe
3/22/2018Fujairah oil product stocks rise to 17.622 million barrels
3/22/2018Morning markets: Malaysia tax move takes wind out of palm oi...
3/22/2018Aramco international listing still on the cards, Saudi finan...
3/22/2018BP squeezed out of Abu Dhabi offshore oil as China, Italy wi...
3/22/2018Rosneft projects could be postponed if oil output pact exten...
3/22/2018Renewed focus on copper assets for Aim-listed Bezant
3/22/2018Statoil Awards More Askeladd Contracts
3/22/2018GlobalData: 130 new oil and gas projects in Asia to commence...
3/22/2018EXCLUSIVE: Abu Dhabi firm working on Saudi Aramco offshore j...
3/22/2018China's Hunan province to free up natural gas prices for veh...
3/22/2018Natural Gas in Eastern Mediterranean Fuels Increasing Tensio...
3/22/2018The Oil Sector Will Survive The Arrival Of The Electric Car ...
3/22/2018Greenpeace boards rig due to drill for Statoil in Arctic
3/22/2018Last date of bidding for 55 oil and gas blocks extended
3/22/2018Nigeria:'Why Oil State Firm Is Searching for Oil in Northern...
3/22/2018Statoil ASA: Completion of share capital increase in connect...
3/22/2018Sonatrach to explore oil in south of Bouira
3/22/2018US targets South Sudan oil company, ministries to stop funds...
3/22/2018South Sudan:US Targets 15 Oil Entities in New Restrictions
3/22/2018US targets South Sudan oil firms with sanctions to choke off...
3/22/2018SOCO International loss widens
3/22/2018China aims to challenge Brent, WTI oil with crude futures la...
3/22/2018Crude oil prices hit 7-week high as US supply drops
3/22/2018China's oil futures - frazzle or dazzle for foreign traders?
3/22/2018China's oil futures: frazzle or dazzle for foreign traders?
3/22/2018EXPLAINER-China aims to challenge Brent, WTI oil with crude ...
3/22/2018First Quantum hopes to resolve mammoth $8 bln Zambian tax bi...
3/22/2018Rajkot Oilseeds Complex Open- March 22, 2018
3/22/2018Tanker with Iranian oil on way to Poland
3/22/2018Oil Holds Above $65 With U.S. Inventories Below 5-Year Avera...
3/22/2018Oil loses ground as rising U.S. output threatens to disrupt ...
3/22/2018Faroe hunt for oil deals could see it double size due to mar...
3/22/2018Crude Oil Prices May Retreat as Trump China Tariffs Sour Sen...
3/22/2018Nigeria:Oil Marketers Sack Workers Over N650bn Govt Debt
3/22/2018METALS-London copper pulls away from 3-month low on dovish F...
3/22/2018US targets South Sudan’s oil entities over civil war
3/22/2018Oil prices firm on surprise drop in US crude inventories
3/22/2018US Magellan not to move ahead with Texas crude pipeline for ...
3/22/2018Kuwait oil price up USD 1.05 to USD 63.44 pb
3/22/2018New Orleans Pelicans grind out hard-fought victory against I...
3/22/2018Saudi Aramco international listing still on the cards, finan...
3/22/2018Non-oil growth drives UAE GDP up 1.5pc
3/22/2018Kronfol Says Oil Price Volatility Does Not Equal Bond Market...
3/22/2018Nova Scotia’s Mining Association applauds Government push fo...
3/22/2018Aberdeen oil firm upbeat on Nigeria in spite of drilling set...
3/22/2018PCJ raising awareness about oil, gas exploration
3/22/2018Swiss probe Rio Tinto over possible bribes in Mongolia
3/22/2018Swiss probe Rio Tinto over possible bribes
3/22/2018AD’s 28 points help Pelicans top Pacers
3/22/2018Resumption of oil activities in Ogoniland without clean-up w...
3/22/2018EUROPEAN MORNING BRIEF 22/03: Weaker dollar underpins SHFE b...
3/22/2018Zambia hits First Quantum with $7.9bn tax bill over mines
3/22/2018Aiteo meets with Niger Delta ex-militants, youth leaders, to...
3/22/2018'Why NNPC is searching for oil in Northern region'
3/22/2018Oil firm on surprise U.S. crude inventory draw, OPEC-led cut...
3/22/2018Davis, Moore, propel Pelicans past Pacers, 96-92
3/22/2018Davis, Moore lead Pelicans past Pacers
3/22/2018Game Recap: Pacers fall to the Pelicans 96-92
3/22/2018Oil Marketers Sack Workers over N650bn FG Debt
3/22/2018U.S. Sanctions of South Sudan Oil Industry And What It Means
3/22/2018The relationship between money, oil and weapons
3/22/2018METALS-London copper climbs off 3-month low on dovish Fed
3/22/2018Singapore warehouse razed, four days after oil storage tank ...
3/22/2018Penny oil and gas stocks on the move early Thursday
3/22/2018Postgame recap: Pelicans 96, Pacers 92
3/22/2018Climate Goes to Court: Oil Attorneys Play Up Uncertainty in ...
3/22/2018Natural gas export brings $3b in this fiscal year
3/22/2018Mass sack looms in oil sector over union picketing
3/22/2018Halftime Rewind: Pacers 50, Pelicans 51
3/22/2018Compliance with oil supply cuts hits record
3/22/2018VN Index nears peak on oil price
3/22/2018Oil prices rise on surprise U.S. crude inventory draw
3/22/2018US Building Military Garrison To Control Largest Syrian Oilf...
3/22/2018The Relationship Between Money, Oil And Weapons – OpEd
3/22/2018A $1 trillion dollar battle is brewing over oil data
3/22/2018China and India explored as new palm oil markets
3/22/2018Caledonia Mining hits new production record at Blanket mine;...
3/21/2018U.S. Takes Action against South Sudanese Public and Private ...
3/22/2018Big Oil lawyer emphasizes climate change ‘uncertainties’ in ...
3/22/2018Auction of Oil Drilling Tracts in Gulf Draws Tepid Interest
3/22/2018Gulf Oil Sale No Turning Point for Offshore Drilling
3/22/2018Texas A&M at Qatar partnership focuses on natural gas produc...
3/21/2018Oil nears 6-week high
3/21/2018S&P Global Platts Survey of Analysts Suggests U.S. EIA Data ...
3/21/2018'A family': Saints, Pelicans fans of all creeds pay respects...
3/21/2018Ghana says to sustain aggressive exploration on oil fields
3/21/2018Wesdome Announces 2017 Fourth Quarter and Full Year Financia...
