Bank Dhofar and National Bank of Oman in talks for latest GCC banking merger - The National:
Bank Dhofar and National Bank of Oman will discuss a potential merger that could create a new financial institution in Oman with $20 billion (Dh74bn) in assets.
The board of Bank Dhofar gave the nod in its July 29 meeting and “resolved to commence discussions with National Bank of Oman to explore the possibility of a merger between the two entities”, the lender said in a regulatory filing to Muscat Securities Market, where its shares are traded.
NBO confirmed its intentions on talks for the possible deal, which the two lenders said is subject to obtaining “final approval from respective boards, shareholders, stakeholders and regulators”.
Monday, 30 July 2018
Qatar big banks’ combined net profit grows by 10.6% in H1 - The Peninsula Qatar
Qatar big banks’ combined net profit grows by 10.6% in H1 - The Peninsula Qatar:
Qatar’s top banks delivered a combined net profit of a solid QR12bn for the first half of 2018, up 10.6 percent compared to QR10.85bn reported during the same period a year ago. Among the largest eight banks, QNB led the pack by recording QR6.65bn net profit or 6.67 percent up from H1, 2017, Qatar Stock Exchange (QSE) disclosed.
The Commercial Bank, which delivered QR855m in net profit, recorded an impressive 376.1 percent year-on-year growth. While the Islamic lender QIB posted 13.75 percent growth, the net profits of other two Islamic banks Masraf Al Rayan and QIIB grew by 4.5 percent and 4.02 percent, respectively.
Qatar banks asset quality indicators will stabilise or deteriorate slightly for 2018 barring any significant disruption to the banks; operating conditions that could come from geopolitical risks. Cost of risk will trend toward normalised levels because of IFRS 9 implementation during 2018, though real estate and hospitality sectors are under pressure in Qatar, according to market analysts. The banks’ combined assets (and liabilities) rose by 6.6 percent in June from a year ago. Bank deposit growth, at 3 percent year-on-year in May, is also on the rise, having benefi
Qatar’s top banks delivered a combined net profit of a solid QR12bn for the first half of 2018, up 10.6 percent compared to QR10.85bn reported during the same period a year ago. Among the largest eight banks, QNB led the pack by recording QR6.65bn net profit or 6.67 percent up from H1, 2017, Qatar Stock Exchange (QSE) disclosed.
The Commercial Bank, which delivered QR855m in net profit, recorded an impressive 376.1 percent year-on-year growth. While the Islamic lender QIB posted 13.75 percent growth, the net profits of other two Islamic banks Masraf Al Rayan and QIIB grew by 4.5 percent and 4.02 percent, respectively.
Qatar banks asset quality indicators will stabilise or deteriorate slightly for 2018 barring any significant disruption to the banks; operating conditions that could come from geopolitical risks. Cost of risk will trend toward normalised levels because of IFRS 9 implementation during 2018, though real estate and hospitality sectors are under pressure in Qatar, according to market analysts. The banks’ combined assets (and liabilities) rose by 6.6 percent in June from a year ago. Bank deposit growth, at 3 percent year-on-year in May, is also on the rise, having benefi
QSE continues its bull run on strong buying interests of foreign institutions
QSE continues its bull run on strong buying interests of foreign institutions:
The Qatar Stock Exchange on Monday continued its bullish run for the second day, mainly on the back of strong buying interests of foreign institutions.
Buying interests — especially in transport, industrials, insurance, realty and banking — led the 20-stock Qatar Index gain 0.22% to 9,651.77 points.
Doha Bank and Masraf Al Rayan sponsored exchange traded funds QETF and QATR reported 2.74% and 0.9% declines respectively.
The Qatar Stock Exchange on Monday continued its bullish run for the second day, mainly on the back of strong buying interests of foreign institutions.
Buying interests — especially in transport, industrials, insurance, realty and banking — led the 20-stock Qatar Index gain 0.22% to 9,651.77 points.
Doha Bank and Masraf Al Rayan sponsored exchange traded funds QETF and QATR reported 2.74% and 0.9% declines respectively.
