Oil Hits 2019 High on Biggest U.S. Crude Storage Drop Since July - Bloomberg:
Oil closed at a new high for the year in New York after the biggest withdrawal of crude in U.S. storage tanks since July signaled further tightening supplies.
Futures gained 1.4 percent on Wednesday after a 9.59 million-barrel decline in American oil stockpiles reported by the government exceeded analysts’ expectations. U.S. crude exports were near a record high while imports from Saudi Arabia decreased by more than half and Venezuelan crude imports to the U.S. stopped altogether. Domestic inventories of gasoline and diesel also shrank, indicating continuing strong demand.
“We’re not really going to be relying on increasing supply from Venezuela or Saudi Arabia,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto. “We are continuing to see fairly robust demand, so even if U.S. production increases we will probably see seasonally stronger declines in inventory.”
Wednesday 20 March 2019
#Dubai’s message to its people: be tolerant, or else | Financial Times
Dubai’s message to its people: be tolerant, or else | Financial Times:
Dubai has a limitless ability to reinvent itself. Having run out of branding wonders — think of Burj Khalifa or its man-made islands — the Gulf emirate has now latched on to catchy concepts. Drive through the city’s boulevards and you’ll see of billboards celebrating the “year of tolerance”; you might even spot “Tolerance Bridge”. Talk to residents and you will learn that school children are assigned tolerance projects and artists are encouraged to produce works.
The salutations run across the seven city states of United Arab Emirates, the federation that declared 2019 the year of tolerance. Guiding the initiative are a ministry of tolerance, a national tolerance programme and a national council for tolerance. This week a senior official encouraged everyone to record and tweet videos reciting a tolerance pledge.
Less than three months into 2019, Emiratis consider that tolerance has already triumphed. In February, Pope Francis made a historic visit to the UAE and praised its efforts at creating a model of religious coexistence.
Dubai has a limitless ability to reinvent itself. Having run out of branding wonders — think of Burj Khalifa or its man-made islands — the Gulf emirate has now latched on to catchy concepts. Drive through the city’s boulevards and you’ll see of billboards celebrating the “year of tolerance”; you might even spot “Tolerance Bridge”. Talk to residents and you will learn that school children are assigned tolerance projects and artists are encouraged to produce works.
The salutations run across the seven city states of United Arab Emirates, the federation that declared 2019 the year of tolerance. Guiding the initiative are a ministry of tolerance, a national tolerance programme and a national council for tolerance. This week a senior official encouraged everyone to record and tweet videos reciting a tolerance pledge.
Less than three months into 2019, Emiratis consider that tolerance has already triumphed. In February, Pope Francis made a historic visit to the UAE and praised its efforts at creating a model of religious coexistence.
Oil majors rush to dominate U.S. shale as independents scale back | Reuters
Oil majors rush to dominate U.S. shale as independents scale back | Reuters:
In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles.
Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating fleets of hydraulic pumps and digging trenches for pipelines.
The sprawling site reflects the massive commitment to the Permian Basin by oil majors, who have spent an estimated $10 billion buying acreage in the top U.S. shale field since the beginning of 2017, according to research firm Drillinginfo Inc.
In New Mexico’s Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry’s notorious boom-and-bust cycles.
Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating fleets of hydraulic pumps and digging trenches for pipelines.
The sprawling site reflects the massive commitment to the Permian Basin by oil majors, who have spent an estimated $10 billion buying acreage in the top U.S. shale field since the beginning of 2017, according to research firm Drillinginfo Inc.
Mideast Stocks: Petrochemicals companies hold back #Saudi as rival markets firm | ZAWYA MENA Edition
Mideast Stocks: Petrochemicals companies hold back Saudi as rival markets firm | ZAWYA MENA Edition:
Saudi Arabia's stock market dropped on Wednesday as petrochemical companies slid amid falling oil prices while rival markets were mostly lifted by financial stocks.
The Saudi index eased 0.2 percent from the multi-year closing high hit after it entered FTSE Russell's emerging-market index on Monday.
The Middle East's largest petrochemicals producer Saudi Basic Industries 2010.SE slipped 0.3 percent and Riyad Bank shed 1.5 percent as the lender traded ex-dividend.
