Wed 20 Oct 2010 14:21

Glencore fuel oil trader resigns


Fuel oil desk in Singapore is reported to have been left with one trader.



A senior fuel oil trader at the Singapore office of global commodity trader Glencore has this week resigned from his post, according to news agency Reuters.

Wong Keng Seng, who has been employed with the firm since around 2002, resigned from his post on Tuesday 19th October.

The resignation comes only two months after another fuel oil trader, Tan Ming Cher, left the company after having worked for the firm for less than two years.

The latest departure has left Glencore's fuel oil trading desk with only team leader, Hon Kim Weng, according to market sources.

Hon and Wong previously worked together at oil major Shell before joining Glencore, whilst Tan was employed with JPMorgan up until 2008.

Glencore is expected to promote from within to fill the recently-vacated positions. It is understood that four members of staff were recently put on a trading course and that the successful candidates are due to be selected from the group.

The Asian fuel oil market has seen a number of personnel changes in recent months during a period of thin margins for traders. Earlier this year around 20 members of staff left BP Singapore's fuel oil and marine fuels trading teams to work for Hong Kong-listed Brightoil Petroleum.

In June, former Barclays Capital fuel oil trader Shaun Lim was appointed by Japanese investment bank Nomura as head of its Asian oil and products trading team.

In the past week, two other traders have resigned - Alan Ong from Kuo Oil and Colin Soh from Chemoil.


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