Scramble for gas in eastern Med begins to overheat | Arab News:
"Tensions are building in the eastern Mediterranean as the dash for gas is fraying tempers in a region of significant geopolitical tension already. Gas exploration and development in the energy-rich Levant Basin and adjacent areas has raised fresh issues as countries scramble to make discoveries, sometimes in disputed waters. In recent days, Egypt has delivered strong words to Turkey and warned Istanbul to step back from explorations near Cyprus where it negotiated concessions wth the Greek Cypriots in 2013."
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Saturday, 10 February 2018
HNA cuts Deutsche Bank stake, pledges to remain big investor
HNA cuts Deutsche Bank stake, pledges to remain big investor:
"Deutsche Bank’s largest investor, China’s cash-strapped conglomerate HNA Group Co, reduced its stake in the German lender slightly while pledging to remain a “significant” holder as it reorganises the financing of the stake. HNA held 9.2% of voting rights in Deutsche Bank, according to a regulatory filing on Friday, down from 9.9% previously. HNA holds about 4.3% of shares, with the remainder tied to a right to recall shares that have been loaned, the filing showed. “HNA will continue to be a significant investor in Deutsche Bank,” a spokesman for C-Quadrat Asset Management, which oversees the investment for HNA, said in a statement. “It is possible that voting right thresholds will be temporarily crossed” as HNA works on a “long-term-oriented financing structure” for the stake."
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"Deutsche Bank’s largest investor, China’s cash-strapped conglomerate HNA Group Co, reduced its stake in the German lender slightly while pledging to remain a “significant” holder as it reorganises the financing of the stake. HNA held 9.2% of voting rights in Deutsche Bank, according to a regulatory filing on Friday, down from 9.9% previously. HNA holds about 4.3% of shares, with the remainder tied to a right to recall shares that have been loaned, the filing showed. “HNA will continue to be a significant investor in Deutsche Bank,” a spokesman for C-Quadrat Asset Management, which oversees the investment for HNA, said in a statement. “It is possible that voting right thresholds will be temporarily crossed” as HNA works on a “long-term-oriented financing structure” for the stake."
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Oil funds remain bullish after crude’s worst week in two years
Oil funds remain bullish after crude’s worst week in two years:
"Oil prices recorded their largest weekly fall in two years amid tumult in financial markets and rising expectations for US production.
Futures declined in each of five sessions ended Friday, and US benchmark West Texas Intermediate dropped below $60 a barrel for the first time since December.
Crude eluded the worst of the volatility in equities markets, but prices nevertheless felt pressure as trend-following hedge funds abandoned oil positions to offset losses elsewhere."
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"Oil prices recorded their largest weekly fall in two years amid tumult in financial markets and rising expectations for US production.
Futures declined in each of five sessions ended Friday, and US benchmark West Texas Intermediate dropped below $60 a barrel for the first time since December.
Crude eluded the worst of the volatility in equities markets, but prices nevertheless felt pressure as trend-following hedge funds abandoned oil positions to offset losses elsewhere."
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IMF's Lagarde says no excuse for energy subsidies in the Arab world - The National
IMF's Lagarde says no excuse for energy subsidies in the Arab world - The National:
"The head of the International Monetary Fund said that there is no excuse for Arab countries to continue subsidizing energy and that such subsidies come at the expense of much needed investment in health, education and other public services. "There is really no excuse for the continued use of energy subsidies," Ms Lagarde, the IMF's managing director, said at a meeting of Arab finance ministers in Dubai on Saturday. "They are extremely costly – averaging 4.5 per cent of GDP among oil exporters and 3 per cent of GDP among oil importers, despite lower oil prices. They lack transparency – subsidies are often implicit and off budget. They are vastly inequitable – favoring the wealthy who consume a lot of energy." "
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"The head of the International Monetary Fund said that there is no excuse for Arab countries to continue subsidizing energy and that such subsidies come at the expense of much needed investment in health, education and other public services. "There is really no excuse for the continued use of energy subsidies," Ms Lagarde, the IMF's managing director, said at a meeting of Arab finance ministers in Dubai on Saturday. "They are extremely costly – averaging 4.5 per cent of GDP among oil exporters and 3 per cent of GDP among oil importers, despite lower oil prices. They lack transparency – subsidies are often implicit and off budget. They are vastly inequitable – favoring the wealthy who consume a lot of energy." "
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Dubai disappoints while Abu Dhabi holds strong | GulfNews.com
Dubai disappoints while Abu Dhabi holds strong | GulfNews.com:
"Last week the Dubai Fnancial Market General Index (DFMGI) was not spared from global market volatility as the index dropped by 86.64 or 2.54 per cent to close at 3,325.62. This was its worse performance in 13 weeks and the third consecutive week down. Most issues lost money with 37 declining and only four advancing. Volume however fell to its lowest level since late-September rather than increase as it may when price breaks support and there is potentially sustainable underlying selling pressure. The index has now fallen as much as 10.9 per cent off the October peak as of last week’s low at 3,283.66. That low touched the support zone around the June 2017 swing low. That swing low was part of a support zone from around 3,287.50 to 3,264.36. Nonetheless, that price range is part of a larger support zone that ended at 3,195.94 (2016 low). That’s the lowest price for the DFMGI since late-February 2016 and the lower end of a two-year rangebound period for the index. The range takes the form of a large symmetrical triangle consolidation pattern. In that case last week’s price action takes on greater importance as the rising trend line at the bottom of the pattern was broken to the downside and the DFMGI has closed below it on a weekly closing basis. This is a bearish signal by itself. At the same time a bearish trend continuation signal was generated as the most recent swing low from seven weeks ago at 3,325.98 was broken. These two bearish signals increase the chance that the index will at least test the 2016 lows, and could bust below them. There’s no indication though that a break below the 2016 lows would lead to an eventual drop below the January 2016 swing low. So, for now we can anticipate that if the area of the 2016 low is approached there is a good chance that support will again be seen somewhere around that price area. "