3/21/2018Central and South America could become net oil and gas impor...
3/21/2018U.S. targets South Sudan oil firms with sanctions to choke o...
3/21/2018Swiss probe Rio Tinto over possible bribes, ex-Mongolian min...
3/21/2018Brief: Petroperú head resigns amid political turmoil
3/21/2018Oil Industry Spread 'Alternative Facts' - The Dowse, 25/3
3/21/2018CANADA STOCKS-TSX rises, led by energy as oil prices climb
3/21/2018TSX Gains 58 Points as Crude Oil Rises Sharply; Loonie Jumps...
3/21/2018WTI Crude Oil breaks above $65 after the Fed, at 6-week high...
3/21/2018Wall St gains with oil before Fed decision
3/21/2018Bay Street Shrugs Of US Hike As Oil Rallies -- Canadian Comm...
3/21/2018Swiss attorney general says examining if Rio Tinto or subsid...
3/21/2018Crude Oil Surges To Highest In 6 Weeks
3/21/2018The U.S. Oil Boom May Be About To Expand Beyond The Permian
3/21/2018Stocks jump after Fed sees strong US economy; oil prices ris...
3/21/2018OilRig APT Significantly Evolves in Latest Critical Infrastr...
3/21/2018Lawsuits vs. big oil lead to court lessons on climate change
3/21/2018US Targets 15 South Sudan Oil Entities in New Restrictions
3/21/2018Oil prices settle at their highest level since early Februar...
3/21/2018Setback for Trump administration after tepid offshore oil le...
3/21/2018GLOBAL MARKETS-Stocks jump after Fed sees strong U.S. econom...
3/21/2018Trump’s DOI Releases The Results Of The Largest Oil Lease Sa...
3/21/2018Appalachian Governors Extend Tri-State Shale Coalition Agree...
3/21/2018Brandon Ingram ruled out vs. Pelicans
3/21/2018New technology will produce titanium from oilsands waste
3/21/2018EIA: US crude oil down 2.6 million bbl
3/21/2018Banks, Bullion, & Bond Yields Jump As Hawkish Fed Sends Doll...
3/21/2018The impact from Facebook’s privacy scandal looks more like t...
3/21/2018Mid-Day Market Crude Oil Up 2.5%; General Mills Shares Plun...
3/21/2018‘Next Deepwater Horizon disaster a matter of time’: Critics ...
3/21/2018American oil memes are the slickest new thing on the interne...
3/21/2018Visitation for Pelicans' Benson begin
3/21/2018N650bn Debt: Oil marketers begin disengagement of workers
3/21/2018China says to have 'prudent' oil exploration with PHL
3/21/2018Bidding up slightly in US offshore oil lease sale
3/21/2018Gulf of Mexico major auction to boost US oil output
3/21/2018US places sanctions on South Sudanese oil-linked entities
3/21/2018Deputies Bust Massive Mendocino County Hash Oil Production F...
3/21/2018Vailaski Holding Reduces Holding In Petropavlovsk To Below 3...
3/21/2018First Quantum hopes to resolve mammoth $8 billion Zambian ta...
3/21/2018US Sanctions South Sudanese Oil Companies
3/21/2018US targets South Sudan oil sector, ministries over civil war
3/21/2018Oil helps boost energy stocks on Canada’s main stock index
3/21/2018DoE eyes vessels for oil exploration
3/21/2018Petrobras tendering subsea network to connect production pla...
3/21/2018Gushing prices help Russia's Lukoil to record operating prof...
3/21/2018Buy Oil Now, Thank Me Later
3/21/2018Ex-Occidental boss to form new Houston oil company in $2.7bi...
3/21/2018BUZZ-First Quantum Minerals: Cuts losses, disputes Zambia's ...
3/21/2018MARKET WATCH: NYMEX, Brent oil prices rise on Middle East te...
3/21/2018Mexico regulator wants minority stake floated in state oil f...
3/21/2018US pressures South Sudan’s oil sector over civil war
3/21/2018Alleged N650 billion debt: Oil marketers allegedly lay off s...
3/21/2018Record-size U.S. offshore oil lease sale draws modest biddin...
3/21/2018U.S. sanctions South Sudanese oil companies, aimed at chokin...
3/21/2018First Quantum dodges catastrophe as CEO moves to dispute tax...
3/21/2018Mexico oil regulator tells government: float part of Pemex o...
3/21/2018Oil Firm PdVSA In Major Trouble As Venezuelan Government Run...
3/21/2018Petrobras oil and gas production keeps declining
3/21/2018UK Oil & Gas Says Well Testing Has Ceased At Broadford Bridg...
3/21/2018US restricts trade with South Sudanese oil firms
3/21/2018Shareholder motions demand Imperial Oil transparency on wate...
3/21/2018First Quantum Steadies as CEO Hopeful of Escaping Giant Tax ...
3/21/2018Canada's First Quantum disputes $8 billion Zambian tax bill
3/21/2018Canada's First Quantum disputes $8 bln Zambian tax bill
3/21/2018Administration selling Gulf of Mexico oil and gas leases tod...
3/21/2018Another year of supply deficit for copper...just: Andy Home
3/21/2018IPO Watch: Aramco Was All Hype
3/21/2018U.S. crude oil stockpiles fall in week as imports drop - EIA
3/21/2018Mexico oil regulator tells gov't: float part of Pemex on bou...
3/21/2018Compliance With OPEC Oil Supply Cuts Hits Record; Overhang S...
3/21/2018Will China's New Oil Futures Flop?
3/21/2018Rosneft, Eni fail to discover oil at Black Sea well: source
3/21/2018Does The US Really Need More Oil?
3/21/2018Canadian mining giant refutes Zambia's claims on underpaymen...
3/21/2018Crude Oil prices edged up
3/21/2018China says to have 'prudent' oil exploration with Philippine...
3/21/2018Skeptics Filed Last-Minute Briefs Challenging Cities And Big...
3/21/2018Arnold Schwarzenegger Promotes Gas Guzzling Helicopter Ride ...
3/21/2018CNOOC begins production at Weizhou 6-13 oilfield in South Ch...
3/21/2018Greenpeace says Ferrero and Hershey fail to name palm oil pr...
3/21/2018DXI Energy (TSX: DXI) (OTCQB: DXIEF) Discovery Will Add To W...
3/21/2018PIGB will help to reduce Nigeria’s oil production cost – Kac...
3/21/2018Tighter markets, Iranian risk premium drives oil prices high...
3/21/2018Oil & Gas UK: Resilient and reshaping but greater activity n...
