Latest news with #oiltrading
Yahoo
07-07-2025
- Business
- Yahoo
Shell Says Weak Oil and Gas Trade Hit Second Quarter Profit
(Bloomberg) -- Shell Plc said its second-quarter results will be undermined by weaker contributions from the energy giant's fabled oil and gas trading operation. Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark The contributions from trading and optimization are expected to be 'significantly lower' for the second quarter compared with the first for segments that span oil and gas trading, London-based Shell said in a statement on Monday. Shell's sprawling but secretive in-house trading business is often one of its biggest profit drivers, and Chief Executive Officer Wael Sawan said in March that its traders haven't lost money in a single quarter over the past decade. Shell's shares fell as much as 2.6% and were trading at £25.58 ($34.82) at 8:21 a.m. in London. The weaker contribution from trading eroded an increase in margins from refining and chemicals, although the latter division is nevertheless expected to report a loss when Shell publishes its earnings results in late July. Oil swung wildly in the quarter, diving to a four-year low in April as US President Donald Trump unleashed his global trade war and OPEC+ boosted supply. It then spiked last month as Israel struck targets in Iran before retreating back below $70 as tensions calmed. Sawan has focused on cutting costs, boosting reliability and shedding underperforming assets in an effort to close a valuation gap between Shell and its US competitors. The strategy, which includes refocusing the company on its core oil and gas business and an emphasis on shareholder returns, has helped Shell shares outperform its closest rivals this year but left it with questions hanging over its future oil production growth. Output decreased by nearly 100,000 barrels a day from the first quarter, largely because of Shell's sale of its onshore Nigeria subsidiary and scheduled maintenance. Shell had already notified investors of its expected production with oil and gas volumes in line with previous guidance, given in May. Shell is the world's biggest trader of liquefied natural gas, and has forecast that global demand will grow by about 60% by 2040. Its LNG Canada project, which began its first exports in recent weeks, is one of a slew of new projects coming online globally in the next few years. Liquefaction volumes in the second quarter were in line with the first quarter. Shell's trading update comes less than two weeks after the company announced it had no intention of making an offer for BP Plc, in a statement that quelled months of speculation and ties its hands for the next six months under UK takeover rules. The company is scheduled to report second-quarter results July 31. (Updates with context throughout.) For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
Bloomberg
16-06-2025
- Business
- Bloomberg
Ex-Shell US Oil Trading Boss Claims He's Owed $29 Million Bonus
Shell Plc's former head of oil trading in the US was stiffed on his 2020 bonus by more than $29 million, he claims in a lawsuit that shines a light on compensation inside the oil major's lucrative trading unit. John Dimech alleges that even though his unit's profits doubled in 2020, his bonus for that year was little changed after Shell unexpectedly modified pay calculations, according to the lawsuit in federal court in Texas. If Shell had adhered to its established formula for calculating bonuses, Dimech claims he would have received about $40 million. But he only got about $11 million instead.
Reuters
12-06-2025
- Business
- Reuters
Citadel hires veteran US trader Barnea to bolster fuel trade, sources say
NEW YORK, June 11 (Reuters) - Citadel has hired veteran U.S. oil and fuel trader Shai Barnea as a portfolio manager for its refined products trading business as the U.S. hedge fund looks to push deeper into commodities markets, two sources familiar with the matter said on Thursday. Barnea previously spent over a decade at trading firm Freepoint Commodities, where he was appointed global head of oil products in 2021, according to his LinkedIn profile. Prior to joining Freepoint in 2012, Barnea traded oil and fuel derivatives for Barclays (BARC.L), opens new tab, according to his profile. Barnea's appointment comes as Citadel continues to expand its top-performing commodities business, which has delivered record profits for Ken Griffin's hedge fund firm in recent years. Citadel's commodities arm, led by Sebastian Barrack, trades oil, natural gas and agricultural products, among other key markets. Earlier this year, it acquired privately-owned Paloma Natural Gas, adding energy production to the trading portfolio for the first time. Citadel has also recently hired power trader Nic Zhang from Goldman Sachs (GS.N), opens new tab, a source told Reuters. Citadel declined to comment on personnel decisions. Zhang and Goldman Sachs did not immediately respond to requests for comment. Reuters earlier reported that Barnea was among a number of employees to depart Freepoint in recent months. His departure coincided with an ex-Freepoint analyst's lawsuit alleging that top executives at the firm, including Barnea, pressured employees to break insider trading laws and retaliated against those that objected. Citadel began interviewing Barnea well before the lawsuit was filed, and was comfortable proceeding with his recruitment after it had reviewed the lawsuit, a source familiar with the hiring process told Reuters. Barnea and Freepoint did not respond to Reuters requests for comment.
Bloomberg
09-06-2025
- Business
- Bloomberg
Trafigura Revamps US Trading Team
Trafigura Group is reorganizing the management of its trading team in the US, with long-time oil trading chief Corey Prologo set to step into a new role as chair of the company's main American unit. Prologo will take the new role at Houston-based Trafigura Trading LLC on Oct. 1, according to a person familiar with the matter. At the same time, Robert Kreider will become head of oil for the US. Kreider he has been head of light ends at Trafigura in Houston since 2017, according to his LinkedIn profile.
Zawya
30-05-2025
- Business
- Zawya
Lukoil's Asia chief joins Turkish firm BGN to lead oil trading from Dubai
SINGAPORE - Estella Shi, managing director of Lukoil Asia Pacific, is to join Turkish energy trader BGN from June, trading sources with knowledge of her move told Reuters. Shi, a veteran oil trader with nearly three decades of experience, confirmed that she will make the move to become chief commercial officer at BGN, leading its trading operation from its Dubai office. Shi has worked in several companies during her career, including a trading subsidiary of Chinese shipping giant COSCO, China Aviation Oil, Chevron and European trading house Mercuria before becoming the head of Lukoil Asia Pacific in 2020. According to its LinkedIn account, Lukoil Asia Pacific is a subsidiary of Litasco Middle East DMCC. Shi, a Singapore national who has long been based in the Asian trading hub, is one of a small number of women executives in the Asian oil trading community. BGN, a privately-owned energy trading group with more than 80 years of history, is known for trading liquefied petroleum gas and chemicals. In addition to Dubai, BGN has offices in Houston, London, Geneva, Rotterdam and Singapore, operating a supply chain network and distribution centres in Europe, the U.S., the Middle East and Africa, its website said. BGN trades 50 million metric tons of commodities annually with a "double-digit billion-dollar" turnover, according to its website. Shi's former colleague at Litasco Middle East, Wael Amer, also recently joined BGN as its chief operating officer in Dubai, trading sources said. Amer confirmed his move and said he joined BGN in January. BGN did not immediately respond to a request for comment. Litasco Middle East did not respond to Reuters attempts to contact the company for comment by phone and email.
