FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Orlen Reportedly Issues Series of Tenders to Buy Crude After Saudi Pipeline Shutdown

By

Orlen (PKN.WA) issued at least five tenders to purchase crude in the past two days, Bloomberg News reported Monday, citing documents it saw.

The move could signal that the Polish energy company is looking to secure oil supply after the shutdown of the crucial East-West pipeline in Saudi Arabia, according to the report.

Citing regional officials, the Associated Press said in a same-day report that the pipeline could remain offline for several weeks. Saudi Arabia shut the East-West pipeline, seen as an alternative to the Strait of Hormuz with the capacity to ship about 7 million barrels a day, as a precautionary measure following "multiple attacks" on Sept. 10.

Orlen did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

What else is happening in Equities?

Equities

Oaktree Capital Funds to Sell Torm Shares

Torm's (TRMD-A.CO) shareholder OCM Njord Holdings launched an offering of 9 million class A shares in the later, according to a Monday release.OCM, a company owned by Oaktree Capital Management-advised funds and affiliates, held a 20% stake in the refined oil product carrier before the offering. It launched the sale with a 30-day option for the sale of up to an additional 1,350,000 shares in Torm, which will not receive any proceeds from the transaction.

$TRMD-A.CO
Equities

BP Notes 'Generally Constructive' Talks with Representatives of Workers in US Refinery

BP (BP.L) said Monday that it had "generally constructive" discussions with the United Steelworkers union representing workers at its Whiting refinery in the US.Negotiations between the parties on a new pay package resumed on Monday, with a commitment to meet again later in the week.The oil and gas company affirmed its commitment to bargaining in good faith with the workers and assured that the refinery is operating continuously amid the ongoing labor dispute.

$BP.L
Equities

Trump Energy Chief Says Fuel Export Ban Wouldn't Lower Prices

Interior Secretary Doug Burgum said Monday that a US ban on fuel or crude exports would not lower domestic pump prices, Bloomberg reported.Burgum said the administration would consider an export ban only if there were a direct correlation between stopping exports and lowering prices at home, the report said.The comments came as retail diesel prices topped $6 a gallon and gasoline prices exceeded $4, with speculation that the administration could impose export restrictions ahead of the midterm elections, Bloomberg said.