World News
S&P Ratings Agency Marks Down Big Oil
Ratings agency S&P has placed several of the biggest oil companies, including Exxon Mobil and Shell, on negative watch that could be the precusor to costlier credit for those companies.
The move by the agency comes amid an increased focus on climate change from the new US administration and weaker returns to investors in the oil firms, financial news provider Bloomberg reports
The ratings agency "believes the energy transition, price volatility, and weaker profitability are increasing risks for oil and gas producers," as it revises its industry-wide risk assessment for the oil and gas sector to "moderately high" from intermediate, according to the report.
The oil sector faces "significant challenges and uncertainties engendered by the energy transition," which in turn would put "pressure on profitability, specifically return on capital," the agency was quoted as saying in the report.
S&P Global also owns commodities price-reporting agency Platts.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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