3/21/2018Iraq to increase oil income, decrease KRG's share
3/21/2018CANADA STOCKS-TSX higher as oil prices rise
3/21/2018Rajkot Oilseed Complex Close- March 21, 2018.
3/21/2018US STOCKS-Wall St flat as oil offsets Facebook's drop; Fed m...
3/21/2018Oil prices extend gains as weekly U.S. crude supplies unexpe...
3/21/2018BHGE Hunts For Small Oil, Gas Projects In Asia
3/21/2018Exclusive: Rosneft, Eni fail to discover oil at Black Sea we...
3/21/2018Oil Prices Set to Climb Higher as EIA Confirms Inventory Dro...
3/21/2018OPEC sees oil storage glut shrinking, as new benchmark for r...
3/21/2018Compliance with oil supply cuts hits record, overhang shrink...
3/21/2018Canada's First Quantum refutes $8 bln Zambian tax bill
3/21/2018LIVE FUTURES REPORT 21/03: Comex copper price stages modest ...
3/21/2018US natural gas generation falls as renewables rise
3/21/2018One growth candidate I’d buy alongside BP plc
3/21/2018Sahara Energy revives plan for IPO as it looks to acquire mo...
3/21/2018Eni offers 92 lots of Transmed, TTPC natural gas import capa...
3/21/2018Shell sees strong growth in downstream oil beyond 2020
3/21/2018CANADA FX DEBT-C$ rallies on NAFTA optimism, higher oil pric...
3/21/2018Tengizchevroil to double LPG export through Taman port in 20...
3/21/2018Canadian dollar rallies on NAFTA optimism, higher oil prices
3/21/2018California judge holds climate change ‘tutorial’ ahead of la...
3/21/2018GLOBAL NICKEL WRAP: Full-plate premiums in Shanghai dive to ...
3/21/2018Big Oil's Trillion Dollar Data Battle
3/21/2018OPEC said to discuss changing gauge of success for oil cuts
3/21/2018Russia's Lukoil beats forecasts as fourth-quarter net profit...
3/21/2018Crude Oil In Rally Mode After Inventories Surprise
3/21/2018Power issue slows Eland Oil & Gas’ activities at Opuama fiel...
3/21/2018South Korea's SK Innovation To Buy US Shale Oil Company
3/21/2018Oil rich Saudi Arabia turns to nuclear power
3/21/2018China takes minority stake in oil offshore United Arab Emira...
3/21/2018Directa Plus And Sartec To Commercialise Grafysorber -Based ...
3/21/2018A Top Canadian Oil Stock for Buy-and-Hold Investors
3/21/2018Oil Extends Gains Amid Renewed Geopolitical Risk
3/21/2018A New Oil Price Environment?
3/21/2018Oil extends gains on specter of supply disruption from geopo...
3/21/2018Petrobras looking at offer for two fertilizer plants
3/21/2018Commodities Outlook: Metals steady, Oil gains further as mar...
3/21/2018European physical zinc premiums firm on improved demand
3/21/2018HRW: Political fractures an economic risk for oil-rich Libya
3/21/2018US judge to question Big Oil on climate change
3/21/2018China's CNPC inks $1.18B deal for stakes in Abu Dhabi oil
3/21/2018Saudi Aramco in negotiations over stake in Indian refinery
3/21/2018Nigeria's Sahara Revives IPO Plan as It Looks to Pump More O...
3/21/2018A father, a musician, a salsa maker - the lives and futures ...
3/21/2018Mixed report for UK oil and gas 'shows need for transformati...
3/21/2018Lukoil in profits leap
3/21/2018Special Focus: Mediterranean: Italy seeks oil spill response...
3/21/2018What's Happening With These Oil & Gas Pipelines Stocks? -- P...
3/21/2018China's CNPC pays nearly $1.2bn for Abu Dhabi offshore oil c...
3/21/2018Adnoc signs Dh4.3b concession deals with China oil giant
3/21/2018Record U.S. oil offshore lease sale to test Trump energy pus...
3/21/2018Italy seeks oil spill response co-operation in Adriatic
3/21/2018METALS-Copper slips to 3-month low ahead of Fed policy state...
3/21/2018China iron ore, steel rebound
3/21/2018New Orleans Pelicans vs. Indiana Pacers: How to watch, TV, s...
3/21/2018Westmount Energy swings to profit as oil prices rise
3/21/2018Royal Dutch Shell Sees $9 Bln to $12 Bln Organic Free Cash F...
3/21/2018Reporter Podcast: What Palm Oil Farmers in Thailand Are Doin...
3/21/2018Stock Review for Oil and Gas Investors -- Basic Energy Servi...
3/21/2018Belarusian Belorusneft, Oil India Limited working on three n...
3/21/2018LIVE FUTURES REPORT 21/03: LME zinc, lead edge higher; other...
3/21/2018Cairn Energy PLC 44% Potential Upside Indicated by Barclays ...
3/21/2018Some Oil Refineries Are Getting a License to Print Money
3/21/2018ConocoPhillips secures regulatory approval for Barossa devel...
3/21/2018Statoil gets PSA nod for Aasta Hansteen facilities
3/21/2018South Korea’s PPS awards zinc tender for March delivery at s...
3/21/2018Is Florida off the table for oil drilling? Public remarks co...
3/21/2018ADNOC signs offshore concessions with CNPC, strengthening ti...
3/21/2018Tanzania:Lack of Natural Gas Stalls Operations of Three Fert...
3/21/2018CNOOC starts production from Weizhou 6-13 oilfield
3/21/2018Biggest Oil Importer Pays $1.18 Billion to Pump in Abu Dhabi
3/21/2018Nigeria:Oil Communities Allege Discrimination, Non-Payment o...
3/21/2018US builds new military base in oil rich Deir ez-Zor
3/21/2018Oil price hits three-week high as glut drops
3/21/2018Nagpur Soybean, Soyoil, Soymeal Open- March 21, 2018
3/21/2018Analysis: WTI's rebound may aid S Korean oil product exports...
3/21/2018Encounter offers two new projects to Newcrest
3/21/2018Rajkot Oilseeds Complex Open- March 21, 2018
3/21/2018A Huge New Oil Refinery in Oman is About to Get a Big Loan w...
3/21/2018Eland Oil & Gas pauses Nigeria drilling to address power iss...
3/21/2018Oil edges up on Middle East tensions, but soaring U.S. outpu...
3/21/2018Fire extinguished at Singapore fuel oil storage tank
3/21/2018Australian DLNG's 'only gas supply' option gets regulatory a...
3/21/2018No major impact expected on Singapore fuel oil market after ...
