Oil falls to two-mth lows on small U.S. crude stock draw, trade war worries - Reuters:
Oil prices fell almost 4% to their lowest in over two months on a smaller-than-expected decline in U.S. crude inventories and fears of a global economic slowdown due to the U.S.-China trade war.
The Energy Information Administration (EIA) said U.S. crude stockpiles fell nearly 300,000 barrels last week, less than the 900,000-barrel decline analysts forecast in a Reuters poll and well below the 5.3 million-barrel drawdown the American Petroleum Institute (API) reported late Wednesday.
The decline last week reduced crude stocks from their highest since July 2017 seen the previous week, but at 476.5 million barrels, they were still about 5% above the five-year average for this time of year.
“The oil inventories report has added to the bearish sentiment prevailing in today’s trading session,” said Abhishek Kumar, head of analytics at Interfax Energy in London, noting “Demand-side concerns emerging from the ongoing U.S.-China trade war are expected to remain the key driver weighing on oil prices.”
Brent futures fell $2.58, or 3.7%, to settle at $66.87 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped $2.22, or 3.8%, to close at $56.59.
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Thursday 30 May 2019
#Dubai-based GEMS buys largest #Saudi private school operator | Financial Times
Dubai-based GEMS buys largest Saudi private school operator | Financial Times:
Dubai-based GEMS Education and a Saudi Arabian state-run pension fund have acquired the kingdom’s largest private school operator, expanding into the country as the Gulf monarchy seeks to deepen economic reform.
GEMS, one of the world’s largest private education providers, did not reveal financial details, but a person briefed on the deal valued the investment between $500m-$600m.
The purchase of Ma’arif Education Group, which has more than 22,000 students enrolled in national and international schools, cements GEMS’ partnership with Hassana Investment Company, the investment arm of the state-run pension fund the General Organisation for Social Insurance.
Dubai-based GEMS Education and a Saudi Arabian state-run pension fund have acquired the kingdom’s largest private school operator, expanding into the country as the Gulf monarchy seeks to deepen economic reform.
GEMS, one of the world’s largest private education providers, did not reveal financial details, but a person briefed on the deal valued the investment between $500m-$600m.
The purchase of Ma’arif Education Group, which has more than 22,000 students enrolled in national and international schools, cements GEMS’ partnership with Hassana Investment Company, the investment arm of the state-run pension fund the General Organisation for Social Insurance.
Gazprom boosts first-quarter profit 44% despite lower gas sales | Financial Times
Gazprom boosts first-quarter profit 44% despite lower gas sales | Financial Times:
Russia’s state-owned gas giant Gazprom increased its first-quarter net profit by 44 per cent over the previous year as higher gas prices offset lower gas export volumes.
The company on Thursday reported net profit attributable to its shareholders of Rbs535.9bn ($8.2bn) for the January-March period. Net sales to Europe and other countries increased 10 per cent on the previous year to Rbs837.4bn, it said.
“This is due to average price growth (including excise and export duty) in rouble terms, which was partly compensated by a decline in the volume of sold gas by 13 per cent, or 9.1bn cubic meters,” Gazprom said. “At the same time, average prices rose 12 per cent in US dollar terms.”
Russia’s state-owned gas giant Gazprom increased its first-quarter net profit by 44 per cent over the previous year as higher gas prices offset lower gas export volumes.
The company on Thursday reported net profit attributable to its shareholders of Rbs535.9bn ($8.2bn) for the January-March period. Net sales to Europe and other countries increased 10 per cent on the previous year to Rbs837.4bn, it said.
“This is due to average price growth (including excise and export duty) in rouble terms, which was partly compensated by a decline in the volume of sold gas by 13 per cent, or 9.1bn cubic meters,” Gazprom said. “At the same time, average prices rose 12 per cent in US dollar terms.”
Oil futures fall on small U.S. crude stock decline, trade war worries - Reuters
Oil futures fall on small U.S. crude stock decline, trade war worries - Reuters:
Oil prices extended their losses following the release of a U.S. report showing a smaller-than-expected decline in crude inventories.
The U.S. Energy Information Administration (EIA) said crude stockpiles fell by 0.3 million barrels during the week ended May 24.
That was lower than the 0.9-million-barrel decline analysts forecast in a Reuters poll and compares with data from the American Petroleum Institute (API) on Wednesday showing crude inventories fell by 5.3 million barrels last week.
Brent LCOc1 futures were down $1.87, or 2.7%, at $67.58 a barrel by 11:33 a.m. EDT (1533 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 was down 97 cents, or 1.7%, at $57.84.
Oil prices extended their losses following the release of a U.S. report showing a smaller-than-expected decline in crude inventories.
The U.S. Energy Information Administration (EIA) said crude stockpiles fell by 0.3 million barrels during the week ended May 24.
That was lower than the 0.9-million-barrel decline analysts forecast in a Reuters poll and compares with data from the American Petroleum Institute (API) on Wednesday showing crude inventories fell by 5.3 million barrels last week.
