Energy giant hit by more fuel trader departures

THE HEAD of BP’s fuel oil trading team has quit the oil giant in the same month that a number of US traders also left the company.

The resignations from BP’s fuel oil team included the departure of three traders from its US office, including the team leader, and the head trader in London.

The fuel oil traders in the US and London resigned over the past three to four weeks.

This takes the total number of departures from the unit to 14 worldwide, after five fuel oil traders in Asia, including team leader Edmund Lau, and four support staff quit last week.

The resignations followed the departure of global fuel oil head Quek Chin Thean, who resigned a week before that.

The void left by the departures of key traders has removed an important support for the fundamentally weak Asian fuel oil market, where BP had been engaged in a bull trading play for the past two months.

It is thought that a majority of BP’s fuel oil team, including the global head and the heads of three trading centres, have now left the company in the past month. A spokesperson said the company would not comment on staffing issues.