Wednesday, 1 February 2017
US crude inventories rise by most since October
US crude inventories rise by most since October:
"Inventories of US crude rose for the fourth straight week and climbed by the most since October. Inventories of US crude rose by 6.5m barrels in the week ended January 27, according to the Energy Information Administration. That compared with analysts’ estimates for an increase of 2.6m barrels and was the biggest streak of gains since April. Stocks of oil at Cushing, Oklahoma, a key delivery hub, fell by a bigger than expected 1.25m barrels, compared with expectations for drop of 59,800 barrels."
'via Blog this'
"Inventories of US crude rose for the fourth straight week and climbed by the most since October. Inventories of US crude rose by 6.5m barrels in the week ended January 27, according to the Energy Information Administration. That compared with analysts’ estimates for an increase of 2.6m barrels and was the biggest streak of gains since April. Stocks of oil at Cushing, Oklahoma, a key delivery hub, fell by a bigger than expected 1.25m barrels, compared with expectations for drop of 59,800 barrels."
'via Blog this'
Oil market waits for Opec-shale tug of war to end
Oil market waits for Opec-shale tug of war to end:
"The oil market increasingly resembles a tug of war between two well-balanced teams. The question is what happens when one side finally gives way. Since the start of the year, crude has traded in a narrow range of just $5 a barrel, supported on one side by Opec joining with Russia to agree production cuts, but pressured on the other by a resurgent US shale industry, reawakened by prices back above $50 a barrel. The tensions in the market are acute. Hedge funds have lined up behind Opec by placing record bets that crude is finally ready to march higher following a two and a half year decline."
'via Blog this'
"The oil market increasingly resembles a tug of war between two well-balanced teams. The question is what happens when one side finally gives way. Since the start of the year, crude has traded in a narrow range of just $5 a barrel, supported on one side by Opec joining with Russia to agree production cuts, but pressured on the other by a resurgent US shale industry, reawakened by prices back above $50 a barrel. The tensions in the market are acute. Hedge funds have lined up behind Opec by placing record bets that crude is finally ready to march higher following a two and a half year decline."
'via Blog this'
Flydubai 2016 profits drop 68% following tough year | GulfNews.com
Flydubai 2016 profits drop 68% following tough year | GulfNews.com:
"Low-cost carrier flydubai saw its net profit in 2016 dive 68 per cent following a difficult year that saw the crash in March of Flight 981, killing all 62 on-board. Flydubai said in a statement on Wednesday that its net profit fell to Dh31.6 million in 2016, from Dh100.7 million in the previous year. This is despite posting a 2.4 per cent increase in total revenue — from Dh4.9 billion in 2015 to Dh5 billion in 2016, Passenger numbers, meanwhile, grew to a “record level” of 10.4 million travellers in 2016, the carrier stated, marking 14.4 per cent growth over the previous year."
'via Blog this'
"Low-cost carrier flydubai saw its net profit in 2016 dive 68 per cent following a difficult year that saw the crash in March of Flight 981, killing all 62 on-board. Flydubai said in a statement on Wednesday that its net profit fell to Dh31.6 million in 2016, from Dh100.7 million in the previous year. This is despite posting a 2.4 per cent increase in total revenue — from Dh4.9 billion in 2015 to Dh5 billion in 2016, Passenger numbers, meanwhile, grew to a “record level” of 10.4 million travellers in 2016, the carrier stated, marking 14.4 per cent growth over the previous year."
'via Blog this'
Saudi Arabia cannot escape destiny as swing producer: Kemp | Reuters
Saudi Arabia cannot escape destiny as swing producer: Kemp | Reuters:
"Saudi Arabia has been forced to return to the role of swing producer in the oil market, despite the country’s insistence for three decades it would never play the role again. Saudi Arabia and its allies in the Gulf Cooperation Council (GCC) account for the majority of production cuts made so far under the OPEC and non-OPEC accords reached in November and December. By cutting their own output deeply, Saudi Arabia and its allies have masked the low level of compliance from the rest of the organization."
