QSE index closes at 9,781.18 points - The Peninsula Qatar:
Qatar Stock Exchange’s (QSE) index lost 330.44 points, or 3.27 percent, last week when the bourse closed yesterday at 9,781.18 points.
Trading value during last week decreased by 39.07 percent to reach QR961.79m compared to QR1.57bn.
Trading volume decreased by 32.43 percent to reach 33.05 million shares, as against 48.92 million shares, while the number of transactions fell by 22.73 percent, to reach 23,348 transactions as compared to 30,217 transactions.
Friday, 8 March 2019
Oslo signals a shift for investors in oil and gas | Financial Times
Oslo signals a shift for investors in oil and gas | Financial Times:
The debate in Oslo over whether Norway’s oil fund should sell out of oil and gas stocks was always bound to be polluted by a mix of ethical, environmental and political considerations.
Sure enough, the government’s recommendation to the fund is not a clean yes or no. In fact, it is nuanced to such a degree that it offers satisfaction neither to diehard advocates of divestment from fossil fuels, nor to those who would argue it is reckless to withdraw support from companies that still largely keep the lights on.
Even so, the recommendation, if followed by the Norwegian parliament, does represent a shift. It will not prompt other investors to rush for the exits. But it is a further signal that peak demand for oil is now visible on the investment horizons of the longest term investment funds.
The debate in Oslo over whether Norway’s oil fund should sell out of oil and gas stocks was always bound to be polluted by a mix of ethical, environmental and political considerations.
Sure enough, the government’s recommendation to the fund is not a clean yes or no. In fact, it is nuanced to such a degree that it offers satisfaction neither to diehard advocates of divestment from fossil fuels, nor to those who would argue it is reckless to withdraw support from companies that still largely keep the lights on.
Even so, the recommendation, if followed by the Norwegian parliament, does represent a shift. It will not prompt other investors to rush for the exits. But it is a further signal that peak demand for oil is now visible on the investment horizons of the longest term investment funds.
Oil Sputters as Economic Woes Outweigh U.S. Drilling Slowdown - Bloomberg
Oil Sputters as Economic Woes Outweigh U.S. Drilling Slowdown - Bloomberg:
Oil lost ground Friday after unnerving economic reports from China and the U.S., although the decline was moderated by the latest report of declining activity in America’s oil patches.
Futures in New York closed down 1 percent, after a monthly jobs report showed U.S. hiring was the weakest in more than a year and China said exports had tailed off in February. Still, prices recouped much of the losses after Baker Hughes said working oil rigs in the U.S. fell for the third straight week.
West Texas Intermediate crude eked out a 0.5 percent gain for the week, despite a barrage of tepid economic reports from around the globe.
Oil lost ground Friday after unnerving economic reports from China and the U.S., although the decline was moderated by the latest report of declining activity in America’s oil patches.
Futures in New York closed down 1 percent, after a monthly jobs report showed U.S. hiring was the weakest in more than a year and China said exports had tailed off in February. Still, prices recouped much of the losses after Baker Hughes said working oil rigs in the U.S. fell for the third straight week.
West Texas Intermediate crude eked out a 0.5 percent gain for the week, despite a barrage of tepid economic reports from around the globe.
Norway is insuring itself against the oil price | Financial Times
Norway is insuring itself against the oil price | Financial Times:
Norway’s decision to divest its sovereign wealth fund from oil and gas producers has hit the headlines like a grenade. In truth, it should not have come as a surprise. More importantly, it does not set a useful precedent for environmentalists who wish to rally investors behind a broader divestment campaign as a way to reduce hydrocarbon extraction globally.
Norwegian authorities have debated this divestment since the fund itself proposed it two years ago. The news that the decision would be announced today gave away which way it would go. The smallest party in the government coalition, which has strongly recommended divestment, starts its annual conference today. Disastrous polling results meant it badly needed a political victory to boast about, which Norway’s finance minister has now duly provided.
Norway’s decision to divest its sovereign wealth fund from oil and gas producers has hit the headlines like a grenade. In truth, it should not have come as a surprise. More importantly, it does not set a useful precedent for environmentalists who wish to rally investors behind a broader divestment campaign as a way to reduce hydrocarbon extraction globally.
Norwegian authorities have debated this divestment since the fund itself proposed it two years ago. The news that the decision would be announced today gave away which way it would go. The smallest party in the government coalition, which has strongly recommended divestment, starts its annual conference today. Disastrous polling results meant it badly needed a political victory to boast about, which Norway’s finance minister has now duly provided.
