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Meet Ivy Getty, the 29-year-old heiress to the Getty oil fortune and a member of one of the richest families in America

<ul class="summary-list"><li>Autry Stephens agreed to sell his company for $26 billion in cash and stock in February.</li><li>The oil tycoon was set to become one of the world's 100 richest people, but he died this month.</li></ul>Autry Stephens <a target="_blank" class="" href="https://www.businessinsider.com/endeavor-energy-autry-stephens-net-worth-career ">struck a deal</a> in February that would have made him America's richest oilman and one of the world's 100 wealthiest people — but died before it closed.The founder and owner of Endeavor Energy Resources agreed to sell the Texas oil producer to Diamondback Energy for $26 billion this spring. A cancer diagnosis spurred his decision to cash out, he <a target="_blank" class="" href="https://www.wsj.com/business/energy-oil/a-texas-oil-driller-banks-a-26-billion-deal-with-regrets-728ef12b">told The Wall Street Journal</a> at the time. Stephens was 86 when he died last week.The planned merger, still expected to close in the fourth quarter, has added $17.5 billion to Stephens' net worth this year, per the <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. The late entrepreneur's fortune nearly quadrupled since January from about $6 billion to $23.4 billion, placing him 85th on the list.Only 14 people on Bloomberg's rich list have <a target="_blank" class="" href="https://www.businessinsider.com/wealth-billionaires-musk-bezos-zuckerberg-net-worth-jensen-huang-waltoans-2024-8">made more money</a> this year, and none of them rank lower than 18th. Stephens has even outpaced the world's richest person, <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> (up $15.1 billion), as well as the likes of former Microsoft CEO <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/bill-gates-steve-ballmer-billionaires-microsoft-stock-rich-list-wealth-2023-10">Steve Ballmer</a> (up $16.3 billion), and Asia's richest individual, <a target="_blank" class="" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani</a> (up $16.4 billion).Stephens' immediate family members are the sole owners of Endeavor following his demise, per Bloomberg. They're poised to receive the $8 billion in cash and 117.3 million Diamondback shares from the deal in his stead. The stake was worth about $17 billion just before the tie-up was announced and is now valued at $22 billion due to Diamondback's rising stock price.Stephens may have decided that given his ill health and the lack of an obvious heir to take over the family business, it was best to secure his family's future.The oil tycoon was still a multi-billionaire when he died, but he appears to have shared investor Warren Buffett's <a target="_blank" class="" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">taste for a simple life</a>.Stephens grew up on a peanut and watermelon farm, drove a beaten-up Toyota Land Cruiser, and eschewed private jets for cheap flights with Southwest Airlines, the Journal reported.

An oil tycoon sold his company for $26 billion this year — but died before the deal closed

Meet Ivy Getty, the 28-year-old heiress to the Getty oil fortune and a member of one of the richest families in America

