Monday, 12 August 2019
Oil Gains as #Saudi Outlays Shrink Amid Simmering Demand Fears - Bloomberg
Oil Gains as Saudi Outlays Shrink Amid Simmering Demand Fears - Bloomberg: .........Meanwhile, last week, unnamed Saudi Arabian officials said the kingdom plans to keep crude exports below 7 million barrels a day in September as it allocates less oil than customers demand. Aramco will also provide customers across all regions with 700,000 barrels a day less than they requested, the officials said.
Oil steadies as Saudi, Kuwait signals offset demand fears - Reuters
Oil steadies as Saudi, Kuwait signals offset demand fears - Reuters:
Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war.
International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents.
Investors were torn between forecasts of slowing global oil demand growth and chatter about renewed efforts by major producers to curtail output and support prices, analysts said.
Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war.
International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents.
Investors were torn between forecasts of slowing global oil demand growth and chatter about renewed efforts by major producers to curtail output and support prices, analysts said.
Oil steadies as #Saudi, #Kuwait signals offset demand fears - Reuters
Oil steadies as Saudi, Kuwait signals offset demand fears - Reuters:
Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies faced worries about sluggish crude demand growth due to the U.S.-China trade war.
International benchmark Brent crude was 6 cents higher at $58.59 a barrel by 11:51 a.m. CDT (1651 GMT), after trading between $57.88 and $58.88.
West Texas Intermediate (WTI) futures rose 26 cents to $54.76 per barrel, after trading in a range of $53.54 to $55.18.
Investors were torn between forecasts of slowing global oil demand growth and chatter about renewed efforts by major producers to curtail output and support prices, analysts said.
Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies faced worries about sluggish crude demand growth due to the U.S.-China trade war.
International benchmark Brent crude was 6 cents higher at $58.59 a barrel by 11:51 a.m. CDT (1651 GMT), after trading between $57.88 and $58.88.
West Texas Intermediate (WTI) futures rose 26 cents to $54.76 per barrel, after trading in a range of $53.54 to $55.18.
Investors were torn between forecasts of slowing global oil demand growth and chatter about renewed efforts by major producers to curtail output and support prices, analysts said.
Will Shale Rise From The Dead? | OilPrice.com
Will Shale Rise From The Dead? | OilPrice.com:
A flurry of coverage about the gloom and outright calamity in the shale oil business appeared last week. Low prices continue to dog the industry. But so does lack of investor interest in financing loss-making operations for yet another season. Plunging stock prices portend more bankruptcies if circumstances don't change.
I received considerable pushback last January when I asked whether U.S. shale oil had entered a death spiral. The almost constant refrain of the cheerleaders for the shale oil industry has been that increasing production demonstrates there is something wrong with my analysis and that of others who have been skeptical of the industry's claims.
We skeptics have certainly been wrong about how long the boom could go on. We could not fathom why investors kept funneling capital into businesses that were consistently consuming it with no hope of ever providing a long-term return.
A flurry of coverage about the gloom and outright calamity in the shale oil business appeared last week. Low prices continue to dog the industry. But so does lack of investor interest in financing loss-making operations for yet another season. Plunging stock prices portend more bankruptcies if circumstances don't change.
I received considerable pushback last January when I asked whether U.S. shale oil had entered a death spiral. The almost constant refrain of the cheerleaders for the shale oil industry has been that increasing production demonstrates there is something wrong with my analysis and that of others who have been skeptical of the industry's claims.
We skeptics have certainly been wrong about how long the boom could go on. We could not fathom why investors kept funneling capital into businesses that were consistently consuming it with no hope of ever providing a long-term return.
Former UBS banker to represent #Qatar on Deutsche supervisory board: sources - Reuters
Former UBS banker to represent Qatar on Deutsche supervisory board: sources - Reuters:
Juerg Zeltner, a former UBS (UBSG.S) manager, is set to become a member of Deutsche Bank’s (DBKGn.DE) supervisory board, two people with knowledge of the matter said on Monday.
In his new role, he will represent the interests of Qatar’s royal family - a top shareholder of the German lender -, the sources said.
Zeltner, a former head of UBS Wealth Management, was named earlier this year as the chief executive officer of KBL European Private Bankers (KBL epb), which is controlled by the Al-Thani family of Qatar.
Juerg Zeltner, a former UBS (UBSG.S) manager, is set to become a member of Deutsche Bank’s (DBKGn.DE) supervisory board, two people with knowledge of the matter said on Monday.
In his new role, he will represent the interests of Qatar’s royal family - a top shareholder of the German lender -, the sources said.
Zeltner, a former head of UBS Wealth Management, was named earlier this year as the chief executive officer of KBL European Private Bankers (KBL epb), which is controlled by the Al-Thani family of Qatar.
