Shell Traders Post $1 Billion Profit in Fuel Oil Market Ahead of IMO 2020

By Javier Blas and Alaric Nightingale (Bloomberg) --Royal Dutch Shell Plc has made $1 billion from trading fuel oil this year, making it one of the standout winners from rules designed to make the shipping industry greener. Shell said last month that it made substantial money in fuel-oil trading in the third quarter, but the company didn’t disclose the size of the profits. … [Read more...]

Oil Traders Make Sea Odyssey as Gasoline Criss-Crosses Globe

By Ann Koh, Serene Cheong and Laura Blewitt (Bloomberg) -- Over the course of March, the oil tanker Nave Pyxis will slice through the Pacific Ocean as it makes an unusual journey of about 8,000 miles from China to Mexico. Its cargo: almost 300,000 barrels of gasoline to power cars that zip through the Latin American country. A number of disparate events -- maintenance work … [Read more...]

Traders Eye Alaskan Crude Exports to Asia with Ban Lifted

By Jacob Gronholt-Pedersen and Liz Hampton SINGAPORE/HOUSTON, Jan 8 (Reuters) - Oil traders in Asia are running the numbers on importing Alaskan crude, after the end of a four-decade ban on U.S. exports also eliminated a costly tanker requirement for shipping North Slope oil overseas. Although Alaskan crude was one of the few domestic varieties effectively exempt from the … [Read more...]

Singapore’s Record High Fuel Oil Stockpiles Driving Storage at Sea

  By Jessica Jaganathan SINGAPORE, Sept 21 (Reuters) - Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters, traders and shipbrokers … [Read more...]

World’s Top Oil Trader Sees $40-$60 a Barrel in 2016

  By Javier Blas and Will Kennedy (Bloomberg) -- Oil prices will remain at $40 to $60 a barrel into 2016 as rising crude supplies overwhelm demand, according to the world’s largest independent oil trader. The oil-production surplus means stockpiles will keep expanding for “the next few quarters” and excess inventories won’t clear until 2017 at the earliest, Vitol … [Read more...]