September's top energy trading news underscores pivotal developments that are reshaping the industry landscape. The
Vitol
Group forecasts that China's gasoline consumption may peak soon, driven by the rise of electric vehicles, while the UK has closed its last coal-fired power station, aiming for a fossil fuel-free power grid by 2030. In leadership news, Richard Holtum is set to take over as CEO of
托克
, prioritising profit focus and strategic growth across various energy sectors. Meanwhile, Russia is expanding its LNG exports through a multi-billion dollar operation from its Arctic facility, aiming to reclaim market share despite sanctions. Additionally, major traders like
托克
,
Glencore UK
, and
Mercuria
are intensifying competition for copper from the Democratic Republic of Congo, as
Gunvor Group
reports record crude oil trading volumes. With
托克
expanding into petrochemicals and iron ore trading, and Zambia planning a state investment company to enhance mineral production, these developments highlight significant shifts and emerging trends in the global energy trading arena.
- Vitol Group forecasts that China's gasoline consumption will likely peak this year or next, driven by a shift toward electric vehicles rather than a decrease in mobility. CEO Russell Hardy expressed concerns about weak oil demand compared to supply as this transition unfolds.
- The UK has shut down its last coal-fired power station and is rapidly reducing its reliance on natural gas, which hit a record low in electricity generation in August. By 2030, the country aims for its power grid to be at least 95% fossil fuel-free for an entire year, marking a significant step towards a fully clean energy system.
- Richard Holtum, poised to be the next CEO of Trafigura, emphasised to staff the importance of focusing on profits. Known for his ambition and directness, Holtum has risen swiftly within the company, expanding Trafigura's gas, power, and renewable energy divisions. His leadership will follow Jeremy Weir, who is expected to transition to the role of chairman.
- A network from Dubai to China is involved in a multi-billion dollar operation to ship gas from Russia's Arctic LNG facility, part of Moscow's strategy to capture market share despite Western sanctions. While providing short-term wartime profit, Russia aims to triple LNG exports by 2030 to support its post-conflict economy after losing Europe as a key gas customer.
- Trafigura Group may convert more of its crude-oil tankers to carry refined products if weak market conditions persist. Currently, 12% of its very-large crude carriers (VLCCs) and 20% of its Suezmaxes are capable of carrying refined fuels, with the potential for this number to increase, according to Andrea Olivi, the global head of wet freight.
- ?Glencore, Mercuria, and Trafigura have secured bids to buy copper from the Democratic Republic of Congo's state miner Gecamines, marking the first time Gecamines is marketing metal from joint-venture projects like CMOC’s Tenke Fungurume mine. With competition for copper deals rising, Gecamines may offer more opportunities by selling its share of output from other mines in Congo, the world’s second-largest copper producer.
- Kurt Chapman, former head of crude oil at Mercuria, noted that while past markets offered clear trading opportunities, such as during Covid or the Ukraine conflict, 2024 has been more challenging due to a lack of obvious physical trading opportunities. This shift signals a decline in the boom years for top oil traders.
- Trafigura Group is expanding its petrochemicals business, recognising the sector's growing demand, driven by increased use of plastics, particularly in China. With traders in Houston, Geneva, and Singapore, the company is focusing on petrochemicals as demand for traditional fuels like gasoline and diesel slows, according to oil trading head Ben Luckock and Chief Economist Saad Rahim.
- Gunvor Group is expanding its crude oil business, achieving record trading volumes of 79 million tons in the first half of the year, largely driven by growth in North America. CEO Torbj?rn T?rnqvist highlighted the company's significant export operations from the U.S. and its broader global expansion, including deals in Gabon and Pakistan.?
- Trafigura's recent deal marks a significant move in its expansion into iron ore trading, with volumes increasing over fivefold to 31 million tons between 2012 and 2022. In 2024, the company has further enhanced its operations, benefiting from higher volumes at its Brazilian port and increased trade from Australia and India.
- Zambia is set to create a state investment company to own at least 30% of critical minerals production from future mines, as announced by Mines Minister Paul Kabuswe. This strategy aims to maximise the country's benefits from its mineral deposits, with plans to significantly increase copper output to 1.4 million tons annually by the early 2030s.
