Oil Ends Week Higher as Supply Threats Outweigh Doubts on Demand - Bloomberg:
Oil finished higher for the week after a volatile trading session that pitted gnawing doubts about global demand against supply threats from the Middle East and beyond.
Futures gained 0.3% in New York on Friday and ended the week up 1%, reversing from last week’s steep loss. Oil turned higher after Mexico’s state-run oil company said crude output fell about 10% in the second quarter, adding to tensions after Iran reportedly tested a medium-range ballistic missile in the Persia Gulf region.
West Texas Intermediate for September closed up 18 cents at $56.20 a barrel, notching its fifth increase in six days on the New York Mercantile Exchange. Brent for September settlement gained 7 cents to $63.46 on the ICE Futures Europe Exchange.
Friday, 26 July 2019
DSA, Union May Bid for Mines Once Owned by Guptas, Glencore - Bloomberg
DSA, Union May Bid for Mines Once Owned by Guptas, Glencore - Bloomberg:
Dubai’s DSA Investments is considering forming a venture with a South African labor union to bid for coal assets that Glencore Plc was pressured into selling to a company controlled by the politically-connected Gupta family in 2015.
The venture would be between Orchid Mining, a unit of DSA, and Nehawu Investment Holdings, which invests funds on behalf of the National Education, Health and Allied Workers’ Union, the person said, asking not to be identified because the talks haven’t been publicly announced. The proposed venture could target the coal assets of Tegeta Exploration & Resources (Pty) Ltd. after the company was placed under administration last year, the person said.
“Our investment focus is extractive resources investment opportunities in Africa,” the company said in a response to queries. “Once we are able to comment on specific opportunities we will provide an official release.”
Dubai’s DSA Investments is considering forming a venture with a South African labor union to bid for coal assets that Glencore Plc was pressured into selling to a company controlled by the politically-connected Gupta family in 2015.
The venture would be between Orchid Mining, a unit of DSA, and Nehawu Investment Holdings, which invests funds on behalf of the National Education, Health and Allied Workers’ Union, the person said, asking not to be identified because the talks haven’t been publicly announced. The proposed venture could target the coal assets of Tegeta Exploration & Resources (Pty) Ltd. after the company was placed under administration last year, the person said.
“Our investment focus is extractive resources investment opportunities in Africa,” the company said in a response to queries. “Once we are able to comment on specific opportunities we will provide an official release.”
Oil Declines as Dollar Strengthens on Kudlow's Currency Remarks - Bloomberg
Oil Declines as Dollar Strengthens on Kudlow's Currency Remarks - Bloomberg:
Oil slumped after remarks by a key aide to U.S. President Donald Trump sent the dollar higher, reducing the attractiveness of commodities priced in greenbacks.
Futures dropped as much as 0.5% in New York on Friday after White House economic adviser Larry Kudlow told CNBC the U.S. ruled out any intervention in foreign-exchange markets. The Bloomberg dollar index jumped to the highest in more than a month. Trader shrugged off escalating tension in the Persian Gulf region, where Iran tested a medium-range ballistic missile and European powers worked to assemble a naval mission to protect shipping.
West Texas Intermediate for September fell 0.3% to $55.87 a barrel at 10:46 a.m. on the New York Mercantile Exchange. The contract was up 0.5% for the week.
Brent for September settlement was little changed at $63.31 on the ICE Futures Europe Exchange and has gained 1.7% this week. The global benchmark traded at a $7.44 premium to WTI.
Oil slumped after remarks by a key aide to U.S. President Donald Trump sent the dollar higher, reducing the attractiveness of commodities priced in greenbacks.
Futures dropped as much as 0.5% in New York on Friday after White House economic adviser Larry Kudlow told CNBC the U.S. ruled out any intervention in foreign-exchange markets. The Bloomberg dollar index jumped to the highest in more than a month. Trader shrugged off escalating tension in the Persian Gulf region, where Iran tested a medium-range ballistic missile and European powers worked to assemble a naval mission to protect shipping.
West Texas Intermediate for September fell 0.3% to $55.87 a barrel at 10:46 a.m. on the New York Mercantile Exchange. The contract was up 0.5% for the week.
Brent for September settlement was little changed at $63.31 on the ICE Futures Europe Exchange and has gained 1.7% this week. The global benchmark traded at a $7.44 premium to WTI.
MGM Resorts CEO Promises Decision on Selling Properties by Fall - Bloomberg #Dubai #CityCenter
MGM Resorts CEO Promises Decision on Selling Properties by Fall - Bloomberg:
Jim Murren, chief executive officer of MGM Resorts International, has worked hard to please his cranky shareholders.
He’s cut costs, eliminating more than 1,000 jobs. Under investor pressure, he sold most of MGM’s properties to a real estate investment trust in a lease-back deal. And he welcomed Corvex Management founder Keith Meister, a Carl Icahn protege, to his board after the hedge fund built up a nearly 4% stake in the Las Vegas casino company.
Now Murren may be on the verge of unloading the company’s most iconic Vegas properties -- the namesake MGM Grand and the Bellagio. Since January, Meister and two other board members have been reviewing MGM’s real estate holdings, with an eye toward boosting the company’s share price.