Saudi Arabia's stock market dropped on Wednesday as petrochemical companies slid amid falling oil prices while rival markets were mostly lifted by financial stocks.
The Saudi index eased 0.2 percent from the multi-year closing high hit after it entered FTSE Russell's emerging-market index on Monday.
The Middle East's largest petrochemicals producer Saudi Basic Industries 2010.SE slipped 0.3 percent and Riyad Bank shed 1.5 percent as the lender traded ex-dividend.
Oil's Rally Stalls Near $59 as U.S.-China Trade Jitters Return - Bloomberg
Oil's Rally Stalls Near $59 as U.S.-China Trade Jitters Return - Bloomberg:
Oil’s rally stuttered as uncertainty over the status of trade negotiations between the U.S. and China stoked concerns over global economic growth.
Futures for May were little changed in New York after dropping as much as 0.4 percent. China was said to be pushing back against American demands, raising speculation that trade tensions between the world’s biggest economies will persist. Still, the price drop was cushioned by an American Petroleum Institute report that was said to show U.S. crude stockpiles declined 2.13 million barrels last week before government data due Wednesday.
Crude has surged nearly 30 percent this year on Saudi-led output cuts by the OPEC+ coalition that seeks to avert a global glut, and as American sanctions have also squeezed supplies from Venezuela and Iran. Meanwhile, a measure of oil volatility has risen 10 percent this week after Russia pressured the producer group to delay extending its curbs at a time when hopes are dimming over a trade deal between the U.S. and China.
Oil’s rally stuttered as uncertainty over the status of trade negotiations between the U.S. and China stoked concerns over global economic growth.
Futures for May were little changed in New York after dropping as much as 0.4 percent. China was said to be pushing back against American demands, raising speculation that trade tensions between the world’s biggest economies will persist. Still, the price drop was cushioned by an American Petroleum Institute report that was said to show U.S. crude stockpiles declined 2.13 million barrels last week before government data due Wednesday.
Crude has surged nearly 30 percent this year on Saudi-led output cuts by the OPEC+ coalition that seeks to avert a global glut, and as American sanctions have also squeezed supplies from Venezuela and Iran. Meanwhile, a measure of oil volatility has risen 10 percent this week after Russia pressured the producer group to delay extending its curbs at a time when hopes are dimming over a trade deal between the U.S. and China.
Mideast Stocks: Global mood pulls down most major Gulf markets | ZAWYA MENA Edition
Mideast Stocks: Global mood pulls down most major Gulf markets | ZAWYA MENA Edition:
Saudi Arabia's stock market dropped on Wednesday as its banks fell, while most major Gulf markets also slid, mirroring global cues ahead of a decision by the U.S. Federal Reserve on its interest rate plans for the year.
Major Gulf countries have their currencies pegged with the U.S. dollar and any decision by the Federal Reserve will directly impact currency performance of those countries.
Saudi's index fell 0.4 percent from the multi-year closing high it hit after entering FTSE Russell's emerging-market index on Monday.
Saudi Arabia's stock market dropped on Wednesday as its banks fell, while most major Gulf markets also slid, mirroring global cues ahead of a decision by the U.S. Federal Reserve on its interest rate plans for the year.
Major Gulf countries have their currencies pegged with the U.S. dollar and any decision by the Federal Reserve will directly impact currency performance of those countries.
Saudi's index fell 0.4 percent from the multi-year closing high it hit after entering FTSE Russell's emerging-market index on Monday.
Blackstone-Backed GEMS Is Said to Bid for Top #Saudi School Chain - Bloomberg
Blackstone-Backed GEMS Is Said to Bid for Top Saudi School Chain - Bloomberg:
GEMS Education, the Dubai-based school operator backed by Blackstone Group LP, is in advanced talks to invest in Saudi Arabia’s Maarif for Education & Training chain of schools, according to people with knowledge of the matter.
The deal for the largest owner and operator of private schools in the kingdom could be worth about $400 million, the people said, asking not to be identified because the discussions are private. Samba Capital is advising the owners who are seeking to sell all or part of the company, the people said. A final decision hasn’t been made and the company’s plans could change, they said.
Maarif, owned by the Al Blehed family, runs more than 100 schools across the kingdom, offering Arabic and internationally recognized curriculums, according to its website.
