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Other News

BP trader dubbed “the king of cushing” set to retire

Oil major BP’s head of crude, dubbed in the industry as “The King of Cushing” is set to retire from the company. David Porteous, in his early 40s, is known as one of the world’s most powerful and best-paid oil traders. BP has one of the biggest oil trading desks in the work and Porteous has made hundreds of millions of dollars for the company, according to reports.

Oil & Gas

Chevron extends job cuts to global trading desks

Chevron Corp is cutting staff on its global energy trading desks this week, sources said on Thursday, making it the latest division to face reductions as part of a $3 billion cost-saving plan brought on by low crude oil prices. The Supply and Trading group, based in Houston, but with offices in Singapore, London and San Ramon, California, may be reduced by as much as 10 percent as part of a company-wide job reduction plan, according to two people familiar with the measures. Six other sources said they were aware of the cuts but could not say how deep they might be. While staff cutbacks are now commonplace across the energy industry as companies adjust to oil prices of $50 a barrel, half what they were a year ago, Chevron's moves this week appeared to be some of the largest to affect trading operations. Some companies have sought to protect the trading desks to help navigate choppy markets.

Market info

Energy company SSE loses 90,000 customers in three months as shares fall

Energy giant SSE lost 90,000 customer accounts in the last three months but gave no indication that it would follow rival British Gas in cutting prices. Shares fell 4% as the group also said that annual profits from its energy supply arm were likely to fall. The trading update comes weeks after a probe by the Competition and Markets Authority (CMA) found suppliers have been overcharging customers by around £1.2 billion a year - and said that it was considering proposals that could see bills slashed.