Oil Advances Most in a Week as Middle East Tensions Persist - Bloomberg:
Oil rose the most in more than a week as Iran’s seizure of a British oil tanker fueled concerns about escalating tensions in the Middle East.
Futures closed 1.1% higher in New York on Monday after easing some gains during the session. While the U.K. demanded the immediate release of the Stena Impero, taken by Iran’s Revolutionary Guard Corps in the Strait of Hormuz on Friday, British Defense Minister Tobias Ellwood said he wanted to de-escalate the situation.
“It seems to be a situation where neither side is trying to force a military solution to these tensions,” said Bob Yawger, director of the futures division at Mizuho Securities USA. “So in situations like this, news of the conflict leads the market to rally strongly and then pull back.”
West Texas Intermediate for August delivery, which expires Monday, added 59 cents to settle at $56.22 a barrel on the New York Mercantile Exchange, the largest gain since July 10. The more-active September WTI contract rose 46 cents to end the session at $56.22 a barrel.
Brent for September settlement advanced 79 cents to settle at $63.26 a barrel on the ICE Futures Europe Exchange. The global benchmark crude traded at a premium of $7.04 for the same month, the widest since late June.
Monday, 22 July 2019
#Saudi Aramco to hold first investor call in August - Reuters
Saudi Aramco to hold first investor call in August - Reuters:
Saudi Aramco is inviting analysts and investors to join its first investor earnings call in August, according to an Aramco email, as the energy giant plans what would be the world’s biggest stock market listing.
“Saudi Aramco will be holding its first investor earnings call in August to coincide with the publication of our H1 2019 financial results,” an email from Aramco investor relations dated July 21 seen by Reuters said.
Saudi Arabia’s energy minister has said the kingdom planned for the listing to proceed in 2020 or 2021.
Saudi Aramco is inviting analysts and investors to join its first investor earnings call in August, according to an Aramco email, as the energy giant plans what would be the world’s biggest stock market listing.
“Saudi Aramco will be holding its first investor earnings call in August to coincide with the publication of our H1 2019 financial results,” an email from Aramco investor relations dated July 21 seen by Reuters said.
Saudi Arabia’s energy minister has said the kingdom planned for the listing to proceed in 2020 or 2021.
Oil Giant #SaudiArabia Is Set to Start First Wind-Power Plant - Bloomberg
Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant - Bloomberg:
Saudi Arabia, the world’s biggest oil exporter, is poised to start generating wind power within three years as part of an effort to harness renewable energy to cut local demand for fossil fuels.
The renewable energy units of Electricite de France SA and Abu Dhabi’s Mubadala Investment Co. completed arrangements with Saudi and international banks to finance the project, according to a statement from Masdar, as the Abu Dhabi business is known. Masdar didn’t identify the lenders.
EdF Renewables and Masdar won a contract in January to build the 400-megawatt Dumat Al Jandal facility, which is to begin producing electricity in the first quarter of 2022. The project will be the biggest wind-power plant in the Middle East when it begins producing, Masdar said.
Saudi Arabia, the world’s biggest oil exporter, is poised to start generating wind power within three years as part of an effort to harness renewable energy to cut local demand for fossil fuels.
The renewable energy units of Electricite de France SA and Abu Dhabi’s Mubadala Investment Co. completed arrangements with Saudi and international banks to finance the project, according to a statement from Masdar, as the Abu Dhabi business is known. Masdar didn’t identify the lenders.
EdF Renewables and Masdar won a contract in January to build the 400-megawatt Dumat Al Jandal facility, which is to begin producing electricity in the first quarter of 2022. The project will be the biggest wind-power plant in the Middle East when it begins producing, Masdar said.
Oil outlook sours as sanctions, global tensions fail to bring out bulls - Reuters
Oil outlook sours as sanctions, global tensions fail to bring out bulls - Reuters:
Sentiment in the oil market has shifted dramatically in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand.
The oil market has struggled to sustain a rally despite supply restrictions that generally would be considered bullish. U.S. sanctions on Venezuela and Iran have removed more than 1.5 million barrels of daily supply from the market, OPEC extended a supply-cut deal into 2020 and tensions between the United States and Iran are rising.
Yet, Brent futures LCOc1 have struggled to sustain a move above $65 a barrel and slumped about 7% last week, while U.S. futures CLc1 have rarely moved above $60 a barrel.
Sentiment in the oil market has shifted dramatically in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand.
