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<ul class="summary-list"><li>Oil prices could reach $150 a barrel this year, <keyword id="14139733" type="UNKNOWN" weightage="60" keywordseo="trafigura" source="Orion">Trafigura</keyword>'s CEO said Tuesday.</li><li>"If we see very high energy prices for a period of time we will eventually see demand destruction," said <keyword id="14139734" type="UNKNOWN" weightage="60" keywordseo="jeremy-weir" source="Orion">Jeremy Weir</keyword>.</li></ul>Oil prices could reach $150 per barrel in the coming months, and the market could begin to see demand destruction by year's end, Trafigura CEO Jeremy Weir said Tuesday.The head of the global commodities trading firm warned rising commodity prices will likely drag on economic activity, eventually cooling demand."If we see very high energy prices for a period of time we will eventually see demand destruction," he said at the <a href="https://www.ft.com/content/a6e7fdb3-be01-4473-9eee-2e496a3dda82">FT Global Boardroom conference</a>. "It will be problematic to sustain these levels and continue global growth."US crude prices climbed 1.4% to $120.14 a barrel, and Brent crude rose 1.4% to $121.18. China is expected to add to price pressures as the country continues easing COVID-19 lockdown restrictions. Oil prices reached their highest level since 2008 this past March following <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>. The war in Europe has upended global energy <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> and pushed prices higher as Europe tries to wean off of Russian energy.The <keyword id="11911313" type="UNKNOWN" weightage="60" keywordseo="eu" source="Orion">EU</keyword> and US have taken aim at Russian oil with steep <keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">sanctions</keyword>. But Russia has been offloading their supply elsewhere at steep discounts to blunt some of the effects of the penalties.Weir added that Trafigura has largely cut out Russia from its business dealings, telling the FT that Russian supply only accounted for about 6% of its business before the war and that "it's dropped by that amount." Trafigura changed its export rules following the invasion to only meet European energy needs.

Oil prices could hit $150 a barrel or more with demand destruction likely by the end of the year, says global commodities trader Trafigura