<ul class="summary-list"><li>Malaysia's new king was appointed on Wednesday as part of the country's rotating monarchy. </li><li>The king and his family are worth an estimated $5.7 billion, Bloomberg reported.</li></ul>Malaysia has a new billionaire king who spends his fortune on vintage cars, motorbikes, private jets, and — apparently — exotic animals.Sultan Ibrahim Iskandar, 65, was <a target="_blank" href="https://www.businessinsider.com/malaysia-king-luxury-cars-army-ties-hitler-sultan-ibrahim-iskandar-2024-1">declared king</a> on Wednesday as part of the country's <a target="_blank" href="https://www.businessinsider.com/malaysia-crowns-new-king-under-system-where-9-families-take-turns-2019-1">rotating monarchy</a>. The unique system allows the hereditary rulers from Malaysia's nine royal families to rotate the rule of the monarch every five years.<div type="image" title="malaysian royals" height="1333" width="1777" msid="107369173" hostid="261" sizebytes="123392"></div>Sultan Ibrahim is head of the Johor royal family and is considered one of the country's wealthiest men.Unlike the British royals, who embrace the concept of <a target="_blank" href="https://www.marieclaire.com.au/fashion/british-quiet-luxury-aesthetic/">quiet luxury</a>, the Malaysian monarch regularly shows off his Ferraris and motorbike collection on social media.<h2>Private jets, motorbikes, and 300 luxury cars</h2><a target="_blank" href="https://www.bloomberg.com/graphics/2024-sultan-johor-malaysia-new-king/">Bloomberg</a> made a conservative estimate that the Johors are worth around $5.7 billion.That's partly due to the family's $1.1 billion investment portfolio, which includes $105 million worth of investments in public companies, $483 million worth of investments in private companies, and various real-estate projects.Sultan Ibrahim isn't afraid to <a target="_blank" href="https://www.businessinsider.com/loud-luxury-items-popular-designer-brands-2024-1">make his wealth known</a>. You just have to look at his TikTok and Facebook accounts, where he posts photos and videos of his <a target="_blank" href="https://www.tiktok.com/@theroyaljohor/video/7261976217627200770">motorbike</a> and <a target="_blank" href="https://www.tiktok.com/@theroyaljohor/video/7253627073187597575?fbclid=IwAR1nhc7K1pYidUgOFid89ibCIU2DxPECb3G0L6x83CaEtN83TK85iuKmGlw">luxury car collections</a>, which include a 1980s <a target="_blank" href="https://www.tiktok.com/@theroyaljohor/video/7253056683860151559?fbclid=IwAR1nhc7K1pYidUgOFid89ibCIU2DxPECb3G0L6x83CaEtN83TK85iuKmGlw">Ferrari Testarossa </a>and a <a target="_blank" href="https://www.facebook.com/officialsultanibrahim/photos/a.458865980946767/464314363735262/?type=3&amp;locale=ms_MY">bright-pink Rolls Royce</a>.<div type="image" title="malaysia palace" height="1333" width="2000" msid="107369175" hostid="261" sizebytes="328442"></div>Altogether, the king has 300 luxury vintage cars, including a 1936 Mercedes 540 that once belonged to Adolf Hitler.In a resurfaced 2013 interview <a target="_blank" rel=" nofollow" href="https://www.youtube.com/watch?v=ZjLeIb-cr9E">posted to YouTube in 2017</a>, Sultan Ibrahim said he inherited the car from his great-grandfather, who was given the car by Hitler, a family friend.In addition, he has a collection of private jets, including three Gulfstreams and a gold-and-blue Boeing 737.<a target="_blank" href="https://timesofindia.indiatimes.com/world/rest-of-world/who-is-sultan-ibrahim-sultan-iskandar-of-johor-the-next-king-of-malaysia/articleshow/104746096.cms?from=mdr&amp;utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">The Times of India</a> reported that the king also owns several exotic animals, such as tigers, lions, and crocodiles.And despite their celebrity status, Sultan Ibrahim and his family appear to enjoy dining at local restaurants. In May 2023, a <a target="_blank" href="https://www.tiktok.com/@theroyaljohor/video/7200967689341308187?fbclid=IwAR1nhc7K1pYidUgOFid89ibCIU2DxPECb3G0L6x83CaEtN83TK85iuKmGlw">video</a> posted to the Johor royal family's TikTok account showed them dining at Istanbul Turkish Cuisine, a <a target="_blank" href="https://www.instagram.com/p/Cs1AmxDJJi4/?hl=en">reservations-only</a> restaurant in Horizon Hills, Johor.Meanwhile, <a target="_blank" rel=" nofollow" href="https://www.theguardian.com/world/2024/jan/31/new-king-of-malaysia-crowned-sultan-ibrahim-sultan-iskandar-">The Guardian</a> reported that the king is known for his charitable work. He was previously known to have taken trips around Johor in his Harley-Davidson, where he handed out money to the less fortunate, according to the publication. How much of his wealth he gives to charity, however, is unknown.<h2>A businessman and real-estate mogul</h2>When he isn't undertaking royal duties, Sultan Ibrahim is a businessman known for investing in private companies and real-estate.According to Bloomberg, he owns just under a quarter of U Mobile, one of Malaysia's largest cellphone providers and a 40 percent stake in Maharani Energy Gateway, an oil and gas company in Johor.Entrepreneurial ambition seems to run in the family. The king's eldest son, Tunku Ismail the Crown Prince of Johor, <a target="_blank" href="https://www.nst.com.my/sports/football/2024/01/1005139/tmj-vows-continue-killing-malaysian-football">owns Johor-based soccer club Johor Darul Ta'zim</a>. The Crown Prince also has the title of <a target="_blank" href="https://www.facebook.com/photo/?fbid=925760875574769&amp;set=a.277366897080840">regent</a>, meaning he can step in for his father when he is unable to perform his role.<h2>Money is power</h2>The family's money stretches beyond Malaysia and into Singapore.Bloomberg reported that Sultan Ibrahim owns $4 billion worth of land in the country, including Forest City, a luxury compound that's being built on man-made islands off the coast of Singapore.When completed, the development is estimated to be half the size of Manhattan and could cost around $100 billion, the publication said.In a recent interview with <a target="_blank" href="https://www.straitstimes.com/asia/se-asia/no-puppet-king-sultan-of-johor-set-to-voice-his-views-as-malaysia-s-next-monarch">The Straits Times</a>, the king unveiled plans to privately restore a high-speed railway line between Singapore and Kuala Lumpur, Malaysia's capital.The project was previously fronted by the Malaysian and Singapore governments, but was shelved in 2021 due to the expensive cost. According to Bloomberg, it was estimated to cost 100 billion Ringgit, or around $21.2 billion.<div type="image" title="King of Malaysia Sultan Ibrahim Iskandar and Malaysia's Prime Minister Anwar Ibrahim" height="1333" width="1777" msid="107369177" hostid="261" sizebytes="189778"></div>"It helps when you have a monarch who has a very good relationship with Singapore," Khairy Jamaluddin, a former cabinet minister in Malaysia, told Bloomberg."That relationship has to be elevated in the next few years for us to really present Malaysia and Singapore as a seamless market."The scope of the king's wealth matters, particularly when it comes to business dealings that would benefit citizens of both countries, such as the railway development. If followed through, the project would help maintain the royal family's good public standing during a period of political instability in Malaysia.Former King Abdullah Ahmad Shah had to intervene in government proceedings multiple times during his reign. He appointed three prime ministers, twice after the government collapsed, and more recently after an inconclusive election result in November 2022, Bloomberg reported.Nonetheless, it's worth noting that Sultan Ibrahim and the Johor family's business dealings appear to contradict the country's constitution, which states that the king "shall not actively engage in any commercial enterprise," according to Bloomberg.The country's former Prime Minister Mahathir Mohamad has openly criticized the family, saying they shouldn't be involved in business dealings because of the unfair influence it would have on the Malaysian people, Bloomberg said."Unfortunately, the Malays cannot say no to their rulers. Their culture is such that if the rulers want to do something, whatever the constitution or the law may say, they cannot say no," he said, according to the publication.The Johor royal press office did not respond to a request for comment.

Malaysia's new king has a $5.7B family fortune. Here's how he spends his money.