'via Blog this'
"Saudi Arabia has been forced to return to the role of swing producer in the oil market, despite the country’s insistence for three decades it would never play the role again. Saudi Arabia and its allies in the Gulf Cooperation Council (GCC) account for the majority of production cuts made so far under the OPEC and non-OPEC accords reached in November and December. By cutting their own output deeply, Saudi Arabia and its allies have masked the low level of compliance from the rest of the organization."
'via Blog this'
Dubai Islamic Bank mandates banks for potential sukuk sale -sources | Reuters
Dubai Islamic Bank mandates banks for potential sukuk sale -sources | Reuters:
"Dubai Islamic Bank, the largest sharia-compliant bank in the United Arab Emirates, has appointed banks ahead of a potential benchmark-sized U.S. dollar sukuk sale, banking sources familiar with the situation said on Wednesday. The group of banks arranging the deal includes Bank ABC, Boubyan Bank, Emirates NBD, HSBC, Maybank, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered, the sources said, speaking on condition of anonymity because the information is private. Dubai Islamic Bank did not immediately respond to an emailed request for comment."
'via Blog this'
"Dubai Islamic Bank, the largest sharia-compliant bank in the United Arab Emirates, has appointed banks ahead of a potential benchmark-sized U.S. dollar sukuk sale, banking sources familiar with the situation said on Wednesday. The group of banks arranging the deal includes Bank ABC, Boubyan Bank, Emirates NBD, HSBC, Maybank, National Bank of Abu Dhabi, Sharjah Islamic Bank and Standard Chartered, the sources said, speaking on condition of anonymity because the information is private. Dubai Islamic Bank did not immediately respond to an emailed request for comment."
'via Blog this'
Lufthansa, Etihad Deepen Ties With Catering, Maintenance Pacts - Bloomberg
Lufthansa, Etihad Deepen Ties With Catering, Maintenance Pacts - Bloomberg:
"Long-time adversaries Deutsche Lufthansa AG and Etihad Airways PJSC announced deals covering catering and aircraft maintenance and said the agreements could act as a springboard to a broader alliance. While the accords amount to contract wins for Lufthansa worth more than 200 million euros ($216 million), the carriers said they’re targeting further tie-ups in cargo, procurement, information technology and new code-share routes, and could form a full joint venture, the closest relationship available to airlines from different regions. The German carrier said its also open to cooperation with Alitalia SpA, in which Etihad has a 49 percent stake. The companies are drawing closer as Lufthansa struggles to cut costs and add low-cost flights amid union opposition, just as Abu Dhabi-based Etihad grapples with losses from European investments. James Hogan, who leads the Mideast group, said Wednesday’s announcements mark a “major step” and that closer ties to the German carrier would bring vital “scale,” while his counterpart Carsten Spohr said talks are already underway on a deeper deal."
'via Blog this'
"Long-time adversaries Deutsche Lufthansa AG and Etihad Airways PJSC announced deals covering catering and aircraft maintenance and said the agreements could act as a springboard to a broader alliance. While the accords amount to contract wins for Lufthansa worth more than 200 million euros ($216 million), the carriers said they’re targeting further tie-ups in cargo, procurement, information technology and new code-share routes, and could form a full joint venture, the closest relationship available to airlines from different regions. The German carrier said its also open to cooperation with Alitalia SpA, in which Etihad has a 49 percent stake. The companies are drawing closer as Lufthansa struggles to cut costs and add low-cost flights amid union opposition, just as Abu Dhabi-based Etihad grapples with losses from European investments. James Hogan, who leads the Mideast group, said Wednesday’s announcements mark a “major step” and that closer ties to the German carrier would bring vital “scale,” while his counterpart Carsten Spohr said talks are already underway on a deeper deal."
'via Blog this'
MIDEAST STOCKS-Top banks weigh on Abu Dhabi, other Gulf markets move little | Reuters
MIDEAST STOCKS-Top banks weigh on Abu Dhabi, other Gulf markets move little | Reuters:
"Shares in two of Abu Dhabi's top banks fell on Wednesday after fourth-quarter earnings, while other Middle East markets hardly moved as global equities and oil prices offered little positive impetus.
