Senior Reporter for Energy and Commodities at Bloomberg News. Co-author of The World for Sale: smarturl.it/lwefbl
Joined April 2010
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7 Mar 2022
The World for Sale comes out in paperback this week
If you want to understand how oil and commodity markets work, how they influence geopolitics, and the extraordinary power of a few little-known traders, take a look: smarturl.it/TheWorldForSale
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Jack Farchy retweeted
Jun 10
Lee Raymond, the oil executive who created Exxon Mobil via a mega-merger in 1998 and for many years fought global efforts to reduce CO2 emissions, has died. He was 87.
Raymond ran Exxon from 1993, and negotiated the merger deal with Mobil CEO Lucio A. Noto, emerging as CEO of the combined entity. Exxon Mobil soon after became the world’s largest publicly traded company as oil prices surged.
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Jun 4
Trafigura Pays Record Dividend as Profit Soars Over $4 Billion
@megacontango
bloomberg.com/news/articles/…
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Jun 2
Gunvor’s Geneva Offices Searched in Corruption Probe
@hugodmiller @megacontango
bloomberg.com/news/articles/…
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May 28
Willy Strothotte, Ex-Glencore CEO Who Ousted Marc Rich, Dies at 82
@megacontango
bloomberg.com/news/articles/…
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Jack Farchy retweeted
May 26
🚨🚨🚨🚨BREAKING: BP fires Chairman Albert Manifold due to what the company calls "serious concerns raised to the board related to important governance standards, oversight and conduct."
Manifold is seen as the architect of the company's most recent turnaround. BP is down 5%.
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Jack Farchy retweeted
May 25
A little-known Swiss trading company played a key role in getting an oil supertanker transit through the Strait of Hormuz, a stop-start journey that captivated the market earlier this month bloomberg.com/news/articles/…
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Jack Farchy retweeted
May 21
The scale of the reduction in Chinese oil imports is increasingly difficult to explain with available data.
On paper, Beijing is currently running its economy with ~1/4 less oil than pre-war. But demand destruction (or shift in petchem feedstock) can hardly explain *all* of it. So is China drawing hard on difficult-to-track commercial stocks of refined products? Has it tapped underground SPR sites? All of the above?
May 21
China continues to cushion the global oil market, with imports May-to-date plunging significantly below even the depressed levels seen in April.
At the current pace, Chinese crude oil imports are set to hit a 10-year low in May. On a four-week average, Chinese crude/condesate imports are running >4 million b/d BELOW pre-war levels.
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Jack Farchy retweeted
May 21
UK government says it's closing a tax loophole that allowed some oil/gas firms to pay little (or none at all) tax on their British energy trading profits.
From @RachelReevesMP statement today:
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Jack Farchy retweeted
May 20
BREAKING: US total crude inventories fell last week ~17.8 million barrels (that's commercial and SPR stocks combined). On that basis, it's the largest weekly fall since data is available starting in 1982.
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Jack Farchy retweeted
May 18
The Qatari billionaire Al-Khayyat family is going after mega African infrastructure deals, including a 400km road in Congo bloomberg.com/news/articles/…
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Jack Farchy retweeted
There were 28 sailors aboard the Bella 1 when the sanctioned, 330m-long supertanker turned around and made a mad dash across the Atlantic, US Coast Guard in pursuit.
In the @FTMag this weekend — life aboard the shadow fleet, and in the firing line:
as.ft.com/r/31e28d68-451a-40…
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Jack Farchy retweeted
May 8
COLUMN: China is quietly slashing oil imports, an invisible hand that's rebalancing the market in the middle of the Hormuz closure.
(The shift has not only capped benchmark oil prices, but also triggered a collapse in physical differentials)
@Opinion
bloomberg.com/opinion/articl…
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Jack Farchy retweeted
May 7
US sanctions Iraq deputy oil minister Ali Maarij Al-Bahadly for allegedly facilitating the diversion of Iraqi oil to “be sold for the benefit of the Iranian regime and its proxy militias in Iraq.”
home.treasury.gov/news/press…
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Jack Farchy retweeted
May 5
Counterintuitive perhaps, but the physical oil market appears to be calming. Dated Brent is hovering at ~$115 a barrel, and physical differentials have narrowed massively, with grades offered at ~$3 a barrel premium to the benchmark vs the ~$30 a barrel premium of mid-April.
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Jack Farchy retweeted
Apr 22
MUST READ: The world’s biggest energy traders are reaping a fresh profit bonanza as the war in Iran causes unprecedented disruption to oil markets.
@megacontango @jfarchy
bloomberg.com/news/articles/…
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Jack Farchy retweeted
Apr 20
For decades, the world’s biggest commodity traders have sought to remain outside of politics, doing deals with anyone who has natural resources to buy or sell. Now, Donald Trump is changing the rules of the game.
@jfarchy
bloomberg.com/news/articles/…
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Apr 14
Gunvor Founder Törnqvist Got Over $1 Billion Upfront in Buyout
@megacontango
bloomberg.com/news/articles/…
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Jack Farchy retweeted
Apr 10
VIDEO COLUMN (2): The Hormuz question.
What's happening in the world's most important oil and LNG chokepoint? Let me explain the situation in the strait, and how its shipping lines (and status) are changing, perhaps for ever.
@Opinion #Hormuz #IranWar
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Jack Farchy retweeted
Russia is offering to sell US-sanctioned LNG to South Asian buyers at a *40% discount* 🇷🇺🚢
Moscow is seeking to leverage the global natural gas crunch to lure energy-hungry countries like Bangladesh and India
bloomberg.com/news/articles/…
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Jack Farchy retweeted
Apr 1
NEW ODD LOTS:
Oil could still go much, much higher.
@tracyalloway and I talk to @JavierBlas about the rapidly dwindling time frame to reopen the Strait before the energy crisis starts to get significantly worse podcasts.apple.com/us/podcas…
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