<ul><li><keyword id="6359039" type="PERSON" weightage="20" keywordseo="sourav-ganguly">Sourav Ganguly</keyword>, BCCI President and Former India Cricket Captain, suffered a mild heart attack last month.</li><li>Netizens happened to re-discover his old ad endorsing Fortune's Cooking Oil, which then triggered a slew of tweets and jokes with people questioning the effectiveness of the oil and also wondering how the brand will tackle this crisis. </li><li>On Valentine’s day, the brand published an honest print ad clarifying that there are many factors that can affect our heart's health.</li><li>We speak to PR experts to find out if communication like this is enough to win audiences over. </li></ul>After BCCI President and Former India Cricket Captain Sourav Ganguly suffered a mild heart attack in January 2021, Adani Wilmar’s Fortune rice bran cooking oil, that is endorsed by Ganguly, got caught in the middle of the crisis. Twitterati had re-discovered Ganguly’s old ad with Fortune Oil that said it is ‘a healthy for heart oil’ and the irony was not lost on people. They were also quick to jump to the conclusion that Fortune oil is unhealthy and its old ad even started making rounds on WhatsApp. To soften the uproar coming in its way, Fortune Oil deleted the ad from its official website and social media handles. It had also immediately released a media statement asserting that it would continue to work with Ganguly. <div type="twitter" handle="arifaajakia" handlename="Arif Aajakia" image="http://pbs.twimg.com/profile_images/1335345211610963969/_YB6QF_R_normal.jpg" favoritecount="191" retweetcount="18" status="Dada, get well soon. We love you. You are a tiger, you will come back roaring. @SGanguly99 https://t.co/F5rkPAlmNE" createdat="1609734280000" id="1345949241093586946"></div> <div type="twitter" handle="aliusmani" handlename="AYU" image="http://pbs.twimg.com/profile_images/1335760850393526272/u2_LBHPy_normal.jpg" favoritecount="1" retweetcount="0" status="@beastoftraal WhatsApp forwards are already making rounds 😀😀 https://t.co/ouMXMTxcwW" createdat="1609678780000" id="1345716459503161344"></div> Post that, netizens, including brand experts and consumers, had eyes on Fortune’s next move for it was going to take a lot of come out of this huge PR crisis and win its consumers’ trust back. As an FMCG brand that caters to a mass audience, how do you deal with this cloud of resentment coming your way on social media? Fortune Oil has given us a case study with its latest move. On Valentine’s Day, when the whole brandverse got mushy and there were hearts splashed across the newspaper ads, Adani Wilmar decided to have a heart-to-heart conversation with fans. It launched a personalised print ad penned by its ambassador Ganguly to clarify that there are multiple reasons that can affect one’s heart's health. <div type="twitter" handle="FortuneFoods" handlename="Fortune Foods" image="http://pbs.twimg.com/profile_images/1230878437541371904/69ad0EW2_normal.jpg" favoritecount="10" retweetcount="2" status="Dada made a healthy comeback, as he always does! Here's a 'heart' felt message from him on Valentine's Day. Let's h… https://t.co/Je2cGatoz8" createdat="1613277036000" id="1360808636755320837"></div> Titled, ‘Today seems like a good day to talk about the heart,’ the body copy read, "You don't expect a fairly young and fit person like me to have a heart-related ailment. But here's the thing, there are just too many factors that can affect our heart's health. One of them could be family history of heart ailments, as it was in my case." It further shared a few tips to keep one’s heart-healthy. In a personalised note, Ganguly openly talked about his heart condition and what consumers can learn from his episode. “Love your heart. Take good care of it,” he concluded. Fortune Oil appointed Ganguly as its brand face in 2020 to target mid-age people with its campaign ‘Welcome to the 40s,' which aimed to promote maintaining heart health and good lifestyle. The campaign backfired a year later and it was a blow hard to forget. However, when a brand faces a huge crisis related to their brand ambassadors such as this, the traditional PR advice is to maintain a low profile to cushion the blow. Adani Wilmar, on the other hand, decided to address the concerns and face the situation head-on. It also waited for the right amount of time to launch a piece of communication -- long enough to give its consumers some space to process the news and but not too long before it is a distant memory. And it seems to have won brand experts admiration. Albeit, will a brand ambassador coming to bat for a brand and talk about the health benefits it serves, be enough to regain its consumers' trust? Here is what experts had to say: Dilip Cherian, Founder and Partner, Perfect Relations: <div type="image" title="Dilip-Cherian1" msid="80928599" hostid="261"></div> There is no doubt that some response would have been expected from any consumer products company which is also substantially consumer-facing. So I guess, Fortune really didn’t have too much of a choice or perhaps was facing image pressures to explain its stance. This actually is one of the huge consequences of having an extremely popular and visible brand ambassador. The price you have to pay is often that, anything that happens to the ambassador actually happens to the company. So rather than entering a situation where a stent within the company would be necessary, I think that responding was smart. Opting for a print advertisement allowed the company to actually communicate at many levels. As we tell our clients today, owned media and paid media can be multiplied appropriately to reach the audiences you want in the ways you want. Taking a print advertisement was only one of the options. It could easily have been addressed far more cheaply and just as effectively by having this content put on the Fortune website. Would it have worked? The answer is yes, if properly promoted. Owned media can very often play the role that conventional media has played in recent times. This is one of the huge advantages that we have been able to get companies involved in understanding during the year of lockdown. Now that the advertisement is out, clever digital manipulation and propagation is the answer if that is done then the point will be well taken amongst many more stakeholders than just those who happened to read the print copy. The lessons a brand can learn from this are quite clear. There is no doubt that large consumer facing brands need to be conscious of who they choose as a brand ambassador and recognise that along with huge gains come the pains. The second lesson would be that responding is smarter than smarting in silence. Third lesson is that using your owned media would have been infinitely cheaper as a means of responding. Lesson four, clever use of social media and aggressive use of traditional media can very often multiply what you choose to put out on owned media. Archana Jain, Managing Director, PR pundit <div type="image" title="Archana Jain - Horizontal" msid="80932970" hostid="261"></div> There is no 'one size fits all' strategic response in a crisis; two identical scenarios can have different responses as they may be taking place at two different times, in two different domains, or with varied company cultures. A crisis always merits a response – as they say, 'Feed the shark before it feeds on you!" The key points to have got across swiftly would have been on how the company feels about the incident as its important to be humanly concerned, first, last and foremost. A lesson that brands can learn from this: When good health is the claim, it’s important to monitor the health of the brand ambassador just like insurance companies do each year of the insured. This was capture in the T of the HEART message in the advertisement Tarunjeet Rattan, Founder and Managing Partner, Nucleus and Co-founder of PRPOI <div type="image" title="Tarunjeet Pr" msid="80932780" hostid="261"></div> Absolutely, it was a good strategy. In fact, they should have done that when Sourav first got the attack. If I recall correctly a lot of personal branding experts at that point of time had recommended that Sourav drop the brand. On the other hand, they also urged the brand to take a stand and leverage this opportunity to educate everyone on the various causes of a heart attack. Fortune shied away from it at that point. To me, that was an opportunity lost. What if Sourav had not recovered. It would have ensured the loss of customer trust forever. Good that he did, and it gave the brand an opportunity to address it. It is great to see them take this up now and in such a sweet and toned down manner. In today's day and age, it does not work if you choose to lie low. Apart from it being a wasted opportunity to connect with your audience, the silence will backfire. Crisis needs to be addressed head-on with a smart strategy when the fires are the hottest. I do believe they've hit the sweet spot with a heartfelt message and on an appropriate day. Using a single medium is in line with their cautionary wait &amp; watch approach. Not too massive but at the same time reaching just about enough audiences. What I am sure they would have anticipated and counted on was that the same branding experts who pulled them up for not addressing the crisis earlier would be impressed enough or have an opinion either way to give them more space on their social media real estate. Lo and behold ! It worked out just as planned. Some lessons that brands can learn from this crisis and its management: Never ever waste a good crisis. Every crisis is an opportunity in disguise so use it. When you do choose to address it make sure you are aware of the circumstances around the crisis so that you can choose the right medium for the message. This awareness will help you use your budget wisely. Amplification is essential. Identify the people and channels who will be most apt for it before deciding on your response. Respond to a crisis with facts and a lot of empathy. A situation like this would have worked really well for the brand and earned it a lot of goodwill if it had stood by its brand ambassador on the day of the heart attack. Be human. Whether now or later …whether the individual is your brand ambassador or not…being human won’t hurt you. It will only earn you loyalty points and love. Don’t make outright claims that you cannot control. They will come back to haunt you. Temper all claims with a dose of reality. Akshaara Lalwani, Founder and CEO of Communicate India: <div type="image" title="Akshaara Lalwani, Founder, Communicate India pic 1" msid="80928629" hostid="261"></div> Firstly, we have to understand Mr. Sourav Ganguly’s case wasn’t an anomaly. Scores of athletes and sportspersons across the world have had heart attacks when in the prime of their careers and lives. So this really was an unexpected event in terms of public relations because Sourav Ganguly was always the right fit for the brand and he is a national treasure, but it was just unfortunate that this happened to him. Having said this, from a PR perspective, when something like this happens, conventional wisdom does suggest that a brand lie low, retract all their communication and pull out adverts, as was the case with Fortune. This is understandable because no brand would not want to alienate its customers or lose out on revenue. However, we have to understand that we’re part of a more evolved digital economy today and that a brand need not necessarily hide behind a crisis. Bringing the issue to the forefront and addressing it head-on, is the best suited strategy for a modern PR and communications landscape. Without being insensitive to a brand ambassador’s health situation, it is an opportune moment to reiterate messaging around heart health eating and the importance of eating well and living well. This is not to say that a brand should use someone's misfortune to push sales and marketing, but it is about communicating and engaging with customers in an honest manner, and telling them that the risk of heart attacks is real for everyone. In a crisis situation like this, there has to be an acute understanding of brand sentiment and a two-way-communication model has to be adopted. Customers and brands need to work together to identify messages because at the end of the day, customers understand risks of a product and it is the duty of any company to educate its customers about these risks. Making the customer your partner and working in a symbiotic relationship is the key. Therefore it isn’t advisable to have a knee-jerk reaction of retracting communication and adverts during an unprecedented situation like this. In fact, creating honest communication, addressing the situation directly, and working through issues is advisable. It’s all about responding to your customer and providing them with the most correct, accurate, and valuable information.

