Oil steadies as U.S. crude stocks draw but fuel inventories rise - Reuters:
Oil futures steadied on Wednesday after U.S. government data showed a drawdown in domestic crude stocks but rises in refined product inventories, while lingering worries about the global economy weighed on the market.
Brent crude futures LCOc1 rose 27 cents to settle at $60.30 a barrel, down from a session high of $61.41.
U.S. West Texas Intermediate (WTI) crude CLc1 fell 45 cents to settle at $55.68 a barrel, after hitting $57.13 a barrel.
Prices pared gains after data from the Energy Information Administration showed bigger-than-expected builds in U.S. fuel inventories last week. Gasoline stocks USOILG=ECI rose by 312,000 barrels, while distillate supplies USOILD=ECI grew by 2.6 million barrels.
Wednesday, 21 August 2019
Exclusive: Two groups, one backed by China's Fosun, bid for NMC Health stake - sources - Reuters
Exclusive: Two groups, one backed by China's Fosun, bid for NMC Health stake - sources - Reuters:
Two groups, including one backed by China’s Fosun (0656.HK), have made competing offers to buy a 40% stake in London-listed NMC Health (NMC.L) worth up to $1.9 billion, four sources familiar with the deal said.
The target stake is jointly owned by the chairman of Abu Dhabi-based investment firm KBBO Group, Khalifa Butti Bin Omeir, UAE-based businessman Saeed Bin Butti Al Qebaisi, and Infinite Investment, a vehicle linked to the two men.
The deal, which shows the growing interest of Chinese companies in the Middle East, could allow the UAE-based investors to realize significant gains after they bought the stake in 2011 for $1 billion.
Two groups, including one backed by China’s Fosun (0656.HK), have made competing offers to buy a 40% stake in London-listed NMC Health (NMC.L) worth up to $1.9 billion, four sources familiar with the deal said.
The target stake is jointly owned by the chairman of Abu Dhabi-based investment firm KBBO Group, Khalifa Butti Bin Omeir, UAE-based businessman Saeed Bin Butti Al Qebaisi, and Infinite Investment, a vehicle linked to the two men.
The deal, which shows the growing interest of Chinese companies in the Middle East, could allow the UAE-based investors to realize significant gains after they bought the stake in 2011 for $1 billion.
Norway’s $1tn oil fund loads up on equities | Financial Times
Norway’s $1tn oil fund loads up on equities | Financial Times:
Norway’s $1tn oil fund held a record amount of equities at the end of June, raising fears that the world’s largest sovereign wealth investor could have loaded up on shares again at the top of the cycle.
The oil fund said on Wednesday that it now had 69.3 per cent of its assets in equities, up from 66.3 per cent at the end of 2018.
The fund — which on average owns 1.4 per cent of every listed company worldwide — previously increased its exposure to equities in 1998 and 2007, just before market crashes.
Norway’s $1tn oil fund held a record amount of equities at the end of June, raising fears that the world’s largest sovereign wealth investor could have loaded up on shares again at the top of the cycle.
The oil fund said on Wednesday that it now had 69.3 per cent of its assets in equities, up from 66.3 per cent at the end of 2018.
The fund — which on average owns 1.4 per cent of every listed company worldwide — previously increased its exposure to equities in 1998 and 2007, just before market crashes.
Opec and partners must maintain market status quo | Energy – Gulf News
Opec and partners must maintain market status quo | Energy – Gulf News:
The global oil markets have no control when confronting multiple economic and geopolitical factors, which have had serious repercussions on the economies of oil producing countries despite trying their best to cope with such periodic crises.
Yes, for a change, some of these countries did manage to handle the most recent oil crisis better, thanks to coordination among Opec+ countries. Yet, the challenges facing such a coordination are growing due to rapid economic developments outside the influence of these oil producing states.
For example, the price of Brent crude fell below $60 a barrel, despite the renewal of the production cut agreement by Opec+. In addition, oil prices have taken a different path unlike in the past, when they go up in the third quarter in preparation for winter and the consequent increase need for stockpiling by consumer countries.
The global oil markets have no control when confronting multiple economic and geopolitical factors, which have had serious repercussions on the economies of oil producing countries despite trying their best to cope with such periodic crises.
