ExxonMobil’s ambitious plan to storm the world of energy trading is getting a sceptical reaction from seasoned market observers who say the oil giant could be a formidable foe – but only if it takes risks it has not been willing to stomach before.

Exxon’s array of physical assets and huge balance sheet give it advantages over even the world’s top trading houses, which have reaped record profits since the pandemic. But its plans are all too familiar to traders who have seen it wade in and out of trading over the past five years, according to more than a dozen industry professionals.

Bloomberg