After Fortune Foods' recent PR crisis after Sourav Ganguly's heart attack, is the brand’s latest print campaign enough to win back its consumers' trust?

<ul class="summary-list"><li>The spike in <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> prices after <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> has pushed up the fortunes of American gas and shale tycoons, Bloomberg reported. </li><li>There's been a nearly 10% rise in the collective net worth of US oil and gas industrialists on the Bloomberg Billionaires Index. </li></ul>Russia's invasion of Ukraine has sparked big gains in crude oil prices and along with them, the fortunes of American oil and gas tycoons, with <a href="https://news.yahoo.com/fortunes-u-oil-tycoons-surge-125733934.html">Bloomberg reporting</a> that one company founder has been jettisoned into the ranks of the world's 500 richest people. There has been a roughly 10% climb to $239 billion in the collective net worth of American oil and shale industrialists on the Bloomberg Billionaires Index since Russia launched its war against Ukraine, Bloomberg reported Friday. Russia - the world's third-largest oil producer - invaded the former Soviet republic on February 24.The increase was driven by a surge in energy prices fueled by concerns about disruptions to Russian output in the face of sanctions imposed by the US and its Western allies. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude,</a> the international benchmark, gained as much as 32% since the outbreak of war. Harold Hamm, the co-founder of shale heavyweight <a href="https://markets.businessinsider.com/stocks/clr-stock">Continental Resources Inc.</a>, rose 28 places on Bloomberg's wealth index to 93rd. The 76-year old now controls an $18.6 billion fortune, according to the report. <a href="https://markets.businessinsider.com/stocks/kmi-stock">Kinder Morgan Inc</a>. co-founder Richard Kinder's net worth has swelled to $8.5 billion from his stake in the pipeline and energy-storage company.Meanwhile, Michael S. Smith, founder of Freeport LNG, entered Bloomberg's track of the world's 500 wealthiest people for the first time, helped by rising demand for liquefied natural gas. There was a sale in November of a 25% stake in closely held Freeport LNG to a Japanese energy company, valuing Freeport at an implied $9.7 billion. That put Smith, who owns about 63% of the company, into 409th place on Bloomberg's wealth list with a $6.2 billion fortune. Revenue for oil and gas companies had been growing before Russia attacked Ukraine. Easing COVID-19 restrictions have revived demand for oil but the demand has been met by a short supply of the commodity. The International Energy Agency on Friday released its <a href="https://www.iea.org/reports/a-10-point-plan-to-cut-oil-use">10-point plan to cut global oil demand</a>, saying the "emergency measures" can cut demand by 2.7 million barrels a day within four months. The IEA said Russia's invasion of Ukraine leaves the world facing its biggest oil supply shortage in decades. OPEC's Secretary-General Mohammad Sanusi Barkindo recently said there's "no capacity in the world" that could replace the <a href="https://www.businessinsider.com/oil-producers-fear-high-prices-will-lead-people-buy-evs-2022-3?utm_medium=ingest&amp;utm_source=markets">7 million barrels of oil Russia produces per day</a>. Brent crude prices and <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> after a pullback resumed trading above $100 a barrel this week. Brent pierced above $139 at its peak earlier this month.

Surging crude prices have propelled the fortunes of US oil tycoons 10% to $239 billion since Russia invaded Ukraine

