FOTO DE ARCHIVO. Brand del comercializador de materias primas Vitol Group en Ginebra, el 4 de octubre de 2011. Foto tomada el 4 de octubre de 2011. REUTERS/Denis Balibous/File Picture
LONDON, March 29 (Reuters) – World vitality dealer Vitol Group made a file web revenue of simply over $4 billion final 12 months, sources acquainted with the matter mentioned, as oil, pure fuel and different commodity costs soared.
Vitol declined to remark.
The outcome beats its earlier file web revenue in 2020, when oil markets had been upended by the COVID-19 pandemic. Bloomberg reported Vitol made $3.2 billion in 2020. The corporate doesn’t disclose its web revenue.
Final week, Vitol mentioned it traded 7.6 million barrels per day (bpd) of crude and refined merchandise in 2021, up from 7.1 million bpd in 2020. It additionally mentioned revenues leapt to $279 billion in 2021 as oil costs recovered from 2020 lows. Its revenues had been $140 billion in 2020. learn extra
For merchants, 2021 was a more durable 12 months to become profitable than 2020, when the market construction was in contango – with futures costs above spot costs – which makes storing oil worthwhile.
For many of 2021, the market was in backwardation – the alternative scenario – however the oil value grew to become extra risky and rose by over 50% in contrast with the beginning of the 12 months.
The sharp rally in fuel costs within the second half of 2021 additionally boosted merchants’ backside traces.
“Once you see the Henry Hub to TTF (Dutch wholesale fuel) unfold, it’s a a number of of what it was so it boosts the profitability,” one of many sources acquainted with the outcomes mentioned.
Reporting by Julia Payne and Dmitry Zhdannikov
Enhancing by Mark Potter
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