Exclusive: IEA revising oil demand growth forecast down on slowing economy - Reuters:
The International Energy Agency (IEA) is reducing its 2019 oil demand forecast due to a slowing global economy amid a U.S.-China trade spat, its executive director said on Thursday.
The IEA is revising its 2019 global oil demand growth forecast to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness, Fatih Birol said.
Last year, the IEA predicted that 2019 oil demand would grow by 1.5 million bpd but had cut the growth forecast to 1.2 million bpd in June this year.
Thursday, 18 July 2019
Oil falls about 2.5% as U.S. Gulf production returns - Reuters
Oil falls about 2.5% as U.S. Gulf production returns - Reuters:
Oil fell about 2.5% a barrel on Thursday, weighed down by weakness in U.S. equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week’s hurricane in the region.
Prices were further weighed down by economic concerns as U.S. equities were on track for a third consecutive decline.
Brent crude LCOc1 futures settled down $1.73, or 2.7% at $61.93 a barrel.
West Texas Intermediate crude CLc1 futures were down $1.48 a barrel, or 2.6% at $55.30.
Oil fell about 2.5% a barrel on Thursday, weighed down by weakness in U.S. equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week’s hurricane in the region.
Prices were further weighed down by economic concerns as U.S. equities were on track for a third consecutive decline.
Brent crude LCOc1 futures settled down $1.73, or 2.7% at $61.93 a barrel.
West Texas Intermediate crude CLc1 futures were down $1.48 a barrel, or 2.6% at $55.30.
Aramco IPO Bankers Question Whether Deal Is Worth the Effort - Bloomberg
Aramco IPO Bankers Question Whether Deal Is Worth the Effort - Bloomberg:
When Saudi Arabia announced plans to sell shares in its crown jewel Aramco, international bankers scrambled to get a piece of the action. Three years on, they’re questioning whether what could be the world’s biggest IPO is worth their time and effort.
Some banks, which worked on the deal for more than two years before the oil giant put it on hold, are having internal discussions about whether to re-pitch for a role as the kingdom restarts preparations for the listing, according to people with knowledge of the matter.
High-level advisers descended on Aramco’s desert headquarters in Dhahran and the capital Riyadh for nearly two years, constantly travelling from London and New York to work on the IPO and sacrificing other business, people familiar with the process said. A number of banks expanded their operations in the kingdom in anticipation of winning a cut of the $100 billion Aramco planned to raise and roles on future deals.
When Saudi Arabia announced plans to sell shares in its crown jewel Aramco, international bankers scrambled to get a piece of the action. Three years on, they’re questioning whether what could be the world’s biggest IPO is worth their time and effort.
Some banks, which worked on the deal for more than two years before the oil giant put it on hold, are having internal discussions about whether to re-pitch for a role as the kingdom restarts preparations for the listing, according to people with knowledge of the matter.
High-level advisers descended on Aramco’s desert headquarters in Dhahran and the capital Riyadh for nearly two years, constantly travelling from London and New York to work on the IPO and sacrificing other business, people familiar with the process said. A number of banks expanded their operations in the kingdom in anticipation of winning a cut of the $100 billion Aramco planned to raise and roles on future deals.
Oil Falls to Four-Week Low on Trade Angst, Oversupply Worries - Bloomberg
Oil Falls to Four-Week Low on Trade Angst, Oversupply Worries - Bloomberg:
Oil slid to the lowest in almost a month as pessimism about a trade truce between the U.S. and China continued to dog markets, while the resumption of Russian pipeline flows fed worries about a supply glut.
Futures tumbled as much as 3.4% on Thursday in New York, erasing earlier gains. Tech and consumer stocks fell amid a spate of disappointing corporate earnings, while U.S. Treasuries weakened on signs that Beijing and Washington are making little progress in reaching a deal.
Russian pipeline operator Transneft PJSC, meanwhile, said it resumed full flows from the country’s largest crude producer, Rosneft PJSC, after imposing restrictions due to contamination concerns.
