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Exxon Mobil expands oil futures, products trading in Europe -Breaking

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© Reuters. FILEPHOTO: The logo of Exxon Mobil Corp was seen at Rio Oil and Gas Expo and Conference (Rio de Janeiro), Brazil, September 24, 2018. REUTERS/Sergio Moraes/File Photo/File Photo

Julia Payne

LONDON (Reuters). Exxon Mobil Three people familiar with the matter stated that (NYSE:) has injected new money into European oil trading after it lost its ambitions last year.

Exxon cut funding for its trading unit in 2020, as part of larger cuts. This left traders with little capital to fully take advantage of volatile markets during peak COVID-19 lockdowns.

The company’s cautious strategy during the pandemic sparked the exodus of some senior-level recruits from the previous couple of years, along with Exxon veterans, after they were restricted to routine hedging and deals.

Reuters last year reported that Paul Butcher, who was scheduled to depart in September, remained after Exxon allocated more funding, sources claimed.

According to sources, Exxon plans to continue expanding its trading business. Exxon is expanding its paper market team at Exxon’s London office. Exxon would then be able to trade speculatively beyond oil hedges, according to them.

According to LinkedIn, two sources and Angela Cranmer, she joined his team to work internally in January 2012. LinkedIn showed that she had been a senior middle distillates trader. According to sources, Exxon continues looking for internal and external employees.

According to two sources, the company also employed two refined product traders Jon Hives (trader) and James Clements (trader), who were part of an expansion in Brussels. LinkedIn states that Hives arrived in the country in January.

“Our active trading program continues to grow, and we’re pleased with the progress we are making,” Julie King, an Exxon spokesperson said, but declined to comment on the specific hires.

Exxon posted its fourth-quarter 2021 profit, the largest in seven years. This was due to soaring energy costs.

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