Weaker oil consumers, such as airlines, shipping firms and bus companies have been unable to profit from the recent fall in oil prices because they are already exceeding their bank credit lines with mark-to-market losses on unexpired hedges taken out in the second half of 2014.
Since June last year, front-month Brent North Sea crude oil futures have fallen from $115.06 a barrel (/bbl) to below $50/bbl in January. Despite the recent rally, oil is still below the previous six-year low seen in
- Brexit novations ‘on hold’ to gain reg relief
- Banks hope final FRTB rules will ease NMRF burden
- Functional programming reaches for stardom in finance
- Mifid data publishers drag feet on Esma guidelines
- People moves: Bank of America names new Apac chiefs, Wilkinson leaves LGIM, Lloyds loses Coutte, and more