All articles tagged with #oil trading
Top independent energy traders such as Vitol, Trafigura, Mercuria and Gunvor are bracing for a drawn-out Middle East conflict that could disrupt global energy flows, widening banks’ credit lines and boosting liquidity to weather volatility, while addressing trader burnout; they expect profits from volatility but acknowledge the next 60 days could be decisive as Strait of Hormuz tensions persist and oil remains above $100 a barrel.
BP's second-quarter profit dropped 70% to $2.6 billion, missing forecasts, due to weak refining margins and oil trading income. However, the energy giant still increased its dividend by 10% and plans to repurchase $1.5 billion of its shares. BP's weaker results were attributed to declining refining margins, higher maintenance activity, and weaker trading results. The company's net cash flow was negative, and its debt-to-capital ratio increased. BP expects oil prices to be supported in the third quarter, but the European gas and Asian LNG markets may be at risk. The company aims to expand its renewables and low-carbon business while reducing oil output by 25% by 2030.