Global commodity trader Trafigura Group hit a record net profit for a second year running in its 2021 financial year after a strong performance across divisions and significant energy market dislocations.
Asia's front-month crack for 0.5% very low-sulphur fuel oil (VLSFO) slipped on Wednesday, but traders said steady bunkering demand and limited arbitrage arrivals from the West would support the market in the near term.
Recent shifts in the relative price of different crude grades have dealt oil exporters from the vast Atlantic Ocean basin the best chance in months to sell to top consuming region Asia, but sales have been sluggish as COVID-19 fears cool demand.
BP supports the addition of U.S. oil crude grade WTI Midland to global dated Brent, suggesting the removal in the medium-term of Brent and Forties grades from the benchmark as flows have evaporated, according to a document seen by Reuters.