Oil jumps after Fed says it will act to sustain U.S. growth - Reuters:
Oil prices rose above $61 a barrel on Friday after the head of the U.S. Federal Reserve said the central bank will act “as appropriate” to sustain an economic expansion in the world’s biggest economy that has been pressured by uncertainty over global trade.
Global benchmark Brent crude settled at $61.54 a barrel, up 59 cents, or 1%, while U.S. West Texas Intermediate (WTI) crude ended 22 cents, or 0.4%, higher at $56.52.
Both benchmarks had declined earlier on concerns over slipping U.S. job growth and continued U.S.-China trade tensions, despite recent diplomatic progress.
The Federal Reserve has an obligation “to use our tools to support the economy, and that’s what we’ll continue to do,” Fed Chair Jerome Powell said at the University of Zurich, sticking to a phrase that financial markets have read as signaling further interest-rate reductions ahead. The Fed cut rates by a quarter of a percentage point in July.
Friday, 6 September 2019
#AbuDhabi’s Aabar Bonds Plunge on Concern Over Its Finances - Bloomberg
Abu Dhabi’s Aabar Bonds Plunge on Concern Over Its Finances - Bloomberg:
Bonds of Aabar Investments sank the most on record after auditors raised concerns about the financial well-being of the company, the second-largest shareholder of Italian lender UniCredit SpA.
The euro-denominated bonds due in March plummeted 23 cents to 74 cents on Tuesday, after Ernst & Young LLP provided an “adverse opinion” about the company’s 2018 finances, “accumulated losses and a deficiency of assets,” Aabar said in an Aug. 30 statement.
The company, which has about $6.4 billion of outstanding debt, said it’s “considering the resources and options available to it to continue its normal operating activities and meet its financial obligations as they arise.”
Bonds of Aabar Investments sank the most on record after auditors raised concerns about the financial well-being of the company, the second-largest shareholder of Italian lender UniCredit SpA.
The euro-denominated bonds due in March plummeted 23 cents to 74 cents on Tuesday, after Ernst & Young LLP provided an “adverse opinion” about the company’s 2018 finances, “accumulated losses and a deficiency of assets,” Aabar said in an Aug. 30 statement.
The company, which has about $6.4 billion of outstanding debt, said it’s “considering the resources and options available to it to continue its normal operating activities and meet its financial obligations as they arise.”
Oil down but still set for weekly gain on U.S.-China diplomacy - Reuters
Oil down but still set for weekly gain on U.S.-China diplomacy - Reuters:
Oil prices fell on Friday as U.S.-China trade tensions continued to weigh on sentiment despite recent diplomatic progress.
Brent crude was down 93 cents, or 1.53%, at $60.02 a barrel by 1420 GMT. U.S. West Texas Intermediate (WTI) crude was down $1.08, or 1.92%, at $55.22.
Brent is still set to register its fourth consecutive weekly gain while U.S. crude is on track for a second weekly rise.
Oil prices fell on Friday as U.S.-China trade tensions continued to weigh on sentiment despite recent diplomatic progress.
Brent crude was down 93 cents, or 1.53%, at $60.02 a barrel by 1420 GMT. U.S. West Texas Intermediate (WTI) crude was down $1.08, or 1.92%, at $55.22.
Brent is still set to register its fourth consecutive weekly gain while U.S. crude is on track for a second weekly rise.
LNG contracted by Poland's PGNiG 20-30% cheaper than Russian gas -minister - Reuters
LNG contracted by Poland's PGNiG 20-30% cheaper than Russian gas -minister - Reuters:
Liquefied natural gas (LNG) recently contracted by Poland’s state-run gas firm PGNiG is 20-30% cheaper than the gas the company has to buy from Russia’s Gazprom under a long-term contract, a Polish minister said on Friday.
Poland still imports most of the gas it consumes from Russia, but Warsaw has taken steps to reduce that reliance so that it does not have to extend the long-term deal on gas supplies after 2022 when it is scheduled to expire.
