Gas to overtake oil production in Oman by 2023, says Rystad - The National:
Gas production is set to overtake crude in Oman by 2023 due to a surge in the output of cleaner fuel, according to a study.
“Gas is on the rise in Oman, and this transition is very timely. Oil output declines over the last two years may indicate a point of no return for Omani oil, but the country’s sliding oil production is set to be replaced by gas,” said Aditya Saraswat, an analyst with Norway's Rystad Energy.
Oman is not a member of Opec. The sultanate is one of the smaller hydrocarbon producers in the Gulf, with some of the highest breakeven prices for crude. Oman has sparse gas resources compared to its regional peers and recently undertook efforts to boost output by tapping into some of its tighter reserves.
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Tuesday, 5 March 2019
NMC finalises terms of healthcare joint venture with #SaudiArabia’s GOSI - The National
NMC finalises terms of healthcare joint venture with Saudi Arabia’s GOSI - The National:
NMC Health finalised a joint venture agreement with Saudi Arabia’s General Organization for Social Insurance that includes up to 6 billion riyals of investments in the kingdom over a five-year period.
NMC, a London-listed UAE healthcare provider, signed a preliminary agreement in October last year with Hassana Investment Company, the investment arm of GOSI, to set up a joint venture that will acquire and develop facilities with a capacity of up to 3,000 beds and employ up to 10,000 full-time and part-time employees.
“This partnership will allow NMC to significantly increase its pace of expansion in the Kingdom, while simultaneously bringing best practices to the country,” said Prasanth Manghat, the chief executive of NMC in a statement on Tuesday. “The attractive, but under-served Saudi healthcare market offers significant growth opportunities and the JV is uniquely placed to benefit from them."
NMC Health finalised a joint venture agreement with Saudi Arabia’s General Organization for Social Insurance that includes up to 6 billion riyals of investments in the kingdom over a five-year period.
NMC, a London-listed UAE healthcare provider, signed a preliminary agreement in October last year with Hassana Investment Company, the investment arm of GOSI, to set up a joint venture that will acquire and develop facilities with a capacity of up to 3,000 beds and employ up to 10,000 full-time and part-time employees.
“This partnership will allow NMC to significantly increase its pace of expansion in the Kingdom, while simultaneously bringing best practices to the country,” said Prasanth Manghat, the chief executive of NMC in a statement on Tuesday. “The attractive, but under-served Saudi healthcare market offers significant growth opportunities and the JV is uniquely placed to benefit from them."
#UAE bankruptcy law in effect: First firm restructured successfully
UAE bankruptcy law in effect: First firm restructured successfully:
A UAE company has for the first time successfully restructured its debts under the country’s bankruptcy law.
The Abu Dhabi Judicial Department — through the Bankruptcy Department of the Abu Dhabi Court of First Instance — has allowed the company to restructure its debts and resume business under Chapter 4 of Federal Law No. 9 of 2016.
The company, which was not named, is a limited liability company founded in 2008 “to carry out contracting work,“ according to a statement from WAM.
A UAE company has for the first time successfully restructured its debts under the country’s bankruptcy law.
The Abu Dhabi Judicial Department — through the Bankruptcy Department of the Abu Dhabi Court of First Instance — has allowed the company to restructure its debts and resume business under Chapter 4 of Federal Law No. 9 of 2016.
The company, which was not named, is a limited liability company founded in 2008 “to carry out contracting work,“ according to a statement from WAM.
Asian firms, fintechs boost #Dubai’s DIFC to best year ever
Asian firms, fintechs boost Dubai’s DIFC to best year ever:
The Dubai International Financial Center (DIFC) investment hub reported its best-ever year for new company registrations in 2018 on the back of strong interest from Asian firms and fintech (financial technology) companies.
Some 437 companies set up in the center last year, a 39 percent increase and the highest number in its 15-year history, with the growth in new registrations split equally between financial and non-financial firms, both 15 percent up on the year.
Essa Kazim, DIFC governor, said the result represented a significant step toward its 10-year strategy of tripling in size — in terms of the number of firms, employees and assets under management — by 2024.
