Progress in Iran talks puts oil traders on edge - FT.com:
"Talk of progress in the nuclear negotiations between Iran and the world powers has had oil traders on edge.
With large amounts of Iranian oil already in storage, an injection of hundreds of thousands of barrels a day into the oil market already struggling with a crude overhang could depress prices further.
The prospect of a wave of Iranian crude exports has already hit internationally traded Brent: after rebounding to $60 a barrel last month, it now hovers around $55 a barrel amid expectations of a deal by March 31."
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Tuesday, 24 March 2015
UPDATE 1-MIDEAST STOCKS-Gulf positive; Oman rises after ruler's return | News by Country | Reuters
UPDATE 1-MIDEAST STOCKS-Gulf positive; Oman rises after ruler's return | News by Country | Reuters:
"Most Gulf stock markets edged up in early trade on Tuesday and Oman's bourse was among the top gainers after Sultan Qaboos returned home "in complete health" on Monday from an eight-month medical stay in Germany.
Qaboos, 74, has been absolute ruler of the Arabian peninsula state since 1970, but his absence in Germany since July had led to growing concern about his health.
The Muscat index climbed 0.6 percent as most traded stocks rose. Bank Muscat was the main support, jumping 2.7 percent to 0.528 rial. NBK Capital this week updated the stock's fair value estimate to 0.770 rial following a bonus share issue, with a "buy" recommendation."
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"Most Gulf stock markets edged up in early trade on Tuesday and Oman's bourse was among the top gainers after Sultan Qaboos returned home "in complete health" on Monday from an eight-month medical stay in Germany.
Qaboos, 74, has been absolute ruler of the Arabian peninsula state since 1970, but his absence in Germany since July had led to growing concern about his health.
The Muscat index climbed 0.6 percent as most traded stocks rose. Bank Muscat was the main support, jumping 2.7 percent to 0.528 rial. NBK Capital this week updated the stock's fair value estimate to 0.770 rial following a bonus share issue, with a "buy" recommendation."
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Europe must send price signals to lure back its LNG
Europe must send price signals to lure back its LNG:
"In a speech about LNG perspectives on the supply side for the European gas sector, at the European Gas Conference in Vienna, Austria, Laurent Vivier, SVP Strategy, Markets & LNG, TOTAL Gas & Power, commented that energy security was the “white elephant in the room.”
His presentation included a chart displaying gas supply-demand balance for the EU 28 plus Norway and Switzerland, which stacked up various sources of supply and showed the delineation between flexible supplies (like spot LNG) and inflexible supplies (like take-or-pay contracts from Gazprom). The demand trajectory in the figure showed a slight uptick around 2022, the time when he said it will be necessary to balance supply with demand.
“When we talk about security of supply, there is enough gas to supply Europe,” commented Mr. Vivier."
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"In a speech about LNG perspectives on the supply side for the European gas sector, at the European Gas Conference in Vienna, Austria, Laurent Vivier, SVP Strategy, Markets & LNG, TOTAL Gas & Power, commented that energy security was the “white elephant in the room.”
His presentation included a chart displaying gas supply-demand balance for the EU 28 plus Norway and Switzerland, which stacked up various sources of supply and showed the delineation between flexible supplies (like spot LNG) and inflexible supplies (like take-or-pay contracts from Gazprom). The demand trajectory in the figure showed a slight uptick around 2022, the time when he said it will be necessary to balance supply with demand.
“When we talk about security of supply, there is enough gas to supply Europe,” commented Mr. Vivier."
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Omantel shareholders approve $130m sukuk issue |GulfNews.com
Omantel shareholders approve $130m sukuk issue |GulfNews.com:
"Oman Telecommunications (Omantel) said on Monday its shareholders had approved the issuance of Islamic bonds, or sukuk, worth 50 million riyals ($129.9 million; Dh476.7 million).
Omantel did not give any timing for the issue in the bourse filing, which followed the operator’s annual meeting on Sunday.
The former monopoly, which competes with Ooredoo Oman , said earlier this month it would seek shareholder approval for the offering, which would be only the second sukuk from a corporate in the sultanate."
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"Oman Telecommunications (Omantel) said on Monday its shareholders had approved the issuance of Islamic bonds, or sukuk, worth 50 million riyals ($129.9 million; Dh476.7 million).
Omantel did not give any timing for the issue in the bourse filing, which followed the operator’s annual meeting on Sunday.
The former monopoly, which competes with Ooredoo Oman , said earlier this month it would seek shareholder approval for the offering, which would be only the second sukuk from a corporate in the sultanate."
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Ras Al Khaimah opens books for dollar sukuk |GulfNews.com
Ras Al Khaimah opens books for dollar sukuk |GulfNews.com:
"The emirate of Ras Al Khaimah has opened books for a potential US dollar-denominated 10-year sukuk offer, which could price as early as Tuesday, a document from lead arrangers showed.
Al Hilal Bank, Citigroup, JP Morgan and the National Bank of Abu Dhabi are arranging the investor meetings, which end in London on Monday.
Issuance from the emirate, one of seven which make up the United Arab Emirates, has been rare. The fourth-largest emirate has been enjoying strong budget surpluses since 2009, helped by government-led construction projects and expansion of the tourism sector."
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"The emirate of Ras Al Khaimah has opened books for a potential US dollar-denominated 10-year sukuk offer, which could price as early as Tuesday, a document from lead arrangers showed.
Al Hilal Bank, Citigroup, JP Morgan and the National Bank of Abu Dhabi are arranging the investor meetings, which end in London on Monday.
Issuance from the emirate, one of seven which make up the United Arab Emirates, has been rare. The fourth-largest emirate has been enjoying strong budget surpluses since 2009, helped by government-led construction projects and expansion of the tourism sector."
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Oil ETF investors, not just OPEC, hold sway over crude market | Reuters
Oil ETF investors, not just OPEC, hold sway over crude market | Reuters:
"Tumult in Libya, U.S. rig counts, production plans of the oil exporting cartel and a pact on nuclear relations with Iran can all affect crude supply and demand, but oil traders have kept an equally close watch on retail investors in recent weeks.
Those investors and hedge funds, betting on a reversal of oil's long rout, poured billions of dollars into exchange traded products at the tail end of the slide last year, providing unexpected support that helped prices stabilize.
Even as concerns about U.S. storage capacity triggered renewed slide over the past week investors have stuck with the view that a bottom might be in sight, pouring more money into financial products backed by oil futures."
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"Tumult in Libya, U.S. rig counts, production plans of the oil exporting cartel and a pact on nuclear relations with Iran can all affect crude supply and demand, but oil traders have kept an equally close watch on retail investors in recent weeks.
Those investors and hedge funds, betting on a reversal of oil's long rout, poured billions of dollars into exchange traded products at the tail end of the slide last year, providing unexpected support that helped prices stabilize.
Even as concerns about U.S. storage capacity triggered renewed slide over the past week investors have stuck with the view that a bottom might be in sight, pouring more money into financial products backed by oil futures."
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