Oil rises alongside equities, but downbeat OPEC outlook caps gains - Reuters:
Oil prices on Friday rebounded from a two-day drop, alongside equities as expectations of further stimulus by central banks helped to ease recession concerns.
But oil’s gains were capped after the Organization of the Petroleum Exporting Countries trimmed its global oil demand forecast in a downbeat outlook for the rest of 2019 as economic growth slows. The cartel also highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to restrain supplies.
“OPEC killed the golden goose,” said Bob Yawger, director of futures at Mizuho in New York. “We’ve had some little rallies back into the green, as market tries to follow equities higher, but the fundamentals in the report are so bearish that it caps the rallies.”
Brent crude LCOc1 was ended the session up 41 cents, or 0.7%, at $58.64 a barrel, after falling 2.1% on Thursday and 3% the previous day. U.S. crude CLc1 rose 40 cents to settle at $54.87 a barrel, having dropped 1.4% in the previous session and 3.3% on Wednesday.
Friday, 16 August 2019
Oil Yo-Yos as Trade War Whipsaws Market Concerned With Demand - Bloomberg
Oil Yo-Yos as Trade War Whipsaws Market Concerned With Demand - Bloomberg:
Oil fluctuated between gains and losses as the U.S.-China trade war whipsawed a volatile market focused on global demand for crude.
Futures rose as much as 2.2% in New York early Friday before giving up most those gains. Against the backdrop of the protracted U.S.-China trade dispute, OPEC warned that oil markets face a “somewhat bearish” outlook, despite tightening supplies. The bleak forecast blunted U.S. President Donald Trump’s optimism about resolving differences with China.
“Today, we have headlines that are favorable for a resolution but traders are still cautious,” said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas.
Oil fluctuated between gains and losses as the U.S.-China trade war whipsawed a volatile market focused on global demand for crude.
Futures rose as much as 2.2% in New York early Friday before giving up most those gains. Against the backdrop of the protracted U.S.-China trade dispute, OPEC warned that oil markets face a “somewhat bearish” outlook, despite tightening supplies. The bleak forecast blunted U.S. President Donald Trump’s optimism about resolving differences with China.
“Today, we have headlines that are favorable for a resolution but traders are still cautious,” said Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas.
REFILE-GLOBAL LNG-Prices steady as Japan swelters and Texas plant readies export - Reuters
REFILE-GLOBAL LNG-Prices steady as Japan swelters and Texas plant readies export - Reuters:
Asian spot prices for liquefied natural gas (LNG) remained steady this week amid sweltering heat in Japan driving buying activity, while a new project in the United States is expected to load its first cargo soon.
Spot prices for October delivery to Northeast Asia LNG-AS are estimated to be about $4.70 to $4.90 per million British thermal units (mmBtu), slightly up from last week’s $4.75 per mmBtu, the sources said.
Prices for September delivery are estimated to be about $4.20 per mmBtu, same as the previous week, they said.
Asian spot prices for liquefied natural gas (LNG) remained steady this week amid sweltering heat in Japan driving buying activity, while a new project in the United States is expected to load its first cargo soon.
Spot prices for October delivery to Northeast Asia LNG-AS are estimated to be about $4.70 to $4.90 per million British thermal units (mmBtu), slightly up from last week’s $4.75 per mmBtu, the sources said.
Prices for September delivery are estimated to be about $4.20 per mmBtu, same as the previous week, they said.
PM Hariri: #Saudi, #UAE want to invest in Lebanon - Reuters
PM Hariri: Saudi, UAE want to invest in Lebanon - Reuters:
Saudi Arabia and the United Arab Emirates are looking to invest in infrastructure projects in Lebanon after ties have recovered, Lebanese Prime Minister Saad al-Hariri said in comments from his office on Friday.
Hariri, on a visit to Washington, also said there were negotiations “over financial and economic aid” with the United States, the Lebanese military’s biggest foreign backer. He did not elaborate.
After years of backsliding, heavily indebted Lebanon faces financial crisis without reforms to put public spending on a sustainable footing.
Saudi Arabia and the United Arab Emirates are looking to invest in infrastructure projects in Lebanon after ties have recovered, Lebanese Prime Minister Saad al-Hariri said in comments from his office on Friday.
