Oil Producers Have Tax Cuts In Their Futures - Bloomberg:
In a commodity business, cost is king. The efficient producer ultimately wins more business and more investment – and that is as true for countries as it is for companies.
The shale boom, along with slowing energy demand growth in much of the industrialized world, has changed the global oil and gas business. Rising productivity in areas such as the Permian and Appalachian basins has been a deflationary force rippling out across the industry, forcing producers everywhere from Canada’s oil sands to Brazil’s deepwater fields to cut costs.
Similarly, North America has become a magnet for investment, with even such former globetrotters as Chevron Corp. and Exxon Mobil Corp. rediscovering an affinity for home. In parallel, Schlumberger Ltd., a bellwether for upstream spending beyond the U.S., trades around levels reached in the depths of the financial crisis, despite the fact that we are now about three years into a recovery in oil prices.
Tuesday 11 June 2019
Oil steadies as demand concerns counter OPEC cuts - Reuters
Oil steadies as demand concerns counter OPEC cuts - Reuters:
Oil prices were steady on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs.
Brent crude futures settled unchanged at $62.29 a barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up 1 cent to end at $53.27 a barrel.
Prices fell after U.S. crude stockpiles unexpectedly rose by 4.9 million barrels in the week to June 7 to 482.8 million, industry group the American Petroleum Institute said on Tuesday.
Oil prices were steady on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs.
Brent crude futures settled unchanged at $62.29 a barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up 1 cent to end at $53.27 a barrel.
Prices fell after U.S. crude stockpiles unexpectedly rose by 4.9 million barrels in the week to June 7 to 482.8 million, industry group the American Petroleum Institute said on Tuesday.
#Qatar cuts crude prices by more than 1 pct in May - QNA - Reuters
Qatar cuts crude prices by more than 1 pct in May - QNA - Reuters:
Qatar Petroleum cut prices of its marine and land crudes by more than 1 percent in May compared with April, the state news agency QNA reported on Tuesday.
Qatar Petroleum cut prices of its marine and land crudes by more than 1 percent in May compared with April, the state news agency QNA reported on Tuesday.
COLUMN-Hedge funds sell oil as economic fears intensify: Kemp - Reuters
COLUMN-Hedge funds sell oil as economic fears intensify: Kemp - Reuters:
Hedge fund managers are liquidating bullish oil positions at the fastest rate since the fourth quarter of 2018 amid increasing fears about the health of the global economy.
Hedge funds and other money managers were net sellers of 104 million barrels of futures and options linked to the six most important petroleum contracts in the week to June 4.
Fund managers have sold a total of 290 million barrels of petroleum in the last six weeks, after buying 609 million in the previous 15 weeks since Jan. 8.
Hedge fund managers are liquidating bullish oil positions at the fastest rate since the fourth quarter of 2018 amid increasing fears about the health of the global economy.
Hedge funds and other money managers were net sellers of 104 million barrels of futures and options linked to the six most important petroleum contracts in the week to June 4.
Fund managers have sold a total of 290 million barrels of petroleum in the last six weeks, after buying 609 million in the previous 15 weeks since Jan. 8.
BP raises #Saudi oil reserves 12% in first big change in 30 years - Reuters
BP raises Saudi oil reserves 12% in first big change in 30 years - Reuters:
BP has raised estimates for Saudi Arabia’s crude oil reserves by 12%, marking the first major change to the country’s estimated reserves since 1989.
In its benchmark 2019 Statistical Review of World Energy, BP recalibrated some Saudi gas reserves as oil, allowing Riyadh to close in on Venezuela’s top spot as the world’s largest reserves holder.
BP said Saudi Arabia’s proved oil reserves were revised to 297.7 billion barrels at the end of 2018 from 266.2 billion a year earlier, only slightly behind 303 billion in Venezuela.
BP has raised estimates for Saudi Arabia’s crude oil reserves by 12%, marking the first major change to the country’s estimated reserves since 1989.
In its benchmark 2019 Statistical Review of World Energy, BP recalibrated some Saudi gas reserves as oil, allowing Riyadh to close in on Venezuela’s top spot as the world’s largest reserves holder.
BP said Saudi Arabia’s proved oil reserves were revised to 297.7 billion barrels at the end of 2018 from 266.2 billion a year earlier, only slightly behind 303 billion in Venezuela.
MIDEAST STOCKS-Banks bolster #Saudi, financials drag #AbuDhabi - Reuters
MIDEAST STOCKS-Banks bolster Saudi, financials drag Abu Dhabi - Reuters:
Saudi Arabia's stock market rose sharply
for the fourth session on Tuesday, boosted mainly by its banking
shares on expectations of further capital inflows, while Abu
Dhabi was weighed down by financials.