Iran's Rial Tumbles Ahead of U.S. Sanctions, Dozens Arrested - Bloomberg
Iran's Rial Tumbles Ahead of U.S. Sanctions, Dozens Arrested - Bloomberg:
Iran’s rial tumbled to another historic low, resisting government efforts to shore up the economy as the restoration of U.S. sanctions looms.
In an effort to signal they’re taking action to fight profiteering and cushion the blow of the U.S. economic offensive, authorities have rounded up more than two dozen merchants who they say exploited government currency measures for personal gain.
Iran’s national currency, whose yearlong depreciation has gained momentum in recent weeks, set a new low this week against the dollar, trading on average at 112,000 rials on the black market on Monday, the Iranian Labour News Agency reported, from around 90,000 last week. The rial has also weakened against the euro.
Iran’s rial tumbled to another historic low, resisting government efforts to shore up the economy as the restoration of U.S. sanctions looms.
In an effort to signal they’re taking action to fight profiteering and cushion the blow of the U.S. economic offensive, authorities have rounded up more than two dozen merchants who they say exploited government currency measures for personal gain.
Iran’s national currency, whose yearlong depreciation has gained momentum in recent weeks, set a new low this week against the dollar, trading on average at 112,000 rials on the black market on Monday, the Iranian Labour News Agency reported, from around 90,000 last week. The rial has also weakened against the euro.
The Decline and Fall of the American Empire - Bloomberg
The Decline and Fall of the American Empire - Bloomberg:
So what would the decline of America look like? I don’t ask the question because I think it’s happening (yet?), but because even the most inveterate optimist should be interested in the dangers, if only to ward them off.
Here’s the cleanest tale of hypothetical decline I could come up with, keeping away from the more partisan or hysterical scenarios, or those involving a catastrophic deus ex machina.
Imagine that the United States gets through the presidency of Donald Trump without a crippling constitutional crisis. Still, the shrill public debate — which will continue well past Trump’s time in office — will continue to prove unequal to the task of addressing the nation’s most pressing problems.
So what would the decline of America look like? I don’t ask the question because I think it’s happening (yet?), but because even the most inveterate optimist should be interested in the dangers, if only to ward them off.
Here’s the cleanest tale of hypothetical decline I could come up with, keeping away from the more partisan or hysterical scenarios, or those involving a catastrophic deus ex machina.
Imagine that the United States gets through the presidency of Donald Trump without a crippling constitutional crisis. Still, the shrill public debate — which will continue well past Trump’s time in office — will continue to prove unequal to the task of addressing the nation’s most pressing problems.
Saudi’s Aramco plan B is too clever by half | ZAWYA MENA Edition
Saudi’s Aramco plan B is too clever by half | ZAWYA MENA Edition:
Mohammed bin Salman’s financial engineers are earning their fees. Plans for the Saudi crown prince to spearhead a triumphant listing of domestic oil titan Aramco are on ice, but his advisers have a workaround - Aramco may now create the cash itself by borrowing money and buying a stake in chemicals group. It’s a clever idea, but no substitute for plan A.
Looked at as a piece of corporate strategy, splicing together Aramco’s huge oil reserves with SABIC doesn’t automatically create much value. It makes more sense to see the leveraged acquisition as a way to replace the $100 billion that won’t materialize if Riyadh fails to list Aramco. If the similarly state-owned Aramco buys the stake then the Public Investment Fund, earmarked as the engine for the crown prince’s Vision 2030 drive to diversify away from oil, would still have a chunk of cash for pursuits such as investing with Masayoshi Son’s Vision Fund.
Aramco can probably afford the move. It has minimal debt, Bloomberg reported on April 13, and made over $34 billion of net income in the first half of 2017. With a probable value exceeding $1 trillion, bond markets and banks would be happy to provide it with the roughly $70 billi
Mohammed bin Salman’s financial engineers are earning their fees. Plans for the Saudi crown prince to spearhead a triumphant listing of domestic oil titan Aramco are on ice, but his advisers have a workaround - Aramco may now create the cash itself by borrowing money and buying a stake in chemicals group. It’s a clever idea, but no substitute for plan A.