<ul class="summary-list"><li>Elizabeth Koch, daughter to right-wing oil magnate Charles Koch, struggled to find joy in her life.</li><li>Using MDMA therapy, she broke through the feeling that she needed to be perfect to deserve to exist. </li></ul>One organization has been largely responsible for bringing psychedelics into the mainstream, the <a target="_blank" href="https://www.businessinsider.com/what-is-mdma-mental-physical-effects-in-body-and-brain-2023-3?r=psych-lp">Multidisciplinary Association for Psychedelic Studies</a>, or MAPS.In researching her new book, about the therapeutic applications of MDMA, author Rachel Nuwer dove into MAPS. She discovered the group was supported by some surprising benefactors.This includes Elizabeth Koch, the daughter of Charles Koch of Koch Industries, which is one of the <a target="_blank" href="https://www.businessinsider.com/charles-koch-believe-in-people-business-reject-government-special-treatment-2020-11">largest private American companies</a>. Besides their massive fortune, Charles Koch and his brother David are known for funding conservative movements, like the <a target="_blank" href="https://www.businessinsider.com/charles-koch-partisanship-mistake-boy-did-we-screw-up-wsj-2020-11">Tea Party</a>.Nuwer explained in her book that though it may be counterintuitive, many public figures with conservative ties, like Elizabeth Koch, invest in socially liberal groups like MAPS.Read below for the story of how Elizabeth Koch came to support psychedelic therapy in an excerpt from Rachel Nuwer's new book "I Feel Love."The following is an excerpt from Rachel Nuwer's new book, "<a target="_blank" href="https://www.bloomsbury.com/us/i-feel-love-9781635579581/">I Feel Love: MDMA and the Quest for Connection in a Fractured World.</a>"<div type="image" title="mdma, molly, drugs" height="733" width="1173" msid="106406468" hostid="261"></div>The moment I walked through the door of the loftlike space, the slender forty-five-year-old greeted me with a hug, a blanket, and not one but two very <a target="_blank" href="https://www.businessinsider.com/soda-dtc-poppi-tiktok-boost-sales-viral-shark-tank-video-2021-2">LA-appropriate canned drinks</a> ("energy booster" and "prebiotic popping soda") from the office's meticulously organized fridge. Elizabeth's bubbly enthusiasm and disarming warmth immediately put me at ease, and within minutes I felt as though I were chatting with an old friend.Elizabeth's uncanny ability to endear herself to others is a skill she has been cultivating nearly her entire life, and it's actually a symptom of her trauma. In hearing her story, I would learn that MAPS's fundraising success doesn't just boil down to <a target="_blank" href="https://www.businessinsider.com/ecstacy-legalization-2015-10">Doblin's prowess as a salesman</a>, or to <a target="_blank" href="https://www.businessinsider.com/elon-musk-psychedelics-burning-man-journeys-mdma-mushrooms-report-2022-10">wealthy people simply loving MDMA</a>, but to the fact that trauma and suffering are universal.Not even the most privileged individuals in the world are immune to mental anguish, and they can face the same limitations as the rest of us in finding relief for that pain. Elizabeth's "fall from Eden," as she described her index trauma, occurred when she was five years old.After a close friend of her parents severed his spine by diving into a shallow pond, the family went over to pay their respects to the now wheelchair-bound man. The atmosphere in the house was oppressively somber, so to lighten the mood for her little brother, Elizabeth began singing the Humpty Dumpty song.In one refrain, though, she absentmindedly replaced "Humpty Dumpty" with the name of the paralyzed man. Suddenly, all the tension in the room was directed at her. "I see my dad looking over his shoulder and giving me this death stare," she recalled.<div type="image" title="Charles Koch poses for a photograph looking off frame." height="2001" width="3000" msid="106406469" hostid="261"></div>When the family got home, <a target="_blank" href="https://www.businessinsider.com/charles-koch-doubles-down-saying-he-screwed-up-with-partisanship-2020-11">Elizabeth's father</a> sat her down. "You kids don't get it," she recalled him saying. "You have everything that everyone wants, and you'll be hated for it your entire life. Your job, always, is to be the nicest person in the room, and the hardest worker in the room — the one who picks up garbage that everyone leaves behind. You have to be aboveboard because if you aren't, you'll not only be hated by everyone else but also by yourself."Looking back on this incident with an adult's perspective, Elizabeth now understands that her father was trying to protect her. "He was absolutely terrified that my brother and I would grow up to be spoiled, piece-of-shit monsters," she said. As a five-year-old, however, she interpreted his lecture to mean that she could only be loved if she were good.That pivotal message came to hold sway over nearly every facet of her personality and life.In "The Myth of Normal," Gabor Maté wrote, "A child who does not experience himself as consistently and unconditionally lovable may well grow to be preternaturally likable or charming" — which was exactly the path Elizabeth followed.It started with a nightly ritual: before bed, she would review everything she had said and done that day to make sure she had been the nicest person and the hardest worker, and that she hadn't accidentally hurt anyone's feelings. If something bad happened to her — say, she tripped and skinned her knee — she would tell herself that it was because the universe was punishing her for not being good enough.In classrooms, during extracurricular activities, or on sports teams, she would always beeline for whichever kid she thought would hate her the most — usually the one who appeared to have the least money, or the one who looked the least like her — and try to win them over by telling them funny stories about <a target="_blank" href="https://www.businessinsider.com/toxic-behaviors-parents-make-children-unhealthy-less-functional-adults">her family's dysfunction</a>.Over the years Elizabeth rose to the top of her class, won competitions for her writing, and made many friends, but she lacked joy. "I have to do this to prove that I deserve to be alive," she would tell herself each time she accomplished something."I have to earn my existence."Her paranoia about what others thought of her intensified, as did her unhappiness. She realized she needed help and began trying various mental health solutions, including yoga, <a target="_blank" href="https://www.businessinsider.com/meditation-effects-benefits-science-2017-3">silent meditation retreats</a>, and, briefly, medications.She read <a target="_blank" href="https://www.businessinsider.com/guides/learning/coursera-princeton-buddhism-modern-psychology-review">books about Buddhism</a> and neuroscience and gained glimpses of insight. But no amount of knowledge, learning, or practice brought genuine relief.<div type="image" title="ecstasy pill" height="1425" width="2000" msid="106406471" hostid="261"></div>When a friend suggested in 2016 that she try psychedelic-assisted therapy with a "consciousness cowboy" he knew — an ex-military man who called himself Doug the Lovebunny — she agreed. Doug filled a silver balloon full with "some kind of vapor smoke," Elizabeth recalled, and instructed her to breathe in and hold it.She had no idea what she was in for: he had given her <a target="_blank" href="https://www.businessinsider.com/the-research-on-the-hallucinogenic-drug-dmt-2018-3">5-MeO-DMT</a>, a short-acting but incredibly potent tryptamine. The <a target="_blank" href="https://www.businessinsider.com/psychedelics-depression-anxiety-alcoholism-mental-illness-2017-1">ego-abolishing drug</a> dissolved Elizabeth in totality. It was terrifying.Doug the Lovebunny hadn't prepared Elizabeth for this harrowing and destabilizing experience, and he did not provide any support or integration for her afterward. For weeks, she would wake up in the middle of the night, she said, "scrambling to try to grab hold of my body."She wanted to know more about what she was going through, and research led her to MAPS. She attended a psychedelics conference in Los Angeles, where she was moved and inspired by the firsthand accounts shared by war veterans who had taken part in the MDMA-assisted clinical trials for PTSD.<div type="image" title="Book cover for &quot;I Feel Love&quot; by Rachel Nuwer" height="2850" width="1875" msid="106406473" hostid="261"></div>MDMA sounded a lot more user friendly than 5-MeO-DMT — and perhaps, Elizabeth thought, it could help her, too. So in spring 2018, she found "someone off grid" who agreed to give her <a target="_blank" href="https://www.businessinsider.com/ecstasy-mdma-medical-legalization-ptsd-2017-8">MDMA-assisted therapy</a> following the MAPS protocol.Elizabeth wound up doing three sessions, and through that process, she saw the vast amount of pain she had been harboring throughout her life."I had been terrified of joy," she said. "The medicine showed me the degree to which all this buried stuff that I hadn't even been able to see was causing me to be reactive and feel constantly trapped, overwhelmed, and miserable."The MDMA sessions (one of which she also <a target="_blank" href="https://www.businessinsider.com/magic-mushroom-depression-mental-health-treatment-psilocybin-therapy-tim-ferriss-2022-2">paired with psilocybin</a>) helped Elizabeth let go of the "intense self-hatred" she had been burdened with since she was five years old, she said, and to feel sympathy and love for herself. She's since become one of MAPS's top five donors."MDMA is not going to save the world," Elizabeth said. "But together with conversations and experiences of going inward and self-investigating, I think it can help."Following that thread, in 2018, Elizabeth founded a company, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/unlikely-collaborators-partners-with-siy-global-with-significant-investment-1031911354">Unlikely Collaborators</a>, that aims to bring people together who seem like they're on opposite sides of an issue, and then work with them to reveal their shared humanity and commonalities.If and when MDMA-assisted therapy gains FDA approval, Elizabeth also envisions Unlikely Collaborators providing community-oriented group integration services."We each have our own relative hell realms that we have to learn to crawl out of," she said. "The only way to bridge divides out there are to bridge the divides within."From "I Feel Love: MDMA and the Quest for Connection in a Fractured World" out now from Bloomsbury Publishing. Copyright © 2023 by Rachel Nuwer. All rights reserved.

