Italian oil company Eni SpA and commodity merchant Mercuria Energy Group Ltd. signed an agreement to join forces in trading, seeking growth in an area that has seen huge price swings and profit opportunities during the war in Iran. The two firms will be combining their main trading books for various commodities including oil, liquefied natural gas and biofuels […]
Giant trading houses and trading desks of integrated oil majors have taken advantage of the extreme volatility in oil and energy prices to make a killing in the markets.
Last month, Singapore-based oil and commodities trading powerhouse Trafigura Group posted the smallest profit since 2020 after oil price volatility dropped to multi-year lows.
Europe’s oil majors are feeling the heat, too, with both BP and Shell Plc warning of impending profit declines at their trading divisions.