West Texas Intermediate for August delivery fell $1.61 to $55.17 at 1:21 p.m. on the New York Mercantile Exchange, after earlier touching the lowest since June 20. September Brent lost $1.77 to $61.89 on the ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $6.58 to WTI for the same month.
Oil slid to the lowest in almost a month as pessimism about a trade truce between the U.S. and China continued to dog markets, while the resumption of Russian pipeline flows fed worries about a supply glut.
Futures tumbled as much as 3.4% on Thursday in New York, erasing earlier gains. Tech and consumer stocks fell amid a spate of disappointing corporate earnings, while U.S. Treasuries weakened on signs that Beijing and Washington are making little progress in reaching a deal.
Russian pipeline operator Transneft PJSC, meanwhile, said it resumed full flows from the country’s largest crude producer, Rosneft PJSC, after imposing restrictions due to contamination concerns.
West Texas Intermediate for August delivery fell $1.61 to $55.17 at 1:21 p.m. on the New York Mercantile Exchange, after earlier touching the lowest since June 20. September Brent lost $1.77 to $61.89 on the ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $6.58 to WTI for the same month.
Nasdaq #Dubai welcomes listings by DP World of $1bln Sukuk, $300mln bond | ZAWYA MENA Edition
Nasdaq Dubai welcomes listings by DP World of $1bln Sukuk, $300mln bond | ZAWYA MENA Edition:
Nasdaq Dubai today welcomed the listing of a US$1 billion Sukuk and a $300 million conventional bond issued by global trade enabler DP World.
DP World is the largest UAE debt issuer by value on the region’s international exchange, with Sukuk and conventional bond listings now totaling $8.09 billion.
The $300 million conventional bond that listed today was a tap issuance on a $1 billion bond that DP World issued in September 2018.
Nasdaq Dubai today welcomed the listing of a US$1 billion Sukuk and a $300 million conventional bond issued by global trade enabler DP World.
DP World is the largest UAE debt issuer by value on the region’s international exchange, with Sukuk and conventional bond listings now totaling $8.09 billion.
The $300 million conventional bond that listed today was a tap issuance on a $1 billion bond that DP World issued in September 2018.
Oil steadies, shrugging off Iran's seizure of tanker in Gulf - Reuters
Oil steadies, shrugging off Iran's seizure of tanker in Gulf - Reuters:
Oil initially rose more than 1% on Thursday after Iran said it had seized a foreign tanker in the Gulf, but prices gradually lost their gains as it emerged that the vessel had only a small cargo and was detained on Sunday for fuel smuggling.
Prices steadied by 1330 GMT with Brent crude LCOc1 futures up 1 cent at $63.67 a barrel, after hitting a session high of $64.46.
West Texas Intermediate crude CLc1 futures were down 7 cents at $56.71 after the U.S. benchmark hit a session high of $57.32.
Oil initially rose more than 1% on Thursday after Iran said it had seized a foreign tanker in the Gulf, but prices gradually lost their gains as it emerged that the vessel had only a small cargo and was detained on Sunday for fuel smuggling.
Prices steadied by 1330 GMT with Brent crude LCOc1 futures up 1 cent at $63.67 a barrel, after hitting a session high of $64.46.
West Texas Intermediate crude CLc1 futures were down 7 cents at $56.71 after the U.S. benchmark hit a session high of $57.32.
#Dubai's big spenders tighten purse strings - Reuters
Dubai's big spenders tighten purse strings - Reuters:
Boasting the priciest designer stores, no expense was spared when Dubai built the swanky Gate Avenue mall, positioned to serve affluent bankers who always had money to burn.
But the downtown mall gleaming with marble in the Middle East’s biggest financial centre was largely empty at peak shopping time early on Sunday evening and that is no longer an unusual sight.
The retail economy of one of the world’s leading shopping capitals has suffered from lower oil and property prices.