The daughter of multi-millionaire oil tycoon Charles Koch thought she had to be liked to deserve to exist, until MDMA therapy

<ul><li>BCCI President and former India cricket captain <keyword id="6359039" type="PERSON" weightage="20" keywordseo="sourav-ganguly">Sourav Ganguly</keyword> suffered a mild <keyword id="6357661" type="UNKNOWN" weightage="20" keywordseo="heart-attack">heart attack</keyword> last Saturday.</li><li>Ganguly is now said to be stable. However, while many were concerned about the player's health, many re-discovered his old ad endorsing <keyword id="27145" type="COMPANY" weightage="20" keywordseo="Fortune">Fortune</keyword>'s <keyword id="985011" type="ORGANIZATION" weightage="20" keywordseo="rice-bran-oil">Rice Bran Oil</keyword> which then triggered a slew of tweets and jokes with people questioning the effectiveness of the oil and also wondering how the brand will tackle this crisis now.</li></ul>BCCI President and former India cricket captain Sourav Ganguly suffered a mild heart attack last Saturday and had to undergo an angioplasty to clear a blocked coronary artery. The news triggered widespread concern and led to fans showering the former captain with wishes and prayers. Ganguly is now said to be stable. However, over the weekend, someone also noticed an ad that Ganguly had worked on for <keyword id="236770" type="COMPANY" weightage="20" keywordseo="Adani-Wilmar">Adani Wilmar</keyword>’s Fortune rice bran oil. The tagline for the campaign read, ‘Dada bole welcome to the 40s’. He is the brand ambassador for Fortune oils and as well as its soya chunks. <div type="twitter" handle="pj77in" handlename="Pankaj Jain" image="http://pbs.twimg.com/profile_images/1049646397731950592/yqZlZ_aJ_normal.jpg" favoritecount="2969" retweetcount="658" status="Should you trust Adani's Fortune ? https://t.co/mRc5x4yraA" createdat="1609609764000" id="1345426984688500737"></div> <div type="Youtube" id="bV4ztqQYsTc" title="Switch to Fortune Soya Chunks | Protein-rich and Untouched by Hand" thumbUrl="https://i.ytimg.com/vi/bV4ztqQYsTc/mqdefault.jpg"></div> Now while this ad is from April 2020, a viewer pointed that the ad showing Ganguly endorsing its rice bran oil was aired even during the weekend, leaving many on Twitter amused while others pointing out the irony. <div type="twitter" handle="abhinavdiaries" handlename="abhinav pathak ⏳📚" image="http://pbs.twimg.com/profile_images/971343949972590592/-LeiAWUD_normal.jpg" favoritecount="0" retweetcount="0" status="Remembering the ad, “40 ke ho gye to kya jeena chhod doge”, I wonder the condition of the brand manager of Fortune… https://t.co/60lqlSSCGD" createdat="1609601513000" id="1345392378140508160"></div> <div type="twitter" handle="vlp1994" handlename="Vinesh Prabhu" image="http://pbs.twimg.com/profile_images/1345660094806016000/v0DYKvY9_normal.jpg" favoritecount="5" retweetcount="0" status="I remember Dada doing a commercial of Fortune Oil and talking about heart health and how you need to careful about… https://t.co/X0WKWIus38" createdat="1609577278000" id="1345290727014612992"></div> The re-discovery of the ad also led to a slew of memes and Whatsapp forwards. <div type="twitter" handle="ParryRamMe" handlename="Bourbon Naxal" image="http://pbs.twimg.com/profile_images/1314878559295397890/uQiorXxx_normal.jpg" favoritecount="0" retweetcount="0" status="Will be interesting to see how #Fortune oil brand will now use their ambassador Sourav Ganguly given that their o… https://t.co/h69gsNxVSt" createdat="1609674863000" id="1345700028292087811"></div> On what the brand could do when it is finding itself in this crisis, for no apparent fault of their own, communications strategy consultant Karthik Srinivasan in his tweets advised removing the ads as a first step. <div type="twitter" handle="beastoftraal" handlename="Karthik" image="http://pbs.twimg.com/profile_images/1140493276316745734/WH-6N17h_normal.jpg" favoritecount="93" retweetcount="24" status="Is Fortune Foods' Oil division working on a crisis response plan? The ad is from April 2020, by the way.Context:… https://t.co/nORPU9DJ4U" createdat="1609651707000" id="1345602905416470529"></div> We checked the brand’s official handles and found that the ad had since been removed. He also suggested that the brand should ‘build a larger narrative around the causes of heart attack in the 40s that do not directly correlate it to oil consumption alone.’ Meanwhile, brand strategist Lloyd Mathias pointed that the player did not lead an unhealthy lifestyle and that sportsmen with a 10-15 year playing life need to keep the earnings coming in. <div type="twitter" handle="LloydMathias" handlename="Lloyd Mathias" image="http://pbs.twimg.com/profile_images/459068431027826689/OoV8_z_6_normal.jpeg" favoritecount="124" retweetcount="15" status="Seen many tweets on the irony in Sourav Ganguly endorsing Fortune RiceBran Oil. Got to realise it’s the risk one ta… https://t.co/XDhO5g9fNr" createdat="1609671398000" id="1345685497503354881"></div> How the brand chooses to tackle the situation is something we will now need to wait and watch.

