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.


More Related News

Macau's Casino Operators Get New Licenses; Genting Loses Out

(Bloomberg) -- Macau's six casino operators won new licenses to continue running their businesses in the city, as a firm linked to Genting Group failed in...

US Bans Huawei, ZTE Telecom Equipment on Data-Security Risk
US Bans Huawei, ZTE Telecom Equipment on Data-Security Risk

(Bloomberg) -- Huawei Technologies Co. and ZTE Corp. were banned from selling electronics in the US by regulators who say they pose a security risk...

Warnock Has More Cash, But GOP Super-PAC Has Plenty for Walker
Warnock Has More Cash, But GOP Super-PAC Has Plenty for Walker

(Bloomberg) -- Democratic Senator Raphael Warnock has three times as much cash as former NFL great Herschel Walker heading into the final stretch of their...

Microsoft's Activision Deal Hangs on Long-Shot FTC Accord Team Biden Hates

(Bloomberg) -- Microsoft Corp.'s best chance to win approval for its $69 billion Activision Blizzard Inc. deal from US regulators is to persuade the Biden...

Activision Sinks on Concern US Will Block Microsoft
Activision Sinks on Concern US Will Block Microsoft's $69 Billion Deal

(Bloomberg) -- Activision Blizzard Inc. shares sank further away from Microsoft Corp.'s proposed takeover price as investors grow concerned that the US...

Leave a Comment

Your email address will not be published.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

Cancel reply


Top News: Business