Boasting the priciest designer stores, no expense was spared when Dubai built the swanky Gate Avenue mall, positioned to serve affluent bankers who always had money to burn.
But the downtown mall gleaming with marble in the Middle East’s biggest financial centre was largely empty at peak shopping time early on Sunday evening and that is no longer an unusual sight.
The retail economy of one of the world’s leading shopping capitals has suffered from lower oil and property prices.
COLUMN-Bulging fuel stocks put spotlight on slack oil consumption: Kemp - Reuters
COLUMN-Bulging fuel stocks put spotlight on slack oil consumption: Kemp - Reuters:
Sluggish consumption growth is depressing oil prices even as Saudi Arabia and its allies try to prop up the market by cutting their production.
U.S. refineries have so far this year processed 48 million barrels of crude and other liquids, less than at the same point in 2018, according to an analysis of weekly data from the U.S. Energy Information Administration.
Gross inputs into refineries have averaged 16.90 million barrels per day (bpd) compared with 17.15 million bpd in 2018 (“Weekly petroleum status report”, EIA, July 17).
Sluggish consumption growth is depressing oil prices even as Saudi Arabia and its allies try to prop up the market by cutting their production.
U.S. refineries have so far this year processed 48 million barrels of crude and other liquids, less than at the same point in 2018, according to an analysis of weekly data from the U.S. Energy Information Administration.
Gross inputs into refineries have averaged 16.90 million barrels per day (bpd) compared with 17.15 million bpd in 2018 (“Weekly petroleum status report”, EIA, July 17).
MIDEAST STOCKS- #AbuDhabi outperforms thanks to banks, other Gulf markets mixed - Reuters
MIDEAST STOCKS-Abu Dhabi outperforms thanks to banks, other Gulf markets mixed - Reuters:
Stocks in the United Arab Emirates
surged on Thursday, outperforming most major Gulf markets,
boosted by strong earnings at top lenders.
In Abu Dhabi, the index closed 2.7% higher, buoyed by First
Abu Dhabi Bank (FAB), which rose 4% to its highest
level since May after posting a 5% rise in second-quarter net
profit.
The bank recorded a net profit of 3.2 billion dirhams ($871
million) in the quarter ending June 30, versus 3.06 billion
dirhams a year earlier.
Stocks in the United Arab Emirates
surged on Thursday, outperforming most major Gulf markets,
boosted by strong earnings at top lenders.
In Abu Dhabi, the index closed 2.7% higher, buoyed by First
Abu Dhabi Bank (FAB), which rose 4% to its highest
level since May after posting a 5% rise in second-quarter net
profit.
The bank recorded a net profit of 3.2 billion dirhams ($871
million) in the quarter ending June 30, versus 3.06 billion
dirhams a year earlier.
Easy Monetary Policy Is Firing Emerging Markets, says Tellimer #Dubai’s Bigolin – Bloomberg
Easy Monetary Policy Is Firing Emerging Markets, says Tellimer Dubai’s Bigolin – Bloomberg:
Alberto Bigolin, head of MENA fixed income at Tellimer Dubai, discusses volatility in emerging markets, GCC bonds, Saudi bonds and Africa bonds. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Alberto Bigolin, head of MENA fixed income at Tellimer Dubai, discusses volatility in emerging markets, GCC bonds, Saudi bonds and Africa bonds. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
FAB Shares Gain as Bank Seeks to Remove Foreign Ownership Limit - Bloomberg
FAB Shares Gain as Bank Seeks to Remove Foreign Ownership Limit - Bloomberg:
First Abu Dhabi Bank PJSC’s board proposed removing the foreign ownership limit after the United Arab Emirates started loosening rules to attract international investors. The shares advanced.
The change is subject to the supervision of regulatory authorities and would require amendments to the current laws and policies, the nation’s biggest bank said. The move has "the potential that other public companies in the U.A.E. may apply similar measures," it said.