Brent LCOc1 futures were down $1.87, or 2.7%, at $67.58 a barrel by 11:33 a.m. EDT (1533 GMT), while U.S. West Texas Intermediate (WTI) crude CLc1 was down 97 cents, or 1.7%, at $57.84.
#SaudiArabia seeks Arab unity over #Iran after attacks - Reuters
Saudi Arabia seeks Arab unity over Iran after attacks - Reuters:
Saudi Arabia prepared to hold emergency Arab summits on Thursday to deliver a strong message to Iran over regional security after attacks on Gulf oil assets this month as American officials said a U.S. military deployment had deterred Tehran.
Saudi Arabia and the United Arab Emirates, which have lobbied Washington to contain foe Shi’ite Muslim Iran, have said they want to avoid war after drone strikes on oil pumping stations in the kingdom and the sabotage of tankers off the UAE.
Riyadh accused Tehran of ordering the drone strikes, which were claimed by Yemen’s Iran-aligned Houthi group. U.S. national security adviser John Bolton said on Thursday that evidence of Iran being behind the tanker attacks would be presented to the United Nations Security Council as early as next week.
Saudi Arabia prepared to hold emergency Arab summits on Thursday to deliver a strong message to Iran over regional security after attacks on Gulf oil assets this month as American officials said a U.S. military deployment had deterred Tehran.
Saudi Arabia and the United Arab Emirates, which have lobbied Washington to contain foe Shi’ite Muslim Iran, have said they want to avoid war after drone strikes on oil pumping stations in the kingdom and the sabotage of tankers off the UAE.
Riyadh accused Tehran of ordering the drone strikes, which were claimed by Yemen’s Iran-aligned Houthi group. U.S. national security adviser John Bolton said on Thursday that evidence of Iran being behind the tanker attacks would be presented to the United Nations Security Council as early as next week.
MIDEAST STOCKS- #Qatar jumps on PM’s visit to #Saudi as major Gulf markets leap - Reuters
MIDEAST STOCKS-Qatar jumps on PM’s visit to Saudi as major Gulf markets leap - Reuters:
Qatar's stock market surged to its
biggest intra-day high in nine months on Thursday after report
that Qatar's prime minister will attend an Arab summit in Saudi
Arabia, while all major Gulf bourses also rallied mostly riding
on financial stocks.
Qatar's prime minister will attend an Arab summit in Saudi
Arabia on Thursday to discuss regional security, the Foreign
Ministry said on Wednesday, the highest level Qatari official to
visit the kingdom during a diplomatic rift.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt
imposed an economic and diplomatic boycott on Qatar in June 2017
over allegations that Doha supports terrorism, a charge Qatar
denies.
Qatar's stock market surged to its
biggest intra-day high in nine months on Thursday after report
that Qatar's prime minister will attend an Arab summit in Saudi
Arabia, while all major Gulf bourses also rallied mostly riding
on financial stocks.
Qatar's prime minister will attend an Arab summit in Saudi
Arabia on Thursday to discuss regional security, the Foreign
Ministry said on Wednesday, the highest level Qatari official to
visit the kingdom during a diplomatic rift.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt
imposed an economic and diplomatic boycott on Qatar in June 2017
over allegations that Doha supports terrorism, a charge Qatar
denies.
Iran Showdown Forces Sign of Breakthrough in Gulf Arab Spat - Bloomberg
Iran Showdown Forces Sign of Breakthrough in Gulf Arab Spat - Bloomberg:
It took the threat of war with Iran to force Gulf Arab rivals into a show of unity.
Qatar said that Prime Minister Sheikh Abdullah Bin Nasser Al Thani will attend regional summits in Saudi Arabia on Thursday, in the highest-level visit since the kingdom and its allies imposed an embargo on their neighbor in 2017.
The visit, the first concrete step toward ending a rift that severed diplomatic and trade ties, comes amid fears the region may be sliding into conflict as the U.S. raises economic and military pressure on Iran. Saudi Arabia called for three meetings -- one for Gulf leaders, another for Arab states and a third for all Muslim nations -- after attacks on its oil facilities and several ships near the Persian Gulf. Iran has denied any involvement in the incidents.
It took the threat of war with Iran to force Gulf Arab rivals into a show of unity.
Qatar said that Prime Minister Sheikh Abdullah Bin Nasser Al Thani will attend regional summits in Saudi Arabia on Thursday, in the highest-level visit since the kingdom and its allies imposed an embargo on their neighbor in 2017.
The visit, the first concrete step toward ending a rift that severed diplomatic and trade ties, comes amid fears the region may be sliding into conflict as the U.S. raises economic and military pressure on Iran. Saudi Arabia called for three meetings -- one for Gulf leaders, another for Arab states and a third for all Muslim nations -- after attacks on its oil facilities and several ships near the Persian Gulf. Iran has denied any involvement in the incidents.