GEMS Education, the Dubai-based school operator backed by Blackstone Group LP, is in advanced talks to invest in Saudi Arabia’s Maarif for Education & Training chain of schools, according to people with knowledge of the matter.
The deal for the largest owner and operator of private schools in the kingdom could be worth about $400 million, the people said, asking not to be identified because the discussions are private. Samba Capital is advising the owners who are seeking to sell all or part of the company, the people said. A final decision hasn’t been made and the company’s plans could change, they said.
Maarif, owned by the Al Blehed family, runs more than 100 schools across the kingdom, offering Arabic and internationally recognized curriculums, according to its website.
OPEC Must Dig Deeper to Trim Stockpiles: Oil Strategy - Bloomberg
OPEC Must Dig Deeper to Trim Stockpiles: Oil Strategy - Bloomberg:
OPEC members have done just about enough to bring oil production into line with the world’s need for their crude in 2019, but they will have to keep the restraint going throughout the year, just to prevent stockpiles from rising. To drain them further, as Saudi Energy Minister Khalid Al-Falih believes they must, they still need to do more.
A committee of the most influential members in the 24-nation alliance of OPEC and non-OPEC countries met in the Azerbaijani capital, Baku, on Sunday and Monday and agreed to go beyond their pledged 1.2 million barrels a day of supply curbs in the coming months. The latest forecasts from supply-and-demand studies of the oil industry’s most-watched organizations—the International Energy Agency, the U.S. Energy Information Administration, and the Organization of Petroleum Exporting Countries itself—show that they will need to do just that.
OPEC members have done just about enough to bring oil production into line with the world’s need for their crude in 2019, but they will have to keep the restraint going throughout the year, just to prevent stockpiles from rising. To drain them further, as Saudi Energy Minister Khalid Al-Falih believes they must, they still need to do more.
A committee of the most influential members in the 24-nation alliance of OPEC and non-OPEC countries met in the Azerbaijani capital, Baku, on Sunday and Monday and agreed to go beyond their pledged 1.2 million barrels a day of supply curbs in the coming months. The latest forecasts from supply-and-demand studies of the oil industry’s most-watched organizations—the International Energy Agency, the U.S. Energy Information Administration, and the Organization of Petroleum Exporting Countries itself—show that they will need to do just that.
Alwaleed Promises More Details on Settlement to Calm Investors - Bloomberg
Alwaleed Promises More Details on Settlement to Calm Investors - Bloomberg:
Prince Alwaleed bin Talal Al Saud, the Saudi billionaire whose wealth has more than halved since 2014, promised more transparency on his settlement with the government over alleged corruption in the hope the move would calm investors.
The prince, who was detained in November 2017 in what the government called a corruption crackdown, said he may reveal more details on the terms of his release in the “coming weeks or months” so shareholders in Kingdom Holding Co., his publicly-traded investment firm, “will be more comfortable."
“Maybe the market still wants more transparency," Alwaleed said in a rare interview with his television channel, Rotana Khalijia. "I admit there’s some confusion for them now.”
Prince Alwaleed bin Talal Al Saud, the Saudi billionaire whose wealth has more than halved since 2014, promised more transparency on his settlement with the government over alleged corruption in the hope the move would calm investors.
The prince, who was detained in November 2017 in what the government called a corruption crackdown, said he may reveal more details on the terms of his release in the “coming weeks or months” so shareholders in Kingdom Holding Co., his publicly-traded investment firm, “will be more comfortable."
“Maybe the market still wants more transparency," Alwaleed said in a rare interview with his television channel, Rotana Khalijia. "I admit there’s some confusion for them now.”
Money From London to New York Flocks to #Saudi-Focused ETFs - Bloomberg
Money From London to New York Flocks to Saudi-Focused ETFs - Bloomberg:
Exchange-traded funds in the U.S. and the U.K. focused on Saudi Arabian equities are piling up new money this year, placing the Middle Eastern kingdom high in a global ranking.
A London-based ETF and another that trades in New York together attracted around $327 million in new money since the beginning of January. The net flow as a percentage of assets for Saudi Arabia funds increased about 47 percent this year, more than any other country in a ranking compiled by Bloomberg, after Croatia.
