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Mar 16, 2015

Glencore hires Quek from Goldman to run Singapore operation

LONDON (Reuters) – Glencore has hired the head of Goldman Sachs Group Inc.’s commodity business in Asia to run its Singapore operations, two industry sources said on Monday, appointing a veteran fuel oil trader in the world’s largest hub for the heavy fuel.

Oil dealer Chin Thean Quek, who once headed BP Plc’s Asian trading operation, had built a reputation as one of the most powerful traders in the Singapore-centred fuel oil market before joining Goldman two years ago.

Mar 13, 2015

Puma Energy buys UK’s Milford Haven refinery site for oil storage

LONDON, March 13 (Reuters) – The shuttered Milford Haven oil
refinery in Wales will be turned into a storage site by Puma
Energy, as the firm co-owned by Swiss commodity giant Trafigura
and Angola’s state oil company looks to capitalise on Britain’s
growing need for fuel imports.

Puma Energy bought the plant and three inland storage
terminals from Murphy Oil as the U.S.-based firm winds
down its UK subsidiary, Murco, after suffering from weak demand
and growing international competition from newer refineries.

Mar 12, 2015

Vitol’s 2014 revenue falls to $270 billion, lowest since 2010

LONDON (Reuters) – Vitol’s [VITOLV.UL] 2014 revenue fell to its lowest level in four years, the commodity trader said on Thursday, dropping to $270 billion from $307 billion as lower energy costs and a dip in volumes weighed.

The world’s largest independent energy trader said it handled total volumes of physical crude and refined products of 268 million tons, down 2.9 percent from 276 million the previous year.

Mar 11, 2015

Libya exports three oil tankers from western Mellitah port

LONDON/CAIRO, March 11 (Reuters) – Oil and condensate has
been exported at least three times from the Libyan port of
Mellitah since the start of this month, according to industry
sources and ship-tracking data, a surprise move with other
terminals in the west of the country largely shut.

The North African OPEC member is split between two rival
governments each allied to heavily armed groups that have been
fighting for control of the oil-producing nation since the fall
of Muammar Gaddafi in 2011.

Mar 11, 2015

Brent oil hits one-month low below $56 on dollar rally

LONDON (Reuters) – Brent crude oil slipped to a one-month low below $56 a barrel on Wednesday before steadying as a rally in the U.S. dollar and global oversupply weighed.

The U.S. dollar hit a fresh 12-year high against the euro on Tuesday, trading at $1.0637 against the single currency. A stronger dollar makes commodities priced in the greenback more expensive for holders of other currencies.

Mar 4, 2015

Oil slips towards $60, Saudi Arabia sees steady market

LONDON, March 4 (Reuters) – Brent crude oil slipped towards
$60 a barrel on Wednesday as a stronger dollar pressured
commodity prices, while Saudi Arabia’s oil minister said he
expected the market to balance itself and for prices to recover.

Oil Minister Ali al-Naimi said he expected supply and demand
would soon match and oil prices, which hit a near six-year low
of $45 in January, would stabilise, adding to signs OPEC’s
largest exporter is confident consumption is growing.

Mar 4, 2015

Oil above $60 as Saudi Arabia sees steady market

LONDON (Reuters) – Brent crude oil steadied above $60 a barrel on Wednesday after Saudi Arabia’s oil minister said he expected the oil market to balance itself.

Oil Minister Ali al-Naimi said he hoped and expected the oil market to balance and prices, which hit a nearly six-year low around $45 in January, to stabilise, adding to signs OPEC’s largest exporter is confident that demand is growing.

Mar 4, 2015

Brent dips, holds above $60 after Saudi price increases

LONDON (Reuters) – Brent dipped on Wednesday but held above $60 a barrel, supported by a rise in Saudi crude prices and air strikes and militant raids on oil facilities in Libya.

In a move widely seen as showing Saudi Arabia’s confidence in a demand recovery, the OPEC kingpin raised official selling prices (OSPs) for its oil deliveries to Asia and the United States on Tuesday.

Mar 3, 2015

Saudi Arabia ups official oil prices amid signs of stronger demand

LONDON/NEW YORK (Reuters) – Saudi Arabia raised the official selling prices (OSPs) for its oil deliveries to Asia and the United States on Tuesday, in the latest signal OPEC’s largest exporter is seeing signs of stronger demand.

The Kingdom raised all U.S.-bound crude prices by $1 a barrel and hiked extra-light crude oil to Asia by $1.40 a barrel, in a vote of confidence oil demand is growing in two of its biggest markets following the price crash since June.

Feb 12, 2015

Oil bounces back above $56 as dollar weakens, majors cut investments

LONDON (Reuters) – Brent crude oil rallied almost $2 to above $56 per barrel on Thursday, rebounding from a two-day losing streak, with industry spending cuts and a weaker dollar boosting buying.

The CEO of Shell said Thursday that supply might not be able to keep up with growing demand after oil companies around the world slashed budgets following the near halving in prices since June.