The Dubai International Financial Center (DIFC) investment hub reported its best-ever year for new company registrations in 2018 on the back of strong interest from Asian firms and fintech (financial technology) companies.
Some 437 companies set up in the center last year, a 39 percent increase and the highest number in its 15-year history, with the growth in new registrations split equally between financial and non-financial firms, both 15 percent up on the year.
Essa Kazim, DIFC governor, said the result represented a significant step toward its 10-year strategy of tripling in size — in terms of the number of firms, employees and assets under management — by 2024.
Foreign institutions turn profit takers on QSE
Foreign institutions turn profit takers on QSE:
The Qatar Stock Exchange on Tuesday plummeted more than 100 points in key index and about QR9bn in capitalisation, mainly dragged by real estate, telecom, banking and industrials sectors.
Foreign institutions turned net profit takers as the 20-stock Qatar Index settled 1.07% lower at two-month low of 10,010.24 points.
However, domestic institutions were increasingly bullish in the market, whose sensitive index registered 2.8% shrinkage year-to-date.
The Qatar Stock Exchange on Tuesday plummeted more than 100 points in key index and about QR9bn in capitalisation, mainly dragged by real estate, telecom, banking and industrials sectors.
Foreign institutions turned net profit takers as the 20-stock Qatar Index settled 1.07% lower at two-month low of 10,010.24 points.
However, domestic institutions were increasingly bullish in the market, whose sensitive index registered 2.8% shrinkage year-to-date.
London Stock Exchange lists QIIB's $500mn sukuk
London Stock Exchange lists QIIB's $500mn sukuk:
London Stock Exchange on Tuesday listed QIIB's $500mn sukuk, the first Qatari sukuk to be listed on the LSE.
A ceremony held in this connection was attended by QIIB chairman and managing director Sheikh Dr Khaled bin Thani al-Thani, chief executive officer, Dr Abdulbasit Ahmad al-Shaibei, Qatar ambassador to the UK, Yusuf bin Ali al-Khater, UK's ambassador to Qatar, Ajay Sharma and Her Majesty's Trade Commissioner (Middle East) Simon Penney.
Sheikh Mohamed bin Ali al-Thani, QIIB chief (Treasury and Investment) and Hossam Khattab, chief financial officer were among the senior bank executives present.
London Stock Exchange on Tuesday listed QIIB's $500mn sukuk, the first Qatari sukuk to be listed on the LSE.
A ceremony held in this connection was attended by QIIB chairman and managing director Sheikh Dr Khaled bin Thani al-Thani, chief executive officer, Dr Abdulbasit Ahmad al-Shaibei, Qatar ambassador to the UK, Yusuf bin Ali al-Khater, UK's ambassador to Qatar, Ajay Sharma and Her Majesty's Trade Commissioner (Middle East) Simon Penney.
Sheikh Mohamed bin Ali al-Thani, QIIB chief (Treasury and Investment) and Hossam Khattab, chief financial officer were among the senior bank executives present.
Oil Steady as Market Awaits Inventory Data, China Trade Deal - Bloomberg
Oil Steady as Market Awaits Inventory Data, China Trade Deal - Bloomberg:
Oil closed little changed as traders awaited updates on the U.S.-China trade front and a report on American crude stockpiles.
Futures switched between gains and losses in New York on Tuesday, settling less than 1 percent lower. Investors are waiting for the next catalyst from U.S.-China trade talks or shifts in the Venezuelan regime, according to Thomas Finlon, director of Energy Analytics Group Ltd in Wellington, Florida. Meanwhile, analysts anticipate a gain in U.S. crude stockpiles in this week’s inventory report.
“There’s a lot of forces sort of canceling each other out here,” said Finlon. “We’re just in a holding pattern.”
Oil closed little changed as traders awaited updates on the U.S.-China trade front and a report on American crude stockpiles.
Futures switched between gains and losses in New York on Tuesday, settling less than 1 percent lower. Investors are waiting for the next catalyst from U.S.-China trade talks or shifts in the Venezuelan regime, according to Thomas Finlon, director of Energy Analytics Group Ltd in Wellington, Florida. Meanwhile, analysts anticipate a gain in U.S. crude stockpiles in this week’s inventory report.