<ul class="summary-list"><li>Former National <keyword id="6362179" type="UNKNOWN" weightage="60" keywordseo="hockey">Hockey</keyword> League star Jeremy Roenick is suing NBC <keyword id="6356028" type="UNKNOWN" weightage="100" keywordseo="sports">Sports</keyword> for wrongful termination, claiming he's been discriminated against because he's a straight man and a Trump supporter.</li><li>The ex-hockey player, who was commentating for the network, was fired earlier this year after he made derogatory and sexual comments about having a threesome with his wife and co-host Kathryn Tappen.</li><li>In the lawsuit, Roenick also claims that the network's executive producer discriminated against him because he was a Trump supporter in 2016. </li></ul>Former National Hockey League star Jeremy Roenick has sued NBC Sports for wrongful termination, claiming he's been discriminated against by the network for being a straight man and a Trump supporter.Roenick, 50, who worked at the network as a commentator since 2010, was fired earlier this year after his sexual comments about his co-host, Kathryn Tappen, during a Barstool Sports' "Spittin Chiclets" podcast that came out in December, <a href="https://www.dailymail.co.uk/news/article-8536357/Jeremy-Roenick-accuses-NBC-Sports-heterosexual-discrimination-wrongful-termination-lawsuit.html">the Daily Mail reported.</a>On the podcast, the former hockey player discussed a vacation to Portugal with his wife and Tappen and said that it would be "really good" to have a threesome with them."I'm swimming with my wife and Kathryn, and they've got their bikinis on, and they look f***in' smokin'. Ass and boobs everywhere. It's great," he said, <a href="https://variety.com/2020/tv/news/jeremy-roenick-claims-nbc-firing-was-anti-straight-discrimination-1234709882/#article-comments">according to Variety.</a>After Roenick released an apology video, he was informed by NBC Sports executive producer Sam Flood in February that he was fired from the network.Now, in lawsuit papers seen by Variety, Roenick is accusing the sports network of "violating the state law against discrimination based on gender and sexual orientation."The suit points to a spoof promo video aired by NBC during the 2018 winter Olympics in which commentator Johnny Weir used vulgar language and joked about having an affair with co-host Tara Lepinski. It notes that neither were suspended or terminated, Variety reported.Roenick said that he had told Flood that Weir used "colorful commentary" during the video. The executive allegedly responded that Weir "is gay and can say whatever."He also alleges that the network discriminated against him because he was an outspoken Trump supporter, claiming that Flood had previously made remarks about Trump to him, such as "your boy is messing up this country."The lawsuit also mentions an instance when the ex-hockey player asked Flood if he could speak at the Republican National Convention in 2016. The executive allegedly replied: "I'm not saying what you can do. You know who you work for. You work for NBC. That would not look good on your NBC record," according to Variety.Roenick played 20 NHL seasons before moving into television in 2010.NBC Sports has been approached for comment but did not respond in time for this publication.Read more:<ul class="read-more-links"><li><a href="https://www.businessinsider.com/jeremy-roenick-describes-life-after-13-concussions-2014-10">9-Time NHL All-Star Jeremy Roenick Describes Life After 13 Concussions</a></li><li><a href="https://www.insider.com/high-school-hockey-team-only-female-player-mocked-by-fans-2020-3">Fans at a high school hockey game mocked a team's only female player by asking her to do a 'gender reveal'</a></li><li><a href="https://www.insider.com/photos-show-pride-celebrations-global-coronavirus-pandemic-2020-6">28 dazzling photos show Pride celebrations across the globe</a></li><li><a href="https://www.insider.com/conor-mcgregor-living-his-best-life-on-instagram-smoking-drinking-2020-7">Conor McGregor is living his best life on Instagram, smoking, drinking cocktails, and continuing his 30th birthday celebrations</a></li></ul>

Jeremy Roenick is suing NBC Sports because he claims he was discriminated against for being a straight man and a Trump supporter

<ul class="summary-list"><li>Jeremy Weir found a note in a bottle dated June 4, 1983, floating in the Pearl River on Monday.</li><li>Weir set out to find the man who wrote and left his phone number on the note.</li></ul>A retired Mississippi teacher set out to find the owner of a 40-year-old <a href="https://www.insider.com/message-bottle-japanese-high-schoolers-1984-found-in-hawaii-2021-9">message in a bottle</a> that he found floating in the Pearl River in Mississippi on Monday.Jeremy Weir, a retired middle school principal, is a self-described <a href="https://www.insider.com/treasure-hunters-search-civil-war-era-gold-suing-fbi-2022-1">treasure hunter</a>. Weir said that he is "always hunting treasure (and by treasure I mean old bottles, old wood, sea glass, fossils, etc)," in a Facebook post on Monday."Well while hunting this afternoon I found an old Grolsch bottle with a ceramic top in a big drift on the Pearl River," Weir wrote in the post. "I brought it home and started to clean it up and noticed something in it. I opened it and found a plastic bag with a note in it."Weir said that the note inside the bottle was dated June 4, 1983, and it told the reader to contact a man named David Blanks who lived in Jackson, Mississippi, and was 3 years old at the time the note was written."Good Luck and Happy Hunting," the note said.Weir said in the post that with the help of his daughter he was able to find the man mentioned in the note and he plans to meet with him and his wife to return the bottle.Weir told the <a href="https://amp.sunherald.com/news/local/article271386637.html" target="_blank" rel="noopener">Sun Herald</a> that he called the phone number on the note and reached Blanks' parents, who gave him Blanks' contact information."So we called him and, of course, he was just astonished that we had found that bottle, 39 and a half years later," Weir to the Herald. "We talked with him and his wife, and told him what was going on."Blanks was "ecstatic" to hear that Weir had found the bottle and said that he didn't remember writing the note as a 3-year-old, the Herald reported.

