March 12, 2020 / 9:29 PM / 22 days ago

Macquarie global head of crude trading departs: sources

The logo of Australia's biggest investment bank Macquarie Group Ltd adorns a door to their Sydney office headquarters in Australia, October 28, 2016. REUTERS/FILE/David Gray

NEW YORK (Reuters) - The global head of crude trading at Australia’s top investment bank Macquarie Group has left the firm, three sources familiar with the matter said.

Eiman Alian was executive director as well as the global head of crude and fuel oil at Macquarie in Houston, Texas, according to his LinkedIn profile. He joined Macquarie in June 2018 and was previously a trader at commodities merchant Vitol and Goldman Sachs.

It is not immediately clear why Alian left the firm.

A spokeswoman for Macquarie declined to comment.

Commodities account for 15% of Macquarie Group’s revenue, Morgan Stanley said in a note this week. Macquarie’s commodity revenues are expected to fall 30% in the second half of 2020 compared to a year earlier, Morgan Stanley said.

After strong profits in 2019, oil traders have been hit hard early in 2020, losing tens of millions of dollars on bets on gasoil price spreads due to an unexpected collapse in demand in January, sources told Reuters.

Crude prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that could overwhelm global oil markets with supply at a time when demand is falling due to the rapid spread of coronavirus.

Reporting by Devika Krishna Kumar in New York; Editing by Tom Brown

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