“There’s a lot of forces sort of canceling each other out here,” said Finlon. “We’re just in a holding pattern.”
#UAE Private Companies Cut Jobs at Fastest Pace in a Decade - Bloomberg
U.A.E. Private Companies Cut Jobs at Fastest Pace in a Decade - Bloomberg:
Companies in the United Arab Emirates’ non-oil private sector cut jobs at the fastest pace in almost a decade as lower crude prices and a struggling property market dented business confidence.
The employment tracker in Emirates NBD Purchasing Managers’ Index fell to 47.5 last month, its lowest level since August 2009, according to a report compiled by IHS Markit for Emirates NBD PJSC. The PMI for the U.A.E. fell to 53.4 in February from 56.3 in January, and was the lowest reading since October 2016.
While economic growth in the U.A.E., the second-biggest Arab economy, is expected to accelerate to 3.1 percent this year from an estimated 2.9 percent in 2018, softer oil prices and a weak real-estate market are putting pressure on jobs. Real-estate prices in Dubai, the region’s trade and tourist hub, have fallen about 22 percent since the end of 2014, according to data from the Bank of International Settlements.
Companies in the United Arab Emirates’ non-oil private sector cut jobs at the fastest pace in almost a decade as lower crude prices and a struggling property market dented business confidence.
The employment tracker in Emirates NBD Purchasing Managers’ Index fell to 47.5 last month, its lowest level since August 2009, according to a report compiled by IHS Markit for Emirates NBD PJSC. The PMI for the U.A.E. fell to 53.4 in February from 56.3 in January, and was the lowest reading since October 2016.
While economic growth in the U.A.E., the second-biggest Arab economy, is expected to accelerate to 3.1 percent this year from an estimated 2.9 percent in 2018, softer oil prices and a weak real-estate market are putting pressure on jobs. Real-estate prices in Dubai, the region’s trade and tourist hub, have fallen about 22 percent since the end of 2014, according to data from the Bank of International Settlements.
Fears grow of rift between #Saudi king and crown prince #MbS | World news | The Guardian
Fears grow of rift between Saudi king and crown prince | World news | The Guardian:
There are growing signs of a potentially destabilising rift between the king of Saudi Arabia and his heir, the Guardian has been told.
King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman are understood to have disagreed over a number of important policy issues in recent weeks, including the war in Yemen.
The unease is said to have been building since the murder in Turkey of the dissident Saudi journalist Jamal Khashoggi, which the CIA has reportedly concluded was ordered by Prince Mohammed. However, these tensions increased dramatically in late February when the king, 83, visited Egypt and was warned by his advisers he was at risk of a potential move against him, according to a detailed account from a source.
There are growing signs of a potentially destabilising rift between the king of Saudi Arabia and his heir, the Guardian has been told.
King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman are understood to have disagreed over a number of important policy issues in recent weeks, including the war in Yemen.
The unease is said to have been building since the murder in Turkey of the dissident Saudi journalist Jamal Khashoggi, which the CIA has reportedly concluded was ordered by Prince Mohammed. However, these tensions increased dramatically in late February when the king, 83, visited Egypt and was warned by his advisers he was at risk of a potential move against him, according to a detailed account from a source.
EU to broaden tax haven blacklist, weighs #UAE, Bermuda listing | Reuters
EU to broaden tax haven blacklist, weighs UAE, Bermuda listing | Reuters:
European Union states have added 10 jurisdictions to a draft tax haven blacklist, including the United Arab Emirates (UAE) and Bermuda, an EU official told Reuters on Tuesday, in a move that would triple the number of listed countries.
The measure comes more than one year after the bloc decided to blacklist jurisdictions that are non-cooperative on tax matters and to monitor countries that commit to change their tax rules to comply with EU standards.
In a meeting on Wednesday, EU envoys are set to agree on the new list which will then be formally adopted by EU finance ministers in a meeting on March 12.
European Union states have added 10 jurisdictions to a draft tax haven blacklist, including the United Arab Emirates (UAE) and Bermuda, an EU official told Reuters on Tuesday, in a move that would triple the number of listed countries.
