Oil Rallies as U.S.-China Meeting Rekindles Hopes for Trade Deal - Bloomberg:
Oil rallied on Tuesday as plans for a meeting between the U.S. and China offered a hint of progress in the trade war dividing the world’s two biggest economies.
Futures in New York shook off their earlier malaise and shot up 1% to close trading. Crude joined an advance for equity markets on word that senior U.S. officials will be in China next Monday for the first high-level, face-to-face trade negotiations since talks broke down in May. The recovery pushed prices to their third straight daily gain.
West Texas Intermediate for September delivery jumped 55 cents to $56.77 a barrel on the New York Mercantile Exchange. Brent for September settlement rose 57 cents to close at $63.83 on the ICE Futures Europe Exchange.
Tuesday, 23 July 2019
#Qatar Petroleum signs deal on three Kenyan offshore blocks - Reuters
Qatar Petroleum signs deal on three Kenyan offshore blocks - Reuters:
Qatar Petroleum has signed an agreement to enter three offshore exploration blocks in Lamu Basin, east of Kenya, the company said in a statement on Tuesday.
Following regulatory approvals by Kenya, the consortium will be comprised of Eni (the operator) with a 41.25% participating interest, Total with 33.75% and Qatar Petroleum with 25%, the statement said.
Qatar Petroleum has signed an agreement to enter three offshore exploration blocks in Lamu Basin, east of Kenya, the company said in a statement on Tuesday.
Following regulatory approvals by Kenya, the consortium will be comprised of Eni (the operator) with a 41.25% participating interest, Total with 33.75% and Qatar Petroleum with 25%, the statement said.
COLUMN-Global oil consumption stagnates leaving prices under pressure: Kemp - Reuters
COLUMN-Global oil consumption stagnates leaving prices under pressure: Kemp - Reuters:
Global oil consumption has stalled since the middle of 2018, making lower oil prices inevitable despite the best efforts of Saudi Arabia and its allies to reduce production.
The world’s top 18 oil-consuming countries, each using more than 1 million barrels per day (bpd) of petroleum products, account for almost two-thirds of world consumption, so they make a useful proxy for global demand.
Consumption in the top 18 rose by just 0.7% in the three months to March compared with the same period a year earlier, figures from the Joint Organisations Data Initiative show.
Global oil consumption has stalled since the middle of 2018, making lower oil prices inevitable despite the best efforts of Saudi Arabia and its allies to reduce production.
The world’s top 18 oil-consuming countries, each using more than 1 million barrels per day (bpd) of petroleum products, account for almost two-thirds of world consumption, so they make a useful proxy for global demand.
Consumption in the top 18 rose by just 0.7% in the three months to March compared with the same period a year earlier, figures from the Joint Organisations Data Initiative show.
MIDEAST STOCKS-Emaar lifts #Dubai to eight-month high; weak earnings hurt #Saudi - Reuters
MIDEAST STOCKS-Emaar lifts Dubai to eight-month high; weak earnings hurt Saudi - Reuters:
Stock markets in the United Arab
Emirates outperformed the region on Tuesday thanks to their
blue-chip developers, while disappointing corporate earnings and
falling oil prices dragged Saudi shares lower.
Oil slipped to around $63 a barrel on Tuesday as concerns
faded for now that rising tensions in the Middle East would
escalate and hit oil supplies, compounding the impact of a
weaker demand outlook.
The Dubai index closed up 2.1%, to reach its
highest since mid-November 2018, with real estate shares leading
the gains.
Stock markets in the United Arab
Emirates outperformed the region on Tuesday thanks to their
blue-chip developers, while disappointing corporate earnings and
falling oil prices dragged Saudi shares lower.
Oil slipped to around $63 a barrel on Tuesday as concerns
faded for now that rising tensions in the Middle East would
escalate and hit oil supplies, compounding the impact of a
weaker demand outlook.
The Dubai index closed up 2.1%, to reach its
highest since mid-November 2018, with real estate shares leading
the gains.
Oil Slides as Middle East Risks Mix With Economy Concerns - Bloomberg
Oil Slides as Middle East Risks Mix With Economy Concerns - Bloomberg:
Oil slid as a tepid demand outlook offset heightened tensions that threatened to disrupt Persian Gulf energy flows.
Futures in New York slipped 0.4% after climbing 1.7% over the past two sessions. Consultant FGE has revised its global oil demand forecast down to 740,000 barrels a day for 2019 and 920,000 barrels a day in 2020.