The U.A.E. said this month it’ll allow foreigners to own 100% of businesses across industries. The federal government will leave it to individual emirates to “decide the ownership percentage in each activity according to their circumstances,” said Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum. The country is made up of seven emirates, with Abu Dhabi as its capital.
First Abu Dhabi Bank PJSC’s board proposed removing the foreign ownership limit after the United Arab Emirates started loosening rules to attract international investors. The shares advanced.
The change is subject to the supervision of regulatory authorities and would require amendments to the current laws and policies, the nation’s biggest bank said. The move has "the potential that other public companies in the U.A.E. may apply similar measures," it said.
The U.A.E. said this month it’ll allow foreigners to own 100% of businesses across industries. The federal government will leave it to individual emirates to “decide the ownership percentage in each activity according to their circumstances,” said Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum. The country is made up of seven emirates, with Abu Dhabi as its capital.
#Saudi group to expand UK operations via $1.24bln investment into renewable energy | ZAWYA MENA Edition
Saudi group to expand UK operations via $1.24bln investment into renewable energy | ZAWYA MENA Edition:
The Alfanar Group, one of Saudi Arabia’s largest industrial conglomerates, will set up a renewable energy office in the UK to oversee Alfanar’s investments, including a £1 billion ($1.24 billion) investment into six waste-to-energy projects that are expected to create hundreds of new jobs.
These projects are part of the UK government’s recent commitment to “net zero” greenhouse gas emissions by 2050. They will also divert more than a million tons of waste away from landfill, supporting the UK government’s Industrial Strategy Grand Challenge for clean growth.
“[Alfanar’s] investment will create new jobs and help support the government’s ambition to hit ‘net zero’ greenhouse gas emissions by 2050,” said Graham Stuart, the UK’s Minister for Investment, during his visit to Riyadh on July 16.
The Alfanar Group, one of Saudi Arabia’s largest industrial conglomerates, will set up a renewable energy office in the UK to oversee Alfanar’s investments, including a £1 billion ($1.24 billion) investment into six waste-to-energy projects that are expected to create hundreds of new jobs.
These projects are part of the UK government’s recent commitment to “net zero” greenhouse gas emissions by 2050. They will also divert more than a million tons of waste away from landfill, supporting the UK government’s Industrial Strategy Grand Challenge for clean growth.
“[Alfanar’s] investment will create new jobs and help support the government’s ambition to hit ‘net zero’ greenhouse gas emissions by 2050,” said Graham Stuart, the UK’s Minister for Investment, during his visit to Riyadh on July 16.
MIDEAST STOCKS- #AbuDhabi shares surge 4% thanks on FAB's strong earnings - Reuters
MIDEAST STOCKS-Abu Dhabi shares surge 4% thanks on FAB's strong earnings - Reuters:
Abu Dhabi stocks leapt 4% on Thursday, their biggest intra-day gain in nearly four months, led higher by the United Arab Emirates’ largest lender First Abu Dhabi Bank (FAB) which surged 6.5% on strong second-quarter earnings.
Similarly shares in Dubai bank Emirates NBD rose 3.5% thanks to positive quarterly results, leading gains on the Dubai index which was up 1.7%.
On Wednesday FAB reported a 5% increase in net profit in the second quarter from a year earlier, while Emirates NBD said an 80% surge in second-quarter net profit to 4.74 billion dirhams was partly driven by an asset sale and foreign exchange gains.
Abu Dhabi stocks leapt 4% on Thursday, their biggest intra-day gain in nearly four months, led higher by the United Arab Emirates’ largest lender First Abu Dhabi Bank (FAB) which surged 6.5% on strong second-quarter earnings.
Similarly shares in Dubai bank Emirates NBD rose 3.5% thanks to positive quarterly results, leading gains on the Dubai index which was up 1.7%.
On Wednesday FAB reported a 5% increase in net profit in the second quarter from a year earlier, while Emirates NBD said an 80% surge in second-quarter net profit to 4.74 billion dirhams was partly driven by an asset sale and foreign exchange gains.
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