The measure comes more than one year after the bloc decided to blacklist jurisdictions that are non-cooperative on tax matters and to monitor countries that commit to change their tax rules to comply with EU standards.
In a meeting on Wednesday, EU envoys are set to agree on the new list which will then be formally adopted by EU finance ministers in a meeting on March 12.
Exxon raises output target for top U.S. shale field to 1 million barrels per day by 2024 | Reuters
Exxon raises output target for top U.S. shale field to 1 million barrels per day by 2024 | Reuters:
Exxon Mobil Corp on Tuesday estimated production at its top U.S. shale field would rise to 1 million barrels of oil and gas per day as early as 2024 - from 600,000 by 2025 previously.
The target is five times as much as the company now produces in the Permian Basin of West Texas and New Mexico where the world’s largest publicly traded oil company has 1.6 million acres.
Exxon said in a statement that its production would be profitable in the Permian even if oil prices fell to $35 per barrel. U.S. oil futures settled at $56.59 a barrel on Monday.
Exxon Mobil Corp on Tuesday estimated production at its top U.S. shale field would rise to 1 million barrels of oil and gas per day as early as 2024 - from 600,000 by 2025 previously.
The target is five times as much as the company now produces in the Permian Basin of West Texas and New Mexico where the world’s largest publicly traded oil company has 1.6 million acres.
Exxon said in a statement that its production would be profitable in the Permian even if oil prices fell to $35 per barrel. U.S. oil futures settled at $56.59 a barrel on Monday.
MIDEAST STOCKS- #Qatar hits 2-month low, major Gulf markets down | Reuters
MIDEAST STOCKS-Qatar hits 2-month low, major Gulf markets down | Reuters:
The Qatar stock market slid to a two-month low on Tuesday, weighed down by its blue-chips, while major Gulf bourses fell across the board, mostly pressured by financial shares.
Qatar's index fell 1.1 percent, with Vodafone Qatar losing 3.2 percent after approving a regulatory decision to reduce the nominal value of its shares to 1 riyal each.
Qatar National Bank, the largest lender by assets in the Middle East and Africa, dropped 2.7 percent and Industries Qatar slid 2.4 percent.
The Qatar stock market slid to a two-month low on Tuesday, weighed down by its blue-chips, while major Gulf bourses fell across the board, mostly pressured by financial shares.
Qatar's index fell 1.1 percent, with Vodafone Qatar losing 3.2 percent after approving a regulatory decision to reduce the nominal value of its shares to 1 riyal each.
Qatar National Bank, the largest lender by assets in the Middle East and Africa, dropped 2.7 percent and Industries Qatar slid 2.4 percent.
#Dubai's financial centre reports 11% net profit rise | ZAWYA MENA Edition
Dubai's financial centre reports 11% net profit rise | ZAWYA MENA Edition:
Dubai International Financial Centre (DIFC) achieved an 11 percent increase in net profit for 2018 to $88 million, on the back of a 5 percent rise in consolidated revenue to $199 million, its governor has revealed.
In a briefing to journalists on Tuesday morning, DIFC’s governor Essa Kazim said that the centre attracted 437 new companies in 2018, a 39 percent year-on-year increase. The total number of companies operating from the centre has now reached 2,137 - 625 of which are financial firms.
The new arrivals meant the number of people working within DIFC increased by 6 percent to 23,604, with 1,266 new jobs added during the year.
Dubai International Financial Centre (DIFC) achieved an 11 percent increase in net profit for 2018 to $88 million, on the back of a 5 percent rise in consolidated revenue to $199 million, its governor has revealed.
In a briefing to journalists on Tuesday morning, DIFC’s governor Essa Kazim said that the centre attracted 437 new companies in 2018, a 39 percent year-on-year increase. The total number of companies operating from the centre has now reached 2,137 - 625 of which are financial firms.
The new arrivals meant the number of people working within DIFC increased by 6 percent to 23,604, with 1,266 new jobs added during the year.
#Libya's Biggest Oil Field Restarts, Adding Hurdle to OPEC Cuts - Bloomberg
Libya's Biggest Oil Field Restarts, Adding Hurdle to OPEC Cuts - Bloomberg:
Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut.
Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular output will be fully restored in the coming days, now that the site has been re-secured after a three-month occupation at the site, state energy producer National Oil Co. said in a statement.
The field in southern Libya has a capacity of 300,000 barrels of crude a day. It was shut down in December after guards and armed residents seized it over financial demands and was then taken over last month by forces loyal to eastern militia leader Khalifa Haftar.
Libya’s biggest oil field resumed production, adding another complication to OPEC’s effort to trim a global supply glut.
Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular output will be fully restored in the coming days, now that the site has been re-secured after a three-month occupation at the site, state energy producer National Oil Co. said in a statement.
The field in southern Libya has a capacity of 300,000 barrels of crude a day. It was shut down in December after guards and armed residents seized it over financial demands and was then taken over last month by forces loyal to eastern militia leader Khalifa Haftar.
Arqaam Capital Slowly Tweaking 'Big Overweight' Position on #Saudi Stocks – Bloomberg
Arqaam Capital Slowly Tweaking 'Big Overweight' Position on Saudi Stocks – Bloomberg:
Jaap Meijer, managing director and head of equity research at investment bank Arqaam Capital Ltd. in Dubai, talks about Saudi and Dubai stocks. He speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Jaap Meijer, managing director and head of equity research at investment bank Arqaam Capital Ltd. in Dubai, talks about Saudi and Dubai stocks. He speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Mideast Stocks: #Saudi stocks fall before joining FTSE; major Gulf markets down | ZAWYA MENA Edition
Mideast Stocks: Saudi stocks fall before joining FTSE; major Gulf markets down | ZAWYA MENA Edition:
Saudi Arabian stocks fell on Tuesday, pulled down by financial shares before the market's inclusion in the FTSE Russell's emerging-market index. All major gulf markets slid.
Middle Eastern markets followed global cues, with oil prices dropping after China cut its 2019 economic growth target, dimming the outlook for fuel demand.
The Saudi index edged down 0.1 percent with AXA Cooperative Insurance declining 1.3 percent and Al Rajhi Co for Cooperative Insurance sliding 1.6 percent.
Saudi Arabian stocks fell on Tuesday, pulled down by financial shares before the market's inclusion in the FTSE Russell's emerging-market index. All major gulf markets slid.
Middle Eastern markets followed global cues, with oil prices dropping after China cut its 2019 economic growth target, dimming the outlook for fuel demand.
The Saudi index edged down 0.1 percent with AXA Cooperative Insurance declining 1.3 percent and Al Rajhi Co for Cooperative Insurance sliding 1.6 percent.
Time to Buy #Saudi Stocks? Some Investors Look at #Dubai Instead - Bloomberg
Time to Buy Saudi Stocks? Some Investors Look at Dubai Instead - Bloomberg:
Saudi Arabian stocks are about to join major emerging-markets benchmarks, gaining the attention of many money managers for the first time. But some investors familiar with markets in the Gulf say that Dubai offers bigger potential gains.
That’s because the biggest stocks in Riyadh have been rallying in anticipation of their inclusion in the gauges, compiled by FTSE Russell and MSCI Inc., in several tranches starting this month. Dubai’s market, on the other hand, has been battered in the past year by concerns mostly tied to its real estate market, a pillar of its economy.
Saudi shares have historically traded at a premium to Dubai’s, in terms of estimated price-to-earnings. But the gap between them reached the widest since 2010 in February. The Dubai Financial Market General Index was the worst-performer globally last year among major gauges tracked by Bloomberg, while the Saudi peer was among the 10 best. Dubai’s main index fell 0.1 percent as of 12:08 a.m. local time, while the peer in Saudi was little changed.
Saudi Arabian stocks are about to join major emerging-markets benchmarks, gaining the attention of many money managers for the first time. But some investors familiar with markets in the Gulf say that Dubai offers bigger potential gains.
That’s because the biggest stocks in Riyadh have been rallying in anticipation of their inclusion in the gauges, compiled by FTSE Russell and MSCI Inc., in several tranches starting this month. Dubai’s market, on the other hand, has been battered in the past year by concerns mostly tied to its real estate market, a pillar of its economy.
