Energy trader Gunvor made strong profits last year and is looking to expand its oil trading and develop a significant power trading arm in the United States, its CEO told Reuters.
Swiss energy traders have posted record returns over the last few years as they thrived in extremely volatile markets brought on by the COVID-19 pandemic and then Russia's invasion of Ukraine last year.
Gunvor, traditionally focused on oil and gas, metals and bulk commodities, has in recent years also begun trading power in Europe. Tornqvist said its U.S. arm had set up a power desk last year and was now hiring more people. On the oil side, the firm will start gasoline blending operations in the United States on top of similar operations it has in Rotterdam and Asia.
"Europe was taking about 110 billion cubic meters per year from Russia. That’s about 1,000 LNG cargoes. We think Europe was able to cover about half... and the rest is demand destruction, close to 20%. Some of it is weather related," he said.
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