Energy Business Roundup: BioFuel BOUGHT Heavily By Hedges, Shell INTERESTED In Iraq

BioFuel Energy Corp. (NASDAQ:BIOF) is now in the spotlight (or headlights) of two major hedge funds. David Einhorn’s Greenlight Capital has just purchased 69,000 shares, which boosts its holdings to more than 36 percent of the company; and Daniel Loeb’s Third Point snapped up 34,000 additional shares which raises its investment to 19 percent.

Shares of Cliffs Natural Resources Inc. (NYSE:CLF) exploded Friday on the United Steelworkers of America’s announcement that the union has agreed to continue working beyond a September 1st contract deadline and to return to the bargaining table on October 8th. Meanwhile earlier this week at United States Steel Corporation (NYSE:X), labor talks ended in a temporary three-year contract while discussions continue at ArcelorMittal (NYSE:MT).

The Middle East vice president of Royal Dutch Shell (NYSE:RDSA) says that the company might take part in Iraq’s next auction of oil exploration rights if license terms are “competitive”. Iraq pledges to provide better incentives to foreign oil and gas companies than were contained in a tender in May, when no Western majors made an offer, even though Shell already possesses a sizable portfolio in Iraq.

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