Yes, for a change, some of these countries did manage to handle the most recent oil crisis better, thanks to coordination among Opec+ countries. Yet, the challenges facing such a coordination are growing due to rapid economic developments outside the influence of these oil producing states.
For example, the price of Brent crude fell below $60 a barrel, despite the renewal of the production cut agreement by Opec+. In addition, oil prices have taken a different path unlike in the past, when they go up in the third quarter in preparation for winter and the consequent increase need for stockpiling by consumer countries.
MIDEAST STOCKS-Most major Gulf markets fall, banks weigh on Saudi index - Reuters
MIDEAST STOCKS-Most major Gulf markets fall, banks weigh on Saudi index - Reuters:
Most major Gulf stock markets fell on Wednesday, with
Saudi banking shares pushing that index down the most, amid rising regional
geopolitical tensions and ahead of U.S. Federal Reserve events.
Tensions in the Middle East remained in focus after the United States said
it would take every action it can to prevent an Iranian tanker sailing in the
Mediterranean from delivering oil to Syria in contravention of U.S. sanctions.
Adding to the tension was Australia agreeing to join a U.S.-led mission to
protect Gulf shipping. Iran denounces the effort and insists countries in the
region can protect waterways and work towards signing a non-aggression pact.
Most major Gulf stock markets fell on Wednesday, with
Saudi banking shares pushing that index down the most, amid rising regional
geopolitical tensions and ahead of U.S. Federal Reserve events.
Tensions in the Middle East remained in focus after the United States said
it would take every action it can to prevent an Iranian tanker sailing in the
Mediterranean from delivering oil to Syria in contravention of U.S. sanctions.
Adding to the tension was Australia agreeing to join a U.S.-led mission to
protect Gulf shipping. Iran denounces the effort and insists countries in the
region can protect waterways and work towards signing a non-aggression pact.
#Dubai's Averda Intl in talks with banks about potential IPO-sources - Reuters
Dubai's Averda Intl in talks with banks about potential IPO-sources - Reuters:
Dubai-based Averda International, one of the largest waste management firms in the Middle East and North Africa, is in early discussions with banks about a potential IPO which could value it at up to $700 million, sources familiar with the matter said.
Averda’s minority shareholder, Gulf buyout firm Growthgate Capital, is also in talks with banks about a potential exit after just over a decade of investment, said two of the sources, declining to be named because of commercial sensitivities. Growthgate Capital in 2008 acquired a 33.3% stake in Averda, whose main business is to clean, collect and recycle waste. Discussions with advisors about a public share sale are at an early stage and no final decisions have been made, they said. The company may be valued at about $600-$700 million, with Growthgate’s stake at $200-$250 million, two of the sources said.
Averda and Growthgate did not respond to Reuters’ requests for comment.
Dubai-based Averda International, one of the largest waste management firms in the Middle East and North Africa, is in early discussions with banks about a potential IPO which could value it at up to $700 million, sources familiar with the matter said.
Averda’s minority shareholder, Gulf buyout firm Growthgate Capital, is also in talks with banks about a potential exit after just over a decade of investment, said two of the sources, declining to be named because of commercial sensitivities. Growthgate Capital in 2008 acquired a 33.3% stake in Averda, whose main business is to clean, collect and recycle waste. Discussions with advisors about a public share sale are at an early stage and no final decisions have been made, they said. The company may be valued at about $600-$700 million, with Growthgate’s stake at $200-$250 million, two of the sources said.
Averda and Growthgate did not respond to Reuters’ requests for comment.
Oil up over 1%, buoyed by U.S. stock drawdown - Reuters
Oil up over 1%, buoyed by U.S. stock drawdown - Reuters:
Crude oil futures rose more than 1% on Wednesday after industry data showed a larger than expected drop in U.S. crude inventories, but gains were capped by lingering worries about a possible global recession.
Brent crude LCOc1 had gained 90 cents, or 1.5%, to $60.93 a barrel by 1225 GMT, while U.S. crude CLc1 was up 58 cents, or 1.03%, at $56.71 a barrel.
U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a fall of 1.9 million barrels.
Crude oil futures rose more than 1% on Wednesday after industry data showed a larger than expected drop in U.S. crude inventories, but gains were capped by lingering worries about a possible global recession.