3/21/2018Middle East oil and gas companies are unprepared to address ...
3/21/2018Nigeria:Oil Communities Storm NASS, Protest Against Land Re-...
3/21/2018Oil refinery resettlement has cost us our livelihoods
3/21/2018Alaskan oil field players to take major stake in Alpha Energ...
3/21/2018[GGP] Lebanon's first offshore oil & gas exploration round: ...
3/21/2018Judge holds climate change class in suits against big oil
3/21/2018Exxon still assessing damage to Papua New Guinea natural gas...
3/21/2018Oil communities allege discrimination, non-payment of landow...
3/21/2018Santos's offshore gas project gets greenlight
3/21/2018Kuwait oil price up 70 cents USD 62.39 pb
3/21/2018Oil Gains as U.S.-Saudi Talks Raise Risk of Iranian Crude Cu...
3/21/2018METALS-Shanghai copper falls to 6-month low as shorts increa...
3/21/2018President, Qatar to supply Ukraine with liquified natural ga...
3/21/2018Nigeria:NNPC to Work With Military in Oil Exploration in Cha...
3/21/2018Nigeria:NNPC Plans 4 Oil Wells Drilling On Gongola Basin in ...
3/21/2018Oil communities storm NASS, protest against land re-acquisit...
3/21/2018Oil's breakout sees it close in on three-week highs
3/21/2018EUROPEAN MORNING BRIEF 21/03: Most SHFE base metals prices w...
3/21/2018GLOBAL COPPER WRAP: US cathode premium maintains peak levels...
3/21/2018Oil, gas and Caribbean integration
3/21/2018S Korea's SK Innovation to buy 100% stake in US shale oil co...
3/21/2018Global stocks get lift from oil prices
3/21/2018FG appeals to A-Ibom oil communities over pipeline vandalism
3/21/2018Davis' 37 points leads Pelicans past Mavericks
3/21/2018New Orleans Pelicans persevere through injury, beat Dallas M...
3/21/2018Range Resources a leading ASX gainer on news of Trinidad dri...
3/21/2018On trial for causing climate change, oil companies don’t pla...
3/21/2018Here's How Cheap Oil Is Pushing Saudi Arabia to Reform
3/21/2018Davis' 37 lead Pelicans past Mavericks
3/21/2018First Quantum Minerals denies K76.5 billion tax scam
3/21/2018METALS-London copper edges up from 3-month low on weaker dol...
3/21/2018China iron ore, steel rebound on hopes of demand recovery
3/21/2018A father, a musician, a salsa maker — the lives and futures ...
3/21/2018No Jrue, no issue: Without Holiday, Pelicans begin grueling ...
3/21/2018First Quantum Confirms $7.9 Billion Zambian Tax Assessment
3/21/2018Hot stock: Oil and gas, offshore and marine stocks rise on W...
3/21/2018US markets end higher led by oil cos; Facebook extend losses
3/21/2018US markets end higher led by oil cos; Facebook extends losse...
3/21/2018Davis' 37 points leads Pelicans past Mavs, 115-105
3/21/2018Davis scores 37 as Pelicans beat Mavs
3/21/2018The Fast Break: Mavs at Pelicans
3/21/2018Postgame recap: Pelicans 115, Mavericks 105
3/21/20183 things we learned as the Pelicans bury the Mavs, 115-105
3/21/2018S.Korea's SK Innovation to buy U.S. shale oil company
3/21/2018Fire extinguished at fuel oil storage tank in Singapore
3/21/20186-hour battle to stop fire from oil storage tank at Pulau Bu...
3/21/2018COLUMN-Feast and famine in the global tin market(s): Andy Ho...
3/21/2018Baker Hughes GE hunts for small oil, gas projects in Asia
3/21/2018Oil Price Hits $67 over Middle East Tensions
3/21/2018US now second largest global oil producer
3/21/2018Russia's oil conglomerate Rosneft increases advance payment ...
3/21/2018Oil rises to three week high on Mideast tensions, Venezuela ...
3/21/2018Oil price rise sparks North Sea bonanza
3/21/2018Oil Producing Communities Protest against Shell, Petition Se...
3/21/2018Oil price rise sparks North Sea bonanza: Experts predict 5% ...
3/21/2018ASIAN MORNING BRIEF 21/03: Copper tumbles on LME, Comex; Eur...
3/21/2018Youths decry discrimination by oil giant
3/21/2018PIB: FG suspends award of fresh oil licences
3/21/2018Canadian heavy crude oil is facing a crisis
3/21/2018Oil price rises
3/21/2018House Lauds Total E&P’s Commitment to Nigerian Local Content
3/21/2018CBN Begins Disbursement of N500bn Non-oil Export Facility
3/21/2018New Orleans Pelicans seek to take care of business against D...
3/20/2018Iron Bridge Resources Reports Year-End Reserves and Fourth Q...
3/20/2018Just Energy Group Inc. Announces Leadership Transition
3/20/2018Copper price: Congo set to overtake US as world's no 4 produ...
3/20/2018Zambia slaps miner First Quantum with $8bn tax bill
3/20/2018Oil prices rise to three-week high
3/20/2018Market report: Oil price surge drives FTSE recovery
3/20/2018CNOOC Starts Production At Weizhou 6-13 Oil Field In South C...
3/20/2018Aramco 'planning to list on local exchange'
3/20/2018CANADA STOCKS-TSX advances as oil rally boosts energy shares
3/20/2018Blockchain and Oil Trading
3/20/2018Mombasa refi nery to start receiving crude oil in May
3/20/2018Australia shares set to open higher on oil prices; NZ inches...
3/20/2018Warmer Temperatures Hit Oil Output In Arctic Alaska
3/20/2018Aramco eyes local IPO, may spike overseas listing
3/20/2018Indian Oil Corporation inks deal for Sabarimala rest places
3/20/2018TSX Rallies 26 Points as Crude Oil Prices Rise, Wall Street ...
3/20/2018Oil’s Well: Rising Crude Prices Pump Up Stocks
3/20/2018Stocks get lift from oil prices; Fed bets boost dollar
3/20/2018Oil producing communities storm NASS over alleged discrimina...
3/20/2018EPA proposes tweaks to oil refinery pollution rules
3/20/2018AMLO continues to send mixed signals on energy sector
3/20/2018Zambia slaps miner First Quantum with $8 billion tax bill
3/20/2018Calibre Mining Announces Approved Warrant Extension
3/20/2018NNPC to work with military in oil exploration in Chad Basin—...
