By: Jessica Morris

I write about energy and industrials for City A.M. I'm particularly interested in geopolitics, energy policy and, of course, the ever lively oil markets.

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Firefighters tackle huge fire at Tata Steel plant in Rotherham

June 2, 2016

Ten fire engines and more than 50 firefighters were called out to tackle a huge fire at a Tata Steel plant this morning. It broke out at Tata Steel's site in Rotherham at about 1am after "several thousand" litres of oil caught fire, according to the South Yorkshire Fire and Rescue Service. It was contained to one building by about [...]
Commodities hedge funds shrug off money manager woes amid metals boom and oil price uptick

June 1, 2016

Commodities hedge funds shrugged off the problems plaguing other money managers at the start of this year, as investors piled into the long-suffering sector. Following more than three years of negative sentiment, investors returned to the commodities sector in the middle of last year and have since allocated $5.4bn (£3.7bn), according to data tracker eVestment. It comes during a torrid [...]
There are 2m barrels of oil stuck in the Caribbean sea because Venezuela can’t afford to pay BP

June 1, 2016

Four oil tankers carrying more than 2m barrels of oil are stuck in the Caribbean sea because of cash-strapped Venezuela. The cargo of US crude oil cannot discharge at a terminal there until it’s been paid for by Venezuela's state-owned oil company, PDVSA. The firm initially offered to pay for the imports with Venezuelan oil, but negotiations [...]
This is what the new British Steel logo looks like

June 1, 2016

The new British Steel logo was unveiled during a ceremony at the Scunthorpe Steelworks today. It came as Greybull Capital became the owners of Tata Steel's long products business, which includes the plants in Scunthorpe and mills on Teesside. Read more: Former Tata steel plant exec blames "Anglo-Saxo model" for industry decline It bought the struggling business last month for a nominal fee [...]
Former Tata steel plant exec blames “Anglo-Saxo model” for industry decline

June 1, 2016

A former exec at Tata's other European site said that Anglo-Saxon business model led to the industry's decline. Peter Joustra, former managing director at Tata's IJmuiden plant in the Netherlands, said that the British operations fell victim to short-term investment decisions which were aimed at pleasing shareholders. Read more: Tata Steel sells European business to Greybull Capital He added [...]
Pensions committee warns around 11m private sector defined benefit schemes face cuts

June 1, 2016

Around 11m promised final–salary-style pensions in the private sector could face cuts, Frank Field, chairman of the work and pensions select committee, has warned. It comes as the committee prepares to launch a wide-ranging investigation into occupational pensions. It's currently looking into the collapse of BHS, with 20,000 people facing at risk of reductions to their [...]
Oil slides away from $50 ahead of Opec meeting

June 1, 2016

Oil prices fell away from $50 this morning, as production from major Middle Eastern exporters was expected to remain high or even increase. Middle Eastern oil producers have been ramping up their supplies to Asia in an aggressive tussle over market share. It comes ahead of a meeting of the Organisation of Petroleum Exporting Countries (Opec) tomorrow. "Many [...]
What analysts expect from the Opec meeting on Thursday

May 31, 2016

Delegates from the increasingly divided Organisation of Petroleum Exporting Countries (Opec) will be hoping for a quiet meeting on Thursday. The gathering will mark the first meeting since Opec and non-Opec members failed to agree a production freeze deal in April. This was largely due to a long-running enmity between regional rivals Iran and Saudi Arabia. Read [...]
Yellen helps gold and copper prices clock biggest loss in six months

May 31, 2016

Gold and copper prices melted in May — with the stronger dollar putting them on course for their biggest drop in six months. Spot gold swelled 0.7 per cent to to $1,213 per ounce, but the yellow metal has still fallen around six per cent so far in May, also its biggest monthly decline in six. [...]
Chinese steel and iron ore futures post worst monthly performance on record

May 31, 2016

Chinese steel and iron ore futures clocked their worst monthly slump on record, amid a deepening crisis in the global steel industry. Rebar, or reinforcing steel, clocked a 23 per cent monthly decline, its worst on record since launching in 2009. The most-traded rebar on the Shanghai futures exchange closed down 0.8 per cent at 1,978 yuan [...]

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By: Jessica Morris

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