(Investing) – LONDON – Global commodity trading house Trafigura saw a sharp drop in its earnings for 2024 and has revised down its equity and profits for previous years after it discovered a billion-dollar oil fraud in Mongolia, the company said on Friday. Earnings dropped by 60% on the year in 2024 to $2.8 billion, the lowest since 2020. Trafigura’s financial
(Oil Price) – Big traders of the U.S. WTI Midland crude, which is now part of the dated Brent benchmark, have used a ‘bookout’ option in the Platts window to reroute Europe-bound cargoes elsewhere, in a move that could influence the price of dated Brent, Reuters reported exclusively on Tuesday, citing trading sources and analysts. The so-called bookout clause is allowed under the
Oil Price Oil market participants are “dramatically overestimating” a supply glut, as Chinese demand is not as doom-and-gloom as headline figures suggest and U.S. crude oil production is basically flat this year, Jeff Currie, chief strategy officer of energy pathways at Carlyle, said on Tuesday. Fears of a major oil glut are “completely overplayed,” Currie told the Asia Pacific Petroleum
Oil Price A supertanker-load of one of the key North Sea crudes has recently sold in Asia at a very low price – below the spot North Sea price and below the price of a Middle Eastern grade – in a sign that Asian demand for crude continues to be softer than anticipated. A cargo of 2 million barrels of
Oil Price Commodity trader Trafigura paid its highest-ever dividends for its 2022/2023 financial year, after posting another record-high profit amid volatile markets. Trafigura, one of the biggest independent oil and commodity traders in the world, said in its 2022/2023 fiscal year results on Friday that its net profit jumped to about $7.4 billion for the year to September 30, 2023, up from $7
Oil price Commodity trader Trafigura booked a record profit for the financial year that ended September 30 in an unprecedented energy market volatility after the Russian invasion of Ukraine. Trafigura, one of the biggest independent oil and commodity traders in the world, reported on Thursday a net profit of $7 billion for the year ended in September, more than double the
Reuters Global commodity trader Trafigura Group made a record net profit for a second year running in its 2021 financial year after a strong performance across divisions and significant energy market dislocations. The Geneva-based company posted a net profit of $3.1 billion for its financial year ending Sept. 30, almost double the previous year. “Above all, the scale and resilience
Reuters BUENOS AIRES – Latin American oil company Vista Oil & Gas and Geneva-based Trafigura on Monday signed a deal to jointly develop 20 wells in Argentina’s Vaca Muerta shale oil deposit, the companies said in a statement. The investment will be made in the Bajada del Palo block Oeste, where Vista already has 28 operational oil wells, the statement
Reuters Commodity merchants and investment firms such as Citadel, Gunvor and Trafigura are bolstering U.S. teams that specialize in trading renewable fuels as demand soars, according to people familiar with the matter. Many trading firms already have an established presence in Europe, but the production of advanced biofuels that act as petroleum fuel substitutes has driven hiring in the United
Reuters LONDON -Global commodities trader Trafigura has agreed to buy Angolan state oil giant Sonangol’s 31.78% stake in loss-making Puma Energy for $600 million in a step towards raising its holding to more than 90%. Trafigura and Puma said in a joint statement on Friday that Puma had also agreed to sell its Angolan business and assets to Sonangol for
Reuters LONDON – Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 (PSX.N) to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project. The Bluewater Texas Terminal, to be located 21 nautical miles east of the entrance to Corpus Christi port, will have two
Houston Chronicle The world’s largest energy traders enjoyed one of their best ever years in 2019 as pipeline outages, dramatic changes in ship fuel regulations and Middle East conflicts shook up the global oil market. The bonanza extended beyond the independent traders like Vitol Group and Trafigura Group Ltd. to the in-house units of oil giants Royal Dutch Shell Total
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