Brent crude LCOc1 had gained 90 cents, or 1.5%, to $60.93 a barrel by 1225 GMT, while U.S. crude CLc1 was up 58 cents, or 1.03%, at $56.71 a barrel.
U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a fall of 1.9 million barrels.
Rosneft Profit Falls Less Than Expected After Druzhba Crisis - Bloomberg
Rosneft Profit Falls Less Than Expected After Druzhba Crisis - Bloomberg:
Rosneft PJSC’s second-quarter net income fell as the Russian giant suffered the effects of weaker oil prices and production cuts, but the decline was less severe than analysts expected.
While the results show the impact on Rosneft of the Druzhba crisis, in which millions of barrels of exports to central Europe via the Soviet-era pipeline were contaminated with chemicals, shares rose as investors eyed the company’s pledged payout.
“Rosneft shares are growing on the dividend recommendation for the first half of the year, which turned out higher than expected,” Angelina Glazova, an oil and gas analyst at Atonline Ltd., said by phone. The dividend size was supported by the company’s robust net income, she added.
Rosneft PJSC’s second-quarter net income fell as the Russian giant suffered the effects of weaker oil prices and production cuts, but the decline was less severe than analysts expected.
While the results show the impact on Rosneft of the Druzhba crisis, in which millions of barrels of exports to central Europe via the Soviet-era pipeline were contaminated with chemicals, shares rose as investors eyed the company’s pledged payout.
“Rosneft shares are growing on the dividend recommendation for the first half of the year, which turned out higher than expected,” Angelina Glazova, an oil and gas analyst at Atonline Ltd., said by phone. The dividend size was supported by the company’s robust net income, she added.
#Saudi retailer Fawaz Alhokair's Q1 profit drops on IFRS 16 impact | ZAWYA MENA Edition
Saudi retailer Fawaz Alhokair's Q1 profit drops on IFRS 16 impact | ZAWYA MENA Edition:
Saudi retailer Fawaz Abdulaziz Alhokair reported a 10.11 percent drop in Q1 net profit, ending June 30, 2019 as the implementation of a new accounting standard starting April 1 this year, resulted in the booking of an additional 26 million Saudi riyals in costs.
After the implementation of IFRS 16, the company’s Q1 2019 net profit after tax and zakat amounted to 224 million riyals, compared to 249.2 million riyals in Q1 2018. Excluding IFRS 16, the company’s Q1 2019 normalised net profit is at 249.5 million riyals.
The company’s revenue after IFRS 16 stood at 1.73 billion riyals in Q1 2019, compared to 1.85 billion riyals in Q1 2018.
Saudi retailer Fawaz Abdulaziz Alhokair reported a 10.11 percent drop in Q1 net profit, ending June 30, 2019 as the implementation of a new accounting standard starting April 1 this year, resulted in the booking of an additional 26 million Saudi riyals in costs.
After the implementation of IFRS 16, the company’s Q1 2019 net profit after tax and zakat amounted to 224 million riyals, compared to 249.2 million riyals in Q1 2018. Excluding IFRS 16, the company’s Q1 2019 normalised net profit is at 249.5 million riyals.
The company’s revenue after IFRS 16 stood at 1.73 billion riyals in Q1 2019, compared to 1.85 billion riyals in Q1 2018.
MIDEAST STOCKS-Financials drag most major Gulf markets lower ahead of Fed events - Reuters
MIDEAST STOCKS-Financials drag most major Gulf markets lower ahead of Fed events - Reuters:
Most major Gulf stocks markets fell on Wednesday, as financial stocks dropped amid regional geopolitical tensions and ahead of U.S. Federal Reserve events.
Tensions in the Middle East remained in focus after U.S. Secretary of State Mike Pompeo said on Tuesday the United States would take every action it can to prevent an Iranian tanker in the Mediterranean from delivering oil to Syria in contravention of U.S. sanctions.
Elsewhere the focus shifted to the minutes of the U.S. Federal Reserve’s most recent meeting, due on Wednesday. Traders are also awaiting the Fed’s Jackson Hole seminar and a Group of Seven summit this weekend for clues on what additional steps policymakers will boost economic growth.