National Bank of Abu Dhabi (NBAD) slid 5.0 percent after posting a fourth-quarter net profit of 1.33 billion dirhams ($362 million), up 28 percent from the prior-year period and broadly in line with analysts' forecasts. NBAD's board proposed an unchanged cash dividend for 2016.
Abu Dhabi Commercial Bank lost 2.2 percent after announcing a 16 percent fall in profit to 1.0 billion dirhams. Three analysts had on average forecast a profit of 979 million dirhams.
"
'via Blog this'
"Shares in two of Abu Dhabi's top banks fell on Wednesday after fourth-quarter earnings, while other Middle East markets hardly moved as global equities and oil prices offered little positive impetus.
National Bank of Abu Dhabi (NBAD) slid 5.0 percent after posting a fourth-quarter net profit of 1.33 billion dirhams ($362 million), up 28 percent from the prior-year period and broadly in line with analysts' forecasts. NBAD's board proposed an unchanged cash dividend for 2016.
Abu Dhabi Commercial Bank lost 2.2 percent after announcing a 16 percent fall in profit to 1.0 billion dirhams. Three analysts had on average forecast a profit of 979 million dirhams.
"
'via Blog this'
Saudi oil minister welcomes Donald Trump election
Saudi oil minister welcomes Donald Trump election:
"Saudi Arabia’s oil minister has said President Donald Trump’s election will be good for the oil industry, playing down concerns over the impact of his “America First” policies for the export-reliant kingdom. Khalid al-Falih said Saudi Arabia is considering increasing its investment in the US encouraged by the new White House administration’s pro-industry and pro-oil and gas stance. The minister, a former head of Saudi’s state oil company Aramco, said in an interview with BBC, the Trump administration looked like adopting policies “which are good for the oil industry” while steering “away from excessively anti fossil fuel, unrealistic policies by some well intentioned environment proponents”."
'via Blog this'
"Saudi Arabia’s oil minister has said President Donald Trump’s election will be good for the oil industry, playing down concerns over the impact of his “America First” policies for the export-reliant kingdom. Khalid al-Falih said Saudi Arabia is considering increasing its investment in the US encouraged by the new White House administration’s pro-industry and pro-oil and gas stance. The minister, a former head of Saudi’s state oil company Aramco, said in an interview with BBC, the Trump administration looked like adopting policies “which are good for the oil industry” while steering “away from excessively anti fossil fuel, unrealistic policies by some well intentioned environment proponents”."
'via Blog this'
Egypt rides resurgent wave for emerging market borrowing
Egypt rides resurgent wave for emerging market borrowing:
"For Amr El-Garhy, Egypt’s minister of finance, winning over international bond investors meant convincing them that last year’s sharp currency devaluation marked a turning point for the country’s economy. The former investment banker led a lengthy roadshow for a $4bn sale, which took him to Dubai, New York, Los Angeles, Boston and London, to pitch Egypt as a viable addition to investor portfolios. By the time bankers closed their books on the deal last week, more than 790 bondholder accounts had placed orders of some $13.5bn. The figure suggests that Mr El-Garhy successfully sold the story of a country willing to enact long-resisted reforms and heal an economy that has struggled to attract international money since the 2011 Arab Spring uprising."
'via Blog this'
"For Amr El-Garhy, Egypt’s minister of finance, winning over international bond investors meant convincing them that last year’s sharp currency devaluation marked a turning point for the country’s economy. The former investment banker led a lengthy roadshow for a $4bn sale, which took him to Dubai, New York, Los Angeles, Boston and London, to pitch Egypt as a viable addition to investor portfolios. By the time bankers closed their books on the deal last week, more than 790 bondholder accounts had placed orders of some $13.5bn. The figure suggests that Mr El-Garhy successfully sold the story of a country willing to enact long-resisted reforms and heal an economy that has struggled to attract international money since the 2011 Arab Spring uprising."
