Global Prices Turn Topsy-Turvy as Scorned Crudes Become Dear - Bloomberg:
Some of the world’s dirtiest and densest crudes traditionally spurned for being too difficult to process are having a moment in the sun, with a little help from Donald Trump.
“Heavy-sour” oil from nations such as Venezuela and Iraq have a higher sulfur content and are more viscous than “light-sweet” grades pumped in U.S. shale fields and Europe’s North Sea. While the dirtier crudes could usually be bought for a steep discount versus the easier-to-refine types, they have strengthened dramatically over the past few weeks. At least two varieties have flipped to a premium.
Their unusual strength has its source in U.S. policy: America’s effective ban on Venezuelan oil has forced Gulf Coast refiners to scramble for alternatives from elsewhere. Trump’s decision to reimpose sanctions on Iran has also shrunk Middle East supplies, most of which are of “medium-sour” quality that are still heavier than light crudes. Cargoes from the region are further being squeezed as Saudi Arabia bears the bulk of output cuts by OPEC.
Friday 15 February 2019
#Qatar's real estate market faces reality check ahead of World Cup | Reuters
Qatar's real estate market faces reality check ahead of World Cup | Reuters:
Qatar’s Doha Tower, a spike-tipped cylinder that glows orange at night, won an award when finished in 2012 amid a Gulf-wide real estate boom, but today about half of its 46 floors are empty.
The office tower, now a familiar part of the capital’s high-rise skyline, has run foul of what real estate brokers, bankers and analysts say is an oversupplied Qatar property market ahead of the 2022 World Cup that mirrors a real estate downturn in the wider Gulf region after a drop in oil prices.
Qatar has the added challenge of a diplomatic, trade and transport boycott imposed on the Gulf Arab state by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt over allegations that Doha supports Islamist militants, a charge Qatar denies.
Qatar’s Doha Tower, a spike-tipped cylinder that glows orange at night, won an award when finished in 2012 amid a Gulf-wide real estate boom, but today about half of its 46 floors are empty.
The office tower, now a familiar part of the capital’s high-rise skyline, has run foul of what real estate brokers, bankers and analysts say is an oversupplied Qatar property market ahead of the 2022 World Cup that mirrors a real estate downturn in the wider Gulf region after a drop in oil prices.
Qatar has the added challenge of a diplomatic, trade and transport boycott imposed on the Gulf Arab state by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt over allegations that Doha supports Islamist militants, a charge Qatar denies.
Eni's Gulf expansion has just started: CEO | Reuters
Eni's Gulf expansion has just started: CEO | Reuters:
Italian major Eni said it intends to expand in the Middle East after a spree of deals in the Gulf last year, pressing ahead with plans to reduce its reliance on Africa and oil and gas exploration.
Since last March Eni has secured nine deals in the United Arab Emirates, gained a foothold in Bahrain and expanded in Oman to underpin its future growth.
Last month it pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity overnight by more than a third.
Italian major Eni said it intends to expand in the Middle East after a spree of deals in the Gulf last year, pressing ahead with plans to reduce its reliance on Africa and oil and gas exploration.
Since last March Eni has secured nine deals in the United Arab Emirates, gained a foothold in Bahrain and expanded in Oman to underpin its future growth.
Last month it pledged $3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity overnight by more than a third.
Oil rises over 2 percent to 2019 highs on tightening supplies | Reuters
Oil rises over 2 percent to 2019 highs on tightening supplies | Reuters:
Oil prices rose more than 2 percent to their highest this year on Friday after an outage at Saudi Arabia’s offshore oilfield boosted expectations for tightening supply, while progressing U.S.-Sino trade talks strengthened demand sentiment.
The international Brent crude benchmark rose $1.68, or 2.6 percent, to settle at $66.25 a barrel, its highest since November.
U.S. West Texas Intermediate crude futures settled up $1.18, or 2.2 percent, at $55.59 a barrel, and hit their highest this year in post-settlement trade at $55.80.
Oil prices rose more than 2 percent to their highest this year on Friday after an outage at Saudi Arabia’s offshore oilfield boosted expectations for tightening supply, while progressing U.S.-Sino trade talks strengthened demand sentiment.
The international Brent crude benchmark rose $1.68, or 2.6 percent, to settle at $66.25 a barrel, its highest since November.
