2019’s Rocky Oil Prices Made The World’s Biggest Traders Billions


2019 may have been fraught with volatile oil prices, but the world’s largest oil traders made a killing last year, Bloomberg reported on Monday.

“By all accounts, 2019 was among the best years ever for the energy trading industry,” Marco Dunand, chief executive of energy trader Mercuria Energy Group LTD, said.

Mercuria is one of the world’s largest oil traders.

Other traders including Vitol and Trafigura reaped the benefits of a turbulent 2019 as well—but Shell and BP, which have in-house trading units, deal in even more crude oil, trading 13 million and 10.9 million barrels of crude oil per day.

BP and Shell raked in billions last year on their oil trading arms, with Shell reportedly making $1 billion off fuel-oil trading due to the IMO2020 changes.

Gunvor, who trades 2.5 million barrels a day, said that 2019 was “up there among the best years ever.”

Trafigura, who already reported its 2019 results as their fiscal year ended in September, saw a record year for gross profits of $1.7 billion, trading 6 million barrels daily. Vitol—the largest oil trader that’s not part of Big Oil, is expected to report nearly $2 billion in earnings.

The reason for the banner year in the oil trading business was, according to senior traders and top executives interviewed by Bloomberg, a rather fortuitous combination of oil market influences. Supply outages in Venezuela and Iran boosted premiums that traders could charge to refineries. Then came the Russian tainted oil debacle. Then, Saudi Arabia’s supply disruption in the wake of a terrorist attack on Aramco’s infrastructure that temporarily took offline 5 million bpd. Then, there was the IMO2020 rules.

All these disruptions created a perfect money-making storm.

For BP, Shell, and Total—the do-it-alls of the oil industry, including trading—the money made on the trading side is a welcome addition to the balance sheet as oil and gas prices falter.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Source link



source https://newsslap.com/2020/01/28/2019s-rocky-oil-prices-made-the-worlds-biggest-traders-billions/

Komentarze

Prześlij komentarz

Popularne posty z tego bloga

Cannabis to be used as treatment for dementia symptoms in new UK trial

Scientist hypothesize that Sativex, a cannabinoid-containing mouth spray that tastes like mint, may be helpful in the reduction of symptoms such as aggression, agitation and paranoia. Researchers at King’s College London have announced that cannabis will be used as an experimental treatment for the symptoms of dementia, in what will be the first major UK clinical trial to treat the disease with the drug. 60 volunteer patients that display symptoms of dementia and Alzhemier’s are to be recruited, with results of cannabis treatment compared to those of a placebo. Most patients will be elderly people who live in nursing or assisted living homes, and all will be between 55 and 90 years old. Scientist hypothesize that Sativex, a cannabinoid-containing mouth spray that tastes like mint, may be helpful in the reduction of symptoms such as aggression, agitation and paranoia. Nearly half of all dementia patients in the UK suffer from these symptoms, in addition to confusion, lapses of me...
Czytaj więcej

SKUP , TERROR – Foreldrene til død IS-kriger kritiserer norske medier

Foreldrene til den døde IS-krigeren Bastian Vasquez snakker for første gang ut om mediepresset de opplevde da sønnen sluttet seg til jihadistgruppen. Foreldrene var gjester under fredagens «Late Night Show» på SKUP-konferansen, skriver Medier24 . Der fortalte de om presset de ble utsatt for da sønnen dukket opp i en IS-propagandavideo i Syria i 2014. Norsk-chileneren reiste til landet to år tidligere, etter å ha vært medlem av Profetens Ummah i Oslo. «Slik ble han alles fiende» lød ett av oppslagene i norske aviser. – Jeg vil snakke til alle dere journalister. Det er mye som er sagt og skrevet om vår sønn, og han blir framstilt som et monster. Han er ikke det. Bastian var kjærlig. Noen av dere skrev veldig mye vondt. Makten deres er enorm. Hvem kontrollerer makten dere har? Dere kan knekke en person. Vi som familie ble knekt, sa faren foran pressen. Rundt samme periode ble farens andre sønn oppringt av en journalist som spurte om det stemte at Vasquez var drept. Broren ble rystet...
Czytaj więcej

Memorials honoring Kobe and Gianna Bryant are popping up all over the world

Obraz
Nine people died Sunday in a helicopter crash in Calabasas, California, including the basketball icon, 41, and his 13-year-old daughter. Artist Jules Muck painted the mural of Kobe and his daughter, whose nickname is Gigi, at Pickford Market in Los Angeles on Sunday. The mural reads, “Kobe & Gigi. Forever Daddy’s Girl.” “I feel that what he did with his fame as far as his camps and training and work with his daughter and other young people was pretty awesome especially that he died in that service,” Muck told CNN on Monday. Muck said she was already on her way to paint a mural of Bryant when she heard about Gianna’s death and “felt it was important to include her.” Public memorials honoring the father and daughter appeared across the Los Angeles area and even on the other side of the world. This is how Bryant and his daughter are being remembered by legions of adoring fans . Newport Beach, California Dozens of balloons and flowers lined the grass outside the gates of...
Czytaj więcej