The US physical oil trader company, SemGroup has filed for bankruptcy, reports agency sources. The company filed for bankruptcy as it reported trading losses of over USD 3.2 billion in different energy markets after betting that crude oil prices would fall this year.
Traders sold oil futures as news emerged that tropical storm Dolly will miss oil and natural gas installations in the US Gulf of Mexico.
Marked as the fourteenth largest of US private held company, SemGroup bankruptcy will affect approximately USD 3.1 billion of debt. Oil company BP was the largest creditor, accounting for around USD 160 million.
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