Glencore's 2018 Oil Trade Volume dips 17 pct
Glencore's overall traded oil volumes fell 17 percent year-on-year in 2018 to 4.66 million barrels per day (bpd), according to the mining and trading firm's annual results.
Crude saw the bigger decline of 22 percent to 2.58 million bpd, while refined products were down 11 percent at 2.08 million bpd year-on-year
"The Brent curve dropped back into contango, when for most of the year it was comfortably backwardated. The backward crude structure in 2018 compared to 2017 had a dampening effect on our traded volumes," the report said.
Reporting by Julia Payne