US oil and gas industry spending set to surge:
"Spending by US oil and gas companies is expected to surge this year as the industry responds quickly to the upturn in crude prices in recent months.
While the overall recovery in the global oil and gas industry is still sluggish, capital spending in North America will rise 27 per cent this year, according to Barclays, based on a survey of more than 200 companies.
The projections suggest that the larger US exploration and production companies will raise spending on drilling and completing wells most sharply, while spending by the biggest international oil groups will increase more slowly."
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Tuesday, 10 January 2017
US oil output to rise 1.3% in 2017, EIA says
US oil output to rise 1.3% in 2017, EIA says:
"US oil production has turned a corner after a long period of weak petroleum prices, the government said, with volumes rising for the first time since early 2015.
The Energy Information Administration forecast that oil output from the US will increase 1.3 per cent to 9m barrels per day in 2017, abandoning an earlier prediction of a 0.9 per cent fall.
In the first forecast for 2018 in its monthly Short-Term Energy Outlook, the statistical agency said US crude production will rise another 3.3 per cent, or 300,000 b/d, to 9.3m b/d. Production hit bottom last September, EIA said."
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"US oil production has turned a corner after a long period of weak petroleum prices, the government said, with volumes rising for the first time since early 2015.
The Energy Information Administration forecast that oil output from the US will increase 1.3 per cent to 9m barrels per day in 2017, abandoning an earlier prediction of a 0.9 per cent fall.
In the first forecast for 2018 in its monthly Short-Term Energy Outlook, the statistical agency said US crude production will rise another 3.3 per cent, or 300,000 b/d, to 9.3m b/d. Production hit bottom last September, EIA said."
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MIDEAST STOCKS-Egypt rises but foreign funds sell; oil pulls down Saudi | Reuters
MIDEAST STOCKS-Egypt rises but foreign funds sell; oil pulls down Saudi | Reuters:
"Egypt's stock market rose strongly on Tuesday but foreign funds were net sellers for a second time since the Egyptian pound was floated on Nov. 3. Gulf markets diverged with Saudi petrochemical shares hit by weak oil prices.
The Egyptian blue chip index added 1.8 percent to 13,015 points, a fresh all-time closing high, but trading volume fell slightly below its seven-day average.
Foreign investors, heavy buyers of Egyptian shares since the currency was floated, were net sellers by a small margin after also selling on Sunday this week."
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"Egypt's stock market rose strongly on Tuesday but foreign funds were net sellers for a second time since the Egyptian pound was floated on Nov. 3. Gulf markets diverged with Saudi petrochemical shares hit by weak oil prices.
The Egyptian blue chip index added 1.8 percent to 13,015 points, a fresh all-time closing high, but trading volume fell slightly below its seven-day average.
Foreign investors, heavy buyers of Egyptian shares since the currency was floated, were net sellers by a small margin after also selling on Sunday this week."
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In region’s first, DIFC aims for FinTech hub | GulfNews.com
In region’s first, DIFC aims for FinTech hub | GulfNews.com:
"The Dubai International Financial Centre (DIFC) said it has partnered with Accenture to launch an innovation hub for fintech companies, the first in the region.
The hub will be launched in the first quarter of 2017, and will bring cutting-edge financial services technology to the regional markets, the DIFC said in a statement.
The global Fintech sector has attracted more than $150 billion in investment since 2010, but currently the MENA region attracts only 1 per cent of the investments, and DIFC wants to bridge that gap."
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"The Dubai International Financial Centre (DIFC) said it has partnered with Accenture to launch an innovation hub for fintech companies, the first in the region.
The hub will be launched in the first quarter of 2017, and will bring cutting-edge financial services technology to the regional markets, the DIFC said in a statement.
The global Fintech sector has attracted more than $150 billion in investment since 2010, but currently the MENA region attracts only 1 per cent of the investments, and DIFC wants to bridge that gap."
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UPDATE 1-Saudi bourse to start T+2 settlement in second quarter | Reuters
UPDATE 1-Saudi bourse to start T+2 settlement in second quarter | Reuters:
"The Saudi Stock Exchange will introduce settlement of trades within two working days of execution during the second quarter of 2017, the bourse said on Monday as it published draft rules for short-selling and the borrowing and lending of securities.
Trades must be settled on the same day for now. This has inconvenienced foreign investors in particular as they must have large amounts of money on hand before trading, which can be hard given Riyadh's time zone and its Sunday-Thursday business week.