Looked at as a piece of corporate strategy, splicing together Aramco’s huge oil reserves with SABIC doesn’t automatically create much value. It makes more sense to see the leveraged acquisition as a way to replace the $100 billion that won’t materialize if Riyadh fails to list Aramco. If the similarly state-owned Aramco buys the stake then the Public Investment Fund, earmarked as the engine for the crown prince’s Vision 2030 drive to diversify away from oil, would still have a chunk of cash for pursuits such as investing with Masayoshi Son’s Vision Fund.
Aramco can probably afford the move. It has minimal debt, Bloomberg reported on April 13, and made over $34 billion of net income in the first half of 2017. With a probable value exceeding $1 trillion, bond markets and banks would be happy to provide it with the roughly $70 billi
RPT-COLUMN-LNG becomes more volatile on heat wave, Trump's trade war: Russell | Reuters
RPT-COLUMN-LNG becomes more volatile on heat wave, Trump's trade war: Russell | Reuters:
Prices for spot cargoes of liquefied natural gas (LNG) in top-consuming region Asia have become more volatile amid a northern hemisphere heat wave, China’s switch to cleaner fuels and a side-helping of Donald Trump-inspired trade disruptions.
The spot LNG price LNG-AS for September delivery in North Asia rose to $9.75 per million British thermal units (mmBtu) in the week to July 27, the first increase in six weeks.
Soaring temperatures in Japan and South Korea were behind the move higher, as utilities ramped up electricity output to meet demand for air-conditioning. Japan even resorted to restarting old and dirty oil-fired power plants, in addition to boosting natural gas generation.
Prices for spot cargoes of liquefied natural gas (LNG) in top-consuming region Asia have become more volatile amid a northern hemisphere heat wave, China’s switch to cleaner fuels and a side-helping of Donald Trump-inspired trade disruptions.
The spot LNG price LNG-AS for September delivery in North Asia rose to $9.75 per million British thermal units (mmBtu) in the week to July 27, the first increase in six weeks.
Soaring temperatures in Japan and South Korea were behind the move higher, as utilities ramped up electricity output to meet demand for air-conditioning. Japan even resorted to restarting old and dirty oil-fired power plants, in addition to boosting natural gas generation.
In Iran, economic worries grow as new US sanctions loom
In Iran, economic worries grow as new US sanctions loom:
Iran’s currency plummeted to a record low Monday, a week before the United States restores sanctions lifted under the unraveling nuclear deal, giving rise to fears of prolonged economic suffering and further civil unrest.
Already last month, protesters clashed with police outside parliament in Tehran in three days of demonstrations sparked by the Iranian rial plunging to nearly 90,000 to the dollar. That followed country-wide economic protests in December and January, in which 25 protesters were killed and nearly 5,000 people were arrested.
The currency hit a new low on Monday, closing at 122,000 to the dollar on the thriving black market, rapidly dropping from 116,000 on Sunday and 98,000 on Saturday. The official exchange rate, available only to businesses with import and export licenses, was about 44,000 to the dollar on Monday, down from 35,000 on Jan. 1.
Iran’s currency plummeted to a record low Monday, a week before the United States restores sanctions lifted under the unraveling nuclear deal, giving rise to fears of prolonged economic suffering and further civil unrest.
Already last month, protesters clashed with police outside parliament in Tehran in three days of demonstrations sparked by the Iranian rial plunging to nearly 90,000 to the dollar. That followed country-wide economic protests in December and January, in which 25 protesters were killed and nearly 5,000 people were arrested.
The currency hit a new low on Monday, closing at 122,000 to the dollar on the thriving black market, rapidly dropping from 116,000 on Sunday and 98,000 on Saturday. The official exchange rate, available only to businesses with import and export licenses, was about 44,000 to the dollar on Monday, down from 35,000 on Jan. 1.
OPEC July oil output hits 2018 peak, but outages weigh: Reuters survey | Reuters
OPEC July oil output hits 2018 peak, but outages weigh: Reuters survey | Reuters:
OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase.
