Some banks are sticking it out in commodities as several others exit the business amid onerous regulations and decreasing profitability. The banks that stick around – including Goldman Sachs – face less competition. [Bloomberg]

Putin feels emboldened by the fact that major western oil companies remain committed to Russia despite the current souring of relations with US and European governments over the annexation of Crimea. Steve LeVine argues that only strategic sanctions preventing companies like ExxonMobil, BP, Total and Shell from operating in Russia will give Putin pause. [Quartz]

With further delay on the Keystone XL Pipeline decision, shipping oil by rail is now even more in the spotlight and it appears likely some form of stricter regulation is around the corner. “The NTSB says an older railcar model, the DOT-111, isn’t safe enough to carry hazardous liquids… Meanwhile, it’s not up to the NTSB to set rules for tank cars. The Pipeline and Hazardous Materials Safety Administration as well as the Federal Railroad Administration have that responsibility and are developing a proposal on design standards for the DOT-111.” [Market Watch]