As people re-discover Sourav Ganguly’s old ad endorsing Fortune Rice Bran Oil, Twitterati wonders what the brand’s next steps will be

<ul class="summary-list"><li>US stocks opened mixed on Friday, as the 10-year Treasury yield hovered just below 5%. </li><li>Oil prices rose and are on pace for a second week of gains as conflict in the Middle East continues.</li></ul>US stocks opened mixed on Friday as the yield on the 10-year Treasury hovered just below 5% while oil prices rose amid fears the Israel-Hamas conflict could spread.Also boosting oil were forecasts for a widening supply deficit heading into 2024 and the Energy Department's announcement Thursday that it will buy 6 million barrels of crude to deliver to the Strategic Petroleum Reserve in December and January.Meanwhile, Israeli troops have built up a presence near the Gaza border this week, and multiple reports suggest a ground invasion could be imminent. A US Navy destroyer also shot down missiles launched from Yemen that could have been headed for Israel.In the stock market, NYSE senior strategist Michael Reinking said that Friday's session is an options expirations day, which could add volatility and trading volume near the open and close. "Yesterday, US equities were under pressure for the second consecutive day driven by a mix of geopolitical concerns, underwhelming earnings, and the continued rise in yields," Reinking said in a Friday note. "Chair Powell's address didn't really contain many surprises leaving all options on the table, suggesting that the Fed would remain on hold but with a watchful eye."Here's where US indexes stood as the market opened at 9:30 a.m. on Friday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,270.35, down 0.18%</li></ul><ul><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 33,419.31, up 0.02% (5.14 points)</li></ul><ul><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 13,121.71, down 0.49%</li></ul>Here's what else is going on: <ul><li>The market's <a href="https://markets.businessinsider.com/news/etf/tlt-ishares-20-year-treasury-bond-etf-jerome-powell-inflation-2023-10">largest bond ETF</a> hit a 16-year low on Thursday.</li><li>Jerome Powell said the Fed will <a href="https://markets.businessinsider.com/news/bonds/jerome-powell-federal-reserve-treasury-bond-market-collapse-yields-debt-2023-10">let bond market volatility play out</a>. </li><li><a href="https://markets.businessinsider.com/news/stocks/housing-market-home-prices-affordability-crisis-mortgage-rates-morgan-stanley-2023-10">House prices could climb further</a>, but 8% mortgage rates could make them slide next year, a strategist said.</li><li>Elon Musk's fortune plunged by $16 billion in a single day, but he could lose a lot more and <a href="https://markets.businessinsider.com/news/stocks/elon-musk-wealth-net-worth-decline-q3-tesla-earnings-miss-2023-10">still be the richest person in the world</a>. </li><li>The president of Blackstone said <a href="https://markets.businessinsider.com/news/bonds/treasury-bond-crash-yields-us-consumer-spending-pain-blackstone-economy-2023-10">Americans are about to feel the impact</a> of soaring bond yields.</li></ul>In commodities, bonds, and crypto: <ul><li>Oil prices climbed, with<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti"> West Texas Intermediate</a> up 1.01% to $90.27 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose 0.96% to $93.28 a barrel.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> edged up 0.44% to $1,989.40 per ounce.</li><li>The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets"> 10-year yield</a> dipped 3 basis points to hover at 4.954%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> climbed 2.82% to $29,557.</li></ul>

US stock trade mixed as key bond yields near 5% and oil spikes again on Middle East conflict fears

Boosted by its consumer-facing businesses like organised retail and telecom, Reliance Industries ended state-owned <keyword id="6356834" type="COMPANY" weightage="20" keywordseo="indian-oil-corporation">Indian Oil Corporation</keyword>'s (IOC) 10-year reign as India's largest company, topping the <keyword id="2941844" type="PERSON" weightage="20" keywordseo="Fortune-India-500">Fortune India 500</keyword> list. With a revenue of Rs 5.81 lakh crore in 2018-19, the Mukesh Ambani-led conglomerate also became the first privately-held and the only other company to become India's largest corporation apart from IOC for the first time in 10 years, Fortune India said. State-owned Oil and Natural Gas Corporation (ONGC) was ranked third, same as in 2018. It was followed by State Bank of India, Tata Motors and Bharat Petroleum Corporation Ltd (BPCL) -- all with no changes in their ranking between 2018 and 2019.
 The list does not take into account subsidiaries of companies and so ONGC's ranking does not reflect those from its recently acquired <keyword id="6374014" type="DOMAIN" weightage="20" keywordseo="hindustan-petroleum">Hindustan Petroleum</keyword> Corp Ltd (HPCL) as well as ONGC Videsh Ltd. Rajesh Exports climbed one position to be ranked 7th on the 2019 list and so did <keyword id="6357147" type="DOMAIN" weightage="20" keywordseo="tata-steel">Tata Steel</keyword>, Coal India, Tata Consultancy Services and Larsen &amp; Toubro that were ranked 8th, 9th, 10th and 11th, respectively. ICICI Bank rose two positions to be ranked 12th, followed by Hindalco Industries and <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>. Vedanta Ltd slipped three positions to be ranked 18th on the 2019 list.
 Fortune India said RIL posted a 41.5 per cent rise in its revenue in the financial year 2018-19, which was 8.4 per cent more than IOC, the second-largest company on the list.
 RIL's 2018-19 revenue stood at Rs 5.81 lakh crore, while IOC posted a growth of 26.6 per cent in sales to Rs 5.36 lakh crore in the same year. RIL's profit for 2018-19 was also more than double that of IOC, at Rs 39,588 crore.
 "Over the past 10 years, the oil-to-retail conglomerate's profit has been an average three times higher than that of IOC. The highest it touched compared to IOC was up to 4.8 times, in FY15 when RIL's profit was Rs 23,566 crore and the public sector major's stood at Rs 4,912 crore," it said.
 Overall, the revenue of the Fortune India 500 companies in the 2019 list grew 9.53 per cent, while profit rose 11.8 per cent.
 A total of 57 companies dropped off the list for reasons including consolidation within the public sector banks, public sector undertakings, as well as the private sector.
 This year, the total loss posted by the 500 companies also came down, with 65 companies posting a cumulative loss of Rs 1.67 lakh crore, compared to last year's Rs 2 lakh crore racked up by 79 companies, Fortune India said.
 Public and private sector banks faced diverse fortunes in 2019. As many as 14 of 22 public sector banks reported cumulative losses of Rs 74,253 crore. In contrast, just two private sector banks posted losses (IDFC First Bank, at Rs 1,907.9 crore; and Lakshmi Vilas Bank, at Rs 894.1 crore). The total profit of 24 of private sector banks (including foreign banks and cooperative banks) was Rs 60,747 crore, a 6.16 per cent increase over 2017-18.
 Fortune India said the oil and gas sector (with eight companies) accounted for 22.3 per cent of the total revenue of the 500 companies, followed by banking with 15.88 per cent of the total.
 The banking sector, with 48 companies, is also the biggest contributor by way of the number of companies on the list. Oil and gas, however, has the highest share of profit in the 500, at 23.44 per cent. See also: <a href="https://www.businessinsider.in/business/news/ril-arm-acquires-51-78-pc-stake-in-asteria-aerospace-for-rs-23-12-cr/articleshow/72528537.cms">Reliance Industries is getting into drones with its new purchase</a>