3/20/2018Colombia oil production dips
3/20/2018CANADA STOCKS-TSX gains as higher oil prices boost energy sh...
3/20/2018Oil Search Sees Gobe Plant Operational This Week After PNG Q...
3/20/2018BNDES highlights Brazil's potential for offshore oil supply
3/20/2018Jindal Steel and Power sets floor price of QIP at Rs227.15 p...
3/20/2018Canada regulator halts trading in First Quantum Minerals sha...
3/20/2018First Quantum Minerals responds to news article regarding cl...
3/20/2018US bans Venezuela's oil-backed Petro coin
3/20/2018NNPC to work with military in oil exploration in Chad Basin ...
3/20/2018Oilsands alliance aiming to cut down on reliance for steam, ...
3/20/2018How Will Exxon Mobil Perform In 2018?
3/20/2018Crude Oil Surges Above Usd63
3/20/2018FG suspends award of oil licenses until complete passage of ...
3/20/2018US crude oil futures settle at $64.40/BBL
3/20/2018Oil prices settle at their highest levels of the month
3/20/2018Oil traders see further consolidation despite margin pick-up
3/20/2018On trial for causing climate change, oil companies don’t pla...
3/20/2018PIB: FG suspends award of fresh oil licenses
3/20/2018What plants can teach us about oil spill clean-up, microflui...
3/20/2018Saudi Arabia Once More Delays Plans to Sell Part of Its Oil ...
3/20/2018Feast and famine in the international tin markets
3/20/2018Oil prices rise amid Middle East tensions
3/20/2018Thomasson: Land of beauty threatened by oil
3/20/2018Thirty Years of U.S. Arms Sales to Middle East Endogenous to...
3/20/2018LIVE FUTURES REPORT 20/03: LME copper hits fresh 2018-low; a...
3/20/2018Cobalt price: Automakers 'waking up too late' as China takes...
3/20/2018Oilfield Services Market - Global Forecast to 2024 - Researc...
3/20/2018Saudi Arabia's oil shipments to America have plunged to 1988...
3/20/2018METALS-Copper hits three-month low on rising inventories, tr...
3/20/2018Oil price rally boosts FTSE
3/20/2018Saudi Prince Mohammed Tells Trump He Sees ‘Stable’ Oil Marke...
3/20/2018MARKET WATCH: Crude oil prices volatile as Saudis visit US
3/20/2018Peters: No compromise on oil and gas
3/20/2018TOTAL Expands Operation in the Middle East With Partnership
3/20/2018Fire breaks out at fuel oil storage tank in Singapore
3/20/2018BofA Is Arranging a $6 Billion Loan for Petrobras Unit Bid
3/20/2018Natural gas generation falls as renewables rise
3/20/2018Oil hits three-week high as glut shrinks faster than expecte...
3/20/2018US STOCKS-Wall St climbs with oil, but Facebook's slide chec...
3/20/2018Oil Prices Climb
3/20/2018ADNOC signs offshore concession agreements with Total
3/20/2018Petrobras reviewing offer for two more fertilizer plants-exe...
3/20/2018Plant-inspired material could help in cleaning up oil spills
3/20/2018Oil up on disruption fears
3/20/2018Pulau Busing's oil storage tank on fire
3/20/2018Satatoil becomes operator of the Martin Linge field and Gara...
3/20/2018Saudi Aramco international IPO stalls - reports
3/20/2018Here's One Spin Saudi Aramco Should Avoid Spinning
3/20/2018India seen raising natural gas price to highest in two years
3/20/2018Aramco Could Still Be Hong Kong's Arabian Knight
3/20/2018VP, Mohamed bin Zayed attend announcement of strategic partn...
3/20/2018Dairy prices find calm at GDT, as investors await milk produ...
3/20/2018LIVE FUTURES REPORT 20/03: Comex copper price crashes to thr...
3/20/2018Five things to know about the Pelicans on March 20, 2018
3/20/2018I Joined 10,000 People to Protest This Oil Pipeline
3/20/2018Shell interested in fresh natural gas projects in Brazil: ex...
3/20/2018ABB launch new oil and gas operations centre in Oslo
3/20/2018Oil rises to two-week high as OPEC cuts drain surplus
3/20/2018Faroe Hunt for Oil Deals Could See It Double Size in Hot Mar...
3/20/2018Faroe's hunt for oil deals could see it double in size
3/20/2018Greenpeace urges EU to do more to halt palm-oil driven defor...
3/20/2018Oil investment under threat as demand uncertainties loom
3/20/2018Petrobras reviewing offer for two more fertilizer plants: ex...
3/20/2018TSX edges higher as rising oil prices lift energy stocks
3/20/2018CANADA STOCKS-TSX edges higher as rising oil prices lift ene...
3/20/2018Suburban Propane Partners, L.P. Celebrating 90 Years of Lead...
3/20/2018SCDF battles oil storage tank fire on Pulau Busing, NEA moni...
3/20/2018Italy’s ENI starts oil production offshore Angola
3/20/2018Commentary: Feast and famine in the global tin market(s)
3/20/2018Feast and famine in the global tin market(s): Andy Home
3/20/2018CANADA STOCKS-TSX rises at open as higher oil prices help en...
3/20/2018Canadian dollar near flat versus firmer greenback as oil pri...
3/20/2018Rajkot Oilseed Complex Close- March 20, 2018.
3/20/2018China still main non-oil trade partner for Dubai in 2017
3/20/2018Northern Oil And Gas Commences $105 Million Equity Offering
3/20/2018Anglo African Oil & Gas finalises contract with Schlumberger...
3/20/2018Cities are suing oil companies to pay for climate damages. T...
3/20/2018Oil and Gas Sector in Middle East Hit by Serious Security In...
3/20/2018Vitol, Total in talks to acquire Brazil's Alesat
3/20/2018Heating Oil Trade Association Urges Scottish Parliament To R...
3/20/2018Faroe Petroleum Cuts Annual Losses On Higher Oil Prices
3/20/2018Essar Oil picks Trafigura, BP for $1 bn oil-backed loan as I...
3/20/2018BP to invest $500,000 in clean energy start-up network
3/20/2018Kuwait Joins Post-Oil Push But Warns It May Be Slower Than S...
3/20/2018Rising crude output from US exerts pressure on oil prices
3/20/2018CANADA FX DEBT-C$ near flat vs firmer greenback as oil price...
3/20/2018McDermott Plans To Bid For $5 Billion In Asia Offshore Oil, ...
3/20/2018Statoil Becomes Operator Of Martin Linge Field, Garantiana D...