Oil rises despite fears of a global economic downturn - Reuters
Oil rises despite fears of a global economic downturn - Reuters:
Oil prices rose on Monday despite worries about a global economic slowdown and the ongoing U.S.-China trade war, which has reduced demand for commodities such as crude.
International benchmark Brent crude futures were at $58.75 a barrel by 1340 GMT, up 22 cents from their previous settlement.
U.S. West Texas Intermediate (WTI) futures were at $55.10 per barrel, up 60 cents from their last close.
Both benchmarks had fallen earlier in the day, with Brent hitting a session low of $57.88 and WTI a session low of $53.54.
Oil prices rose on Monday despite worries about a global economic slowdown and the ongoing U.S.-China trade war, which has reduced demand for commodities such as crude.
International benchmark Brent crude futures were at $58.75 a barrel by 1340 GMT, up 22 cents from their previous settlement.
U.S. West Texas Intermediate (WTI) futures were at $55.10 per barrel, up 60 cents from their last close.
Both benchmarks had fallen earlier in the day, with Brent hitting a session low of $57.88 and WTI a session low of $53.54.
Column: Hedge funds polarised on oil by economy and supply threats - Reuters
Column: Hedge funds polarised on oil by economy and supply threats - Reuters:
Hedge fund managers remain deeply divided about what matters more for the future direction of oil – intensifying fears about a global recession or Saudi Arabia’s production cuts and other supply disruptions.
Hedge funds and other money managers sold futures and options equivalent to 25 million barrels in the six most important contracts linked to petroleum prices in the week to Aug. 6.
But the fund sales essentially reversed purchases of 20 million barrels the previous week and there has been little change in the net position since the middle of June
Hedge fund managers remain deeply divided about what matters more for the future direction of oil – intensifying fears about a global recession or Saudi Arabia’s production cuts and other supply disruptions.
Hedge funds and other money managers sold futures and options equivalent to 25 million barrels in the six most important contracts linked to petroleum prices in the week to Aug. 6.
But the fund sales essentially reversed purchases of 20 million barrels the previous week and there has been little change in the net position since the middle of June
#Saudi Aramco Buying Stake in India's Reliance Industries - Bloomberg
Saudi Aramco Buying Stake in India's Reliance Industries - Bloomberg:
Saudi Aramco plans to buy a stake in the refining and chemicals business of India’s Reliance Industries Ltd.. Bloomberg's Matthew Martin reports on "Bloomberg Surveillance." (Source: Bloomberg)
Saudi Aramco plans to buy a stake in the refining and chemicals business of India’s Reliance Industries Ltd.. Bloomberg's Matthew Martin reports on "Bloomberg Surveillance." (Source: Bloomberg)
#AbuDhabi's Etihad won't express interest in reinvesting in Jet Airways - Reuters
Abu Dhabi's Etihad won't express interest in reinvesting in Jet Airways - Reuters:
Abu Dhabi’s Etihad Airways said on Monday it will not express interest in reinvesting in India’s bankrupt Jet Airways (JET.NS) because of unresolved issues concerning the Indian airline’s liabilities.
Jet has invited prospective bidders to express interest and last week extended the deadline to Aug. 10.
Etihad acquired a 24% stake in Jet in 2013, at a time when the Indian airline needed significant financial support, but since then the Abu Dhabi-based airline has been seeking “advanced solutions” to help resolve issues facing Jet, it said.
Abu Dhabi’s Etihad Airways said on Monday it will not express interest in reinvesting in India’s bankrupt Jet Airways (JET.NS) because of unresolved issues concerning the Indian airline’s liabilities.
Jet has invited prospective bidders to express interest and last week extended the deadline to Aug. 10.
Etihad acquired a 24% stake in Jet in 2013, at a time when the Indian airline needed significant financial support, but since then the Abu Dhabi-based airline has been seeking “advanced solutions” to help resolve issues facing Jet, it said.
UPDATE 2-Tullow shares soar on Guyana oil discovery - Reuters
UPDATE 2-Tullow shares soar on Guyana oil discovery - Reuters:
Tullow Oil has made a large oil discovery in Guyana, it said on Monday, sending its share price soaring on expectations that it will develop a productive field in the oil-rich country.
The discovery at the closely watched Jethro-1 well in the Orinduik block in Guyana follows a number of recent exploration successes by Exxon Mobil in the neighbouring Stabroek block, with discovered oil reserves of more than 5 billion barrels.
Tullow Chief Executive Paul McDade said Jethro-1 is expected to hold more than 100 million recoverable barrels of oil, in excess of expectations. The company will start drilling a second well, Joe-1, this month.