Reliance Industries topples IOC to become India's largest company

<ul class="summary-list"><li>London-based <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> trading house BB <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">Energy</keyword> bought 250,0000 barrels of oil when US prices turned negative on April 20, raking in a huge profit in the process, Bloomberg reported Wednesday. </li><li>BB Energy was one of the few trading houses that had storage capacity at a time when other traders were scrambling for options, allowing it to buy up the historically cheap oil, an unnamed source told Bloomberg.</li><li>The Commodity Futures Trading Commission warned on Wednesday that the <keyword id="326314" type="ORGANIZATION" weightage="60" keywordseo="West-Texas-Intermediate">West Texas Intermediate</keyword> for delivery in June could also turn negative upon expiry. </li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Track the price of oil live here on Markets Insider. </a></li></ul>One trader bought 250,000 barrels of <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">oil </a>and secured a rare payout at a time when oil prices turned negative, causing jitters in <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and leaving most other traders scrambling to find storage options across both sides of the Atlantic, <a href="https://www.bloomberg.com/news/articles/2020-05-13/one-trader-who-cashed-in-on-sub-zero-oil-prices-sees-rare-payout?utm_content=business&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter&amp;cmpid=socialflow-twitter-business&amp;utm_medium=socialtm_medium=social">Bloomberg reported</a> on Wednesday. But for BB Energy, a London-based trading house,the historic oil market crash was golden opportunity owed to its competitive advantage of having storage capacity over other firms, a source who was not authorized to speak on the topic, told Bloomberg. BB Energy bought around 10% of all barrels of <keyword id="142566" type="ORGANIZATION" weightage="60" keywordseo="WTI">WTI</keyword> crude futures for delivery in May. <div type="Article" hostid="261" msid="75736580" title="Top highlights from Finance Minister Nirmala Sitharaman's second tranche of COVID-19 stimulus" mstype="2" mssubtype="0"></div> US oil prices hit an all-time low of -$37.63 on April 20 due to an extreme shortage in storage options for oil, meaning most traders apart from BB Energy had to effectively pay traders to take the oil off their hands. It remains unknown whether BB Energy is still holding on to the barrels it bought and how much the trading-house paid (or indeed was paid) for them as well as how much it made. BB Energy trades 20 million metric tonnes of crude and petroleum products annually. Lack of storage options, <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank">particularly at a key storage facility in Cushing, Oklahoma</a>, and the reduction in demand for the commodity during the ongoing coronavirus pandemic, have both contributed to WTI 's historic price crash. Oil has been ravaged by the coronavirus pandemic which has all but shut down international travel, and greatly reduced manufacturing output, in turn torpedoing demand for oil. <div type="Article" hostid="261" msid="75709571" title="India’s Chief Economic Advisor uses the word ‘squatters’ to describe India’s ‘formal’ workforce while pushing for controversial labour law changes" mstype="2" mssubtype="0"></div> Concerns are mounting that the June contract for oil could follow the same pattern as May, with demand for storage outweighing supply at the expiry of the contract, pushing oil below zero again. The US Commodities regulator issued a rare warning on Wednesday urging market participants to prepare for a repeat-case scenario of negative prices for the June WTI contract. "We note that we are issuing this advisory in the wake of unusually high volatility and negative pricing experienced in the May 2020 West Texas Intermediate (WTI), Light Sweet Crude Oil Futures contract on April 20 (the penultimate day of trading and expiration of the contract," the <a href="https://www.cftc.gov/PressRoom/PressReleases">Commodity Futures Trading Commission</a> said in a notice. On Wednesday, <a href="https://markets.businessinsider.com/news/stocks/oil-demand-drop-9-million-barrels-day-opec-2020-5-1029198645">OPEC has downgraded its demand forecast by a third</a>, saying it expects demand to fall by just over 9 million barrels per day in 2020. OPEC had previously forecast a slump of of 6.84 million barrels per day. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-25-cheap-small-cap-acquisition-targets-2020-5?r=US&amp;IR=TIR=T">BTIG says to buy these 25 under-the-radar stocks that have been neglected for years because they're tempting M&amp;A targets with big upside</a> The price of <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">US oil</a> is currently trading around $26.62, up 4.3%. <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent</a>, the international benchmark is at $30.36 a barrel, up 2.9%, as of 6:20 a.m. ET, according to Markets Insider data. Read the original article on <a href="https://www.businessinsider.com/negative-oil-prices-caused-trader-buying-25000-oil-barrels-2020-5">Business Insider</a> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/uber-has-revoked-job-offers-made-to-graduates-from-iims-mdi-spjimr/articleshow/75740158.cms">Uber has revoked job offers made to graduates from IIMs, MDI, SPJIMR</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/india-chief-economic-advisor-krishnamurthy-subramanian-on-labour-law-changes/articleshow/75709571.cms">India’s Chief Economic Advisor uses the word ‘squatters’ to describe India’s ‘formal’ workforce while pushing for controversial labour law changes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/breaking-down-modi-20-lakh-crore-stimulus-rbi-and-finance-ministry-steps-land-and-labour-laws/articleshow/75709001.cms">RBI and Finance Ministry have already spent nearly half of Narendra Modi’s $270 billion stimulus⁠— watch out for changes to land and labour laws</a>

You Searched For "fortune oil" and got 11 results

Meet Ivy Getty, the 29-year-old heiress to the Getty oil fortune and a member of one of the richest families in America

Erin McDowell

An oil tycoon sold his company for $26 billion this year — but died before the deal closed

Theron Mohamed

Meet Ivy Getty, the 28-year-old heiress to the Getty oil fortune and a member of one of the richest families in America

Erin McDowell

Malaysia's new king has a $5.7B family fortune. Here's how he spends his money.

Mikhaila Friel

After Fortune Foods' recent PR crisis after Sourav Ganguly's heart attack, is the brand’s latest print campaign enough to win back its consumers' trust?

Karuna Sharma

Surging crude prices have propelled the fortunes of US oil tycoons 10% to $239 billion since Russia invaded Ukraine

Carla Mozée

The daughter of multi-millionaire oil tycoon Charles Koch thought she had to be liked to deserve to exist, until MDMA therapy

Rachel Nuwer

As people re-discover Sourav Ganguly’s old ad endorsing Fortune Rice Bran Oil, Twitterati wonders what the brand’s next steps will be

BI India Partner

US stock trade mixed as key bond yields near 5% and oil spikes again on Middle East conflict fears

Phil Rosen

Reliance Industries topples IOC to become India's largest company

PTI

A London-based trading house bought 250,000 barrels of oil during the historic plunge below $0, and likely made a fortune

Saloni Sardana

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