'via Blog this'
MAF makes expansion plans as earnings rise by 8 per cent | The National
MAF makes expansion plans as earnings rise by 8 per cent | The National:
"Majid Al Futtaim (MAF), the conglomerate behind Mall of the Emirates, is forging ahead with expansion plans after registering an 8 per cent increase in earnings last year thanks to broad-based growth. Earnings before interest, taxes, depreciation, and amortization (Ebitda) rose to Dh4.1 billion, while revenue grew 9 per cent to Dh29.9bn, the group said in a statement yesterday. MAF, which operates 20 malls, attributed revenue growth to the opening of new hypermarkets, supermarkets and family entertainment centres across the company’s geographic reach."
'via Blog this'
"Majid Al Futtaim (MAF), the conglomerate behind Mall of the Emirates, is forging ahead with expansion plans after registering an 8 per cent increase in earnings last year thanks to broad-based growth. Earnings before interest, taxes, depreciation, and amortization (Ebitda) rose to Dh4.1 billion, while revenue grew 9 per cent to Dh29.9bn, the group said in a statement yesterday. MAF, which operates 20 malls, attributed revenue growth to the opening of new hypermarkets, supermarkets and family entertainment centres across the company’s geographic reach."
'via Blog this'
Saudi Arabia resumes swing producer role in oil: Kemp | Reuters
Saudi Arabia resumes swing producer role in oil: Kemp | Reuters:
"Saudi Arabia and its Gulf allies have accounted for almost all the production cuts delivered by OPEC so far as the kingdom resumes its familiar role as swing producer. Saudi Arabia cut production by 564,000 barrels per day (bpd) in January, or 16 percent more than the 486,000 bpd reduction it pledged in November. But the organization's members as a whole have cut output by just 958,000 bpd, or 18 percent less than promised cuts totaling 1.164 million bpd, according to the monthly Reuters survey."
'via Blog this'
"Saudi Arabia and its Gulf allies have accounted for almost all the production cuts delivered by OPEC so far as the kingdom resumes its familiar role as swing producer. Saudi Arabia cut production by 564,000 barrels per day (bpd) in January, or 16 percent more than the 486,000 bpd reduction it pledged in November. But the organization's members as a whole have cut output by just 958,000 bpd, or 18 percent less than promised cuts totaling 1.164 million bpd, according to the monthly Reuters survey."
'via Blog this'
MIDEAST STOCKS-Bank shares restrain Abu Dhabi, other Gulf markets move little | Reuters
MIDEAST STOCKS-Bank shares restrain Abu Dhabi, other Gulf markets move little | Reuters:
"Shares in Abu Dhabi's top three banks were mixed in early trade on Wednesday following fourth-quarter earnings, while other Gulf markets moved little. National Bank of Abu Dhabi fell 2.4 percent after it posted a fourth-quarter net profit of 1.33 billion dirhams ($362 million), up 28 percent from the prior-year period and broadly in line with analysts' forecasts. NBAD's board proposed an unchanged cash dividend for 2016. First Gulf Bank was flat after posting a net profit of 1.53 billion dirhams, down 11 percent from the year-earlier period but above the 1.37 billion dirham average forecast of analysts. FGB's board also proposed a flat dividend; it is due to merge with NBAD on April 1. "
'via Blog this'
"Shares in Abu Dhabi's top three banks were mixed in early trade on Wednesday following fourth-quarter earnings, while other Gulf markets moved little. National Bank of Abu Dhabi fell 2.4 percent after it posted a fourth-quarter net profit of 1.33 billion dirhams ($362 million), up 28 percent from the prior-year period and broadly in line with analysts' forecasts. NBAD's board proposed an unchanged cash dividend for 2016. First Gulf Bank was flat after posting a net profit of 1.53 billion dirhams, down 11 percent from the year-earlier period but above the 1.37 billion dirham average forecast of analysts. FGB's board also proposed a flat dividend; it is due to merge with NBAD on April 1. "
'via Blog this'
Subscribe to:
Posts (Atom)