Reuters posted a story overnight that Exxon Mobil, the “largest non-trading energy company in the world”, is going to shed that title and start actively trading around their huge physical resources. From the Reuters story: Exxon Mobil Corp. is pushing deeper into energy trading, building a global cadre of experienced traders and beefing up risk-management systems to lift profit, according to executive recruiters and people familiar with the business… Exxon last year retained John Masek, a former trader at Swiss-based Glencore (GLEN.L), the world’s second largest buyer and seller of petroleum, to consult on gasoline trading. Earlier this year, it poached four gasoline market specialists from refiner Phillips 66 (PSX.N). This month, Exxon hired former BHP Billiton Plc (BLT.L) trader Nelson Lee as an international crude trader, the people familiar with the matter said. In 2014, Lee orchestrated BHP’s first-ever crude exports by maintaining the lightly refined oil met criteria for an exportable product. The deals helped usher in the end to a U.S. prohibition on crude exports more than a year later. The company has also added crude, products and liquefied natural gas specialists to London and Singapore offices. It recently hired Paul Butcher, a trader who has worked… continue reading
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