The Saudi index was up 1.6% with all its banks
gaining. Al Rajhi Bank added 1.5% and National
Commercial Bank climbed 3.3%.
The index has gained nearly 15% year-to-date, outperforming
other major Gulf peers in a rally led by foreign investors, who
have been net buyers of Saudi stocks every month this year.
Saudi Arabia's stock market rose sharply
for the fourth session on Tuesday, boosted mainly by its banking
shares on expectations of further capital inflows, while Abu
Dhabi was weighed down by financials.
The Saudi index was up 1.6% with all its banks
gaining. Al Rajhi Bank added 1.5% and National
Commercial Bank climbed 3.3%.
The index has gained nearly 15% year-to-date, outperforming
other major Gulf peers in a rally led by foreign investors, who
have been net buyers of Saudi stocks every month this year.
Goldman Sees Hard Path to OPEC+ Extension for Russia, Saudis - Bloomberg
Goldman Sees Hard Path to OPEC+ Extension for Russia, Saudis - Bloomberg:
Uncertainty over oil supply and demand fundamentals is making it tougher for Russia and Saudi Arabia -- the architects of the OPEC+ deal -- to reconcile their differences over the framework for an extension of their output pact into the second half, according to Goldman Sachs Group Inc.
Current demand growth “neither will support exiting the production agreement, nor is bad enough to reinforce more cuts,” Goldman Sachs Head of Commodity Research Jeffrey Currie said in an interview in St. Petersburg. Combined with uncertainty over Iranian exports and growing U.S. shale output, it “becomes increasingly difficult to know what production levels will balance the market.”
As the Organization of Petroleum Exporting Countries and its allies prepare to discuss the output cap in Vienna, oil analysts are weighing the chances of a potential oversupply amid slower demand growth. A weakening in consumption may require the group to extend cuts, a task which Russia may not be ready to sign up to.
Uncertainty over oil supply and demand fundamentals is making it tougher for Russia and Saudi Arabia -- the architects of the OPEC+ deal -- to reconcile their differences over the framework for an extension of their output pact into the second half, according to Goldman Sachs Group Inc.
Current demand growth “neither will support exiting the production agreement, nor is bad enough to reinforce more cuts,” Goldman Sachs Head of Commodity Research Jeffrey Currie said in an interview in St. Petersburg. Combined with uncertainty over Iranian exports and growing U.S. shale output, it “becomes increasingly difficult to know what production levels will balance the market.”
As the Organization of Petroleum Exporting Countries and its allies prepare to discuss the output cap in Vienna, oil analysts are weighing the chances of a potential oversupply amid slower demand growth. A weakening in consumption may require the group to extend cuts, a task which Russia may not be ready to sign up to.
#SaudiArabia on Track to Outpace India at Top of ETF Ranking - Bloomberg
Saudi Arabia on Track to Outpace India at Top of ETF Ranking - Bloomberg:
Saudi Arabia is climbing quickly in a ranking that tracks flows into exchange-traded funds of developing countries this year, and could soon take first position away from India.
New money invested in ETFs in the two nations totaled about $4.8 billion in 2019, according to a ranking compiled by Bloomberg. That’s almost twice the sum for the eight other countries in the list. Saudi Arabia had been behind China and Brazil for the past three years.
Inflows to Saudi shares are expected to keep growing as MSCI Inc. and FTSE Russell add some of the kingdom’s biggest companies to their main emerging-market benchmarks in the coming months. The upgrade by the two main global index compilers started in March, and is scheduled for completion next year. If the net inflows for the last three months are considered alone, Saudi Arabia already appears on top of the ranking, with India following.
Saudi Arabia is climbing quickly in a ranking that tracks flows into exchange-traded funds of developing countries this year, and could soon take first position away from India.
New money invested in ETFs in the two nations totaled about $4.8 billion in 2019, according to a ranking compiled by Bloomberg. That’s almost twice the sum for the eight other countries in the list. Saudi Arabia had been behind China and Brazil for the past three years.
Inflows to Saudi shares are expected to keep growing as MSCI Inc. and FTSE Russell add some of the kingdom’s biggest companies to their main emerging-market benchmarks in the coming months. The upgrade by the two main global index compilers started in March, and is scheduled for completion next year. If the net inflows for the last three months are considered alone, Saudi Arabia already appears on top of the ranking, with India following.
Chinese firms to pump $4bln into giant #UAE logistics parks | ZAWYA MENA Edition
Chinese firms to pump $4bln into giant UAE logistics parks | ZAWYA MENA Edition:
It's boom time for the UAE logistics industry with more and more Chinese companies set to invest over $4 billion in development of giant logistics parks in Abu Dhabi and Dubai, said a top official of National Association of Freight and Logistics (NAFL).
