Is an Oil Market Recovery Underway? Energy Trader Mercuria Sees Positive Signs
Global oil markets are showing early signs of re-balancing after production cuts by OPEC and the United States, with the market's pricing structure indicating that storing oil on idle tankers may soon no longer be profitable, Mercuria Energy Group said.Oil futures are cheaper for nearby delivery than for a few months ahead…
Where's the Money? Oil Traders Ask as Peak Demand Looms
Traders still see opportunities in oil trading as Mercuria bets on power markets in U.S., China. For major trading houses that ship millions of barrels of oil every day, the prospect of diminishing fuel demand and a shift to renewable power poses a brain-racking challenge with few obvious solutions.
Asia Buyers Turn to U.S. for Cheap Crude
Traders send more U.S. crude to Asia on wide WTI-Brent spread; but China accounts for bulk of region's crude imports from U.S. Asia is set to ramp up crude oil imports from the United States in late 2017 and early next year, with buyers searching out cheap supplies after hurricanes hit U.S.
Top Trading Houses Weigh in at Commodities Conference
Top executives from the world's largest commodity trading houses discuss trends in trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. "Trade policies coupled with foreign aid and sound development policy is critical. "We all have to make the case for free trade…
Oil Traders Doubt OPEC Deal Will Bring Heavy Supply Cuts
OPEC's deal to cut oil production is unlikely to result in a substantial reduction in supplies, some of the world's biggest oil trading companies said this week, meaning the market is unlikely to rebalance until well into 2017. The price of crude oil has stabilised around $50…
Trading Houses Predict Cautious Rise in Oil Prices
Oil prices have probably bottomed out and will rise from now on though the recovery will be slow due to a huge stocks overhang, some of the biggest oil trading executives said on Tuesday. "The downturn in oil markets is behind us ... The trend is now up ... But rebalancing will take time.
Oil Trims Losses Amid Hope for Rally
Prices off lows but little chance of big rally; options, traders show glimmer of future bullishness. Oil futures pared losses on Wednesday, echoing a modest stock market recovery, but analysts said a surprise ballooning in U.S. inventories and little chance of the world's major producers agreeing to cut output would likely temper any rallies.
Oil Dips on Data, Markets Could 'Rebalance' Soon
Chinese data, Fed caution dent prices; options, traders show glimmer of future bullishness. Oil futures fell on Wednesday, after a surprise rise in U.S. inventories wiped out the optimism that had built up the day before over the potential for the world's largest exporters to cut output enough to stem a 19-month-long price slide.
Legal Uncertainties Delay Iranian Exports to EU
Iran ordered boost in oil output after sanctions lifted. European companies and trading houses are not rushing to buy Iranian oil because of legal uncertainties over the lifting of sanctions that are likely to take weeks to clarify. A lack of dollar clearing, the absence of an established mechanism for non-dollar sales…
Traders: OPEC to Keep Output High
Trading houses expect OPEC to keep focus on market share; market can probably accommodate more Iranian oil. Saudi Arabia and the other big Middle East oil producers in OPEC will keep pumping hard to build market share despite mounting over-supply that has brought prices to six-year lows, the world's top traders say.
Top Trading Houses Weigh in on Energy
Top executives from the world's largest trading houses discuss trends in commodities trading at the FT Commodities Global Summit in Lausanne, Switzerland, this week. Said Trafigura had recently increased its exposure to Russia but in line with U.S. and EU sanctions. "We have been in Russia historically.
Don't Rule Out OPEC Cut, Say Top Oil Traders
Forget conspiracy theories and be prepared for OPEC to cut output in November because this is what they need to do and have done in the past, veteran oil traders who run and co-own some of the world's biggest trading firms told the Reuters Commodities Summit. The views from the top executives of Vitol…
Vitol CEO: Don't rule out OPEC Cut
Vitol CEO expects serious talks on cut at OPEC meeting. Forget conspiracy theories and be prepared for OPEC to cut output in November because this is what they need to do and have done in the past, veteran oil traders who run and co-own some of the world's biggest trading firms told the Reuters Commodities Summit.
JP Morgan Sells Commodity Trading Arm to Mercuria
JPMorgan Chase & Co has completed the sale of its physical commodities unit to Mercuria, the fast-growing Swiss trading house said on Friday as it expands into metals and North American markets to enter the top league of commodities traders. The deal, announced last March, was…
Mercuria Hires ex-Goldman Executive to Run Trading
Move comes as Mercuria closing purchase of JPM's business. Mercuria has packed senior ranks with former bank executives. Shenouda drove acquisitions at Goldman, expansion into coal, freight. Fast-growing Swiss trading house Mercuria has hired a former top executive from Goldman…