A bottle floating in a Mississippi River with a 40-year-old handwritten note stuffed inside sent a retired teacher-turned-treasure hunter on a mystery quest

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ0NIAWLX&amp;SMLS=1&amp;RW=1440&amp;RH=715#/SearchResult&amp;VBID=2C0BXZ0NIAWLX&amp;SMLS=1&amp;RW=1440&amp;RH=715&amp;PN=2&amp;POPUPPN=99&amp;POPUPIID=2C04080P6XLQ">Reuters/SJO/TB</a>Trader Joseph Santoro signals a trade in the Nasdaq 100 stock index futures pit at the Chicago Mercantile Exchange shortly after the Fed announced a quarter point increase in the fed funds and the discount rate March 21, 2000.</div></div></div>Trafigura, one of the world's largest commodity trading houses, made so much money off the oil price crash, it is going to pay staff more than half a billion dollars in bonuses.Oil prices are over 50% lower than they were last year and it is killing energy and commodity firms across the globe.However, unlike firms involved directly in the mining and extraction of commodities, trading houses like Trafigura have been able to take advantage of the collapse in commodity prices and grow their profits in the past year. Profits at the trading house, which is headquartered in Switzerland, are up 6.5% to £720 million ($1.1 billion), <a href="http://www.trafigura.com/media/3287/2015-trafigura-annual-report.pdf">according to its annual report released today.</a><a href="http://www.ft.com/cms/s/0/ec824a58-a237-11e5-bc70-7ff6d4fd203a.html#axzz3uHBfoT1d">The FT reported</a> that the profit hike allows the firm to pay its 600 employees a total of $775 million (£500 million) as part of a share buy back scheme.The profit increase which enabled the big pay out is due to Trafigura's performance in the oil market, where it has taken advantage of its oil storage capabilities to turn a big profit, using <a href="http://www.bloomberg.com/news/articles/2015-09-01/fuel-ships-take-4-000-mile-africa-detour-as-oil-prices-plunge">the pricing pattern known as contango</a>.Trafigura also arranged a series of deals with government owned Russian oil company Rosneft, making it one of the largest exporters of Russian oil. Rosneft has been hit by international sanctions, truncating its operations.Speaking about the company's results, CEO Jeremy Weir said "The year provided ample opportunities for Trafigura to demonstrate the strength and robustness of a business model built to thrive in turbulent market conditions," adding that "Trafigura is well positioned to cope with distressed markets and to seize new opportunities, thanks to our focus on both oil and metals and minerals trading, our sound finances, strong liquidity and careful risk management.""Performance was especially strong in crude oil,where we saw an increase in volumes sourced from Russia among other producing nations," Weir added.Other headline numbers in Trafigura's annual report included:<ul><li>Overall revenues down 23% to £64 billion ($97.2 billion), reflecting the big drop in commodity prices, particularly that of oil.</li><li>Trading of oil and petroleum products up by 22% to 146.3 million metric tonnes.</li><li>This is more than 3 million barrels of oil per day, compared to around 2.5 million in 2014.</li><li>52.1 million metric tonnes of minerals and metals traded over the year.</li><li>EBITDA up to £1.23 billion ($1.86 billion), a rise of 43%. Trafigura believes that this is the most accurate measure of its performance.</li></ul>While trading houses like Trafigura have managed to turn the commodity price crash to their advantages, virtually all of the big commodity mining firms have been hit hard by the impacts of the crash. The world's largest platinum miner, Anglo American <a href="http://uk.businessinsider.com/anglo-american-announces-radical-restructuring-of-its-business-2015-12">last week announced that it will cut nearly two thirds of its staff</a>, and <a href="http://uk.businessinsider.com/uk-miners-slump-after-anglo-american-restructuring-announcement-2015-12">shares in miners are almost all down heavily over the course of 2015</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jim-cramer-bad-moment-jon-stewart-revenge-show-up-cnbc-mad-money-2015-12">JIM CRAMER: 'YOU SHOW UP AND THAT'S THE REVENGE'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dub2JmeToAuIb6s6LVlTsmOe6FIdXLlt" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