The appetite for ETFs offered by BlackRock Inc. and Invesco jumped as the $539 billion stock market becomes included in major benchmarks tracking developing countries. FTSE Russell began adding Saudi stocks this week, in the first of five stages to be fully implemented by March 2020. MSCI Inc. will follow suit in two tranches later this year.
Exchange-traded funds in the U.S. and the U.K. focused on Saudi Arabian equities are piling up new money this year, placing the Middle Eastern kingdom high in a global ranking.
A London-based ETF and another that trades in New York together attracted around $327 million in new money since the beginning of January. The net flow as a percentage of assets for Saudi Arabia funds increased about 47 percent this year, more than any other country in a ranking compiled by Bloomberg, after Croatia.
The appetite for ETFs offered by BlackRock Inc. and Invesco jumped as the $539 billion stock market becomes included in major benchmarks tracking developing countries. FTSE Russell began adding Saudi stocks this week, in the first of five stages to be fully implemented by March 2020. MSCI Inc. will follow suit in two tranches later this year.
#Qatar to launch energy-focused Islamic bank with $10 billion capital | Reuters
Qatar to launch energy-focused Islamic bank with $10 billion capital | Reuters:
Qatar will launch an energy-focused Islamic lender later this year with a targeted capital of $10 billion to finance both domestic and global projects, an executive said on Tuesday.
Tiny but wealthy Qatar is one of the most influential players in the liquefied natural gas market with annual production of about 77 million tonnes, and it plans to increase this over 40 percent to 110 million by 2024.
Speaking at an Islamic Finance conference in Doha, executives launching Energy Bank said it would be the largest Islamic energy-focused lender in the world, and would target private sector and government energy projects, both at home and abroad.
Qatar will launch an energy-focused Islamic lender later this year with a targeted capital of $10 billion to finance both domestic and global projects, an executive said on Tuesday.
Tiny but wealthy Qatar is one of the most influential players in the liquefied natural gas market with annual production of about 77 million tonnes, and it plans to increase this over 40 percent to 110 million by 2024.
Speaking at an Islamic Finance conference in Doha, executives launching Energy Bank said it would be the largest Islamic energy-focused lender in the world, and would target private sector and government energy projects, both at home and abroad.
Oil holds near 2019 highs ahead of official U.S weekly data | Reuters
Oil holds near 2019 highs ahead of official U.S weekly data | Reuters:
Oil prices held close to four-month highs on Tuesday on expectations that OPEC would continue production cuts through the end of the year and ahead of official weekly U.S. crude inventory data.
Brent crude oil futures settled 7 cents higher at $67.61 a barrel, the global benchmark’s highest settlement since November 2018.
U.S. West Texas Intermediate (WTI) futures touched its highest since November at $59.57 a barrel but finished at $59.03 a barrel, falling 6 cents.
Oil prices held close to four-month highs on Tuesday on expectations that OPEC would continue production cuts through the end of the year and ahead of official weekly U.S. crude inventory data.
Brent crude oil futures settled 7 cents higher at $67.61 a barrel, the global benchmark’s highest settlement since November 2018.
U.S. West Texas Intermediate (WTI) futures touched its highest since November at $59.57 a barrel but finished at $59.03 a barrel, falling 6 cents.
MIDEAST STOCKS- #Saudi inches up after index inclusion, Egypt hits 3-month low | Reuters
MIDEAST STOCKS-Saudi inches up after index inclusion, Egypt hits 3-month low | Reuters:
Saudi Arabia's stock index edged up on Tuesday after touching a near-four year high on Monday, which was its first day as a member of FTSE Russell's emerging-market index.
Egypt's blue-chip index, meanwhile, was pulled down by a wide sell-off to its biggest intra-day loss this year.
Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is positioned for passive fund inflows of around $20 billion.
Saudi Arabia's stock index edged up on Tuesday after touching a near-four year high on Monday, which was its first day as a member of FTSE Russell's emerging-market index.
Egypt's blue-chip index, meanwhile, was pulled down by a wide sell-off to its biggest intra-day loss this year.
Saudi's Tadawul index will have a weighting of 2.9 percent in the FTSE Emerging All Cap Index and later this year will join the MSCI emerging market benchmark. The market is positioned for passive fund inflows of around $20 billion.
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