U.S. West Texas Intermediate crude futures settled up $1.18, or 2.2 percent, at $55.59 a barrel, and hit their highest this year in post-settlement trade at $55.80.
NBA, U.S. Tennis, Sky, urge U.S. action on alleged #Saudi TV piracy | Reuters
NBA, U.S. Tennis, Sky, urge U.S. action on alleged Saudi TV piracy | Reuters:
A group of sports bodies and broadcasters including the U.S. National Basketball Association, U.S. Tennis Association and Sky has called for the United States to add Saudi Arabia to its “priority watch list” over alleged TV piracy, filings show.
The filings, made this week with the office of the United States Trade Representative, come as a growing number of global sports and television bodies look to shut down beoutQ, a TV station they claim is based in Saudi Arabia and broadcasting sports and entertainment they hold exclusive rights for.
BeoutQ emerged in 2017 after Saudi Arabia and its Gulf allies launched a diplomatic and trade boycott of Qatar, which it accused of supporting terrorism, which Doha denies, saying the boycott seeks to curtail its sovereignty.
A group of sports bodies and broadcasters including the U.S. National Basketball Association, U.S. Tennis Association and Sky has called for the United States to add Saudi Arabia to its “priority watch list” over alleged TV piracy, filings show.
The filings, made this week with the office of the United States Trade Representative, come as a growing number of global sports and television bodies look to shut down beoutQ, a TV station they claim is based in Saudi Arabia and broadcasting sports and entertainment they hold exclusive rights for.
BeoutQ emerged in 2017 after Saudi Arabia and its Gulf allies launched a diplomatic and trade boycott of Qatar, which it accused of supporting terrorism, which Doha denies, saying the boycott seeks to curtail its sovereignty.
Oil Poised for Weekly Gain as OPEC+ Cuts Counter Trade Worries - Bloomberg
Oil Poised for Weekly Gain as OPEC+ Cuts Counter Trade Worries - Bloomberg:
Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and a reported output halt at the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war.
Futures in New York were steady Friday, and are up 3.3 percent for the week. Russia said it would accelerate output cuts agreed to in a deal with the OPEC+ coalition, while Saudi Arabia stopped production at the Safaniyah offshore field this week after an accident damaged the facility’s main power cable, Energy Intelligence Group reported. Asian stocks fell Friday as the U.S. and China were said to have made little progress in trade talks this week in Beijing.
Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and a reported output halt at the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war.
Futures in New York were steady Friday, and are up 3.3 percent for the week. Russia said it would accelerate output cuts agreed to in a deal with the OPEC+ coalition, while Saudi Arabia stopped production at the Safaniyah offshore field this week after an accident damaged the facility’s main power cable, Energy Intelligence Group reported. Asian stocks fell Friday as the U.S. and China were said to have made little progress in trade talks this week in Beijing.
Group led by #Kuwait's NIC wins tender to buy Kuwaiti bourse stake | ZAWYA MENA Edition
Group led by Kuwait's NIC wins tender to buy Kuwaiti bourse stake | ZAWYA MENA Edition:
A consortium led by Kuwait's National Investment Co has won the tender to acquire 44 percent of the Kuwait stock exchange, NIC's chairman said on Thursday.
"The winner is the private sector, the investors and the listed companies, all the ideas we said about developing the bourse will be implemented," Hamad al-Omairi told Reuters.
The consortium, which includes Athens Stock Exchange, Arzan Financial Group and First Investment, offered 237 Kuwaiti fils per share for the stake purchase, he said.
A consortium led by Kuwait's National Investment Co has won the tender to acquire 44 percent of the Kuwait stock exchange, NIC's chairman said on Thursday.
"The winner is the private sector, the investors and the listed companies, all the ideas we said about developing the bourse will be implemented," Hamad al-Omairi told Reuters.
The consortium, which includes Athens Stock Exchange, Arzan Financial Group and First Investment, offered 237 Kuwaiti fils per share for the stake purchase, he said.
#Saudi central bank governor sees no impact from EU terror financing move | ZAWYA MENA Edition
Saudi central bank governor sees no impact from EU terror financing move | ZAWYA MENA Edition:
Saudi Central Bank Governor Ahmed Al-Kholifey does not expect the EU’s decision to add his country to a list of “high risk” countries to have any impact for now, Al-Arabiya TV reported on Thursday.
