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
Nasdaq LONDON – As the world’s top global energy trading houses prepare for their biggest annual industry get-together this week in London they face a growing problem, what to do with their cash. Most trading houses, which are privately owned and controlled by their employees, disclose little about their cash position, equity or dividends. But according to more than 10
Nasdaq BRUSSELS – Global energy trader Gunvor Group has increased its provision for an expected fine from the U.S. Department of Justice (DOJ) to $650 million, while making just over $1 billion in the first nine months of the year, two sources familiar with the matter said. The DOJ and U.S. Commodity and Futures Trading Commission (CFTC) have been investigating
Nasdaq Natural gas producer Chesapeake Energy Corp CHK.O said on Monday it would supply Gunvor Group Ltd up to 2 million tonnes of liquefied natural gas (LNG) annually for 15 years. U.S. LNG exporters have witnessed demand soar after Western sanctions on major producer Russia squeezed an already-tight global gas supply. Under the deal, Chesapeake and Gunvor would jointly choose the
World Oil Bloomberg) — Russian refiners are trimming their output, threatening to exacerbate a European diesel market already in short supply, Gunvor Group Chief Executive Officer Torbjorn Tornqvist said. “This is a global problem but for Europe it’s very hard because Europe is so short” of diesel, Tornqvist said at the Financial Times Commodities Global Summit. Diesel is still flowing
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
Signs HOA anticipating the negotiation of a 15-year SPA Commonwealth LNG, a subsidiary of Commonwealth Projects, LLC, has signed a heads of agreement (HOA) with commodities trading house Gunvor Singapore Pte Ltd., a subsidiary of Gunvor Group Ltd. The HOA lays the groundwork for the negotiation of a definitive 15-year, 1.5 Mtpa sale and purchase agreement (SPA), supplied by Commonwealth’s
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