"Introducing the T+2 settlement cycle aims to align the Saudi stock market with leading global settlement practices, and to increase levels of asset safety for investors," the exchange said in a statement."
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"The Saudi Stock Exchange will introduce settlement of trades within two working days of execution during the second quarter of 2017, the bourse said on Monday as it published draft rules for short-selling and the borrowing and lending of securities.
Trades must be settled on the same day for now. This has inconvenienced foreign investors in particular as they must have large amounts of money on hand before trading, which can be hard given Riyadh's time zone and its Sunday-Thursday business week.
"Introducing the T+2 settlement cycle aims to align the Saudi stock market with leading global settlement practices, and to increase levels of asset safety for investors," the exchange said in a statement."
'via Blog this'
RPT-Saudi-Iran crisis, economic woes strain Oman's neutrality | Reuters
RPT-Saudi-Iran crisis, economic woes strain Oman's neutrality | Reuters:
"Caught between two vast neighbours locked in a regional struggle, Oman has long been to the Middle East what neutral Switzerland is to global diplomacy. But now its policy of being "friends to all and enemy to none" is under heavy strain.
Oman has never found it easy to balance relations with Saudi Arabia to the west and Iran to the north, but worsening rivalry between the region's dominant Sunni and Shi'ite powers is testing its cherished policy of non-alignment more than ever.
That policy has been felt far beyond the small but strategically-located sultanate on the Strait of Hormuz, through which 40 percent of the world's seaborne crude oil flows."
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"Caught between two vast neighbours locked in a regional struggle, Oman has long been to the Middle East what neutral Switzerland is to global diplomacy. But now its policy of being "friends to all and enemy to none" is under heavy strain.
Oman has never found it easy to balance relations with Saudi Arabia to the west and Iran to the north, but worsening rivalry between the region's dominant Sunni and Shi'ite powers is testing its cherished policy of non-alignment more than ever.
That policy has been felt far beyond the small but strategically-located sultanate on the Strait of Hormuz, through which 40 percent of the world's seaborne crude oil flows."
'via Blog this'
Oil prices steady after recent falls on weaker dollar | Reuters
Oil prices steady after recent falls on weaker dollar | Reuters:
"Oil prices stabilized on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering, but analysts said the market remained vulnerable to further falls.
Rising oil prices through December encouraged investors to buy large volumes of crude oil futures contracts and many of these "long" positions are likely to be unwound unless the market stays strong, analysts and brokers say.
"I see this as a dead cat bounce," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "Oil is unlikely to recover until the longs have been reduced.""
'via Blog this'
"Oil prices stabilized on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering, but analysts said the market remained vulnerable to further falls.
Rising oil prices through December encouraged investors to buy large volumes of crude oil futures contracts and many of these "long" positions are likely to be unwound unless the market stays strong, analysts and brokers say.
"I see this as a dead cat bounce," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "Oil is unlikely to recover until the longs have been reduced.""
'via Blog this'
MIDEAST STOCKS-Gulf weak after oil falls sharply, UAE outperforms | Reuters
MIDEAST STOCKS-Gulf weak after oil falls sharply, UAE outperforms | Reuters:
"Stock markets in Gulf were weak in early trade on Tuesday with Saudi Arabia's index heading for its third straight session of declines after oil prices fell to three-week lows overnight.
The Riyadh index was down 0.5 percent after 35 minutes; 12 of the 14 listed petrochemical shares declined after Brent crude futures retreated 4 percent on Monday. The biggest petrochemical producer, Saudi Basic Industries , fell 0.3 percent.
Telecommunications operator Zain Saudi fell 1.2 percent after announcing it would not appeal a 219.5 million riyal ($58.5 million) judgement against it in a legal dispute with rival Mobily. Zain said the payment would have no impact on its financials as it already booked provisions."
'via Blog this'
"Stock markets in Gulf were weak in early trade on Tuesday with Saudi Arabia's index heading for its third straight session of declines after oil prices fell to three-week lows overnight.
The Riyadh index was down 0.5 percent after 35 minutes; 12 of the 14 listed petrochemical shares declined after Brent crude futures retreated 4 percent on Monday. The biggest petrochemical producer, Saudi Basic Industries , fell 0.3 percent.
Telecommunications operator Zain Saudi fell 1.2 percent after announcing it would not appeal a 219.5 million riyal ($58.5 million) judgement against it in a legal dispute with rival Mobily. Zain said the payment would have no impact on its financials as it already booked provisions."
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