GENEVA, March 21 (Reuters) – High-frequency traders have
caused U.S. commodity futures prices to disconnect from market
fundamentals of supply and demand since the 2008 financial
crisis, according to one of the authors of a forthcoming U.N.
Also known as black-box players, they plug algorithms into
computers to generate numerous, lightning-speed automatic trades
that are designed to make money from arbitrage on razor-thin
price differences and movements.
GENEVA, March 21 (Reuters) – Nigerian oil exports are set to
rise to around 2.1 million barrels per day (bpd) in May, trade
sources said on Wednesday citing provisional loading programmes,
a level that Reuters data showed to be a nine-month high.
Shipping lists showed the west African country will load
around 65 million barrels of oil on 73 tankers.
GENEVA, March 21 (Reuters) – The holding and marketing arms
of insolvent oil refiner Petroplus have applied to a
Swiss court for a six-month debt moratorium to extend protection
from creditors as the company seeks to restructure debt, its
administrator said on Wednesday.
Petroplus Holdings AG and Petroplus Marketing AG, which
employs the firm’s remaining oil traders, received a two-month
grace period to restructure debt from a Swiss judge that is due
to expire on March 27.
LONDON, Mar 12 (Reuters) – Oil traders arranging
millions of dollars worth of fuel shipments to Syria sit in the
office of a little-known firm in Greece.
The fuel, liquid petroleum gas for cooking and domestic
heating, is not covered by international sanctions against the
government of President Bashar al-Assad, but some critics charge
that by keeping the supplies flowing the firm, Naftomar, may be
lessening the risk to Assad of a wider revolt.
GENEVA, March 9 (Reuters) – Russia criticised U.N.
investigators on Friday for failing to adequately probe deaths
caused by North Atlantic Treaty Organisation (NATO) bombs during
the uprising against Libyan leader Muammar Gaddafi last year.
Independent investigators for the U.N. Human Rights Council
last week issued a report saying NATO had caused civilian
deaths, but added the organisation had taken “extensive
precautions to ensure civilians were not killed”.
GENEVA, March 9 (Reuters) – The Swiss body responsible
for enforcing sanctions said it has held talks with a number of
locally based trading firms including AOT Trading AG and Gunvor
over Syrian oil sanctions and has found no evidence of
Syria is under international scrutiny because of the violent
crackdown on protests against President Bashar al-Assad and
activists are keen to shame any companies still supplying his
GENEVA/LONDON, March 8 (Reuters) – Oil refiner
Petroplus made around half its workforce redundant at
its head office in Switzerland ahead of a last-ditch survival
plan to reduce its refining fleet to two, sources familiar with
the matter told Reuters on Thursday.
Between 70-80 staff workers or nearly half the workforce at
the headquarters in the Swiss canton of Zug were informed of the
decision on Thursday, the sources told Reuters.
LONDON, Feb 24 (Reuters) – Record volumes of oil trade
and a crude price near $125 a barrel did not mean record profits
for those gathered under the glittering chandeliers of the best
London hotels for International Petroleum week.
The world’s top oil trader Vitol has reported its highest
ever trading volumes and revenues of nearly $300 billion but
like all the big hitting trade houses, except Glencore,
it keeps its profits private.
LONDON (Reuters) – The newspaper notice sat next to advertisements for tarot-card readings, Alcoholics Anonymous meetings and children’s tap-dancing lessons. The Naftiran Intertrade Company, an oil-trading firm owned by the Iranian government, announced plans to close its registered headquarters in the British tax haven of Jersey and move to a tax haven in Asia.
That advertisement, in a Jersey newspaper last September, came as Iranian companies were stepping up efforts to get around Western sanctions designed to slow or stop Iran’s nuclear programme. But the Iranian oil trader’s retreat from the West has been only a partial one.
LONDON (Reuters) – An increase in world oil prices has more than compensated Iran for revenues lost to lower crude exports because of sanctions imposed by the West, the head of the world’s leading oil trader said on Tuesday.
Ian Taylor, chief executive of Vitol, said a decline in the value of the euro versus the U.S. dollar had also raised the cost of dollar-denominated oil sales to European Union countries.