GLOBAL LNG-Asian spot prices down over 30 pct since start of year | Reuters
GLOBAL LNG-Asian spot prices down over 30 pct since start of year | Reuters:
Asian spot prices for liquefied natural gas (LNG) dropped this week for the eleventh week in a row, and have now lost more than 30 percent in value since the start of the year.
Prices for April delivery to northeast Asia are estimated at $5.70 per million British thermal units, $0.30/mmBtu below last week. That is the first time prompt prices have fallen below $6.00/mmBtu since early August 2017, according to Reuters data.
Prices for May delivery are estimated to be slightly higher than for April, largely due to the very weak prompt price, LNG traders said.
Asian spot prices for liquefied natural gas (LNG) dropped this week for the eleventh week in a row, and have now lost more than 30 percent in value since the start of the year.
Prices for April delivery to northeast Asia are estimated at $5.70 per million British thermal units, $0.30/mmBtu below last week. That is the first time prompt prices have fallen below $6.00/mmBtu since early August 2017, according to Reuters data.
Prices for May delivery are estimated to be slightly higher than for April, largely due to the very weak prompt price, LNG traders said.
City stats: #AbuDhabi versus #Dubai #UAE | Financial Times
City stats: Abu Dhabi versus Dubai | Financial Times:
Despite being neighbours, each emirate has a different reliance on oil and tourism but the property markets are in step
Despite being neighbours, each emirate has a different reliance on oil and tourism but the property markets are in step
Norway Gives Wealth Fund Approval to Cut Some Oil - Bloomberg
Norway Gives Wealth Fund Approval to Cut Some Oil - Bloomberg:
Norway took a half step toward divesting oil and gas stocks in its wealth fund, saying it approved selling pure exploration companies while sparing the biggest integrated producers.
“The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline,” Finance Minister Siv Jensen said in a statement. “Hence, it is more accurate to sell companies which explore and produce oil and gas, rather than selling a broadly diversified energy sector.”
The proposal, which rattled global markets when it was revealed back in 2017, was then hailed as a potential huge step by climate activists. It has also been a hot-button issue in Norway, which is seeking to project an image as a responsible environmental steward while pumping oil and gas at a fast clip.
Norway took a half step toward divesting oil and gas stocks in its wealth fund, saying it approved selling pure exploration companies while sparing the biggest integrated producers.
“The objective is to reduce the vulnerability of our common wealth to a permanent oil price decline,” Finance Minister Siv Jensen said in a statement. “Hence, it is more accurate to sell companies which explore and produce oil and gas, rather than selling a broadly diversified energy sector.”
The proposal, which rattled global markets when it was revealed back in 2017, was then hailed as a potential huge step by climate activists. It has also been a hot-button issue in Norway, which is seeking to project an image as a responsible environmental steward while pumping oil and gas at a fast clip.
Saudi's Falih says large quantities of gas discovered in the Red Sea | ZAWYA MENA Edition
Saudi's Falih says large quantities of gas discovered in the Red Sea | ZAWYA MENA Edition:
Large quantities of gas have been discovered in the Red Sea, Saudi state news agency SPA quoted energy minister Khalid al-Falih as saying.
Falih also said Saudi Aramco was studying possible LNG project acquisition opportunities in the United States, adding that Aramco also aims to invest in South Africa where the oil giant is studying a petrochemicals project.
Large quantities of gas have been discovered in the Red Sea, Saudi state news agency SPA quoted energy minister Khalid al-Falih as saying.
Falih also said Saudi Aramco was studying possible LNG project acquisition opportunities in the United States, adding that Aramco also aims to invest in South Africa where the oil giant is studying a petrochemicals project.
Oil drops by over 1 percent as economic outlook weakens, U.S. supply surges | Reuters
Oil drops by over 1 percent as economic outlook weakens, U.S. supply surges | Reuters:
Oil prices dropped by more than one percent on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese exports and imports slumped last month.
With surging U.S. supply also unsettling markets, international benchmark Brent crude futures were at $65.42 per barrel at 0803 GMT, down 88 cents, or 1.3 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, down 63 cents, or 1.1 percent.
Oil prices dropped by more than one percent on Friday as clouds gathered over the global economy after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese exports and imports slumped last month.
With surging U.S. supply also unsettling markets, international benchmark Brent crude futures were at $65.42 per barrel at 0803 GMT, down 88 cents, or 1.3 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, down 63 cents, or 1.1 percent.
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