West Texas Intermediate for September delivery fell 24 cents, or 0.4%, to $55.98 a barrel on the New York Mercantile Exchange as of 7:53 a.m. local time. The August contract climbed 1.1% on Monday as it expired.
Brent for September settlement was 34 cents lower at $62.92 a barrel on the ICE Futures Europe Exchange, after rising 1.3% on Monday. The global benchmark was trading at a $6.88 premium to WTI.
Oil slid as a tepid demand outlook offset heightened tensions that threatened to disrupt Persian Gulf energy flows.
Futures in New York slipped 0.4% after climbing 1.7% over the past two sessions. Consultant FGE has revised its global oil demand forecast down to 740,000 barrels a day for 2019 and 920,000 barrels a day in 2020.
West Texas Intermediate for September delivery fell 24 cents, or 0.4%, to $55.98 a barrel on the New York Mercantile Exchange as of 7:53 a.m. local time. The August contract climbed 1.1% on Monday as it expired.
Brent for September settlement was 34 cents lower at $62.92 a barrel on the ICE Futures Europe Exchange, after rising 1.3% on Monday. The global benchmark was trading at a $6.88 premium to WTI.
Indian Reliance's talks on stake sale to #Saudi Aramco stall: sources - Reuters
Indian Reliance's talks on stake sale to Saudi Aramco stall: sources - Reuters:
India’s Reliance Industries talks to grant a minority stake in its refining assets to Saudi Aramco have hit a roadblock over the valuation and structure of the deal, two people familiar with the matter said.
State-owned Aramco, the world’s biggest oil producer, plans to boost investment in refining and petrochemicals to secure new markets for its crude and sees growth in chemicals as central to its downstream strategy to reduce risk as oil demand slows.
Reliance had held talks on offering Aramco at least 20% in a special purpose vehicle covering refining, petrochemicals and marketing, and with a focus on expansion.
India’s Reliance Industries talks to grant a minority stake in its refining assets to Saudi Aramco have hit a roadblock over the valuation and structure of the deal, two people familiar with the matter said.
State-owned Aramco, the world’s biggest oil producer, plans to boost investment in refining and petrochemicals to secure new markets for its crude and sees growth in chemicals as central to its downstream strategy to reduce risk as oil demand slows.
Reliance had held talks on offering Aramco at least 20% in a special purpose vehicle covering refining, petrochemicals and marketing, and with a focus on expansion.
#Saudi Telecom Q2 profit climbs, announces dividend | ZAWYA MENA Edition
Saudi Telecom Q2 profit climbs, announces dividend | ZAWYA MENA Edition:
Saudi Telecom Company (STC) reported a 16.8 percent rise in net profit for Q2 2019, as the company’s gross profit surged. The telecom giant also announced a dividend of 1 riyal per share for the quarter.
STC’s Q2 2019 net profit after zakat and tax amounted to 2.85 billion riyals ($759.82 million), compared to 2.44 billion riyals in the same period last year.
The company’s sales rose 3.98 percent to 13.6 billion riyals in Q2 2019, up from 13.08 billion riyals in Q2 2018.
Saudi Telecom Company (STC) reported a 16.8 percent rise in net profit for Q2 2019, as the company’s gross profit surged. The telecom giant also announced a dividend of 1 riyal per share for the quarter.
STC’s Q2 2019 net profit after zakat and tax amounted to 2.85 billion riyals ($759.82 million), compared to 2.44 billion riyals in the same period last year.
The company’s sales rose 3.98 percent to 13.6 billion riyals in Q2 2019, up from 13.08 billion riyals in Q2 2018.
Oil Holds Steady as Middle East Risks Mix With Economy Concerns - Bloomberg
Oil Holds Steady as Middle East Risks Mix With Economy Concerns - Bloomberg:
West Texas Intermediate for September delivery edged up 5 cents, or 0.1%, to $56.27 a barrel on the New York Mercantile Exchange as of 10:14 a.m. London time. The August contract climbed 1.1% on Monday as it expired.
Brent for September settlement was unchanged at $63.26 a barrel on the ICE Futures Europe Exchange, after rising 1.3% on Monday. The global benchmark was trading at a $6.95 premium to WTI.
West Texas Intermediate for September delivery edged up 5 cents, or 0.1%, to $56.27 a barrel on the New York Mercantile Exchange as of 10:14 a.m. London time. The August contract climbed 1.1% on Monday as it expired.