This commodity trader made heaps of money from the oil price crash - now it's paying staff &#163;500 million in bonuses

<div class="KonaFilter image-container float_right"><div class="image">REUTERS/Denis Balibouse View of building in which Trafigura has its offices in Geneva March 11, 2012.</div></div>NEW YORK (Reuters) - Abrupt leadership changes at commodity traders Trafigura and Gunvor over the past week have put a sharp light on an industry-wide challenge: shifting oversight from a legion of legendary, aging leaders to a new generation.
Trafigura's co-founder and chief executive Claude Dauphin, 63, who owns less than a fifth of the firm, stepped down this week to receive medical treatment. Jeremy Weir, who ran the mining and risk management divisions, will take over the firm, putting a 50-year-old Australian geologist in charge of the enterprise with a turnover of $133 billion.
At Gunvor, Russian founder Gennady Timchenko was forced to sell his 43.5 percent share to Swedish co-founderTorbjorn Tornqvist after the United States slapped sanctions on him to pressure President Vladimir Putin over Crimea. Tornqvist, 60, who has long been CEO, now has full control.
Both changes were generally unexpected, and are prompting wider questions of succession in an industry historically known for both its secrecy and its powerful, charismatic leaders whose trading skills and global contacts built the foundation of today's global titans, which also include Vitol, Glencore <GLEN.L> and Mercuria.</GLEN.L>
While most remain reluctant to talk openly about their plans for one day relinquishing control, some say they are grooming future leaders as a generation of traders who were instrumental in the creation of the modern day commodity markets enter their 60s with paper fortunes and a rapidly changing landscape.
"Succession planning is definitely an issue for the banks that finance commodity traders, they're interested in understanding it," a high level source at a trading house said.
Yet while chief executives have in recent years thrown off the cloak of secrecy and become prominent industry figures, the names of those next in line remain, in many cases, largely unknown. Weir had not been on most rivals' radar before this week even though he was a rare executive at Trafigura who gave several public interviews.
Investors and bankers know that the show at the world's largest oil trader Vitol is run by CEO Ian Taylor, 58; at Gunvor by Tornqvist, 60; at Mercuria by CEO Marco Dunand, 51, and Daniel Jaeggi, 52; and at Glencore by Ivan Glasenberg, 57.
The second layer of management is often much less visible.
Vitol's Chief Financial Officer Jeff Dellapina is due to speak at a major industry conference next month - his first major public appearance. Vitol's chief oil trader Mark Couling and chief Trafigura oil trader Jose Larocca have not been interviewed in the business press.
<h3>"ANIMAL FARM"</h3>
"I have never in over two decades seen much in the way of succession planning. Frankly, trading floors and their management run more like animal farm than General Motors. There is an implicit hierarchy, and that matters," said Chip Register, a long time commodity executive, currently at Sapient Global Markets.
Vitol, one of the best paying firms in the industry which has repeatedly attracted top talent, is owned by its employees none of whom has more than 5 percent, which suggests a collegiate approach to decision-making could be likely.
The firm has been around for 49 years and has had leadership changes in the past, although only under Taylor's leadership since 1995 has it grown into the world's biggest trader.
In the past, other commodity companies that were indelibly linked to founders have faced transitions with mixed results.
One of the industry's oldest firms, agricultural giant Cargill, was run by the founders' extended family for a century until 1960, when Erwin Kelm became the first president not descended from the Cargill-MacMillan families.
More recently, upstart Singapore-listed trading firm Noble Group <NOBG.SI> has struggled to maintain its momentum since founder Richard Elman, 74, handed over the reins in 2010. Several senior leadership departures have followed.</NOBG.SI>
Oil traders have come a long way since the 1970-1980s era of Marc Rich, the godfather of contemporary oil trading, when they disclosed absolutely nothing about what they do. Some still operate that way, such as Westport, Connecticut-based Phibro, a once-mighty oil trading firm that some say would be hard to imagine without its chief Andrew Hall, 62, whose $100 million payday in 2009 caused a furor for then-owner Citigroup. <C.N></C.N>
Dauphin, who started his career with Marc Rich and is not known to have ever given a single interview, introduced annual reports at Trafigura for bondholders which described performance of individual divisions in great detail including volumes, profitability and outlook - something not even many listed firms disclose.
Listed Glencore also publishes detailed reports and unlisted Mercuria, Vitol and Gunvor have also increased the information they disclose in recent years.
<h3>BENCH STRENGTH</h3>
Trafigura introduced the next generation of leaders a couple of years ago when the company also disclosed it was buying out founding shareholders.
When Glencore went public in 2011, investors got a glimpse into the company's bench strength and newly minted billionaires: Alex Beard for oil, Daniel Mate for zinc trading, Tor Peterson for coal trading and Telis Mistakidis as head of copper. Since then they have made investor presentations and occasionally spoken at media conferences.
"Everyone among our long-standing division heads is a potential CEO," said a source close to Glencore.
Glasenberg, a former coal trader, has run the company for over a decade.
For Gunvor, the most visible executive beyond its CEO is chief investment and operating officer Jerome Schurink, 44, who oversees the firm's expansion strategy and accompanies Tornqvist to meetings such as in Davos.
"We have a succession plan established, consisting of existing management and traders. We review it annually. We also have risk management policies in place regarding such things as how many and which executives are allowed to travel together," a Gunvor source said.
Mercuria benefits to a certain extent by having two founders, rather than one, both of whom are as much as 10 years younger than most of their rivals.
Mercuria has also beefed up its top executive ranks with commodity veterans including Roger Jones, formerly head of commodities at Barclays's <BARC.L>, and chief investment officer Shameek Konar from Goldman Sachs <GS.N>.</GS.N></BARC.L>
"At the end of the day the bench strength of the trading industry - commodities included - should not be underestimated," said Register. "Significant income opportunities have been driving talent into these markets for decades and there are a lot of great middle managers waiting for their shot at the title."
(Additional reporting by Anna Sussman, Peg Mackey, Alex Lawler, Silvia Antonioli; Editing by Peter Graff)