Jim Murren, chief executive officer of MGM Resorts International, has worked hard to please his cranky shareholders.
He’s cut costs, eliminating more than 1,000 jobs. Under investor pressure, he sold most of MGM’s properties to a real estate investment trust in a lease-back deal. And he welcomed Corvex Management founder Keith Meister, a Carl Icahn protege, to his board after the hedge fund built up a nearly 4% stake in the Las Vegas casino company.
Now Murren may be on the verge of unloading the company’s most iconic Vegas properties -- the namesake MGM Grand and the Bellagio. Since January, Meister and two other board members have been reviewing MGM’s real estate holdings, with an eye toward boosting the company’s share price.
Oil Set for Weekly Gain as Supplies Drop, Iran Tension Persists - Bloomberg
Oil Set for Weekly Gain as Supplies Drop, Iran Tension Persists - Bloomberg:
Oil is set for a weekly increase as U.S. crude stockpiles tighten and lingering tensions surrounding Iran stoke concerns that energy flows from the Middle East may be disrupted.
Futures gained 0.6% in New York on Friday and are up 1.4% this week. American crude inventories have declined for the past six weeks, the longest run since January 2018. Iran tested a medium-range ballistic missile on Wednesday, according to a CNN report. European governments are seeking to assemble a naval mission to provide safe passage for ships through the Persian Gulf after a British tanker was seized by Iranian forces last week.
West Texas Intermediate for September delivery rose 33 cents to $56.35 a barrel on the New York Mercantile Exchange as of 8:34 a.m. local time. The contract ended Thursday up 14 cents at $56.02 a barrel.
Brent for September settlement climbed 34 cents to $63.73 a barrel on the ICE Futures Europe Exchange after gaining 0.3% on Thursday. The contract is up 2% this week. The global benchmark traded at a $7.31 premium to WTI.
Oil is set for a weekly increase as U.S. crude stockpiles tighten and lingering tensions surrounding Iran stoke concerns that energy flows from the Middle East may be disrupted.
Futures gained 0.6% in New York on Friday and are up 1.4% this week. American crude inventories have declined for the past six weeks, the longest run since January 2018. Iran tested a medium-range ballistic missile on Wednesday, according to a CNN report. European governments are seeking to assemble a naval mission to provide safe passage for ships through the Persian Gulf after a British tanker was seized by Iranian forces last week.
West Texas Intermediate for September delivery rose 33 cents to $56.35 a barrel on the New York Mercantile Exchange as of 8:34 a.m. local time. The contract ended Thursday up 14 cents at $56.02 a barrel.
Brent for September settlement climbed 34 cents to $63.73 a barrel on the ICE Futures Europe Exchange after gaining 0.3% on Thursday. The contract is up 2% this week. The global benchmark traded at a $7.31 premium to WTI.
Oil advances as geopolitical tensions offset slack demand - Reuters
Oil advances as geopolitical tensions offset slack demand - Reuters:
Oil prices edged higher on Friday on worries about Middle East tensions, though a flagging global economic growth outlook amid the U.S.-China trade war capped gains.
Brent crude futures LCOc1 were up 25 cents, or 0.4%, at $63.64 a barrel by 0651 GMT. They rose 0.3% in the previous session.
U.S. West Texas Intermediate crude CLc1 was 36 cents higher, or 0.6%, at $56.20 a barrel, after gaining 0.25% overnight.
“Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.
Oil prices edged higher on Friday on worries about Middle East tensions, though a flagging global economic growth outlook amid the U.S.-China trade war capped gains.
Brent crude futures LCOc1 were up 25 cents, or 0.4%, at $63.64 a barrel by 0651 GMT. They rose 0.3% in the previous session.
U.S. West Texas Intermediate crude CLc1 was 36 cents higher, or 0.6%, at $56.20 a barrel, after gaining 0.25% overnight.
“Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.
US sanctions put chill on Iranian trade with #UAE | Financial Times
US sanctions put chill on Iranian trade with UAE | Financial Times:
The United Arab Emirates projects that its trade with Iran will plummet by half this year as the Middle East’s business and finance hub is buffeted by the impact of swinging US sanctions on the Islamic republic, according to a senior UAE official.
Dubai has traditionally been a centre for Iranian businesses operating offshore and the UAE’s trade with the republic was worth Dh70bn ($19bn) last year, the official said.
But nervousness over heightened tensions in the region, the collapse of the Iranian currency and companies’ fears of breaching US sanctions have combined to cause the sharp drop in bilateral commerce, the official said.
The United Arab Emirates projects that its trade with Iran will plummet by half this year as the Middle East’s business and finance hub is buffeted by the impact of swinging US sanctions on the Islamic republic, according to a senior UAE official.
Dubai has traditionally been a centre for Iranian businesses operating offshore and the UAE’s trade with the republic was worth Dh70bn ($19bn) last year, the official said.
But nervousness over heightened tensions in the region, the collapse of the Iranian currency and companies’ fears of breaching US sanctions have combined to cause the sharp drop in bilateral commerce, the official said.
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