Oil futures trading company to shut down due to oil price volatility
SAN ANTONIO — Oil futures company Orientals Trading will shut down effective April 14, a company spokesman said.
Orientals Trading LLC will suspend trading for the next 30 days and will no longer provide trading access to its affiliates, said Joe Cacciari, spokesman for Orientals.
Cacciari said the company will transition the trading operations of its oil futures business to another entity.
Oil futures were one of the first major products traded in the global trading market in 2014, when prices were still in the mid-$30s.
The company’s oil futures contract has been in operation since 2012, according to its website.
Orials Trading is one of three trading groups to have been impacted by the oil price fluctuations that have occurred during the past several months.
Other oil futures trading companies, including the Dallas-based International Futures Group and the San Antonio-based Trading Partners Group, have suspended operations.