Tullow Oil has made a large oil discovery in Guyana, it said on Monday, sending its share price soaring on expectations that it will develop a productive field in the oil-rich country.
The discovery at the closely watched Jethro-1 well in the Orinduik block in Guyana follows a number of recent exploration successes by Exxon Mobil in the neighbouring Stabroek block, with discovered oil reserves of more than 5 billion barrels.
Tullow Chief Executive Paul McDade said Jethro-1 is expected to hold more than 100 million recoverable barrels of oil, in excess of expectations. The company will start drilling a second well, Joe-1, this month.
#Kuwait committed to implement accord to reduce oil output, says oil minister - Reuters
Kuwait committed to implement accord to reduce oil output, says oil minister - Reuters:
Kuwait is “fully committed” to implementing an agreement between oil exporting countries to cut production in order to support crude prices, Oil Minister Khaled al-Fadhel said on Monday.
He said his country has cut its own output by more than required by this agreement.
“The compliance of Kuwait was close to 160% last July,” he was quoted as saying by the official news agency KUNA.
Kuwait is “fully committed” to implementing an agreement between oil exporting countries to cut production in order to support crude prices, Oil Minister Khaled al-Fadhel said on Monday.
He said his country has cut its own output by more than required by this agreement.
“The compliance of Kuwait was close to 160% last July,” he was quoted as saying by the official news agency KUNA.
UPDATE 1- #Saudi Aramco's first-half net income falls 12% on lower oil prices - Reuters
UPDATE 1-Saudi Aramco's first-half net income falls 12% on lower oil prices - Reuters:
Top oil producer Saudi Aramco maintained its position as the world’s most profitable company on Monday even as it reported a 12% drop in first-half net income to $46.9 billion due to lower oil prices.
By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year.
Aramco said it generated total revenues, including other income related to sales, of $163.88 billion in the first half of this year, down from $167.68 billion a year earlier.
Top oil producer Saudi Aramco maintained its position as the world’s most profitable company on Monday even as it reported a 12% drop in first-half net income to $46.9 billion due to lower oil prices.
By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year.
Aramco said it generated total revenues, including other income related to sales, of $163.88 billion in the first half of this year, down from $167.68 billion a year earlier.
Oil edges down on lower demand outlook, U.S.-China trade dispute - Reuters
Oil edges down on lower demand outlook, U.S.-China trade dispute - Reuters:
Oil prices edged lower on Monday amid worries about an economic slowdown and the Sino-U.S. trade war, which have led to a cut in the growth outlook for global oil demand.
International benchmark Brent crude futures were at $58.40 a barrel by 0638 GMT, down 13 cents, or 0.2%, from their previous settlement.
U.S. West Texas Intermediate (WTI) futures were at $54.33 per barrel, down 17 cents, or 0.3%, from their last close.
Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.
Oil prices edged lower on Monday amid worries about an economic slowdown and the Sino-U.S. trade war, which have led to a cut in the growth outlook for global oil demand.
International benchmark Brent crude futures were at $58.40 a barrel by 0638 GMT, down 13 cents, or 0.2%, from their previous settlement.
U.S. West Texas Intermediate (WTI) futures were at $54.33 per barrel, down 17 cents, or 0.3%, from their last close.
Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.
Aramco to Buy Stake in Reliance Industries Oil, Chemicals Unit - Bloomberg
Aramco to Buy Stake in Reliance Industries Oil, Chemicals Unit - Bloomberg:
Saudi Aramco continued its push into Asian oil refining with an agreement announced Monday to buy a 20% stake in Reliance Industries Ltd.’s oil-to-chemicals division at an enterprise value of $75 billion.
The deal, announced by Reliance Chairman Mukesh Ambani at the company’s annual general meeting in Mumbai, is the biggest foreign investment in the company’s history and covers all of Reliance’s refining and petrochemical operations, including the Jamnagar refinery, the world’s biggest. Aramco, the world’s biggest crude exporter, will also supply the refinery with 700,000 barrels of oil a day on a long-term basis, Ambani said.
The deal is subject to due diligence, definitive agreements and regulatory and other approvals, Ambani said.
Saudi Aramco continued its push into Asian oil refining with an agreement announced Monday to buy a 20% stake in Reliance Industries Ltd.’s oil-to-chemicals division at an enterprise value of $75 billion.
The deal, announced by Reliance Chairman Mukesh Ambani at the company’s annual general meeting in Mumbai, is the biggest foreign investment in the company’s history and covers all of Reliance’s refining and petrochemical operations, including the Jamnagar refinery, the world’s biggest. Aramco, the world’s biggest crude exporter, will also supply the refinery with 700,000 barrels of oil a day on a long-term basis, Ambani said.
The deal is subject to due diligence, definitive agreements and regulatory and other approvals, Ambani said.
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