China Petroleum & Chemical Corp.’s biggest rally in Shanghai trading since 2009 was unjustified because the company’s plans to seek private investors are aimed at raising capital instead of reforming the state-controlled energy producer, according to Jefferies Hong Kong Ltd.
Crude can move either side of $100 a barrel with neither direction currently dominating, aside from a longer term bias for gradual gains, said the head of Vitol Group, the world’s largest privately held oil trader.
The Organization of Petroleum Exporting Countries will probably increase oil supplies in the next four months, reducing Brent prices to a range of $90 to $100 a barrel, Vitol Group’s chief executive officer said.
Commodities traders who buy and sell as much as $5.67 trillion of raw materials a year say the benchmark prices for everything from oil to iron ore to gasoline are wrong as often as 27 percent of the time.
Exports of liquefied natural gas are contracting for a second year, diminishing the number of available cargoes at a time when companies from Vitol Group to Glencore Xstrata Plc are expanding their trading teams.
The U.S. Supreme Court agreed to consider whether companies and employees must pay Social Security taxes on severance compensation, accepting a case that may force the Treasury to give billions of dollars in refunds.
By the time Jorge Montepeque came to London in January 2002 to revamp Platts energy-price benchmarks amid a series of manipulation scandals, he’d already earned a reputation as the company’s troubleshooter.