The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June’s revised level and the highest this year with Congo added.
OPEC and allies agreed last month to boost supply as U.S. President Donald Trump urged producers to offset losses caused by new U.S. sanctions on Iran and to dampen prices LCOc1, which this year hit $80 a barrel for the first time since 2014.
OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase.
The Organization of the Petroleum Exporting Countries has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June’s revised level and the highest this year with Congo added.
OPEC and allies agreed last month to boost supply as U.S. President Donald Trump urged producers to offset losses caused by new U.S. sanctions on Iran and to dampen prices LCOc1, which this year hit $80 a barrel for the first time since 2014.
Trump says he is willing to talk to Iran's leader without preconditions | Reuters
Trump says he is willing to talk to Iran's leader without preconditions | Reuters:
U.S. President Donald Trump said on Monday he would be willing to meet Iran’s leader without preconditions to discuss how to improve ties after he pulled the United States out of the 2015 Iran nuclear deal, saying, “If they want to meet, we’ll meet.”
“I’d meet with anybody. I believe in meetings,” especially in cases where war is at stake, Trump said at a White House news conference when asked whether he was willing to meet with Iranian President Hassan Rouhani.
No U.S. president has met with an Iranian leader since the United States cut diplomatic relations with Tehran a year after the 1979 revolution that toppled the shah, a U.S. ally. President Barack Obama broke a three-decade freeze with a phone call to Rouhani in 2013.
U.S. President Donald Trump said on Monday he would be willing to meet Iran’s leader without preconditions to discuss how to improve ties after he pulled the United States out of the 2015 Iran nuclear deal, saying, “If they want to meet, we’ll meet.”
“I’d meet with anybody. I believe in meetings,” especially in cases where war is at stake, Trump said at a White House news conference when asked whether he was willing to meet with Iranian President Hassan Rouhani.
No U.S. president has met with an Iranian leader since the United States cut diplomatic relations with Tehran a year after the 1979 revolution that toppled the shah, a U.S. ally. President Barack Obama broke a three-decade freeze with a phone call to Rouhani in 2013.
Oil rises on tight supply outlook | Reuters
Oil rises on tight supply outlook | Reuters:
Oil prices rose on Monday, with U.S. crude futures jumping more than 2 percent, as traders continued to focus on supply disruptions and a possible hit to crude output from U.S. sanctions on Iran.
October Brent crude futures LCOV8, the most actively traded contract, settled at $75.55 a barrel, up 79 cents. The September Brent contract, which expires on Tuesday, settled at $74.97, up 68 cents, or 0.9 percent. Volumes in an expiring contract tend to dwindle in the last few days before it goes off the board.
U.S. West Texas Intermediate crude futures (WTI) CLc1 rose $1.44, or 2.1 percent, to settle at $70.13 a barrel.
Oil prices rose on Monday, with U.S. crude futures jumping more than 2 percent, as traders continued to focus on supply disruptions and a possible hit to crude output from U.S. sanctions on Iran.
October Brent crude futures LCOV8, the most actively traded contract, settled at $75.55 a barrel, up 79 cents. The September Brent contract, which expires on Tuesday, settled at $74.97, up 68 cents, or 0.9 percent. Volumes in an expiring contract tend to dwindle in the last few days before it goes off the board.
U.S. West Texas Intermediate crude futures (WTI) CLc1 rose $1.44, or 2.1 percent, to settle at $70.13 a barrel.
Saudi banks' deposits shrink as government pulls back funds | Reuters
Saudi banks' deposits shrink as government pulls back funds | Reuters:
Deposits at Saudi Arabian banks have shrunk as the government withdraws emergency funds injected when oil prices slumped, although weak loan demand makes a liquidity crunch unlikely.
Eight of the top 12 Saudi banks reported lower deposits in their second-quarter earnings, released over the past couple of weeks.
Deposits at Alawaal Bank tumbled 19 percent from a year ago to 66.2 billion riyals ($18 billion), the bank said on Monday. Deposits at Bank Aljazira fell 3 percent to 47.8 billion riyals.