3/20/2018Saudi Aramco IPO Faces Many Challenges, Says Zell
3/20/2018Oil rises to two-week high as OPEC sees cuts balancing marke...
3/20/2018Crude oil prices at 2 weeks high
3/20/2018Risk factor drives oil prices sharply higher
3/20/2018NBA Preview: New Orleans Pelicans aiming for easy win, hopin...
3/20/2018Aberdeen maintenance contract for BP’s Tangguh LNG expansion
3/20/2018Trump wants Saudi Arabia to flood Russia with oil
3/20/2018KKR, Venado Oil & Gas Team Up for Eagle Ford Expansion
3/20/2018US Interior Offers Oil Leases Near Utah's Wilderness Monumen...
3/20/2018Noble Group sued by top shareholder as trader defaults on de...
3/20/2018A challenge ahead for Brazil's oil and gas sector
3/20/2018MSP writes to oil bosses after job losses announced
3/20/2018Egdon Resources Agrees Farm-Out To Union Jack Oil On Pedl253...
3/20/2018Crude Oil Surges Middle East Tift
3/20/2018Aramco's IPO retreat
3/20/2018Why I’d avoid this dividend stock and buy 6% yielder BP plc ...
3/20/2018Statoil takes control over North Sea fields
3/20/2018ASIAN MORNING BRIEF 20/03: Lackluster showing for LME base m...
3/20/2018Correct: John Wood Resilient As Amec Foster Deal Cost Leads ...
3/20/2018Oil at highest in three weeks on Middle East tension and Ven...
3/20/2018Ocean Power Technologies to provide PB3 PowerBuoy for Eni's ...
3/20/2018Total to cut 250 jobs in Aberdeen following $7.5bn Maersk Oi...
3/20/2018Iraq: oil exports for February exceed 95.940 mn barrels in f...
3/20/2018UK oil output seen rising 9% this year: industry group
3/20/2018CANADA STOCKS-TSX futures edge higher as oil prices rise
3/20/2018NORTH AMERICAN MORNING BRIEF 20/03: LME base metals lower; C...
3/20/2018Commentary: Funds trim bullish oil positions, but no rush fo...
3/20/2018Morning View . Iron ore falls as China property cools
3/20/2018Adnoc signs deal to awards stakes to Total for $1.45bn
3/20/2018OPEC courts Azerbaijan as shale oil threat grows
3/20/2018Sterling slips on inflation slowdown, Oil rises
3/20/2018Brazil's Petrobras to mothball two fertilizer factories
3/20/2018New Orleans Pelicans vs Dallas Mavericks: How to watch, TV, ...
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3/20/2018OPEC courts Azerbaijan as shale oil threat grows
3/20/2018Stock Review for Oil & Gas Drilling & Exploration's Investor...
3/20/2018Anadarko agrees Mozambique LNG export deal
3/20/2018India to raise Natural Gas price to $3.2 per mmBtu.
3/20/2018CNOOC Limited Announces Weizhou 6-13 Oilfield Commences Prod...
3/20/2018Statoil exercises Odfjell rig option
3/20/2018Central Energy Fund moves to declare strategic fuel sales in...
3/20/2018Exclusive: India's Essar Oil picks Trafigura, BP for $1 bill...
3/20/2018China's independent oil refiners gear up for ethanol push in...
3/20/2018Exclusive: Essar Oil picks Trafigura, BP for $1 billion oil-...
3/20/2018US Sets Up New Base in Syria's Largest Oil Field in Deir Ezz...
3/20/2018Trafigura moves hedging out of Europe, leads U.S. oil export...
3/20/2018250 oil jobs lost despite claim of North Sea boost
3/20/2018Ghana : The world’s next oil hotspot
3/20/2018COPEC petitions Special Prosecutor - wants 1.8m crude oil sa...
3/20/2018Talk on Saudi Aramco's US$7 billion investment in RAPID proj...
3/20/2018Dog walkers warned of Suffolk coast’s ongoing palm oil and s...
3/20/2018Offshore Senegal reveals more oil potential
3/20/2018Turin Brakes @ Palladium, London
3/20/2018America Confirm October London Palladium Show
3/20/2018Exxon Mobil buys LNG to chill quake-hit Papua New Guinea pro...
3/20/2018America’s record-breaking natural gas export boom
3/20/2018Indian Oil Corporation starts home delivery service of diese...
3/20/2018Aramco Could Still Be Hong Kong’s Arabian Knight
3/20/2018Mercuria's 2017 traded oil volumes up, net asset value rises
3/20/2018Nagpur Soybean, Soyoil, Soymeal Open- March 20, 2018
3/20/2018OPEC and non-OPEC committee said to see oil market rebalanci...
3/20/2018Oil rises toward US$63 as OPEC cuts weighed against US suppl...
3/20/2018Talk on Saudi Aramco's US$7b investment in Rapid project don...
3/20/2018John Wood Resilient As Amec Foster Deal Cost Leads To Loss
3/20/2018Why Oil-Rich Saudi Arabia Is Turning to Nuclear Power
3/20/2018Rajkot Oilseeds Complex Open- March 20, 2018
3/20/2018Oil prices rebound as Middle East tensions persist
3/20/2018Austrian oil company gives green light in Yemen
3/20/2018John Wood Group swings to a loss amid 'challenging' oil mark...
3/20/2018Oil & Gas UK Expecting Sharp Rise In North Sea New Field App...
3/20/2018Crude Oil Prices Shrug Off Saudi Export Surge, API Data Up N...
3/20/2018Nigeria:Shell, GTBank Agree $270m Oil-Backed Loan to Amni
3/20/2018Nigeria:Swiss Accounts Blocked Over Suspected Nigerian Oil B...
3/20/2018Mercuria's 2017 traded oil volumes up, gross profit down
3/20/2018U.S. firm McDermott to bid for $5 bln in Asia offshore oil, ...
3/20/2018U.S. firm McDermott to bid for $5 billion in Asia offshore o...
3/20/2018Patrice Motsepe will not be drawn on copper plans
3/20/2018Oil Rises Toward $63 as OPEC Cuts Weighed Against U.S. Suppl...
3/20/2018Sensex up 150 points; gains in IT, oil and gas stocks
3/20/2018‘Netflix for Oil’ setting stage for $1trillion data battle
3/20/2018Klimkin explains position on Putin lobbyist Schroeder
3/20/2018Call for EU action to better regulate palm oil, coffee and b...
3/20/2018Oil falls 28 cents, as Wall Street falls, U.S. output surges
3/20/2018Household brands fail to act on dirty palm oil, says Greenpe...
