Edition:
United Kingdom

Julia Payne

As U.S. crude oil goes global, hedging goes local

07 Nov 2019

GENEVA/NEW YORK The booming U.S. oil sector has created new, local hedging opportunities for U.S producers who for decades relied heavily on well-established global futures like U.S. West Texas Intermediate (WTI) and Europe's Brent crude.

As U.S. crude oil goes global, hedging goes local

07 Nov 2019

GENEVA/NEW YORK, Nov 7 The booming U.S. oil sector is seeing a surge in hedging by producers against drops in regional crude prices to protect revenues from oil sold out of Midland, Texas, or delivered to terminals in Houston after relying for decades on global benchmarks.

Gunvor must pay $95 million for Congo oil corruption: Swiss prosecutors

17 Oct 2019

LONDON Swiss federal prosecutors have found oil trader Gunvor Group criminally liable for corruption in Congo Republic and Ivory Coast, ordering it to pay almost 94 million Swiss francs ($94.8 million), the Swiss Attorney General's Office said on Thursday.

U.S.-Asia oil shipping rates slip from record highs as tanker fears ease

15 Oct 2019

HOUSTON/NEW YORK/LONDON Freight rates to ship U.S. crude to Asia eased on Tuesday from record levels as the shock of a global tanker shortage due to U.S. sanctions on a Chinese firm began to fade, according to market sources.

U.S.-Asia oil shipping rates slip from record highs as tanker fears ease

15 Oct 2019

HOUSTON/NEW YORK/LONDON, Oct 15 Freight rates to ship U.S. crude to Asia eased on Tuesday from record levels as the shock of a global tanker shortage due to U.S. sanctions on a Chinese firm began to fade, according to market sources.

China's Sinopec weighs output cuts due to freight rate surge: sources

15 Oct 2019

SINGAPORE/NEW DELHI/LONDON Asia's largest refiner, Sinopec, is weighing plans to cut oil imports in December and reduce output at its refineries after a surge in global tanker freight rates hit margins, four sources with knowledge of the matter said.

UPDATE 3-China's Sinopec weighs output cuts due to freight rate surge - sources

15 Oct 2019

* Plans to draw on inventories to meet needs - source (Adds Sinopec comment)

Nyrstar shareholders to sue commodities trader Trafigura for $1.6 billion

12 Oct 2019

LONDON Minority shareholders in zinc producer Nyrstar are seeking 1.48 billion euros ($1.63 billion) in damages from global commodities trader Trafigura over the restructuring of the Belgian firm, the shareholders' lawyer said on Saturday.

Nyrstar shareholders sue commodities trader Trafigura for $1.6 bln

12 Oct 2019

LONDON, Oct 12 Minority shareholders in major zinc producer Nyrstar are seeking 1.48 billion euros ($1.63 billion) in damages from global commodities trader Trafigura over the restructuring of the Belgian firm, the shareholders' lawyer said on Saturday.

Oil producers, refiners face surging global freight rates after U.S. sanctions

11 Oct 2019

HOUSTON/NEW YORK/LONDON Rates to charter oil tankers from the Arab Gulf, United Kingdom and the U.S. Gulf Coast to Asia surged to fresh highs on Friday as global oil traders grappled with a tanker shortage in the aftermath of U.S. sanctions on units of Chinese giant COSCO.

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