Brent for September settlement was unchanged at $63.26 a barrel on the ICE Futures Europe Exchange, after rising 1.3% on Monday. The global benchmark was trading at a $6.95 premium to WTI.
#Dubai Financial Regulator to Focus on #Abraaj Management in Probe - Bloomberg
Dubai Financial Regulator to Focus on Abraaj Management in Probe - Bloomberg:
The Dubai Financial Services Authority said its investigation into the collapsed Abraaj Group is focusing on the buyout firm’s senior management and people who failed to report irregularities.
“We will use all of our powers to deal with those who are found to be culpable,” the regulator said in its 2018 annual report published on Tuesday. “This investigation is highly complex, on a wide scale and is being pursued vigorously.”
Dubai-based Abraaj, which once managed about $14 billion, was forced into liquidation last year after being accused of mismanaging investor funds. Before that, it had been one of the world’s most influential emerging-market investors with stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey.
The Dubai Financial Services Authority said its investigation into the collapsed Abraaj Group is focusing on the buyout firm’s senior management and people who failed to report irregularities.
“We will use all of our powers to deal with those who are found to be culpable,” the regulator said in its 2018 annual report published on Tuesday. “This investigation is highly complex, on a wide scale and is being pursued vigorously.”
Dubai-based Abraaj, which once managed about $14 billion, was forced into liquidation last year after being accused of mismanaging investor funds. Before that, it had been one of the world’s most influential emerging-market investors with stakes in health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey.
DP World's #Dubai shipping container volumes fall for fifth consecutive quarter - Reuters
DP World's Dubai shipping container volumes fall for fifth consecutive quarter - Reuters:
DP World’s DPW.DI Dubai shipping container volumes fell by 6.3% in the second quarter, the port operator reported on Tuesday, the fifth consecutive quarterly drop.
DP World blamed the drop on the loss of lower margin cargo and challenging market conditions, but said it expected more stable throughput for the rest of the year.
It handled 3.9 million twenty foot equivalent units (TEU) in the three months to June 30 at its Dubai ports, compared with 4.2 million in the same 2018 period.
DP World’s DPW.DI Dubai shipping container volumes fell by 6.3% in the second quarter, the port operator reported on Tuesday, the fifth consecutive quarterly drop.
DP World blamed the drop on the loss of lower margin cargo and challenging market conditions, but said it expected more stable throughput for the rest of the year.
It handled 3.9 million twenty foot equivalent units (TEU) in the three months to June 30 at its Dubai ports, compared with 4.2 million in the same 2018 period.
MIDEAST STOCKS-Property shares lift #UAE, blue-chips pressure #Saudi - Reuters
MIDEAST STOCKS-Property shares lift UAE, blue-chips pressure Saudi - Reuters:
Gains in shares of property and contracting firms lifted Dubai and Abu Dhabi stocks in early trade on Tuesday, while weak earnings from blue-chips weighed on the Saudi bourse.
The Dubai index gained 0.7%, boosted by Emaar Properties, which rose a further 1.6%. The stock jumped 2.5% on Monday when it struck a deal with Beijing Daxing International Airport over an $11 billion project that includes residential and leisure facilities.
In Abu Dhabi, the index gained 0.3%, rising for the sixth straight session. Aldar properties was up 5% after a progress update on a recently awarded 5 billion dirhams ($1.4 billion) worth of projects and raising its annual profit guidance by 50% for the next three to four years.
Gains in shares of property and contracting firms lifted Dubai and Abu Dhabi stocks in early trade on Tuesday, while weak earnings from blue-chips weighed on the Saudi bourse.
The Dubai index gained 0.7%, boosted by Emaar Properties, which rose a further 1.6%. The stock jumped 2.5% on Monday when it struck a deal with Beijing Daxing International Airport over an $11 billion project that includes residential and leisure facilities.
In Abu Dhabi, the index gained 0.3%, rising for the sixth straight session. Aldar properties was up 5% after a progress update on a recently awarded 5 billion dirhams ($1.4 billion) worth of projects and raising its annual profit guidance by 50% for the next three to four years.