Deposits at Saudi Arabian banks have shrunk as the government withdraws emergency funds injected when oil prices slumped, although weak loan demand makes a liquidity crunch unlikely.
Eight of the top 12 Saudi banks reported lower deposits in their second-quarter earnings, released over the past couple of weeks.
Deposits at Alawaal Bank tumbled 19 percent from a year ago to 66.2 billion riyals ($18 billion), the bank said on Monday. Deposits at Bank Aljazira fell 3 percent to 47.8 billion riyals.
MIDEAST STOCKS-Property lifts Dubai, Saudi lacklustre on valuation concerns | Reuters
MIDEAST STOCKS-Property lifts Dubai, Saudi lacklustre on valuation concerns | Reuters:
Strong earnings by Emaar Malls lifted Dubai shares and selective buying in top blue-chip companies helped Qatar rebound from early losses, as most Gulf markets ended in positive territory.
The region’s biggest stock market, Saudi Arabia, ended flat as investors tried to digest quarterly earnings and were cautious about valuations for top companies after the index’s nearly 15 percent rise so far this year.
The Dubai index ended 0.8 percent higher, supported by property stocks after Emaar Malls reported a 15 percent rise in second-quarter net profit, broadly in line with market forecasts.
Strong earnings by Emaar Malls lifted Dubai shares and selective buying in top blue-chip companies helped Qatar rebound from early losses, as most Gulf markets ended in positive territory.
The region’s biggest stock market, Saudi Arabia, ended flat as investors tried to digest quarterly earnings and were cautious about valuations for top companies after the index’s nearly 15 percent rise so far this year.
The Dubai index ended 0.8 percent higher, supported by property stocks after Emaar Malls reported a 15 percent rise in second-quarter net profit, broadly in line with market forecasts.
Rising tide of recovery for North Sea oil and gas | Financial Times
Rising tide of recovery for North Sea oil and gas | Financial Times:
In a remote harbour just north of Inverness, contractors are busy working on a giant metal structure whose bright colours stand out against the horizon. The Maersk Innovator offshore oil rig is getting ready to leave Cromarty Firth to drill at least three development wells in the North Sea.
It was a very different scene two years ago when the Cromarty Firth was full of idle rigs. The oil price crash which began in late 2014 and saw Brent crude plummet from $115 a barrel to less than $30 in January 2016, drastically reducing exploration drilling in the North Sea. Oil and gas producers battened down the hatches, cut costs and curtailed operations in what was one of the world’s most expensive places for extracting fossil fuels.
The Maersk rig is one of five that has arrived in Cromarty Firth since the start of the year for maintenance and repair — the highest number to come in for this sort of work since 2010. Three of the rigs have already departed to drill. The numbers may be small but the increased activity is being greeted by industry executives as evidence of the first green shoots of a wider recovery across the North Sea.
In a remote harbour just north of Inverness, contractors are busy working on a giant metal structure whose bright colours stand out against the horizon. The Maersk Innovator offshore oil rig is getting ready to leave Cromarty Firth to drill at least three development wells in the North Sea.
It was a very different scene two years ago when the Cromarty Firth was full of idle rigs. The oil price crash which began in late 2014 and saw Brent crude plummet from $115 a barrel to less than $30 in January 2016, drastically reducing exploration drilling in the North Sea. Oil and gas producers battened down the hatches, cut costs and curtailed operations in what was one of the world’s most expensive places for extracting fossil fuels.
The Maersk rig is one of five that has arrived in Cromarty Firth since the start of the year for maintenance and repair — the highest number to come in for this sort of work since 2010. Three of the rigs have already departed to drill. The numbers may be small but the increased activity is being greeted by industry executives as evidence of the first green shoots of a wider recovery across the North Sea.
Behind the Spectacular Collapse of a Private Equity Titan - Bloomberg
Behind the Spectacular Collapse of a Private Equity Titan - Bloomberg:
Days before rubbing elbows with global business titans in Davos in January, Arif Naqvi set out to charm another circle of friends—Gulf Arab tycoons—in a last-ditch attempt to save his Dubai private equity firm.