Hariri, on a visit to Washington, also said there were negotiations “over financial and economic aid” with the United States, the Lebanese military’s biggest foreign backer. He did not elaborate.
After years of backsliding, heavily indebted Lebanon faces financial crisis without reforms to put public spending on a sustainable footing.
Mukesh Ambani: Asia’s wealthiest man bags a rich prize | Financial Times
Mukesh Ambani: Asia’s wealthiest man bags a rich prize | Financial Times:
Monday was meant to be a landmark day for Saudi Aramco, as the state energy giant released its first-ever half-year earnings report ahead of a planned flotation. But, unexpectedly, the communications strategy was dictated out of a rowdy Mumbai auditorium.
To the delight of hundreds of fawning shareholders, Mukesh Ambani, Asia’s richest man, announced a yet to be completed deal for Saudi Aramco to take a 20 per cent stake in his conglomerate Reliance Industries’ refining and petrochemicals division, valuing it at $75bn. The deal would be the largest in Reliance’s history and one of the biggest foreign investments in India. The irrepressible chairman of the $120bn company announced that “the future of India — and also the future of Reliance — has never looked brighter”.
Saudi Aramco is the latest in a string of businesses, from oil and gas company BP to luxury jeweller Tiffany, to tie its fortunes to Mr Ambani, a man who inspires both respect and fear among peers and would-be competitors. Since inheriting the oil and petrochemicals business of his father’s conglomerate in 2005, the 62-year-old tycoon has built perhaps the most ambitious corporate empire in Indian history.
Monday was meant to be a landmark day for Saudi Aramco, as the state energy giant released its first-ever half-year earnings report ahead of a planned flotation. But, unexpectedly, the communications strategy was dictated out of a rowdy Mumbai auditorium.
To the delight of hundreds of fawning shareholders, Mukesh Ambani, Asia’s richest man, announced a yet to be completed deal for Saudi Aramco to take a 20 per cent stake in his conglomerate Reliance Industries’ refining and petrochemicals division, valuing it at $75bn. The deal would be the largest in Reliance’s history and one of the biggest foreign investments in India. The irrepressible chairman of the $120bn company announced that “the future of India — and also the future of Reliance — has never looked brighter”.
Saudi Aramco is the latest in a string of businesses, from oil and gas company BP to luxury jeweller Tiffany, to tie its fortunes to Mr Ambani, a man who inspires both respect and fear among peers and would-be competitors. Since inheriting the oil and petrochemicals business of his father’s conglomerate in 2005, the 62-year-old tycoon has built perhaps the most ambitious corporate empire in Indian history.
Oil Heads for Weekly Gain as Trade War Headlines Whipsaw Market - Bloomberg
Oil Heads for Weekly Gain as Trade War Headlines Whipsaw Market - Bloomberg:
Oil headed for a weekly increase as hopes that the U.S. and China could resume negotiations to resolve their trade dispute capped a week of volatile trading.
Futures traded 0.6% higher on Friday in New York, bringing their gain for the week to 0.5%. President Donald Trump said he had a call coming soon with his Chinese counterpart Xi Jinping after a pledge from Beijing to retaliate against planned U.S. tariffs. Earlier in the week, oil surged the most in more than a month after the Trump administration said it would delay levies on some products.
Crude pared earlier increases on Friday after OPEC, the cartel that pumps about a third of the world’s oil, said in a monthly report that the outlook is “somewhat bearish” for the rest of this year because of slowing economic growth and the trade war.
Oil headed for a weekly increase as hopes that the U.S. and China could resume negotiations to resolve their trade dispute capped a week of volatile trading.
Futures traded 0.6% higher on Friday in New York, bringing their gain for the week to 0.5%. President Donald Trump said he had a call coming soon with his Chinese counterpart Xi Jinping after a pledge from Beijing to retaliate against planned U.S. tariffs. Earlier in the week, oil surged the most in more than a month after the Trump administration said it would delay levies on some products.
Crude pared earlier increases on Friday after OPEC, the cartel that pumps about a third of the world’s oil, said in a monthly report that the outlook is “somewhat bearish” for the rest of this year because of slowing economic growth and the trade war.
