Top trader Andurand says Opec deal a turning point:
"Hedge fund manager Pierre Andurand has returned almost 15 per cent this year by betting on a recovery in oil prices and he forecasts the rally has further to run after Opec’s agreement last week to cut supplies.
The French founder of Andurand Capital, which has grown to be one of the world’s largest oil funds, returned 6.1 per cent in November as he positioned for crude’s rally and is up 14.4 per cent in the first eleven months, according to people familiar with the fund’s performance.
“Opec’s agreement was stronger than the market anticipated and with Russia joining [the deal] this has set the market up for further gains,” Mr Andurand said."
'via Blog this'
Tuesday, 6 December 2016
MIDEAST STOCKS-Saudi closes at one-year high; Egypt up but OTMT slides | Reuters
MIDEAST STOCKS-Saudi closes at one-year high; Egypt up but OTMT slides | Reuters:
"The petrochemical sector helped carry Saudi Arabia's stock market to a fresh one-year closing high on Tuesday after crude oil prices hit a 17-month peak, while Egypt's market followed global shares upwards.
The main Saudi index added 0.7 percent to 7,155 points in extremely heavy turnover with gainers outnumbering losers 139 to 18. The index is now up 3.5 percent year-to-date.
The petrochemical sector stayed strong; it has been contributing to the market's positive performance since Nov. 30, when crude prices rallied on the first OPEC deal to curb output in eight years."
'via Blog this'
"The petrochemical sector helped carry Saudi Arabia's stock market to a fresh one-year closing high on Tuesday after crude oil prices hit a 17-month peak, while Egypt's market followed global shares upwards.
The main Saudi index added 0.7 percent to 7,155 points in extremely heavy turnover with gainers outnumbering losers 139 to 18. The index is now up 3.5 percent year-to-date.
The petrochemical sector stayed strong; it has been contributing to the market's positive performance since Nov. 30, when crude prices rallied on the first OPEC deal to curb output in eight years."
'via Blog this'
Qatar to spend $13 billion on megaprojects in 2017 | The National
Qatar to spend $13 billion on megaprojects in 2017 | The National:
"Qatar will invest up to US$13 billion in major infrastructure projects next year despite a slump in revenues resulting from low energy prices, the Gulf state’s finance minister said on Tuesday.
Ali Shareef Al Emadi predicted growth of 3.4 per cent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 per cent this year.
"Increasing the investment in mega projects reiterates the country’s commitment to achieving its goals," Mr Emadi told delegates at a Euromoney conference in Doha."
'via Blog this'
"Qatar will invest up to US$13 billion in major infrastructure projects next year despite a slump in revenues resulting from low energy prices, the Gulf state’s finance minister said on Tuesday.
Ali Shareef Al Emadi predicted growth of 3.4 per cent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 per cent this year.
"Increasing the investment in mega projects reiterates the country’s commitment to achieving its goals," Mr Emadi told delegates at a Euromoney conference in Doha."
'via Blog this'
European equities give UAE investors courage | The National
European equities give UAE investors courage | The National:
"Shares in the UAE shrugged off a dip in oil prices on Tuesday, as investors drew courage from the resilience of European equities.
Oil prices dropped for the first time since last week’s landmark production cut deal, falling by 1 per cent to US$54.35 per barrel in early trading before recovering to $54.76 per barrel in midafternoon.
Investors in the UAE were undeterred, however, and took comfort from the quick rebound on Monday of European equities following the resignation of Matteo Renzi, the Italian prime minister."
'via Blog this'
"Shares in the UAE shrugged off a dip in oil prices on Tuesday, as investors drew courage from the resilience of European equities.
Oil prices dropped for the first time since last week’s landmark production cut deal, falling by 1 per cent to US$54.35 per barrel in early trading before recovering to $54.76 per barrel in midafternoon.
Investors in the UAE were undeterred, however, and took comfort from the quick rebound on Monday of European equities following the resignation of Matteo Renzi, the Italian prime minister."
'via Blog this'
Saudi Arabia Switches OPEC Tack With Eye on World’s Top IPO - Bloomberg
Saudi Arabia Switches OPEC Tack With Eye on World’s Top IPO - Bloomberg:
"To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug holes in its budget and the plan to sell a stake in the state-owned oil monopoly.