The EU this week added Saudi Arabia, Panama and four US territories on Wednesday to a blacklist of nations deemed to be posing a threat to the bloc because of poor controls against terrorism financing and money laundering.
Earlier Saudi Arabia expressed its regret about the decision by the European Commission to place the Kingdom on a blacklist of 23 non-EU countries and territories accused of posing a high risk of money laundering and financing terrorism.
Saudi Central Bank Governor Ahmed Al-Kholifey does not expect the EU’s decision to add his country to a list of “high risk” countries to have any impact for now, Al-Arabiya TV reported on Thursday.
The EU this week added Saudi Arabia, Panama and four US territories on Wednesday to a blacklist of nations deemed to be posing a threat to the bloc because of poor controls against terrorism financing and money laundering.
Earlier Saudi Arabia expressed its regret about the decision by the European Commission to place the Kingdom on a blacklist of 23 non-EU countries and territories accused of posing a high risk of money laundering and financing terrorism.
GRAPHIC-Global coal, LNG prices tumble as supply surges and demand weakens | Reuters
GRAPHIC-Global coal, LNG prices tumble as supply surges and demand weakens | Reuters:
Thermal coal and natural gas prices are tumbling, with both falling their lowest since 2017, as the outlook for the most used power generation fuels darkens due to tepid demand.
Feeding an emerging glut is a surge in exports.
Refinitiv trade data showed shipments of liquefied natural gas (LNG) from key exporters Australia, Qatar, Malaysia and the United States rose to a record 19.5 million tonnes in January, up from 14.5 million tonnes two years ago.
Thermal coal and natural gas prices are tumbling, with both falling their lowest since 2017, as the outlook for the most used power generation fuels darkens due to tepid demand.
Feeding an emerging glut is a surge in exports.
Refinitiv trade data showed shipments of liquefied natural gas (LNG) from key exporters Australia, Qatar, Malaysia and the United States rose to a record 19.5 million tonnes in January, up from 14.5 million tonnes two years ago.
Oil price risks shift to upside: Kemp | Reuters
Oil price risks shift to upside: Kemp | Reuters:
Oil traders no longer expect the market to be over-supplied this year, amid optimism a full-blown U.S.-China trade war will be averted, and oil production growth will slow thanks to OPEC cuts and sanctions on Venezuela.
Front-month Brent futures prices have jumped to almost $65 per barrel, up from just $50 in late December, and the highest for nearly three months (tmsnrt.rs/2V4bGD1).
Brent’s six-month calendar spread has swung into a backwardation of almost 70 cents per barrel, from a contango of more than $1.50 late last year, the strongest for almost four months.
Oil traders no longer expect the market to be over-supplied this year, amid optimism a full-blown U.S.-China trade war will be averted, and oil production growth will slow thanks to OPEC cuts and sanctions on Venezuela.
Front-month Brent futures prices have jumped to almost $65 per barrel, up from just $50 in late December, and the highest for nearly three months (tmsnrt.rs/2V4bGD1).
Brent’s six-month calendar spread has swung into a backwardation of almost 70 cents per barrel, from a contango of more than $1.50 late last year, the strongest for almost four months.
Brent oil briefly hits $65 as production cuts fuel 2019 high | Reuters
Brent oil briefly hits $65 as production cuts fuel 2019 high | Reuters:
Brent crude oil briefly reached 2019 highs above $65 per barrel on Friday, as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors.
The international benchmark for oil prices rose as high as $65.10, pushing past $65 for the first time this year. It fell back to $64.75 by 0850 GMT, up 18 cents or 0.28 percent from the last close.
Brent is near a three-month high and set for a more than 1 percent gain on the week.
Brent crude oil briefly reached 2019 highs above $65 per barrel on Friday, as OPEC-led supply cuts and the announcement of a higher-than-expected cut by Saudi Arabia this week encouraged investors.
The international benchmark for oil prices rose as high as $65.10, pushing past $65 for the first time this year. It fell back to $64.75 by 0850 GMT, up 18 cents or 0.28 percent from the last close.
Brent is near a three-month high and set for a more than 1 percent gain on the week.
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