Saras Trading Eyes US Office as Europe Demand Dips: APPEC Update




  • In Business
  • 2022-09-27 08:02:04Z
  • By Bloomberg
 

(Bloomberg) -- The fallout from Russia's invasion of Ukraine and the outlook for a volatile market are set to be key topics at Asia's biggest gathering of oil traders and executives, which entered its second day in Singapore.

Most Read from Bloomberg

  • John Paulson on Frothy US Housing Market: This Time Is Different

  • Stocks, Commodities Drop; US Treasury Yields Surge: Markets Wrap

  • Everything-Selloff on Wall Street Deepens on 98% Recession Odds

  • UK Market Selloff Slams Gilts, Pound, Piling Pressure on BOE

  • Wall Street Banks Prep for Grim China Scenarios Over Taiwan

The annual Asia Pacific Petroleum Conference returned to an in-person format for the first time since the pandemic erupted. Attendees are mulling over the impact of upcoming European Union sanctions on Russian oil flows, the energy transition, and the prospect for a winter power crunch. All times are local.

Saras Trading Looking to Open US Office (3:47 p.m.)

Saras Trading SA is looking to open an office in the US to market its products as gasoline and diesel demand declines in Europe, according to Chief Commercial Officer Marco Schiavetti.

"We need to be able to cover more markets," he said, adding that the company was already shipping much of its gasoline to the US and had opened an office in Singapore. The growth in electric vehicles has crimped European demand.

Trafigura Says Pressure on Prices to Continue (11:09 a.m.)

There's downward pressure on oil prices and it may continue for some time, with the market facing a stronger US dollar and recessionary fears, said Saad Rahim, chief economist at commodity trader Trafigura Group.

Macro factors are winning as moves in and out of currency markets have a big impact on oil prices, Rahim said. There are a number of dislocations in the market that are allowing trading companies to grow market share, he added.

Russia Insuring Oil Being Sent to BPCL (10:08 a.m.)

Russian oil cargoes that are flowing to India's Bharat Petroleum Corp. are being insured through Russian companies, said Amit Bilolikar, the deputy general manager of the company's crude trading desk.

The refiner is buying Russian oil on a delivered basis and the process is going "smooth so far," Bilolikar said. US crude now accounts for 20% of Bharat Petroleum's purchases, he added.

Most Read from Bloomberg Businessweek

  • The Supreme Court Is About to Display Its Power Imbalance Again

  • Mental Health Crisis Leads Hospitals to Create a New Type of ER

  • The Sneaky Genius of Apple's AirPods Empire

  • US Is Inflating Its Debt Away After Unprecedented Spending Binge

  • This Is What Life's Like in the World's Strictest Covid Zero City

©2022 Bloomberg L.P.

COMMENTS

More Related News

Watch Leveraged Loans as Canary in Credit Coal Mine, Traders Say
Watch Leveraged Loans as Canary in Credit Coal Mine, Traders Say

(Bloomberg) -- Watch leveraged loans for the first signs that aggressive central-bank rate hikes are starting to hit companies hard.Most Read from...

Ukraine war: Oil prices steady as cap on Russian crude looms
Ukraine war: Oil prices steady as cap on Russian crude looms

The G7 and its allies have agreed to limit the price of Russian oil to $60 a barrel.

Monday
Monday's EU-US trade talks overshadowed by tax concerns on climate measure

Top European Union officials intend to complain loudly to their U.S. counterparts at a trade meeting on Monday about the bloc's electric vehicles being cut...

Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets
Bitcoin Sinks Further 70% in Standard Chartered List of Possible 2023 Upsets

(Bloomberg) -- Speculators cleaving to the view that the crypto rout is mostly over are at risk of a rude awakening in 2023, according to Standard...

Asian shares mixed, oil higher after Russia price cap pact
Asian shares mixed, oil higher after Russia price cap pact
  • US
  • 2022-12-05 04:14:13Z

Asian shares were mostly higher and oil prices rose Monday after the European Union and the Group of Seven democracies agreed on a boycott of most Russian...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business