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Oil prices could hit $150 a barrel or more with demand destruction likely by the end of the year, says global commodities trader Trafigura

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Jeremy Roenick is suing NBC Sports because he claims he was discriminated against for being a straight man and a Trump supporter

Sophia Ankel

A bottle floating in a Mississippi River with a 40-year-old handwritten note stuffed inside sent a retired teacher-turned-treasure hunter on a mystery quest

Kenneth Niemeyer

This commodity trader made heaps of money from the oil price crash - now it's paying staff £500 million in bonuses

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Succession Planning Is Especially Difficult In The Mysterious World Of Commodity Traders

Dmitry Zhdannikov and Jonatha…

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You Searched For "jeremy weir" and got 5 results

Oil prices could hit $150 a barrel or more with demand destruction likely by the end of the year, says global commodities trader Trafigura

Brian Evans

Jeremy Roenick is suing NBC Sports because he claims he was discriminated against for being a straight man and a Trump supporter

Sophia Ankel

A bottle floating in a Mississippi River with a 40-year-old handwritten note stuffed inside sent a retired teacher-turned-treasure hunter on a mystery quest

Kenneth Niemeyer

This commodity trader made heaps of money from the oil price crash - now it's paying staff &#163;500 million in bonuses

Will Martin

Succession Planning Is Especially Difficult In The Mysterious World Of Commodity Traders

Dmitry Zhdannikov and Jonatha…

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This commodity trader made heaps of money from the oil price crash - now it's paying staff £500 million in bonuses