April, 2020

• 19 April

  Mexico’s Pemex has too much fuel and nowhere to store it all

  

  Bloomberg Mexico’s Pemex has too much gasoline and nowhere to store it, potentially racking up significant ship fees as demand wanes because of the fast-spreading coronavirus. A lack of storage capacity in Mexico is forcing the state-owned oil company to leave its fuel purchases in ships off the coast of Mexico, according to three people familiar with the situation and …

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• 19 April

  China’s coal miners call for 10% output cut amid supply glut

  

  Bloomberg A dozen Chinese anthracite coal miners have called on the industry to slash production by 10% from current levels amid weak demand caused by the coronavirus outbreak. While anthracite coal output is now back at last year’s levels, demand recovery has lagged, leading to a “severe mismatch” in market fundamentals, according to a statement published on the website of …

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• 19 April

  Uranium surges 31% even amid coronavirus shutdowns

  

  Bloomberg While most commodities are getting hammered by the coronavirus crisis, uranium prices are skyrocketing. The radioactive metal used in nuclear fuel has climbed 31% this year, making it the world’s best-performing major commodity. The gains have been spurred by mine shutdowns that have wiped out more than a third of annual global output at a time when demand from …

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• 19 April

  S’pore oil trader Hin Leong fails to declare $800m losses

  

  Bloomberg The son of the legendary oil trader and founder of Hin Leong Trading (Pte.) Ltd said the Singapore-based company had suffered about $800 million in losses from futures trading that weren’t reflected in its financial statements, according to people with knowledge of the matter. Lim Chee Meng, the only son of Lim Oon Kuin, said he was unaware of …

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• 19 April

  Zimmer’s energy fund down 55% this year

  

  Bloomberg The energy fund at Zimmer Partners posted its worst quarter ever after sinking about 46% in March as oil markets plunged. The fund dropped 55% in the first quarter after losing money each month, according to an investor letter seen by Bloomberg. The fund, which ran $1 billion at the end of January, now has about $500 million in …

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• 19 April

  Bankers reluctant to give Asian commodity traders more credit

  

  Bloomberg Bankers are increasingly reluctant to give commodity traders in Asia the credit they need to survive as the lenders grow ever more fearful about the risk of a catastrophic default. Their anxiety has reached new heights in recent days as fabled Singapore oil trader Hin Leong Trading (Pte.) Ltd. struggles to repay debts said to amount to almost $4 …

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• 19 April

  Dubai leads Middle Eastern stock gains

  

  Bloomberg Middle Eastern stocks rose on Sunday following a rally in emerging-market assets at the end of last week as the US outlined steps to reopen its coronavirus-shuttered economy. Dubai’s DFM General Index climbed 2.6% as of 10:07 am local time, while gauges in Abu Dhabi and Kuwait advanced as much as 1.5%. MSCI Inc.’s index of developing-nation stocks strengthened …

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• 19 April

  Analysts stumped by 944% jump in Liberty Holding

  

  Bloomberg TripAdvisor Holdings Inc.’s crazy week left analysts scratching their heads about what might have caused the stock to surge as much as 2,700% in one session. The series B shares soared on unusually high volume, and the move was so inexplicable that the company issued a statement indicating it was “not aware of the reasons for the recent volatility …

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• 19 April

  European banks seek to avert stashing billions for bad loans

  

  Bloomberg European banks are seeking to avoid setting aside billions of euros to cover bad loans after the coronavirus outbreak, in a departure from US competitors collectively taking a $25 billion hit. European lenders are set to report comparatively small increases in loan loss reserves in the first quarter and plan a similar approach during the rest of the year, …

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• 19 April

  ‘ECB is flexible, could do more if needed’

  

  Bloomberg The European Central Bank (ECB) could take further action if needed to support the euro area through the economic crisis sparked by the coronavirus outbreak, policy makers at the institution said. The central bank has already unleashed a barrage of support over the past few weeks to cushion countries across the bloc, including committing to spend more than 1 …

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