But things were already on the cusp of spiraling out of control. Dogged by allegations Abraaj had mismanaged investors’ money, Dubai’s star financier soon couldn’t pay the rent.
After Naqvi, 58, surrendered control of Abraaj in June, it was revealed that for years, its main revenues didn’t cover operating costs. Abraaj borrowed to fill the gaps and now owes creditors over $1 billion. Once lenders turned off the taps, the firm collapsed, leaving losses, lawsuits and shattered reputations in its wake.
Days before rubbing elbows with global business titans in Davos in January, Arif Naqvi set out to charm another circle of friends—Gulf Arab tycoons—in a last-ditch attempt to save his Dubai private equity firm.
But things were already on the cusp of spiraling out of control. Dogged by allegations Abraaj had mismanaged investors’ money, Dubai’s star financier soon couldn’t pay the rent.
After Naqvi, 58, surrendered control of Abraaj in June, it was revealed that for years, its main revenues didn’t cover operating costs. Abraaj borrowed to fill the gaps and now owes creditors over $1 billion. Once lenders turned off the taps, the firm collapsed, leaving losses, lawsuits and shattered reputations in its wake.
What Now for Saudi Arabia's Planned $2 Trillion Fund? - Bloomberg
What Now for Saudi Arabia's Planned $2 Trillion Fund? - Bloomberg:
Saudi Arabia is now looking for Plan B to propel its sovereign wealth fund into the ranks of global giants. The initial plan was to raise at least $100 billion through an initial public offering of a small stake in Saudi Aramco, the state-owned oil company, in the second half of 2018. Though the IPO is not going ahead as originally planned, the nation’s Public Investment Fund still hopes to control more than $2 trillion by 2030.
1. Why is Saudi Arabia trying to grow its fund?
PIF, as it’s known, is central to the government’s effort to diversify the economy away from oil, under a plan known as Vision 2030. The fund was set up in 1971 to support projects of strategic significance to the Saudi economy and for most of its history focused mainly on its home market. It holds about $150 billion of assets in listed Saudi companies, including stakes in Saudi Basic Industries Corp., the world’s second-biggest chemicals manufacturer; Saudi Telecom Co.; and National Commercial Bank, the kingdom’s largest lender by assets. But in recent years, it has made headline-making investments around the globe. It currently has assets of about $230 billion.
Saudi Arabia is now looking for Plan B to propel its sovereign wealth fund into the ranks of global giants. The initial plan was to raise at least $100 billion through an initial public offering of a small stake in Saudi Aramco, the state-owned oil company, in the second half of 2018. Though the IPO is not going ahead as originally planned, the nation’s Public Investment Fund still hopes to control more than $2 trillion by 2030.
1. Why is Saudi Arabia trying to grow its fund?
PIF, as it’s known, is central to the government’s effort to diversify the economy away from oil, under a plan known as Vision 2030. The fund was set up in 1971 to support projects of strategic significance to the Saudi economy and for most of its history focused mainly on its home market. It holds about $150 billion of assets in listed Saudi companies, including stakes in Saudi Basic Industries Corp., the world’s second-biggest chemicals manufacturer; Saudi Telecom Co.; and National Commercial Bank, the kingdom’s largest lender by assets. But in recent years, it has made headline-making investments around the globe. It currently has assets of about $230 billion.
Saudi Leejam Sports IPO successful | ZAWYA MENA Edition
Saudi Leejam Sports IPO successful | ZAWYA MENA Edition:
SAMBA Capital & Investment Management Company, the Financial Advisor, Bookrunner, Lead Manager and Sole Underwriter for Leejam Sports Company’s IPO, announced that the institutional book building process was successfully completed in compliance with the guidelines of the Capital Market Authority, with a price set at SR52 per share.
