By Sheela Tobben (Bloomberg) –Oil closed modestly higher Monday in New York as offshore explorers assess damage from Hurricane Ida and investors shift focus to an OPEC+ meeting that could see…
oil trading
Exxon Traders Quit While BP And Shell Colleagues Make Billions
By Devika Krishna Kumar and Julia Payne (Reuters) – Exxon Mobil Corp has lost two veteran crude oil traders from its U.S. energy trading group and a third is leaving…
Traders Keep North Sea Crude on Tankers Despite Rally
By Sherry Su (Bloomberg) — Here’s something for oil bulls to chew on as Brent crude trades near $72: tankers are holding several million barrels of oil in the North Sea…
Legendary Natural Gas Trader Sees ‘Seismic Shift’ in Houston’s Oil Patch
By Gerson Freitas Jr. (Bloomberg) — For John Arnold, the billionaire philanthropist who made his fortune betting on natural gas prices, Houston’s fossil-fuel industry seems finally ready to move on. A…
Canadian Crude Shipped from Newfoundland to U.S. West Coast in Unusual Demand Shift
By Sheela Tobben and Lucia Kassai (Bloomberg) — Canadian oil sellers are sending exports to the U.S. West Coast, an unexpected move prompted by the staggered global demand recovery from the…
Losing Bet on Covid Is Changing Oil-Trading Industry Forever
By Alfred Cang (Bloomberg) — In January, as a mysterious illness ripped through the Chinese city of Wuhan, global oil prices plunged. Two thousand miles away in the island state of Singapore,…
Singapore Oil Trader Hin Leong Failed to Declare $800 Million Losses
Fabled Singapore oil trader Hin Leong hid about $800 million in losses racked up in futures trading on the orders of its founder Lim Oon Kuin, suggesting a much bigger hole in the company’s finances than thought, according to affidavits seen by Bloomberg. The downfall of Hin Leong Trading (Pte)...
Shell Traders Post $1 Billion Profit in Fuel Oil Market Ahead of IMO 2020
By Javier Blas and Alaric Nightingale (Bloomberg) –Royal Dutch Shell Plc has made $1 billion from trading fuel oil this year, making it one of the standout winners from rules designed to make the shipping industry greener. Shell said last month that it made substantial money in fuel-oil trading in...