The oil market has struggled to sustain a rally despite supply restrictions that generally would be considered bullish. U.S. sanctions on Venezuela and Iran have removed more than 1.5 million barrels of daily supply from the market, OPEC extended a supply-cut deal into 2020 and tensions between the United States and Iran are rising.
Yet, Brent futures LCOc1 have struggled to sustain a move above $65 a barrel and slumped about 7% last week, while U.S. futures CLc1 have rarely moved above $60 a barrel.
Oil prices rise more than 1% after Iran seizes British tanker - Reuters
Oil prices rise more than 1% after Iran seizes British tanker - Reuters:
Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf.
Brent crude futures climbed 79 cents, or 1.26%, to $63.26 a barrel by 1225 GMT.
West Texas Intermediate (WTI) crude futures were up 74 cents, or 1.33%, at $56.37 a barrel.
Last week, WTI fell over 7% and Brent lost more than 6%.
Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf.
Brent crude futures climbed 79 cents, or 1.26%, to $63.26 a barrel by 1225 GMT.
West Texas Intermediate (WTI) crude futures were up 74 cents, or 1.33%, at $56.37 a barrel.
Last week, WTI fell over 7% and Brent lost more than 6%.
MIDEAST STOCKS-Gulf tensions weigh on #Saudi market, #AbuDhabi extends winning streak - Agricultural Commodities - Reuters
MIDEAST STOCKS-Gulf tensions weigh on Saudi market, Abu Dhabi extends winning streak - Agricultural Commodities - Reuters:
Saudi Arabia's stock market dropped on
Monday as banks and petrochemical shares weighed on the index
against a backdrop of political tensions in the region, while
Dubai and Abu Dhabi bourses rose sharply on gains in their
blue-chip stocks.
Saudi's main index fell 0.6%. The kingdom's largest
petrochemical maker Saudi Basic Industries shed 1.8%
and its biggest lender National Commercial Bank was
down 0.7%.
Weakness in worldwide demand for oil shifted sentiment in
the oil market in recent days, with hedge funds, producers and
traders all taking a more bearish tack.
Saudi Arabia's stock market dropped on
Monday as banks and petrochemical shares weighed on the index
against a backdrop of political tensions in the region, while
Dubai and Abu Dhabi bourses rose sharply on gains in their
blue-chip stocks.
Saudi's main index fell 0.6%. The kingdom's largest
petrochemical maker Saudi Basic Industries shed 1.8%
and its biggest lender National Commercial Bank was
down 0.7%.
Weakness in worldwide demand for oil shifted sentiment in
the oil market in recent days, with hedge funds, producers and
traders all taking a more bearish tack.
#Dubai's Top Developer to Team Up on $11 Billion Project in China - Bloomberg
Dubai's Top Developer to Team Up on $11 Billion Project in China - Bloomberg:
The developer of the world’s tallest tower in Dubai will venture out to China as property demand falters at home.
Emaar Properties PJSC, the United Arab Emirates’ largest publicly traded developer, will partner with Beijing Daxing International Airport to develop an $11 billion project, the U.A.E.’s state-run WAM news agency reported on Monday.
The residential and leisure development will be built on a section of the airport’s area and should be completed in 10 years, WAM reported, citing an interview with Emaar’s Chairman Mohamed Alabbar.
The developer of the world’s tallest tower in Dubai will venture out to China as property demand falters at home.
Emaar Properties PJSC, the United Arab Emirates’ largest publicly traded developer, will partner with Beijing Daxing International Airport to develop an $11 billion project, the U.A.E.’s state-run WAM news agency reported on Monday.
The residential and leisure development will be built on a section of the airport’s area and should be completed in 10 years, WAM reported, citing an interview with Emaar’s Chairman Mohamed Alabbar.
MIDEAST DEBT-Buyer beware as Gulf 'club' bonds risk eroding value - Reuters
MIDEAST DEBT-Buyer beware as Gulf 'club' bonds risk eroding value - Reuters:
The practice of Gulf banks clubbing together on debt issues to guarantee demand for major borrowers is in danger of eroding value for international investors, banking and market sources said, following a poor market run for Saudi Aramco’s debut bond.
Regional issues of hard-currency conventional and Islamic bonds, known as sukuk, have ballooned as Gulf Arab governments and corporates, seeking to offset the impact of lower oil prices, increasingly rely on external debt sales to raise funds and spur economic growth.
To make sure such borrowers get the funds they are after, several banks are arranging bond issues like “club” loans to guarantee those borrowers sufficient demand, often within a specific pricing range - perpetuating a traditional regional practice that undermines market transparency and dents competition.
