Louisiana Light • 2 days | 73.66 | +0.86 | +1.18% | |||
Bonny Light • 30 days | 78.62 | -2.30 | -2.84% | |||
Opec Basket • 2 days | 73.57 | +0.80 | +1.10% | |||
Mars US • 320 days | 75.54 | -1.36 | -1.77% | |||
Gasoline • 20 mins | 2.021 | +0.011 | +0.53% |
Bonny Light • 30 days | 78.62 | -2.30 | -2.84% | |||
Girassol • 30 days | 79.56 | -1.80 | -2.21% | |||
Opec Basket • 2 days | 73.57 | +0.80 | +1.10% |
Peace Sour • 14 hours | 66.96 | +0.94 | +1.42% | |||
Light Sour Blend • 14 hours | 66.21 | +0.94 | +1.44% | |||
Syncrude Sweet Premium • 14 hours | 70.96 | +0.94 | +1.34% | |||
Central Alberta • 14 hours | 67.96 | +0.94 | +1.40% |
Eagle Ford • 2 days | 67.67 | +1.10 | +1.65% | |||
Oklahoma Sweet • 2 days | 67.75 | +1.25 | +1.88% | |||
Kansas Common • 2 days | 58.02 | +1.10 | +1.93% | |||
Buena Vista • 3 days | 76.57 | +1.17 | +1.55% |
This week, crude oil prices…
The total number of active…
MINING.com
MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…
Japanese trading firm Mitsui & Co warned Wednesday that it is set to post its first annual loss since being established in 1947, after a sustained rout in energy and metal prices forced it to book $2.3 billion (260 billion yen) in write-downs on projects from South America to Australia. Related: China’s Oil Majors See Production In Biggest Fields Shrink
The Tokyo-based firm, Japan’s second biggest trading house, expects a net loss of 70 billion yen ($623 million) in the fiscal year ending March. This is due to booking impairment charges on assets which include the Caserones copper project in Chile, the Browse LNG project in Australia and its Brazilian mining unit. The company had previously forecast a net income of 190 billion yen.
Last month, a Chilean court backed the country’s environmental authority on its decision to charge Caserones with the second-highest fine ever imposed in the South American nation, after the regulator found a number of infractions at the mine. The largest penalty so far — $16 million — was imposed in 2013 to Barrick Gold’s (TSX, NYSE:ABX) now shelved Pascua Lama gold and silver mine. Related: The Current Oil Price Rally Is Reaching Its Limits
More than two-thirds of Mitsui’s profit comes from its resource business, such as iron ore, coal, oil and gas trading, which explains the major impact the plunge in commodity prices is having on the Japanese firm.
For every dollar drop in the price of crude, Mitsui’s profit falls by about 2.7 billion yen, the company said in a presentation last November.
Despite its loss forecast, Mitsui maintained its dividend forecast of 64 yen per share for the full year.
By Cecilia Jamasmie via Mining.com
More Top Reads From Oilprice.com:
MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com