China’s taking control of LNG as global demand booms
A rush by China to sign new long-term liquefied natural gas (LNG) deals promises to give the nation even more control over the global market at a time when competition for cargoes is booming.
trading
Thailand launches first carbon credit exchange to curb emissions
Thailand this month launched its first carbon credit exchange, marking a major step toward the country’s goal to achieve carbon neutrality by 2050 and combat climate change.
China’s carbon market set to miss target to start trading
China’s long-awaited national carbon market is set to miss a government target to begin by the end of June, a new set-back to plans to create the world’s largest emissions trading system.
Oil’s female trading trio belies industry’s gender gap
As a trio of women is set to ascend to the top of one of the world’s most powerful oil-trading operations, the gender gap in the rest of the industry remains stark.
BP lifts veil of secrecy on Big Oil trading profits
BP Plc offered a glimpse of the profitability of its huge and secretive trading arm, suggesting it makes annual returns of as much as $2.5 billion.
ENH taps up Vitol expertise for trading venture
Vitol and Mozambique’s state-owned Empresa Nacional de Hidrocarbonetos (ENH) have set out plans for a trading-focused joint venture.
Trump campaign netted just $168 from top oil traders
Top oil traders bet billions of dollars anticipating global political trends, yet few put money directly behind Donald Trump’s presidential campaign.
Vitol first-half profit said down 42% as oil-trading boom ends
Vitol Group posted a 42 percent decline in first-half profit as the world’s largest independent oil trader grappled with fewer opportunities to benefit from energy-market price swings.
Oil marketing exec released on bail after investigation into fraudulent trading
An oil marketing executive of the Swiss trading giant Trafigura has been released on bail after more than two years in detention.
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.
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.
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.