The practice of Gulf banks clubbing together on debt issues to guarantee demand for major borrowers is in danger of eroding value for international investors, banking and market sources said, following a poor market run for Saudi Aramco’s debut bond.
Regional issues of hard-currency conventional and Islamic bonds, known as sukuk, have ballooned as Gulf Arab governments and corporates, seeking to offset the impact of lower oil prices, increasingly rely on external debt sales to raise funds and spur economic growth.
To make sure such borrowers get the funds they are after, several banks are arranging bond issues like “club” loans to guarantee those borrowers sufficient demand, often within a specific pricing range - perpetuating a traditional regional practice that undermines market transparency and dents competition.
Mobily CEO: Expect Current Strategy to Improve Company’s Performance – Bloomberg
Mobily CEO: Expect Current Strategy to Improve Company’s Performance – Bloomberg:
Salman Albadran, chief executive officer at Mobily, discusses reaching financial break-even, 2Q earning, the health of the Saudi economy, the share price and his business strategy. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Salman Albadran, chief executive officer at Mobily, discusses reaching financial break-even, 2Q earning, the health of the Saudi economy, the share price and his business strategy. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
No Data, No Problem? #Oman's Budget Keepers Go Silent for Months - Bloomberg
No Data, No Problem? Oman's Budget Keepers Go Silent for Months - Bloomberg:
Oman is giving its troubled finances the silent treatment.
Downgraded by all three major rating companies and facing speculation whether a bailout might be needed, the sultanate quietly stopped providing data on its budget performance this year. A monthly bulletin published by the central bank July 15, which includes a breakdown of government revenue and expenditure, only covers a period through November 2018. Oman’s budget deficit has been among the largest of all the sovereigns tracked by Fitch Ratings.
Last year, a similar report issued in July contained fiscal figures through May. The central bank publishes the data on behalf of the Finance Ministry, which compiles the figures. Omani officials didn’t respond to repeated attempts for comment.
Oman is giving its troubled finances the silent treatment.
Downgraded by all three major rating companies and facing speculation whether a bailout might be needed, the sultanate quietly stopped providing data on its budget performance this year. A monthly bulletin published by the central bank July 15, which includes a breakdown of government revenue and expenditure, only covers a period through November 2018. Oman’s budget deficit has been among the largest of all the sovereigns tracked by Fitch Ratings.
Last year, a similar report issued in July contained fiscal figures through May. The central bank publishes the data on behalf of the Finance Ministry, which compiles the figures. Omani officials didn’t respond to repeated attempts for comment.
MIDEAST STOCKS- #AbuDhabi extends gains, #Dubai lifted by real estate - Reuters
MIDEAST STOCKS-Abu Dhabi extends gains, Dubai lifted by real estate - Reuters:
Abu Dhabi’s stock market rose for a fifth straight session on Monday, led by its biggest lender after strong second-quarter results, while real estate shares buoyed Dubai’s bourse.
Abu Dhabi’s index rose 0.8%, boosted by First Abu Dhabi Bank, which climbed 1.1% in its third straight session of gains after reporting a 5% rise in second-quarter net profit.
Waha Capital surged 3.9% after appointing Amr al-Menhali as its new chief executive.
Abu Dhabi’s stock market rose for a fifth straight session on Monday, led by its biggest lender after strong second-quarter results, while real estate shares buoyed Dubai’s bourse.
Abu Dhabi’s index rose 0.8%, boosted by First Abu Dhabi Bank, which climbed 1.1% in its third straight session of gains after reporting a 5% rise in second-quarter net profit.
Waha Capital surged 3.9% after appointing Amr al-Menhali as its new chief executive.
Oil rises on Middle East Gulf tensions; Libya field resumes output - Reuters
Oil rises on Middle East Gulf tensions; Libya field resumes output - Reuters:
Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East Gulf, although gains were capped as Libya resumed output at its largest oil field.
Brent crude futures climbed 88 cents, or 1.4%, to $63.35 a barrel by 0706 GMT.
West Texas Intermediate (WTI) crude futures were up 58 cents, or 1%, at $56.21 a barrel.
WTI fell over 7% and Brent fell more than 6% last week.
Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East Gulf, although gains were capped as Libya resumed output at its largest oil field.
Brent crude futures climbed 88 cents, or 1.4%, to $63.35 a barrel by 0706 GMT.
West Texas Intermediate (WTI) crude futures were up 58 cents, or 1%, at $56.21 a barrel.
WTI fell over 7% and Brent fell more than 6% last week.
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