BP, Shell Help Lift Oil-Trading Profitability to 6-Year High

The trading arms of Royal Dutch Shell Plc and BP Plc enjoyed their best year ever in 2015, helping push the combined gross margins of oil merchants to a six-year high, according to a closely watched report. Oil traders last year “stormed ahead, thanks to low, volatile spot prices that created cash-and-carry opportunities,” consultancy Oliver Wyman said in its annual review of the commodities-trading industry published Wednesday. These gross margins — a rough measure of profitability — rose to a combined $19 billion, the highest since 2009, when oil traders benefited from big price swings and oversupplied markets. For commodities traders in general, total gross margins stagnated at $44 billion for the second consecutive year as natural gas, power and other markets underperformed oil. “The main driver of growth over…


Link to Full Article: BP, Shell Help Lift Oil-Trading Profitability to 6-Year High

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