Saudi shares have historically traded at a premium to Dubai’s, in terms of estimated price-to-earnings. But the gap between them reached the widest since 2010 in February. The Dubai Financial Market General Index was the worst-performer globally last year among major gauges tracked by Bloomberg, while the Saudi peer was among the 10 best. Dubai’s main index fell 0.1 percent as of 12:08 a.m. local time, while the peer in Saudi was little changed.
Oil drops as China cuts economic growth target, but OPEC-led cuts support | Reuters
Oil drops as China cuts economic growth target, but OPEC-led cuts support | Reuters:
Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.31 per barrel at 0740 GMT, down 28 cents, or 0.5 percent, from their last settlement.
Brent crude futures were at $65.37 per barrel, down 30 cents, or 0.5 percent.
Oil prices fell on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support.
U.S. West Texas Intermediate (WTI) crude oil futures were at $56.31 per barrel at 0740 GMT, down 28 cents, or 0.5 percent, from their last settlement.
Brent crude futures were at $65.37 per barrel, down 30 cents, or 0.5 percent.
#UAE non-oil companies cutting jobs at fastest rate in decade
UAE non-oil companies cutting jobs at fastest rate in decade:
A prominent Dubai bank is warning that non-oil companies across the United Arab Emirates have cut staff at their sharpest rate in nearly a decade amid an economic slowdown.
Emirates NBD, which is majority owned by Dubai’s government, issued the report on Tuesday.
It relied on data from some 400 private sector companies outside of the UAE’s oil economy, which includes the nation’s manufacturing, services, construction and retail sectors.
A prominent Dubai bank is warning that non-oil companies across the United Arab Emirates have cut staff at their sharpest rate in nearly a decade amid an economic slowdown.
Emirates NBD, which is majority owned by Dubai’s government, issued the report on Tuesday.
It relied on data from some 400 private sector companies outside of the UAE’s oil economy, which includes the nation’s manufacturing, services, construction and retail sectors.
UPDATE 1- #Qatar targets around $10 billion with jumbo bond issue - sources | Reuters
UPDATE 1-Qatar targets around $10 billion with jumbo bond issue - sources | Reuters:
Qatar is expected to announce this week a jumbo international bond issue which could be in the region of $10 billion, sources familiar with the matter said on Tuesday.
A debt sale of that size would be the largest placement by an emerging-market sovereign this year and would outsize Saudi Arabia’s $7.5 billion debt issuance in January.
Qatar’s deal should be announced later on Tuesday or on Wednesday at the latest, said the sources.
Qatar is expected to announce this week a jumbo international bond issue which could be in the region of $10 billion, sources familiar with the matter said on Tuesday.
A debt sale of that size would be the largest placement by an emerging-market sovereign this year and would outsize Saudi Arabia’s $7.5 billion debt issuance in January.
Qatar’s deal should be announced later on Tuesday or on Wednesday at the latest, said the sources.
RPT-COLUMN-Hedge funds carry on buying oil despite Trump intervention: Kemp | Reuters
RPT-COLUMN-Hedge funds carry on buying oil despite Trump intervention: Kemp | Reuters:
Hedge funds continued to boost their bullish position in crude and fuels last week despite a call from U.S. President Donald Trump for OPEC to “relax and take it easy”.
Hedge funds and other money managers were net buyers of an extra 16 million barrels of Brent crude futures and options in the week to Feb. 26, according to ICE Futures Europe.
Fund managers have been net buyers of 155 million barrels of Brent futures and options since Dec. 4, increasing their net long position in 11 out of the last 12 weeks (tmsnrt.rs/2EJUvB4).
Hedge funds continued to boost their bullish position in crude and fuels last week despite a call from U.S. President Donald Trump for OPEC to “relax and take it easy”.
Hedge funds and other money managers were net buyers of an extra 16 million barrels of Brent crude futures and options in the week to Feb. 26, according to ICE Futures Europe.
Fund managers have been net buyers of 155 million barrels of Brent futures and options since Dec. 4, increasing their net long position in 11 out of the last 12 weeks (tmsnrt.rs/2EJUvB4).