Most major Gulf stocks markets fell on Wednesday, as financial stocks dropped amid regional geopolitical tensions and ahead of U.S. Federal Reserve events.
Tensions in the Middle East remained in focus after U.S. Secretary of State Mike Pompeo said on Tuesday the United States would take every action it can to prevent an Iranian tanker in the Mediterranean from delivering oil to Syria in contravention of U.S. sanctions.
Elsewhere the focus shifted to the minutes of the U.S. Federal Reserve’s most recent meeting, due on Wednesday. Traders are also awaiting the Fed’s Jackson Hole seminar and a Group of Seven summit this weekend for clues on what additional steps policymakers will boost economic growth.
#Saudi retailer Fawaz Alhokair pulls out of M&S franchise partnership | ZAWYA MENA Edition
Saudi retailer Fawaz Alhokair pulls out of M&S franchise partnership | ZAWYA MENA Edition:
Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. has pulled out of its franchise partnership with British store group Marks & Spencer and has ended similar agreements with a number of "non-performing" brands, it said on Wednesday.
Alhokair posted first-quarter net profit of 224 million riyals ($60 million) down 10.1% from 249.2 million riyals a year earlier.
The firm, which owns franchise rights for brands including Mango, Zara and Banana Republic in the Middle East, said a decline in sales during the quarter was driven by the closure of non-performing stores and the disposal of weak brands as the group press ahead with a "portfolio optimisation strategy."
Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co. has pulled out of its franchise partnership with British store group Marks & Spencer and has ended similar agreements with a number of "non-performing" brands, it said on Wednesday.
Alhokair posted first-quarter net profit of 224 million riyals ($60 million) down 10.1% from 249.2 million riyals a year earlier.
The firm, which owns franchise rights for brands including Mango, Zara and Banana Republic in the Middle East, said a decline in sales during the quarter was driven by the closure of non-performing stores and the disposal of weak brands as the group press ahead with a "portfolio optimisation strategy."
Brent oil prices rise above $60, buoyed by U.S. stock drawdown - Reuters
Brent oil prices rise above $60, buoyed by U.S. stock drawdown - Reuters:
Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but ongoing worries about a possible global recession capped gains.
Brent crude LCOc1 had gained 33 cents, or 0.6%, to $60.36 a barrel by 0654 GMT, after settling 0.5% higher on Tuesday.
U.S. crude CLc1 was up 17 cents, or 0.3%, at $56.30 a barrel.
U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a fall of 1.9 million barrels.
Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but ongoing worries about a possible global recession capped gains.
Brent crude LCOc1 had gained 33 cents, or 0.6%, to $60.36 a barrel by 0654 GMT, after settling 0.5% higher on Tuesday.
U.S. crude CLc1 was up 17 cents, or 0.3%, at $56.30 a barrel.
U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts polled by Reuters had expected a fall of 1.9 million barrels.
Goldman Sachs claws its way into contention for #Saudi Aramco IPO | Financial Times
Goldman Sachs claws its way into contention for Saudi Aramco IPO | Financial Times:
Goldman Sachs has clawed its way into contention for a role in Saudi Aramco’s planned stock market listing, after a months-long charm offensive by top executives, including former Trump administration official Dina Powell, said several people briefed on the matter.
Ms Powell, who left Goldman in 2017 to work at the White House and came back to the Wall Street bank a year later, has leveraged her knowledge of the region and relationships with the kingdom’s highest authorities to seek business for Goldman, said one person close to the Saudi state energy giant.
“She’s a formidable operator,” he said. “She’s doing what she did for Trump, for Goldman . . . she is opening doors to win business.”
Goldman Sachs has clawed its way into contention for a role in Saudi Aramco’s planned stock market listing, after a months-long charm offensive by top executives, including former Trump administration official Dina Powell, said several people briefed on the matter.
Ms Powell, who left Goldman in 2017 to work at the White House and came back to the Wall Street bank a year later, has leveraged her knowledge of the region and relationships with the kingdom’s highest authorities to seek business for Goldman, said one person close to the Saudi state energy giant.
“She’s a formidable operator,” he said. “She’s doing what she did for Trump, for Goldman . . . she is opening doors to win business.”
Subscribe to:
Posts (Atom)