Royal Dutch Shell participated in Mexico’s oil hedging program for 2017, the first time an oil company has taken part in the world’s large commodities hedging program, according to Bloomberg, citing four people with knowledge of the matter.
Shell’s trading unit was one of the seven counterparties to the Mexican government, the report said, adding that their involvement is the first known participation since Mexico started to lock in prices regularly 15 years ago.
The move highlights a retreat by banks away from commodity trading because of increased regulation following the financial crisis.
Earlier this week, Mexico’s Finances Secretariat said it had wrapped up its derivatives trade program, guaranteeing an average price of $42 per barrel for crude oil exports in 2017.
Due to the government’s dependence on oil income, Mexico hedges its crude every year and the deals are closely watched by the market since the trades are big enough to affect prices.
by CATHERINE NGAI for thenews.mx
more recommended stories
Disney launches Minnie Catrina, a ‘declaration of love’ to Mexico
The company explained that like its.
5 Things to Know About the Cancun Underwater Museum the MUSA
October 20, 2021.- Known locally as.
“I did what I had to do, I acted in a professional way,” Marcelo Ebrard said
MEXICO CITY, Oct 19 (Reuters) –.
US Congressmen ‘explode’ against AMLO’s electric reform
The congressmen warned that it represents.
In 20 of 32 Mexican states, the epidemiological traffic light is in green
Mexico City, Mexico — Twenty of.
A luxurious truck ends up in the swamp at the Cienega of Progreso, Yucatan
Progreso, Yucatán, October 20, 2021 (ACOM). –.
Police free eight hostages during a bank robbery in Cerro Azul, Veracruz
Cerro Azul, Veracruz — At least.
Use of facemask and other safety measures remain in place in Yucatan
The use of face masks remains.
Canada issues travel alert for insecurity in 13 states of Mexico
It even warns that police officers.
18 cenotes have been cleaned up in Yucatan this year
Mérida, Yucatán.- The cleaning and sanitation.