Two years after the world’s biggest exporter backed the Organization of Petroleum Exporting Countries’ switch to a pump-at-will strategy to defend market share, Saudi Arabia’s oil minister promised to bear the biggest burden in curbing global supply. The market response suggests it may have been the prudent thing to do. By promising to cut production by just 4.7 percent, the country gained an 18 percent jump in oil prices.
The pain of prices below $50 had become too much for the Arab world’s largest economy. Saddled with budget deficits, the country cut spending and burned through more than a quarter of its foreign financial reserves in two years. The persistent price slump also threatened the centerpiece of the reforms sketched out by the country’s powerful deputy crown prince, Mohammed bin Salman: privatizing what could become the world’s biggest publicly traded oil company, Saudi Arabian Oil Co."
'via Blog this'
"To understand why Saudi Arabia changed course and decided OPEC should go back to managing supply, look at two of the kingdom’s biggest policy challenges: the urgent need to plug holes in its budget and the plan to sell a stake in the state-owned oil monopoly.
Two years after the world’s biggest exporter backed the Organization of Petroleum Exporting Countries’ switch to a pump-at-will strategy to defend market share, Saudi Arabia’s oil minister promised to bear the biggest burden in curbing global supply. The market response suggests it may have been the prudent thing to do. By promising to cut production by just 4.7 percent, the country gained an 18 percent jump in oil prices.
The pain of prices below $50 had become too much for the Arab world’s largest economy. Saddled with budget deficits, the country cut spending and burned through more than a quarter of its foreign financial reserves in two years. The persistent price slump also threatened the centerpiece of the reforms sketched out by the country’s powerful deputy crown prince, Mohammed bin Salman: privatizing what could become the world’s biggest publicly traded oil company, Saudi Arabian Oil Co."
'via Blog this'
The Ripple Effects of Samba Blocking Oger Debt Talks - Bloomberg
The Ripple Effects of Samba Blocking Oger Debt Talks - Bloomberg:
"Mazen Al-Sudairi, group head of sell-side research at Alistithmar Capital, reacts to Saudi Arabia’s Samba Financial Group rejecting a proposed payment freeze by construction firm Saudi Oger. He speaks with Bloomberg's Yousef Gamal El-Din and Angie Lau on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
"Mazen Al-Sudairi, group head of sell-side research at Alistithmar Capital, reacts to Saudi Arabia’s Samba Financial Group rejecting a proposed payment freeze by construction firm Saudi Oger. He speaks with Bloomberg's Yousef Gamal El-Din and Angie Lau on "Bloomberg Markets: Middle East." (Source: Bloomberg)"
'via Blog this'
Oil dips as OPEC, Russian output rises ahead of production cut | Reuters
Oil dips as OPEC, Russian output rises ahead of production cut | Reuters:
"Global oil prices slipped on Tuesday as crude output rose in most major export regions despite plans by OPEC and Russia to cut production, triggering fears the fuel glut that has dogged markets for over two years might last well into 2017.
International Brent crude oil futures LCOc1 were trading at $54.83 per barrel at 1127 GMT, down 11 cents from Monday's close. U.S. West Texas Intermediate crude was at $51.50 a barrel, down 29 cents.
Traders and analysts said the boon from last week's OPEC decision, which helped boost prices by about 15 percent, has faded and the cartel's promise had been undermined by data showing rising production from its members and Russia."
'via Blog this'
"Global oil prices slipped on Tuesday as crude output rose in most major export regions despite plans by OPEC and Russia to cut production, triggering fears the fuel glut that has dogged markets for over two years might last well into 2017.
International Brent crude oil futures LCOc1 were trading at $54.83 per barrel at 1127 GMT, down 11 cents from Monday's close. U.S. West Texas Intermediate crude was at $51.50 a barrel, down 29 cents.
Traders and analysts said the boon from last week's OPEC decision, which helped boost prices by about 15 percent, has faded and the cartel's promise had been undermined by data showing rising production from its members and Russia."
'via Blog this'
Subscribe to:
Posts (Atom)