3/20/2018Oil Search sees Gobe plant operational this week after PNG q...
3/20/2018Oil rises amid Middle East tension
3/20/2018India Brass, Copper Scrap prices fall further; Copper Future...
3/20/2018Oil Search sets its own carbon price
3/20/2018‘Scary numbers’ as Total reveals 250 job losses
3/20/2018Nigeria:Why Crisis Persists in Oil, Gas Industry - PENGASSAN
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3/20/2018PM's oil and gas comments cause anxiety in Taranaki
3/20/2018India Seen Raising Natural Gas Price to Highest in Two Years
3/20/2018Kuwait oil price up 58 cents to USD 61.69 pb
3/20/2018Swiss accounts blocked over suspected Nigerian oil bribery c...
3/20/2018Increase in MSP may lead to spike in Rice prices
3/20/2018Three things as the Mavericks visit the Pelicans
3/20/2018US bans use of Venezuela’s oil-backed cryptocurrency as a ‘s...
3/20/2018News Live: Saudi Aramco may list first on Saudi exchange, de...
3/20/2018'Chilling effect': Ardern's oil and gas remarks criticised
3/20/2018Leith Hill oil drilling: Protesters reject Environment Agenc...
3/20/2018News Live: Saudi Aramco may list first on Saudi exchange, de...
3/20/2018Militants threaten to resume attacks on oil installations ov...
3/20/2018EUROPEAN MORNING BRIEF 20/03: SHFE copper prices under press...
3/20/2018Winmar Resources attracts $3.1 million for cobalt opportunit...
3/20/2018-S.Korea fuel oil imports soar as coal, nuclear plants shut
3/20/2018Iran Says It Has Over 100 Oil, Gas Fields To Develop
3/20/2018Warmer temperatures hit oil output in Arctic Alaska -officia...
3/20/2018China’s Deal For Russian Oil In Turmoil – Analysis
3/20/2018LIVE FUTURES REPORT 20/03: SHFE copper prices down amid risk...
3/20/2018Oil prices rise on Middle East tension, but soaring U.S. out...
3/20/2018METALS-LME copper slips for fourth day ahead of Fed meeting
3/20/2018AIIB inks natural gas deal with Chinese firm to improve air ...
3/20/2018Winmar Resources attracts $3.1 million for cobalt opportunit...
3/20/2018Aramco is mulling an IPO on Saudi exchange before making its...
3/20/2018Foreigners Pile Into Saudi Stocks as Index Calls Loom, Oil G...
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3/20/2018History: Bullion Mine
3/19/2018Good news for Malaysian palm oil
3/20/2018Osinbajo: $3b lost to NNPC Strategic Alliance deals
3/19/2018Shell, GTbank agree $270m oil-backed loan to Amni
3/19/2018Falana Seeks Prosecution of Oil Firms for Unremitted Revenue
3/19/2018Saudi Aramco seeks majority stake in US$46bil Indian refiner...
3/19/2018US-Saudi Arabia business relationship moves beyond ‘guns for...
3/19/2018Kachukwu, Baru to lead speakers at Sub-Sahara Oil and Gas Su...
3/20/2018Venezuela's oil criss can't be stopped
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3/20/2018Aramco eyes local IPO, may spike overseas listing: report
3/20/2018Aramco eyes local IPO, may spike overseas listing
3/19/2018Flashback: Schwarzenegger Commuted Via Private Jet Before Sa...
3/19/2018Trump Bans Purchases of Venezuelan Oil-Backed Cryptocurrency
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3/19/2018Saudi Arabia scales back plan for Aramco’s massive IPO
3/19/2018If US revives Iran sanctions, Total eyes waiver
3/19/2018Venezuela arrests ex-oil refining boss for alleged graft -so...
3/19/2018Why Facebook, Universal Display, and Hecla Mining Slumped To...
3/19/2018Saudi Aramco expected to list first on Saudi stock exchange,...
3/19/2018Aramco Kills Massive Offshore IPO, Will Only Offer Shares Do...
3/19/2018Barkindo expresses concern over dwindling investment in glob...
3/19/2018Saudi Arabia is scaling back its IPO ambitions for oil giant...
3/19/20184 Reasons to Consider Suncor Energy Inc. for Your TFSA Today
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3/19/2018TSX in Triple Digit Swoon Following Broad-Based Decline; Wea...
3/19/2018Game 71: Mavs at Pelicans
3/19/2018UNIMAID vows to continue helping NNPC with oil exploration i...
3/19/2018Shell, Agip tackle Amnesty over oil spill report on Niger De...
3/19/2018Watch: Ardern clarifies oil exploration remarks
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3/19/2018Contango casts bearish shadow across oil complex
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3/19/2018Watch live: Jacinda Ardern on oil and gas plans
3/19/2018U.S. oil prices give back nearly all of last week's gains
3/19/2018Crude Oil Slides Along With Stocks
3/19/2018Oil company's bid to silence anti-frackers crumbles
3/19/2018Anaconda turns hostile in bid to buy Maritime Resources
3/19/2018Oman will continue new oil and gas projects, even if crude p...
3/19/2018CEF applies to invalidate oil sale contracts
3/19/2018Bridges tells PM to be 'honest' about oil and gas plans
3/19/2018South Africa Applies to Invalidate Oil Sale to Glencore, Vit...
3/19/2018LIVE FUTURES REPORT 19/03: LME base metals lack clear direct...
3/19/2018Swire Oilfield Services develops Norwegian operations with n...
3/19/2018Statoil assumes operatorship of Martin Linge
3/19/2018Total Eren targets Africa's power-starved mining sector
3/19/2018Canadian oil, Trudeau targeted by notorious Russian troll fa...
3/19/2018Total says committed to its contract with Iran
3/19/2018CANADA STOCKS-TSX extends losses as oil slides, investors br...
3/19/2018ADNOC Signs Major Offshore Concession Agreements with Total ...
3/19/2018At midday: TSX falls as oil eases, investors brace for U.S. ...
3/19/2018Nigeria: Amnesty activists uncover serious negligence by oil...
3/19/2018Saudis Ease Sacrifice of OPEC Oil Cut With Record Fuel Expor...
3/19/2018What's Affecting Oil Prices This Week (March 19, 2018)?
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3/19/2018New Orleans Approves Natural Gas Power Plant Despite Environ...
3/19/2018Time is running out Carex – come clean about palm oil
3/19/2018Piedmont Natural Gas seeks approval to reduce customer billi...
3/19/2018Exclusive: France's Total to stay clear of Lebanese maritime...
3/19/2018Exclusive: Total chief believes shale and US tariffs may imp...