Oil Rises as U.S. Inventory Decline Offsets Angst Over Trade War - Bloomberg
Oil Rises as U.S. Inventory Decline Offsets Angst Over Trade War - Bloomberg:
Oil recovered in New York as signs of tighter supplies in the U.S. offset concerns that the prolonged trade war between America and China will hurt demand.
Futures in New York gained 0.5%, but remain on track for a monthly loss. The American Petroleum Institute said that U.S. crude inventories fell by 5.27 million barrels last week, suggesting that more comprehensive government data due Thursday may show a larger decline than the 1.36 million-barrel drop expected by analysts.
Oil is headed for its first monthly loss this year after a shattering of the trade truce between the U.S. and China threw the global growth outlook into question. Volatility has risen as traders are torn between trade-war headlines and fears that tensions between America and Iran may lead to conflict in the oil-rich Persian Gulf.
West Texas Intermediate crude for July delivery rose 32 cents, or 0.5%, to $59.13 a barrel on the New York Mercantile Exchange as of 10:53 a.m. London time, after climbing as much as 89 cents earlier. The contract is down 7.4% so far this month.
Brent for July settlement was little changed at $69.39 a barrel on London’s ICE Europe Futures after closing down 0.9% on Wednesday. The global benchmark crude was trading at a premium of $10.22 a barrel to WTI.
Oil recovered in New York as signs of tighter supplies in the U.S. offset concerns that the prolonged trade war between America and China will hurt demand.
Futures in New York gained 0.5%, but remain on track for a monthly loss. The American Petroleum Institute said that U.S. crude inventories fell by 5.27 million barrels last week, suggesting that more comprehensive government data due Thursday may show a larger decline than the 1.36 million-barrel drop expected by analysts.
Oil is headed for its first monthly loss this year after a shattering of the trade truce between the U.S. and China threw the global growth outlook into question. Volatility has risen as traders are torn between trade-war headlines and fears that tensions between America and Iran may lead to conflict in the oil-rich Persian Gulf.
West Texas Intermediate crude for July delivery rose 32 cents, or 0.5%, to $59.13 a barrel on the New York Mercantile Exchange as of 10:53 a.m. London time, after climbing as much as 89 cents earlier. The contract is down 7.4% so far this month.
Brent for July settlement was little changed at $69.39 a barrel on London’s ICE Europe Futures after closing down 0.9% on Wednesday. The global benchmark crude was trading at a premium of $10.22 a barrel to WTI.
UPDATE 1- #UAE's GEMS buys #SaudiArabia's biggest private school group Ma'arif - Reuters
UPDATE 1-UAE's GEMS buys Saudi Arabia's biggest private school group Ma'arif - Reuters:
United Arab Emirates-based GEMS Education has expanded into Saudi Arabia by buying Ma’arif Education Group, the largest private school owner and operator in the kingdom, through a joint venture with Hassana Investment.
GEMS, the Middle East-focused education group whose investors include Blackstone, said in October it may invest $800 million with Hassana over the next decade to develop a network of schools in Saudi Arabia.
GEMS, which is majority owned by Dubai-based Varkey Group, said in a statement that it had signed an agreement to acquire Ma’arif, which has more than 22,000 students across its national and international schools in Saudi, with Hassana.
United Arab Emirates-based GEMS Education has expanded into Saudi Arabia by buying Ma’arif Education Group, the largest private school owner and operator in the kingdom, through a joint venture with Hassana Investment.
GEMS, the Middle East-focused education group whose investors include Blackstone, said in October it may invest $800 million with Hassana over the next decade to develop a network of schools in Saudi Arabia.
GEMS, which is majority owned by Dubai-based Varkey Group, said in a statement that it had signed an agreement to acquire Ma’arif, which has more than 22,000 students across its national and international schools in Saudi, with Hassana.
MIDEAST STOCKS-Banks lift #Qatar as all major Gulf markets rise - Reuters
MIDEAST STOCKS-Banks lift Qatar as all major Gulf markets rise - Reuters:
Qatar’s stock market rose sharply on Thursday, buoyed by its banks and leading gains in all other major Gulf bourses.
Qatar’s index rose 2.2% as Qatar National Bank and Qatar Islamic Bank climbed 4.2% and 5% respectively.
Qatar’s stock exchange is developing two new Exchange Traded Funds, part of efforts by the Middle East’s strongest performing stock market in 2018 to boost foreign investment, Reuters reported last week, citing CEO Rashid al-Mansoori.
Qatar’s stock market rose sharply on Thursday, buoyed by its banks and leading gains in all other major Gulf bourses.
Qatar’s index rose 2.2% as Qatar National Bank and Qatar Islamic Bank climbed 4.2% and 5% respectively.
Qatar’s stock exchange is developing two new Exchange Traded Funds, part of efforts by the Middle East’s strongest performing stock market in 2018 to boost foreign investment, Reuters reported last week, citing CEO Rashid al-Mansoori.