Founded in Dubai in 1992, NAFL is the first national association of freight forwarders to be established in the Arabian Gulf to bring together the increasing number of freight and logistics service providers in the UAE.
"Logistics business is in for a boom. Many projects are being built for Expo 2020 and Chinese investors are coming to Abu Dhabi and Dubai," remarked Nadia Abdul Aziz, president, NAFL and vice president, Global Extended Board, the International Federation of Freight Forwarders Associations (FIATA).
It's boom time for the UAE logistics industry with more and more Chinese companies set to invest over $4 billion in development of giant logistics parks in Abu Dhabi and Dubai, said a top official of National Association of Freight and Logistics (NAFL).
Founded in Dubai in 1992, NAFL is the first national association of freight forwarders to be established in the Arabian Gulf to bring together the increasing number of freight and logistics service providers in the UAE.
"Logistics business is in for a boom. Many projects are being built for Expo 2020 and Chinese investors are coming to Abu Dhabi and Dubai," remarked Nadia Abdul Aziz, president, NAFL and vice president, Global Extended Board, the International Federation of Freight Forwarders Associations (FIATA).
Oil edges above $62 as OPEC cuts counter growth concerns - Reuters
Oil edges above $62 as OPEC cuts counter growth concerns - Reuters:
Oil edged further above $62 a barrel on Tuesday as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand.
Russia said on Monday it might support an extension of OPEC-led supply cuts that have been in place since January, while equities rose after China eased financing rules to stem an economic downturn, giving oil a lift.
Brent crude, the global benchmark, rose 9 cents to $62.38 a barrel at 1013 GMT. U.S. West Texas Intermediate was up 38 cents at $53.64.
Oil edged further above $62 a barrel on Tuesday as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand.
Russia said on Monday it might support an extension of OPEC-led supply cuts that have been in place since January, while equities rose after China eased financing rules to stem an economic downturn, giving oil a lift.
Brent crude, the global benchmark, rose 9 cents to $62.38 a barrel at 1013 GMT. U.S. West Texas Intermediate was up 38 cents at $53.64.
COLUMN-China's oil import slump is more than just the loss of Iranian crude: Russell - Reuters
COLUMN-China's oil import slump is more than just the loss of Iranian crude: Russell - Reuters:
China’s imports of crude oil stumbled in May, and while the loss of Iranian cargoes offers a convenient explanation, there are other reasons to be cautious over the strength of demand in the world’s biggest oil importer.
China brought in 9.47 million barrels per day (bpd) in May, a drop of 11% from April’s record 10.64 million bpd, according to calculations based on customs figures released on Monday.
What appears to have happened is that Chinese refiners stocked up on imports from Iran in April, ahead of the expiry in May of the U.S. waivers that had allowed Iran’s top eight customers to continue buying crude.
China’s imports of crude oil stumbled in May, and while the loss of Iranian cargoes offers a convenient explanation, there are other reasons to be cautious over the strength of demand in the world’s biggest oil importer.
China brought in 9.47 million barrels per day (bpd) in May, a drop of 11% from April’s record 10.64 million bpd, according to calculations based on customs figures released on Monday.
What appears to have happened is that Chinese refiners stocked up on imports from Iran in April, ahead of the expiry in May of the U.S. waivers that had allowed Iran’s top eight customers to continue buying crude.
MIDEAST STOCKS- #Saudi rises for a fourth day, #UAE markets retreat - Agricultural Commodities - Reuters
MIDEAST STOCKS-Saudi rises for a fourth day, UAE markets retreat - Agricultural Commodities - Reuters:
Saudi Arabian shares rose for a fourth straight day on Tuesday on expectations of further capital inflows into the market, while Abu Dhabi and Dubai fell after rising in recent sessions.
The Saudi index was up 0.4% in early trading. Financials were the biggest boost with Al Rajhi Bank and Alinma Bank gaining 1% each. Saudi Telecom traded 1.3% higher.
The index has gained over 13% year-to-date, outperforming other major Gulf peers in a rally led by foreign investors, who have been net buyers of Saudi stocks every month this year.
Saudi Arabian shares rose for a fourth straight day on Tuesday on expectations of further capital inflows into the market, while Abu Dhabi and Dubai fell after rising in recent sessions.
The Saudi index was up 0.4% in early trading. Financials were the biggest boost with Al Rajhi Bank and Alinma Bank gaining 1% each. Saudi Telecom traded 1.3% higher.
The index has gained over 13% year-to-date, outperforming other major Gulf peers in a rally led by foreign investors, who have been net buyers of Saudi stocks every month this year.
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