Commodities Trading: The Secret Behind Big Oil’s Bumper Earnings

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Dozens of giant commodity and energy traders saw their profits explode during the pandemic thanks to their ability to leverage their storage facilities, global network of terminals and shipping fleets to cash in on supply disruptions, soaring energy prices and rising demand. Vitol Group, the world’s largest commodity trader, generated record net income of $4.2 billion last year, with rival…

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Oil Prices Fall To $90, But It’s Not Enough For Biden

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After touching the highest level since 2009 above $130/bbl, oil prices have pulled back sharply over the past two months with both Brent and WTI crude currently trading at sub-$100/bbl, and the Biden administration is gunning for a much bigger drop. In an interview with Bloomberg, Amos Hochstein, the White House’s senior adviser for global energy security, has said that…

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Pakistan’s textile exports dip 10% in July as energy woes bite: APTMA

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Pakistan’s textile exports clocked in at a provisional $1.54 billion, a drop of 10%, in July 2022 compared to $1.71 billion in June 2022, stated the All Pakistan Textile Mills Association (APTMA) on Tuesday. On a yearly basis, textile exports were up 5%, compared to $1.47 billion recorded in July 2021, showed the provisional data released by APTMA. In July…

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Energy sector needs to innovate competitively

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The South Asian subcontinent is facing a massive energy crisis, which has placed regional governments on edge, compelled widespread switching to extremely polluting fuels like coal and fuel oil, and plunged nations like Sri Lanka into socioeconomic chaos. An uninterrupted, reliable, and economical energy supply is a crucial prerequisite for lowering poverty, promoting investment, and accelerating economic progress in a…

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Engro Eximp, Excelerate Energy sign MoU to develop private RLNG sector

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Engro Eximp FZE, a subsidiary of Engro Corporation, announced today that it has entered into a Memorandum of Understanding (MoU) with Excelerate Energy, Inc. (NYSE: EE) (Excelerate), a leading provider of flexible LNG infrastructure solutions around the world, related to the development of a private sector gas marketing business in Pakistan. Under this MoU, both partners will jointly evaluate the…

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UAE’s Coral Energy becomes Pakistan’s top fuel oil supplier

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Dubai-based trader Coral Energy has become the top fuel oil supplier to Pakistan in recent months after winning a slew of import tenders floated by state-run Pakistan State Oil (PSO), data compiled by Reuters showed. Coral Energy won tenders to sell eight fuel oil cargoes to PSO during April-August, said a spokesman for Pakistan’s energy ministry, as the country’s demand…

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OMCs, refineries to bear Rs15bn losses over exchange rate formula

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Oil marketing companies (OMCs) and refineries already mired in deep financial constraints would face almost Rs15 billion losses in next fifteen days due to altered exchange rate formula implemented by the government from August 1. The government changed the exchange rate formula from the last day of a fortnight to an average of two weeks, something that has irked both…

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