The country has significantly increased LNG purchases via its terminal in Swinoujscie on the Baltic Sea following PGNiG deals with Qatar and the United States.
Liquefied natural gas (LNG) recently contracted by Poland’s state-run gas firm PGNiG is 20-30% cheaper than the gas the company has to buy from Russia’s Gazprom under a long-term contract, a Polish minister said on Friday.
Poland still imports most of the gas it consumes from Russia, but Warsaw has taken steps to reduce that reliance so that it does not have to extend the long-term deal on gas supplies after 2022 when it is scheduled to expire.
The country has significantly increased LNG purchases via its terminal in Swinoujscie on the Baltic Sea following PGNiG deals with Qatar and the United States.
GLOBAL LNG-Asian spot prices dip as European gas storage fills up - Reuters
GLOBAL LNG-Asian spot prices dip as European gas storage fills up - Reuters:
Asian spot prices for liquefied natural gas (LNG) slipped this week, as gas storage in Europe fills up and on higher U.S. supplies.
But the lower prices attracted some buying interest from Indian and Chinese companies, helping to keep a floor on prices.
Spot prices for October delivery to Northeast Asia LNG-AS are estimated to be about $4.30 to $4.50 per million British thermal units (mmBtu), down 20 to 40 cents from last week, said several sources that participate in the market.
Asian spot prices for liquefied natural gas (LNG) slipped this week, as gas storage in Europe fills up and on higher U.S. supplies.
But the lower prices attracted some buying interest from Indian and Chinese companies, helping to keep a floor on prices.
Spot prices for October delivery to Northeast Asia LNG-AS are estimated to be about $4.30 to $4.50 per million British thermal units (mmBtu), down 20 to 40 cents from last week, said several sources that participate in the market.
Oil Heads for Biggest Weekly Rise Since July as Stockpiles Fall - Bloomberg
Oil Heads for Biggest Weekly Rise Since July as Stockpiles Fall - Bloomberg:
Oil headed for the biggest weekly advance since mid-July as American crude stockpiles shrank more than forecast, while plans to resume U.S.-China trade talks buoyed the economic outlook.
Futures were little changed in New York, bringing their gain for the week to 2.1%. American inventories slid by 4.8 million barrels last week, according to government data Thursday, more than double the draw expected by analysts surveyed by Bloomberg. China and the U.S. said they would proceed with face-to-face negotiations next month, giving investors some hope of a resolution to their dispute even though there’s skepticism on both sides that progress can be made.
Oil headed for the biggest weekly advance since mid-July as American crude stockpiles shrank more than forecast, while plans to resume U.S.-China trade talks buoyed the economic outlook.
Futures were little changed in New York, bringing their gain for the week to 2.1%. American inventories slid by 4.8 million barrels last week, according to government data Thursday, more than double the draw expected by analysts surveyed by Bloomberg. China and the U.S. said they would proceed with face-to-face negotiations next month, giving investors some hope of a resolution to their dispute even though there’s skepticism on both sides that progress can be made.
Oil steadies, set for weekly gain amid hopes for end to U.S.-China trade war - Reuters
Oil steadies, set for weekly gain amid hopes for end to U.S.-China trade war - Reuters:
Oil prices were steady on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased as Washington and Beijing agreed to hold high-level talks next month.
Brent crude was down 3 cents at $60.92 a barrel by 0850 GMT, while U.S. West Texas Intermediate (WTI) crude was down 10 cents at $56.20 a barrel.
Brent is set to mark its fourth weekly gain, while U.S. crude is headed for a second weekly rise.
Oil prices were steady on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased as Washington and Beijing agreed to hold high-level talks next month.
Brent crude was down 3 cents at $60.92 a barrel by 0850 GMT, while U.S. West Texas Intermediate (WTI) crude was down 10 cents at $56.20 a barrel.
Brent is set to mark its fourth weekly gain, while U.S. crude is headed for a second weekly rise.
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