Morgan Stanley Crude Oil Head Trader Resigns

June 10, 2014

Morgan Stanley's head of crude oil trading in New York, Tom O'Connor, resigned last week, a person familiar with the matter said.

O'Connor was a managing director who ran the New York crude oil trading desk. He joined Morgan Stanley in 2000 as an associate, trading commodities.

His departure follows that of Simon Fenner, formerly head of strategic transactions at Morgan Stanley's U.S. commodities business, who left to helm energy trading in the Americas at the trading arm of Russian oil giant Lukoil.

O'Connor's resignation was first reported by SparkSpread, a financial industry trade publication.

The two departures come amidst Morgan Stanley's retreat from the physical oil trading business.

The bank announced on Monday it is selling its controlling stake in oil storage and transport company TransMontaigne Inc to NGL Energy Partners LP for $200 million, essentially ending its long run as the biggest physical oil trader on Wall Street.

In December, the bank announced its intent to sell most of its global physical oil trading operations to Russian state-run oil major Rosneft, including its 49 percent stake in shipping company Heidmar.

 

By Anna Louie Sussman

Logistics News

Rotterdam's Offshore CO2 Pipeline Completed

Rotterdam's Offshore CO2 Pipeline Completed

Turkey Bars Israeli Ships From Its Ports

Turkey Bars Israeli Ships From Its Ports

Eighth Island Class Vessel Joins BC Ferries

Eighth Island Class Vessel Joins BC Ferries

Vattenfall Secures Dutch Base to Support Germany’s Largest Offshore Wind Farm

Vattenfall Secures Dutch Base to Support Germany’s Largest Offshore Wind Farm

Subscribe for Maritime Logistics Professional E‑News

Wizz Air CEO: Deal with Pratt & Whitney will help clear the engine servicing block.
Poland gauges interest for expansion of floating LNG terminal
Drone attacks on Russian energy sites