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"Last week the Dubai Fnancial Market General Index (DFMGI) was not spared from global market volatility as the index dropped by 86.64 or 2.54 per cent to close at 3,325.62. This was its worse performance in 13 weeks and the third consecutive week down. Most issues lost money with 37 declining and only four advancing. Volume however fell to its lowest level since late-September rather than increase as it may when price breaks support and there is potentially sustainable underlying selling pressure. The index has now fallen as much as 10.9 per cent off the October peak as of last week’s low at 3,283.66. That low touched the support zone around the June 2017 swing low. That swing low was part of a support zone from around 3,287.50 to 3,264.36. Nonetheless, that price range is part of a larger support zone that ended at 3,195.94 (2016 low). That’s the lowest price for the DFMGI since late-February 2016 and the lower end of a two-year rangebound period for the index. The range takes the form of a large symmetrical triangle consolidation pattern. In that case last week’s price action takes on greater importance as the rising trend line at the bottom of the pattern was broken to the downside and the DFMGI has closed below it on a weekly closing basis. This is a bearish signal by itself. At the same time a bearish trend continuation signal was generated as the most recent swing low from seven weeks ago at 3,325.98 was broken. These two bearish signals increase the chance that the index will at least test the 2016 lows, and could bust below them. There’s no indication though that a break below the 2016 lows would lead to an eventual drop below the January 2016 swing low. So, for now we can anticipate that if the area of the 2016 low is approached there is a good chance that support will again be seen somewhere around that price area. "
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Group led by India's ONGC to buy stake in UAE’s ADNOC oil concession: sources
Group led by India's ONGC to buy stake in UAE’s ADNOC oil concession: sources:
"A consortium led by India’s Oil and Natural Gas Corp (ONGC) will sign a contract on Saturday to acquire a stake in Abu Dhabi National Oil Company (ADNOC)’s offshore oil concession, sources familiar with the matter said.
The group headed by ONGC (ONGC.NS) will be the first party to secure a stake in the offshore concession.
Other members of the consortium are Indian Oil Corp and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum Corp (BPCL.NS), one source said.Sources told Reuters that the ONGC-led consortium would get up to a 10-percent stake in one of the areas of the concession."
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"A consortium led by India’s Oil and Natural Gas Corp (ONGC) will sign a contract on Saturday to acquire a stake in Abu Dhabi National Oil Company (ADNOC)’s offshore oil concession, sources familiar with the matter said.
The group headed by ONGC (ONGC.NS) will be the first party to secure a stake in the offshore concession.
Other members of the consortium are Indian Oil Corp and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum Corp (BPCL.NS), one source said.Sources told Reuters that the ONGC-led consortium would get up to a 10-percent stake in one of the areas of the concession."
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UPDATE 1-Switzerland's Clariant halts strategic update pending talks with SABIC
UPDATE 1-Switzerland's Clariant halts strategic update pending talks with SABIC:
"Clariant has halted plans to issue an update of its strategy after an activist investor sold its 25 percent stake in the Swiss speciality chemicals maker to Saudi Basic Industries Corp (SABIC) last month.
Clariant had said in November it would issue the update after U.S.-based investment vehicle White Tale demanded three Clariant board seats and called for an independent review of the Swiss firm by an investment bank.
The update, which Clariant intended to deliver in early 2018, was to cover merger and acquisition (M&A) activities, short-term portfolio management options, returns to shareholders and cost structures."
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"Clariant has halted plans to issue an update of its strategy after an activist investor sold its 25 percent stake in the Swiss speciality chemicals maker to Saudi Basic Industries Corp (SABIC) last month.
Clariant had said in November it would issue the update after U.S.-based investment vehicle White Tale demanded three Clariant board seats and called for an independent review of the Swiss firm by an investment bank.
The update, which Clariant intended to deliver in early 2018, was to cover merger and acquisition (M&A) activities, short-term portfolio management options, returns to shareholders and cost structures."
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Oil Explorers Expand U.S. Drilling by Most in a Year - Bloomberg
Oil Explorers Expand U.S. Drilling by Most in a Year - Bloomberg:
"U.S. oil explorers increased the number of drilling rigs this week by the most in a year as domestic crude production roared toward unprecedented highs.
Working rigs drilling for American crude rose by 26, bringing the total to 791, the biggest one-week increase since Jan. 20, 2017, according to Baker Hughes data released Friday. Despite the worst weekly drop in crude prices in almost a year, prices remained close to $60 a barrel, high enough to entice drillers to boost production and use financial instruments to lock in future profits."
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"U.S. oil explorers increased the number of drilling rigs this week by the most in a year as domestic crude production roared toward unprecedented highs.
Working rigs drilling for American crude rose by 26, bringing the total to 791, the biggest one-week increase since Jan. 20, 2017, according to Baker Hughes data released Friday. Despite the worst weekly drop in crude prices in almost a year, prices remained close to $60 a barrel, high enough to entice drillers to boost production and use financial instruments to lock in future profits."
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