Seadrill venture in $656 million #Qatar rig contract - Reuters
Seadrill venture in $656 million Qatar rig contract - Reuters:
Seadrill and Gulf Drilling International (GDI) have formed a jointly owned rig firm to conduct exploration on behalf of Qatar Petroleum from 2020 to 2024, Seadrill said late on Thursday.
GulfDrill, a 50-50 joint venture between Seadrill and GDI, will initially operate five so-called jackup rigs on a $656 million contract with Qatar Petroleum. It did not say where the exploration would take place.
The state-owned energy firm also has the option to order further drilling with an additional contract value of up to $700 million.
Seadrill and Gulf Drilling International (GDI) have formed a jointly owned rig firm to conduct exploration on behalf of Qatar Petroleum from 2020 to 2024, Seadrill said late on Thursday.
GulfDrill, a 50-50 joint venture between Seadrill and GDI, will initially operate five so-called jackup rigs on a $656 million contract with Qatar Petroleum. It did not say where the exploration would take place.
The state-owned energy firm also has the option to order further drilling with an additional contract value of up to $700 million.
OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus - Reuters
OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus - Reuters:
OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply.
In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market will be in slight surplus in 2020.
The bearish outlook due to slowing economies amid the U.S.-China trade dispute and Brexit could press the case for OPEC and allies including Russia to maintain a policy of cutting output to support prices. Already, a Saudi official has hinted at further steps to support the market.
OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply.
In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market will be in slight surplus in 2020.
The bearish outlook due to slowing economies amid the U.S.-China trade dispute and Brexit could press the case for OPEC and allies including Russia to maintain a policy of cutting output to support prices. Already, a Saudi official has hinted at further steps to support the market.
Oil rises 2% as recession fears recede - Reuters
Oil rises 2% as recession fears recede - Reuters:
Crude oil prices rose more than 2% on Friday, recovering from two days of declines after data showing a rise in U.S. retail sales helped to ease concerns about a recession in the world’s biggest economy.
Brent crude LCOc1 was up 2% at $59.48 a barrel at 0924 GMT, after falling 2.1% on Thursday and 3% the previous day. U.S. crude CLc1 was also 2% higher at $55.60 a barrel, having dropped 1.4% in the previous session and 3.3% on Wednesday.
Crude oil prices rose more than 2% on Friday, recovering from two days of declines after data showing a rise in U.S. retail sales helped to ease concerns about a recession in the world’s biggest economy.
Brent crude LCOc1 was up 2% at $59.48 a barrel at 0924 GMT, after falling 2.1% on Thursday and 3% the previous day. U.S. crude CLc1 was also 2% higher at $55.60 a barrel, having dropped 1.4% in the previous session and 3.3% on Wednesday.
Oil rises more than 1% as recession fears recede - Reuters
Oil rises more than 1% as recession fears recede - Reuters:
Crude oil prices rose more than 1% on Friday following two days of declines, buoyed after data showing an increase in retail sales in the United States helped dampen concerns about a recession in the world’s biggest economy.
Brent crude LCOc1 was up 68 cents, or 1.2%, at $58.91 a barrel at 0650 GMT, after falling 2.1% on Thursday and 3% the previous day.
U.S. crude CLc1 was up 63 cents, or 1.2%, at $55.10 a barrel, having dropped 1.4% the previous session and 3.3% on Wednesday.
U.S. retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after a key part of the U.S. Treasury yield curve inverted for the first time since June 2007, prompting a sell-off in stocks and crude oil.
Crude oil prices rose more than 1% on Friday following two days of declines, buoyed after data showing an increase in retail sales in the United States helped dampen concerns about a recession in the world’s biggest economy.
Brent crude LCOc1 was up 68 cents, or 1.2%, at $58.91 a barrel at 0650 GMT, after falling 2.1% on Thursday and 3% the previous day.
U.S. crude CLc1 was up 63 cents, or 1.2%, at $55.10 a barrel, having dropped 1.4% the previous session and 3.3% on Wednesday.
U.S. retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after a key part of the U.S. Treasury yield curve inverted for the first time since June 2007, prompting a sell-off in stocks and crude oil.
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