Fuel oil trader
Reason was the fuel oil market here which tanked last year, hurting trading houses with exposure to it. SINGAPORE - Not quite a bloodbath - but "there has recently been a bit more job movement" by oil traders here than usually seen in the round of "musical chairs" this time of year, industry sources said.
And one big reason was the fuel oil market here which tanked last year, fuel oil trader trading houses with exposure to it. Chemoil Energy, for instance, last month reportedly let go of almost fuel oil trader its man fuel oil team here, with news agencies such as Platts saying eight had left, while Reuters reported that nine had been dismissed.
It follows last October's sale of Chemoil's Helios Terminal on Jurong Island by Swiss commodity giant Glencore, which controls the marine fuel oil supplier.
Amid market speculation of the dismissals, one trading source told BT that the departure of the fuel fuel oil trader traders at Chemoil was probably a mutual move. Another trading official said that there is also talk that "three or four of the ex-BP Singapore fuel oil traders who earlier joined Brightoil Petroleum but who subsequently left the Chinese oil trader last year, had now joined Glencore".
This suggests that Glencore intends to handle the fuel oil trader oil trading here itself, rather than through Chemoil, he said. Brightoil last October saw an exodus of ex-BP fuel oil traders it had hired after losses in the fuel oil and bunker market led the Chinese trading house to diversify and move into crude oil trading. The trading official reckons that, overall, there has been a larger than usual number of traders switching or losing jobs this time round, with his guesstimate of the number being around 40 to 50, instead of the usual couple of dozen movements.
The other oil trader said that "while the fuel fuel oil trader market still remains bad, there's a 75 per cent chance it will not worsen". He added that "fuel oil is, in fact, in contango for front months fuel oil trader March, fuel oil trader further forward, it's still in backwardation". He was referring to conditions where in contango, the price of a forward or futures oil contract is trading above the expected spot price at contract maturity.
Gasoline prices are, however, starting to pick up, fuel oil trader so also naphtha," the trader said. But he cautioned that the worst is not over. Agreeing, the trading official said that, overall, the oil market is still not looking very good. Another trader said that "the Singapore market is still looking very difficult so far this year. It's not easy to make profits". Get The Business Times for more stories.
News AsiaOne More job movements than usual among oil traders Reason was the fuel oil market here which tanked last year, hurting trading houses with exposure to it.
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