RAK Bank CEO Plans to Rebalance Portfolio, Take Out Risk – Bloomberg
RAK Bank CEO Plans to Rebalance Portfolio, Take Out Risk – Bloomberg:
Peter England, chief executive officer at RAK Bank, discusses interest margins, loans in U.A.E., how a Fed rate cut would impact his business, loan growth and consolidation in the region. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Peter England, chief executive officer at RAK Bank, discusses interest margins, loans in U.A.E., how a Fed rate cut would impact his business, loan growth and consolidation in the region. He speaks on “Bloomberg Daybreak: Middle East.” (Source: Bloomberg)
Oil Advances on Iran Tension as U.S. Sanctions Chinese Company - Bloomberg
Oil Advances on Iran Tension as U.S. Sanctions Chinese Company - Bloomberg:
Oil rallied for a third day as heightened tensions in the Persian Gulf threatened to disrupt energy flows from the crude-rich region, while a tepid demand outlook kept a lid on gains.
Futures in New York rose as much as 0.5% after climbing 1.7% over the past two sessions. Secretary of State Michael Pompeo said Monday that the U.S. had sanctioned a Chinese state-run oil trader for violating White House-imposed restrictions on Iranian crude. Meanwhile, U.K. Foreign Secretary Jeremy Hunt announced that European governments will assemble a naval mission to provide safe passage for ships through the gulf after Iran seized a British tanker.
The renewed tension around the Strait of Hormuz, through which around a third of the world’s seaborne oil flows, comes after five straight weeks of declines in American crude inventories have led to a tighter supply picture. Only a weak global demand outlook with few signs the U.S.-China trade war will be resolved soon are keeping oil prices from rising further.
West Texas Intermediate for September delivery climbed 24 cents, or 0.4%, to $56.46 a barrel on the New York Mercantile Exchange as of 7:26 a.m. in London. The August contract climbed 1.1% on Monday as it expired.
Brent for September settlement added 32 cents to $63.58 a barrel on the ICE Futures Europe Exchange after settling 1.3% higher on Monday. The global benchmark was trading at a $7.14 premium to WTI.
Oil rallied for a third day as heightened tensions in the Persian Gulf threatened to disrupt energy flows from the crude-rich region, while a tepid demand outlook kept a lid on gains.
Futures in New York rose as much as 0.5% after climbing 1.7% over the past two sessions. Secretary of State Michael Pompeo said Monday that the U.S. had sanctioned a Chinese state-run oil trader for violating White House-imposed restrictions on Iranian crude. Meanwhile, U.K. Foreign Secretary Jeremy Hunt announced that European governments will assemble a naval mission to provide safe passage for ships through the gulf after Iran seized a British tanker.
The renewed tension around the Strait of Hormuz, through which around a third of the world’s seaborne oil flows, comes after five straight weeks of declines in American crude inventories have led to a tighter supply picture. Only a weak global demand outlook with few signs the U.S.-China trade war will be resolved soon are keeping oil prices from rising further.
West Texas Intermediate for September delivery climbed 24 cents, or 0.4%, to $56.46 a barrel on the New York Mercantile Exchange as of 7:26 a.m. in London. The August contract climbed 1.1% on Monday as it expired.
Brent for September settlement added 32 cents to $63.58 a barrel on the ICE Futures Europe Exchange after settling 1.3% higher on Monday. The global benchmark was trading at a $7.14 premium to WTI.
#Dubai's Real Estate Slump Catches Up With the City's Finance Hub - Bloomberg
Dubai's Real Estate Slump Catches Up With the City's Finance Hub - Bloomberg:
Walk into the latest expansion of Dubai’s financial district and you’ll see a handful of small art galleries, some upscale men’s tailors and plenty of retail space waiting for takers.
The Dubai International Financial Centre isn’t being spared a slump in the emirate’s retail and property market as it struggles to attract tenants to its 1 billion dirham ($272 million) Gate Avenue expansion -- a marble-lined underground promenade linking the hub’s main district to nearby towers.
When the project was announced in 2016, officials said the kilometer-long passageway would have about 200 shops and restaurants and hoped that 90% of the units would be leased on completion. Three years on and only about two dozen shops have opened since its launch in January. The rest remain boarded up.
Walk into the latest expansion of Dubai’s financial district and you’ll see a handful of small art galleries, some upscale men’s tailors and plenty of retail space waiting for takers.
The Dubai International Financial Centre isn’t being spared a slump in the emirate’s retail and property market as it struggles to attract tenants to its 1 billion dirham ($272 million) Gate Avenue expansion -- a marble-lined underground promenade linking the hub’s main district to nearby towers.
When the project was announced in 2016, officials said the kilometer-long passageway would have about 200 shops and restaurants and hoped that 90% of the units would be leased on completion. Three years on and only about two dozen shops have opened since its launch in January. The rest remain boarded up.
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