 |
Louisiana Light • 5 days | 65.43 | -1.04 | -1.56% | ||
|
Bonny Light • 279 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 5 days | 65.60 | +0.59 | +0.91% | ||
|
Mars US • 569 days | 72.21 | -1.06 | -1.45% | ||
|
Gasoline • 14 mins | 2.122 | +0.013 | +0.62% |
|
Bonny Light • 279 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 279 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 5 days | 65.60 | +0.59 | +0.91% |
|
Peace Sour • 3 days | 53.20 | -0.37 | -0.69% | ||
|
Light Sour Blend • 3 days | 53.45 | -0.37 | -0.69% | ||
|
Syncrude Sweet Premium • 3 days | 57.70 | -0.37 | -0.64% | ||
|
Central Alberta • 3 days | 53.05 | -0.37 | -0.69% |
|
Eagle Ford • 5 days | 58.05 | -0.99 | -1.68% | ||
|
Oklahoma Sweet • 5 days | 58.00 | -1.00 | -1.69% | ||
|
Kansas Common • 5 days | 48.40 | -0.99 | -2.00% | ||
|
Buena Vista • 56 days | 70.40 | +1.10 | +1.59% |
Breaking News:
China Tightens Grip on Critical Metals Despite Global Diversification Drive
China has increased its dominance…
Oil Prices Fall as Uncertainty Clouds Market Outlook
Oil prices fall on unexpected…
PetroChina Plans to Launch Trading of Energy Transition Metals
Chinese oil and gas giant PetroChina is building a team to begin a business of trading with copper, lithium, and other metals critical to the energy transition.
Richard Fu, a Trading Manager, has said in a post on LinkedIn that he had been hired by PetroChina International (London) Co., Limited.
“I am honoured to start the green energy transition metals and minerals business for PetroChina, trading physical and paper copper, lithium and others,” Fu wrote in the post without elaborating further.
The Chinese giant could also include nickel trading in the portfolio of its new business unit, an anonymous source with knowledge of the plans told Reuters.
PetroChina could also consider trading carbon and electricity on the European markets, according to the Reuters source.
The new venture for the Chinese oil giant is the latest foray into metals after major energy commodity trading houses have recently began building such trading units or returned to trading battery metals.
For instance, Vitol Group, the world’s largest independent oil trader, is hedging its bets and seeks to expand into metals crucial for the energy transition, including copper, iron ore, and aluminum, CEO Russell Hardy told the Financial Times Commodities Asia Summit in Singapore last month.
“The petroleum, the oil business, we still think it will reach a peak at some point, about 10 years ahead from where we are today,” Hardy said.
In view of the expected peak in oil demand and the surge in electrification, Vitol will seek where its edge in metals trading will be.
Other major energy traders are also betting on metals to boost volumes and profits amid higher demand. The top independent oil trading houses have boosted their metals and agriculture trading businesses to capture volatility in the short term and expected supply shortages in the long term.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com
- Exxon to Increase Oil Production by 18% By 2030
- U.S. Oil Industry Hesitates as Trump Promises Energy Revolution
- European Energy Majors Shift Back to Oil and Gas
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