The book building process generated an order book of around SR6.8 billion and resulted in a subscription of 831% of the total offered shares as per the following breakdown:
SAMBA Capital & Investment Management Company, the Financial Advisor, Bookrunner, Lead Manager and Sole Underwriter for Leejam Sports Company’s IPO, announced that the institutional book building process was successfully completed in compliance with the guidelines of the Capital Market Authority, with a price set at SR52 per share.
The book building process generated an order book of around SR6.8 billion and resulted in a subscription of 831% of the total offered shares as per the following breakdown:
COLUMN-LNG becomes more volatile on heat wave, Trump's trade war: Russell | Reuters
COLUMN-LNG becomes more volatile on heat wave, Trump's trade war: Russell | Reuters:
Prices for spot cargoes of liquefied natural gas (LNG) in top-consuming region Asia have become more volatile amid a northern hemisphere heat wave, China’s switch to cleaner fuels and a side-helping of Donald Trump-inspired trade disruptions.
The spot LNG price LNG-AS for September delivery in North Asia rose to $9.75 per million British thermal units (mmBtu) in the week to July 27, the first increase in six weeks.
Soaring temperatures in Japan and South Korea were behind the move higher, as utilities ramped up electricity output to meet demand for air-conditioning. Japan even resorted to restarting old and dirty oil-fired power plants, in addition to boosting natural gas generation.
Prices for spot cargoes of liquefied natural gas (LNG) in top-consuming region Asia have become more volatile amid a northern hemisphere heat wave, China’s switch to cleaner fuels and a side-helping of Donald Trump-inspired trade disruptions.
The spot LNG price LNG-AS for September delivery in North Asia rose to $9.75 per million British thermal units (mmBtu) in the week to July 27, the first increase in six weeks.
Soaring temperatures in Japan and South Korea were behind the move higher, as utilities ramped up electricity output to meet demand for air-conditioning. Japan even resorted to restarting old and dirty oil-fired power plants, in addition to boosting natural gas generation.
Oil prices edge higher but trade row caps gains | Reuters
Oil prices edge higher but trade row caps gains | Reuters:
Oil prices rose on Monday with U.S. benchmark WTI moving higher after four weeks of declines, but gains were limited as the fallout from trade tensions weighed on markets.
Brent crude futures rose 13 cents, or 0.2 percent, to $74.42 by 0638 GMT, after trading lower most of the Asian session. Brent rose rose 1.7 percent last week, the first gain in four weeks.
U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.5 percent, at $69 a barrel. WTI fell 1.3 percent on Friday.
Oil prices rose on Monday with U.S. benchmark WTI moving higher after four weeks of declines, but gains were limited as the fallout from trade tensions weighed on markets.
Brent crude futures rose 13 cents, or 0.2 percent, to $74.42 by 0638 GMT, after trading lower most of the Asian session. Brent rose rose 1.7 percent last week, the first gain in four weeks.
U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.5 percent, at $69 a barrel. WTI fell 1.3 percent on Friday.
MIDEAST STOCKS-Gulf markets start on weak note, Qatar hit by Ooredoo results | Reuters
MIDEAST STOCKS-Gulf markets start on weak note, Qatar hit by Ooredoo results | Reuters:
Qatari stocks were among the major losers in Gulf markets in early Monday trade, hurt by heavy selling in shares of Ooredoo after the telecommunications company posted a 60 percent drop in quarterly earnings.
The Dubai index was little changed, supported by a 1.5 percent gain in Emaar Malls after the property firm reported a 15 percent rise in second-quarter net profit, broadly in line with market forecasts.
Shares in Ooredoo plunged 5.4 percent after reporting a 60 percent decline in second-quarter net profit a day earlier.
Qatari stocks were among the major losers in Gulf markets in early Monday trade, hurt by heavy selling in shares of Ooredoo after the telecommunications company posted a 60 percent drop in quarterly earnings.
The Dubai index was little changed, supported by a 1.5 percent gain in Emaar Malls after the property firm reported a 15 percent rise in second-quarter net profit, broadly in line with market forecasts.
Shares in Ooredoo plunged 5.4 percent after reporting a 60 percent decline in second-quarter net profit a day earlier.
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