Monday, September 21, 2020

Commodities Trader News

Trafigura Takes a Bet with North Sea Oil

Ekofisk field in the North Sea - Credit: ConocoPhillips - Image for illustration

Commodities trader Trafigura has seized the moment and taken a rare dominant position in the North Sea crude market over the past two weeks as oil demand jumped, trading sources said.A combination of OPEC-led global production cuts, cheap freight rates, and oil stuck…

Oil Rises from 18-Year Lows after U.S., Russia Agree to Talks

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Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude was up by 30 cents…

Trafigura, Phillips 66 to Build Deepwater Texas Oil Port

© Vladimir / Adobe Stock

Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.The Bluewater Texas Terminal, which will be…

Puma Energy Sells Fuels Business to Chevron Australia

© Lev Dolgachov / Adobe Stock

Singapore's Puma Energy, the retail and midstream arm of global commodities trader Trafigura, said on Thursday it would sell its Australian commercial and retail fuels business to Chevron Australia for A$425 million ($288 million).Puma Energy is 49%-owned by Geneva-based Trafigura…

Trafigura Started Crude Shipments via U.S. Pipeline Cactus II

Global commodities trader Trafigura has started shipments of Permian basin crude to the Corpus Christi oil hub in Texas via the newly operational Cactus II pipeline system, the company said in a statement on Monday.Trafigura signed a long-term agreement with pipeline…

Offshore Terminal Plan Slowed by U.S. Shutdown

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The U.S. government shutdown has delayed Enterprise Products Partners LP's plan to build a major U.S. crude export terminal off Houston, blocking the pipeline operator from filing paperwork with U.S. regulators, an executive said on Wednesday.Enterprise plans to file a 10,000-page permit application with the U.S.

US Oil Export Boom Sparks Battle to Build Texas Ports

© Robert Coy / Adobe Stock

Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi…

Petrobras Nears Terms Over TAG Pipeline Sale

© Vladimir Gerasimov / Adobe Stock

Brazil’s state-controlled oil company Petróleo Brasileiro could present a new sale and purchase agreement (SPA) before the end of December for the sale of the Transportadora Associada de Gás (TAG) pipeline, after a Brazilian Supreme Court injunction in July stalled the sale.The sale of TAG…

Neptune Energy Names Lumens CFO

(Photo: Neptune Energy)

Private equity backed oil and gas producer Neptune Energy on Monday named former Louis Dreyfus executive Armand Lumens as its chief financial officer.

Trading Firm Trafigura Looks to Build U.S. Deep Water Oil Port

Global commodities trader Trafigura has applied to build a deep water port in Texas, United States, that would be able to load supertankers, the company said on Monday, supplying badly needed oil export infrastructure to the country.The company said it had applied…

Quadrise Fuels Signs MoU with Freepoint Commodities

Image: Quadrise Fuels International plc

Fuel oil technology firm Quadrise Fuels International said it had signed a non-binding memorandum of understanding with commodities trader Freepoint Commodities to provide commercial opportunities for its MSAR fuel technology product.The Synthetic fuel developer said…

Glencore Announces $1 bln Share Buyback

File Image (CREDIT: AdobeStock / © Kasto)

Commodities trader and miner Glencore said on Thursday it would buy back shares worth up to $1 billion in a programme of purchases running to the end of 2018. Glencore said the programme will be split into two halves, the first 350 million pounds worth of shares to be bought by Citigroup Global Markets by Aug.

Glencore Gets U.S. Subpoena on Compliance with Money-Laundering Laws

File Image (CREDIT: AdobeStock / © Renaschild)

U.S. demands documents on business in Nigeria, DRC, Venezuela; Glencore shares fall as much as 13 percent. U.S. authorities have demanded the U.S. arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela…

Trafigura Signs Second Storage Deal with Singapore LNG Corp

(Photo: Singapore LNG Corp)

Commodities trader Trafigura has signed a second deal with Singapore LNG Corp, operator of the city-state's first liquefied natural gas (LNG) terminal, for storage and reload services, the two companies said on Monday.Under the agreement, which was signed on May 30…

Noble Group Founder Resigns Due to 'Amicable Differences'

Noble Group Ltd said this week's resignation of its founder Richard Elman was due to "amicable differences" with the board and a group of senior creditors who are negotiating a debt restructuring that is crucial for its survival. The clarification, in response to a query from the Singapore bourse…

Vitol, Total in Talks to Acquire Brazil's Alesat

Vitol, the world's biggest oil trader, and France's Total are in talks to acquire Brazilian fuel distribution company Alesat Combustíveis SA, Brazilian newspaper Valor Economico said on Tuesday. Talks with Vitol are more advanced but there is also a third firm -- an American commodities trader -- which is also interested…

Noble Group Hit by Shareholder Lawsuit

File Image (CREDIT: AdobeStock / (c) Renaschild)

Goldilocks Investment Co, a leading shareholder of Noble Group Ltd, has filed a lawsuit with the Singapore High Court against the commodities trader and some of its former and current senior executives, alleging the company inflated its assets. "We have filed it today…

Noble Group Share Trading Halted

Trading in shares of Noble Group was halted on Wednesday, just days after the commodities trader said it was very close to reaching final terms with a group of senior creditors to restructure its debt. The Singapore-listed company asked for the trading halt pending the release of a statement.

AOT Energy Appoints Grimes to Lead U.S. Trading

The Americas arm of Swiss commodities trader AOT Energy said on Wednesday it appointed Pat Grimes as the company's head of U.S. trading based in Houston. Grimes was most recently head of crude trading in the Americas at commodities trader Noble. Earlier this week,…

Noble Group Reports $4.9 bln Loss, Restructuring Underway

Commodities trader Noble Group Ltd plunged to an annual loss of $4.9 billion versus a profit of $8.7 million a year ago, mainly due to non-cash losses on its derivatives contracts, the company said. In its results reported on Wednesday, Noble said again that its $3.4…