vielliecht für Tillyl interessant, als jemand fragte, so in der Art: Gas ist ja diesmal gut gelaufen, aber könnte es auch mal andersrum sein? Antwort:
I think the way to think about this is we don't take short and long positions bare or naked. We have offsetting shorts and longs. And the moments in time we're trading, so I'm escaping here to the highest level on oil and gas trading, we make money when we can arbitrage. So, when a price goes up in, say, Asia, we redirect cargoes from one place to the other and we make arbitrage by moving across the different shorts and longs we have. That business' risk managed constantly. You can imagine the complexity of the mathematical models around it. And monitored daily. I get the note that shows us what risk exposure we have and how we're placing risk on and off. So, it's pretty finely managed. We make sure we don't get too short or too long in any particular product for the concern that you just voiced. And I think we have a very, very long history of knowing how to manage these disruptions and doing well. And of course, we had disruptions in the first quarter in Asia and the United States.
Bernard Looney
And the only thing I would add, Jon, is that – and very clear delegations from the board in the matter of risk in this space as well, which are actively managed, as you would expect them to be. So, very strong governance in place around things like Empire and so on. |
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