3/19/2018Total strengthens presence offshore Abu Dhabi
3/19/2018Mich. to begin oil refinery cleanup on Muskegon lake
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3/19/2018China's Deal For Russian Oil in Turmoil
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3/19/2018Total buys into oil fields offshore Abu Dhabi for $1.45 bill...
3/19/2018Statoil gains union support for proposed name change
3/19/2018Sonangol ditches Trafigura as main supplier of oil products
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3/19/2018Iran Has over 100 Oil, Gas Fields to Develop: Minister
3/19/2018Oil slips as U.S. shale fears untempered by Russian reassura...
3/19/2018Oil prices down slightly, but lack clear direction
3/19/2018Iraq Mulls Building an Island to Boost Oil-Exporting Capacit...
3/19/2018Vietnam Oil Firm Sells 5% Interest In Offshore Block To Murp...
3/19/2018CANADA STOCKS-TSX slips as oil eases, investors brace for U....
3/19/2018Why Statoil is supporting Brazil's gas market liberalization
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3/19/2018Rajkot Oilseed Complex Close- March 19, 2018.
3/19/2018Oil prices decline due to increased US drilling
3/19/2018Dog walker warned of Suffolk coast’s ongoing palm oil and sh...
3/19/2018Should Saudi Aramco Scrap Its Initial Public Offering?
3/19/2018Exxon Mobil buys LNG to chill quake-hit Papua New Guinea pro...
3/19/2018McDermott, CB&I Form Executive Leadership Team, Organization...
3/19/2018Klondex Mines Ltd. (KLDX) Is Up Sharply After Bought By Hecl...
3/19/2018As Saudi Prince Visits U.S., Shale Transforms Oil Relationsh...
3/19/2018France’s Total to seek waiver if US revives Iran sanctions: ...
3/19/2018Eni begins production from Ochigufu oil field in offshore An...
3/19/2018Minister: Iran to award $6b Oil Projects to Local Contractor...
3/19/2018Crude oil prices trading sideways
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3/19/2018BUZZ-U.S. STOCKS ON THE MOVE-Facebook, Apple, Xerium, Heron,...
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3/19/2018Exxon Mobil buys LNG to chill quake-hit Papua New Guinea pro...
3/19/2018BUZZ-U.S. STOCKS ON THE MOVE-Facebook, Apple, Cheetah Mobile...
3/19/2018Petrofac ink Gulf deal totalling more than £500million
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3/19/2018River Lea oil spill: Eleven groups demand answers over ‘subs...
3/19/2018Oil weakens, but Middle East tension limits losses
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3/19/2018Crude Oil Holds Usd62 As Russia Downplays Us Shale
3/19/2018Ocean Power Technologies Signs Agreement with Eni S.p.A. to ...
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3/19/2018Varo bets on European refining despite peak oil demand fears
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3/19/2018An Early April’s Fool? Statoil Rebrands itself As Equinor
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3/19/2018CGG begins acquisition of new survey in Brazil’s Santos Basi...
3/19/2018India's CAD likely to be around 1.7% of GDP in this financia...
3/19/2018Glencore, Total win Angola fuel tender
3/19/2018Petrofac Wins Usd580 Million Contract With GCC National Oil ...
3/19/2018Private fuel retailers Essar Oil, Reliance Industries double...
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3/19/2018Abitibi Royalties: Reserve & Resource Update Plus Royalty Pr...
3/19/2018CME: Total Mexican Feeder Cattle Imports Down 13% Year to Da...
3/19/2018WSP Global's $12.7 Billion in Active Projects Fueled by Oil ...
3/19/2018European Stocks Edge Lower Amid Mixed Bag of Earnings, Soft ...
3/19/2018Putin election win raises questions about future of oil prod...
3/19/2018The 10-Point: Gerard Baker on Trump’s attacks on the Russia ...
3/19/2018What's behind the Saudi Aramco IPO delay?
3/19/2018Saudi Aramco eyes a majority stake in proposed Ratnagiri ref...
3/19/2018Brands refusing to reveal palm oil sources, says Greenpeace
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3/19/2018Avocet Mining Chairman And Directors Resign Amid Major Restr...
3/19/2018This Morning's Research Reports on Oil & Gas Stocks -- Callo...
3/19/2018Global oil prices fall on increased US drilling
3/19/2018India ROUND-UP: NTPC’s 30MW solar storage tenders, Mahindra ...
3/19/2018Eni starts oil production from Ochigufu field
3/19/2018Patrice Motsepe will not be drawn on copper plans
3/19/2018Dow futures slide more than 100 points, as Facebook fall lea...
3/19/2018SHFE vs LME physical arbitrage 19/03: Copper, aluminium, zin...
3/19/2018Petsec Energy buys Oil Search’s stake in Yemen’s Al Barqa li...
3/19/2018Private fuel retailers double petrol, diesel market share, s...
3/19/2018BUZZ-Klondex Mines: Soars as Hecla Mining's $462 mln buyout ...
3/19/2018Weatherly International losses narrow on higher copper price
3/19/2018Now get fuel at your doorstep - Indian Oil starts home deliv...
3/19/2018CEO: Total Committed to Contract with Iran
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3/19/2018Total next to take slice of Emirati pie
3/19/2018Columbus improves Beach Oilfield transaction terms, secures ...
3/19/2018Oil’s recovery quells concerns over rising costs
3/19/2018Saudi Aramco eyes stake in Indian downstream complex
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3/19/2018Carnegie gets funding to add solar to offshore gas facility ...
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3/19/2018Nifty Metal Index melts 3%; NMDC, Hindustan Copper fall 7%
3/19/2018Total chief underlines staying with commitments in Iran
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3/19/2018Nigeria:Shell, AGIP Fault Amnesty's Oil Spill Report in Nige...
3/19/2018Crude Oil prices turn lower on increased US drilling activit...
3/19/2018Total to acquire stakes in two offshore oil producing conces...
3/19/2018Rajkot Oilseeds Complex Open- March 19, 2018
3/19/2018Kenya:NGO Wants Petroleum Bill Amended to Shield Parks From ...
3/19/2018Swire Oilfield Services develops Norwegian operations with n...
3/19/2018France's Total To Seek Waiver If Us Revives Iran Sanctions: ...
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3/19/2018Canadian Dollar Drops On Falling Oil Prices
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3/19/2018Oil slips a US shale fears untempered by Russian reassurance
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3/19/2018Repsol Sinopec ‘explores’ options for removal of Beatrice pl...
3/19/2018Russia’s natural gas is ‘best deal on offer’ for Europe
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