ShippingWatch

Trading houses flip record oil volumes in Singapore

Fuel oil for USD 750 million were traded in the first week of June in Singapore, where major trading houses such as Glencore, PetroChina and BP are fighting for the oil, according to Reuters.

Photo: Ed Wray/AP/POLFOTO/arkiv

There is fierce competition for fuel oil in the world's largest bunkering port, Singapore. In the first week of June, physical fuel oil cargoes for a total USD 750 million were traded, a figure that corresponds to 60 percent of average monthly sales in Singapore, according to Reuters.

Trading data from the news agency show that global trading houses such as Swiss Glencore and Mercuria, PetroChina and BP are responsible for the significant increase in purchases and not least the fight to secure the oil. Sellers mainly include Russian Lukoil, Swiss-based traders such as Gunvor and Vitol, and France's Total, and the massive volumes are causing logistical challenges for the port.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Nina Østergaard Borris takes over as USTC's CEO

Danish billionaire Torben Østergaard-Nielsen passes the position as CEO of USTC to his daughter Nina Østergaard Borris. ”A joint decision by the ownership,” Østergaard-Nielsen tells newspaper.

Further reading

Related articles

Latest news

See all jobs