LONDON, Nov 9 (Reuters) – A sales push by Saudi Arabia into
north Europe’s refineries, a step into rival Russia’s backyard,
piles fresh pressure on oil prices already struggling against
Stung by Russia’s success in supplanting it in the giant
Chinese market, Riyadh has embarked on a charm offensive in
Europe, cutting its prices for December by more than it has in
any other region to their lowest since 2009 during the financial
LONDON (Reuters) – Oil prices rose on Thursday, paring some of the losses incurred a day earlier after data showed U.S. inventory levels had risen for a sixth week and mounting evidence of weakness spreading through the physical market.
A day earlier, oil fell by nearly 4 percent after the Energy Information Administration said U.S. crude inventories added 2.85 million barrels last week, in line with forecasts, despite a drop in imports to their lowest level since 1991. <EIA/S>
LONDON (Reuters) – Oil prices edged higher on Wednesday after a report showed inventories fell at a key U.S. delivery hub last week, but without further evidence of more aggressive output cuts, gains were expected to be temporary.
Investors are awaiting official inventory data due out later on Wednesday that is expected to show further stockpiling at a time when the world’s largest oil exporters are pumping at record rates to retain market share.
LONDON (Reuters) – The world’s biggest oil traders are sitting on a war chest worth billions of dollars, but are reluctant to embark on a spending spree, because the pool of available assets is either too pricey or simply not for sale.
Vitol, Mercuria, Trafigura and Gunvor, the four privately-owned houses that traded nearly a billion tonnes of raw materials last year, have all said they are open to opportunities, but not at any price.
LONDON, Oct 21 (Reuters) – The world’s largest oil traders
are overwhelmingly bearish on the outlook for the crude price,
which they believe will flounder below $60 a barrel, possibly as
long as into 2017.
Record-high production from some of the major exporting
countries, along with faltering demand in key importing nations
such as China and Brazil, has cut the price of oil in half over
the last year.
LONDON (Reuters) – Oil prices slipped on Wednesday after a big build in U.S. crude inventories which fed concerns that demand may not be enough to absorb one of the largest global surpluses in modern times.
The American Petroleum Institute on Tuesday reported a rise in U.S. commercial crude stocks of 7.1 million barrels to 473 million barrels in the week to Oct. 16, trumping expectations for an increase of 3.9 million barrels.
LONDON (Reuters) – Vitol, the world’s largest oil trader, believes the crude price will struggle to trade above $60 a barrel next year, as the effects of slowing global demand growth could be compounded by a return of Iranian and maybe even Libyan barrels.
The price of oil has halved over the last 12 months, mainly as a result of unprecedented levels of production from some major exporting countries, but also as demand from China and other commodity consumers, such as Brazil and Russia, slackened.
LONDON, Oct 20 (Reuters) – Vitol, the world’s largest oil
trader, believes the crude price will struggle to trade above
$60 a barrel next year, as the effects of slowing global demand
growth could be compounded by a return of Iranian and maybe even
The price of oil has halved over the last 12 months, mainly
as a result of unprecedented levels of production from some
major exporting countries, but also as demand from China and
other commodity consumers, such as Brazil and Russia, slackened.
LONDON, Oct 19 (Reuters) – Swiss commodity house Trafigura
is racking up record oil trading volumes as it taps into price
volatility but warns that merchants have to be more vigilant in
the face of potential defaults and bankruptcies of
Demand from China, the world’s top commodity consumer, has
slowed, and years of cheap credit have led to huge builds in
production capacity of anything from crude oil to copper,
triggering price crashes that have threatened the existence of
some of the higher-cost raw materials producers.
By Dmitry Zhdannikov and Amanda Cooper
(Reuters) – Swiss commodities trader Trafigura will buy back founder Claude Dauphin’s stake in the company from his family, following the same procedure it used to buy back from other founders and shareholders in a process that could take several years.
“Claude’s shareholding, which is below 20 percent, will be treated in the same way as all other shareholdings of individuals who leave the company, or who pass away: it will be bought back over time,” Trafigura’s Chief Financial Officer Christophe Salmon told the Reuters Commodities Summit.