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As rivals made fortunes, Exxon retreated from oil trading amid pandemic

Apr 29, 2021 NEW YORK/HOUSTON – Exxon Mobil’s effort to build an energy trading business to compete with those of European oil majors unraveled quickly last year as the firm slashed the unit’s funding amid broader spending cuts, 10 people familiar with the matter have said. The cuts left Exxon traders without the capital they needed to take full advantage of the volatile oil market, these people said. The coronavirus pandemic sent prices to historic lows with U.S. oil trading below zero at one point before a strong rebound. That created an immense profit opportunity for trading operations willing to take on the risk.

Exxon retreated from oil trading in pandemic as rivals made fortunes

Exxon retreated from oil trading in pandemic as rivals made fortunes
yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.

Exxon retreated from oil trading in pandemic as rivals made fortunes

Exxon retreated from oil trading in pandemic as rivals made fortunes
oilandgas360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilandgas360.com Daily Mail and Mail on Sunday newspapers.

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