Oil slips on trade fears but soars in week after Saudi production attacked - Reuters:
Oil prices eased on Friday on renewed concern over the U.S.-China trade war, but futures still posted weekly gains, with Brent marking its biggest weekly increase since January, after an attack on Saudi Arabia’s energy industry last weekend.
Brent crude LCOc1 futures fell 12 cents to settle at $64.28 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures ended 4 cents lower at $58.09 a barrel.
Prices pared gains along with the stock and grains markets after Chinese agriculture officials that were due to visit U.S. farm states next week canceled their trip to Montana and Nebraska to return to China sooner than originally scheduled.
The cancellation came as trade talks were held in Washington and U.S. President Donald Trump said he wanted a complete trade deal with the Asian nation, not just an agreement for China to buy more U.S. agricultural goods.
Friday, 20 September 2019
U.S. shale producers boost oil hedging after #Saudi attack: sources - Reuters
U.S. shale producers boost oil hedging after Saudi attack: sources - Reuters:
U.S. shale producers pounced on the chance to lock in future revenue for this year and next after oil prices surged by the most in 30 years early this week following attacks on Saudi Arabia’s oil facilities, sources familiar with the money flows said.
The additional protection at higher prices could boost U.S. production growth rates, they said, after slowing earlier this year as investor pressure forced companies to rein in spending.
Crude swap activity spiked sharply on the heels of the attacks in Saudi Arabia, which temporarily knocked out about 5% of global supplies. Swaps are a type of contract that allow producers to lock in or fix the price they receive for their oil production.
U.S. shale producers pounced on the chance to lock in future revenue for this year and next after oil prices surged by the most in 30 years early this week following attacks on Saudi Arabia’s oil facilities, sources familiar with the money flows said.
The additional protection at higher prices could boost U.S. production growth rates, they said, after slowing earlier this year as investor pressure forced companies to rein in spending.
Crude swap activity spiked sharply on the heels of the attacks in Saudi Arabia, which temporarily knocked out about 5% of global supplies. Swaps are a type of contract that allow producers to lock in or fix the price they receive for their oil production.
U.S. Oil Rig Count Takes Sharp Turn Downward | OilPrice.com
U.S. Oil Rig Count Takes Sharp Turn Downward | OilPrice.com:
The US oil and gas rig count fell again, decreasing by 18 for the week, according to Baker Hughes, but US oil companies are still pumping oil at record rates.
The total oil and gas rig count now stands at 868, or 185 down from this time last year.
The total number of active oil rigs in the United States decreased by 14 according to the report, reaching 719. The number of active gas rigs decreased by 5 to reach 148.
The US oil and gas rig count fell again, decreasing by 18 for the week, according to Baker Hughes, but US oil companies are still pumping oil at record rates.
The total oil and gas rig count now stands at 868, or 185 down from this time last year.
The total number of active oil rigs in the United States decreased by 14 according to the report, reaching 719. The number of active gas rigs decreased by 5 to reach 148.
Digenean: I'd Be Cautious Buying the Oil Rally - Bloomberg
Digenean: I'd Be Cautious Buying the Oil Rally - Bloomberg:
Thomas Digenan, head of U.S. intrinsic value equity at UBS Asset Management, talks oil in the wake of an attack on Saudi oil production. He speaks on "Bloomberg Daybreak: Americas." (Source: Bloomberg)
Thomas Digenan, head of U.S. intrinsic value equity at UBS Asset Management, talks oil in the wake of an attack on Saudi oil production. He speaks on "Bloomberg Daybreak: Americas." (Source: Bloomberg)
Trump says U.S. sanctioning #Iran's national bank - Reuters
Trump says U.S. sanctioning Iran's national bank - Reuters:
The United States is imposing sanctions on Iran’s national bank, U.S. President Donald Trump told reporters at the White House on Friday.
Trump did not give any other details about the sanctions. U.S. Treasury Secretary Steven Mnuchin said the bank was Tehran’s last source of funds.
The United States is imposing sanctions on Iran’s national bank, U.S. President Donald Trump told reporters at the White House on Friday.
Trump did not give any other details about the sanctions. U.S. Treasury Secretary Steven Mnuchin said the bank was Tehran’s last source of funds.
#Saudi Aramco confident Khurais full output to resume by end-September - Reuters
Saudi Aramco confident Khurais full output to resume by end-September - Reuters:
Saudi Aramco is confident full production will resume by the end of September from Khurais, one of two oil sites attacked on Sept. 14, a company executive said on Friday.
Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Fahad Abdulkarim, Aramco’s general manager for the southern area oil operation, told reporters on a tour organized by the state company.
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“We are confident we are going back to the full production we were at before the attack (on Khurais) by the end of September,” Abdulkarim said.
Saudi Aramco is confident full production will resume by the end of September from Khurais, one of two oil sites attacked on Sept. 14, a company executive said on Friday.
Aramco is shipping equipment from the United States and Europe to rebuild the damaged facilities, Fahad Abdulkarim, Aramco’s general manager for the southern area oil operation, told reporters on a tour organized by the state company.
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“We are confident we are going back to the full production we were at before the attack (on Khurais) by the end of September,” Abdulkarim said.
RPT-COLUMN-Oil traders reassess interruption of #Saudi output: Kemp - Reuters
RPT-COLUMN-Oil traders reassess interruption of Saudi output: Kemp - Reuters:
Brent oil futures prices have gyrated wildly as traders have tried to assess the impact of last week’s attacks on Saudi Arabia’s oil infrastructure on the actual availability of crude.
Brent’s six-month calendar spread surged to a backwardation of more than $5.50 per barrel on the first trading day after the attacks, the highest for six years, showing oil traders were anticipating severe shortages in the very short term.
Since then the six-month spread has fallen to trade around $4 per barrel, though it is still significantly higher than the $2.70 reported before the attacks.
Brent oil futures prices have gyrated wildly as traders have tried to assess the impact of last week’s attacks on Saudi Arabia’s oil infrastructure on the actual availability of crude.
Brent’s six-month calendar spread surged to a backwardation of more than $5.50 per barrel on the first trading day after the attacks, the highest for six years, showing oil traders were anticipating severe shortages in the very short term.
Since then the six-month spread has fallen to trade around $4 per barrel, though it is still significantly higher than the $2.70 reported before the attacks.
#AbuDhabi's International Holdings acquires two Shuaa’s units | ZAWYA MENA Edition
Abu Dhabi's International Holdings acquires two Shuaa’s units | ZAWYA MENA Edition:
International Holdings Company’s (IHC) unit, IHC Holding RSC, has acquired Shuaa Securities and Shuaa Capital International, subsidiaries of Shuaa Capital.
The deal will be pending required regulatory approvals, according to a bourse statement released on Thursday. The value of the transaction was not revealed.
In line with its strategy to develop the food investment sector, IHC also acquired Al Ajban Poultry.
International Holdings Company’s (IHC) unit, IHC Holding RSC, has acquired Shuaa Securities and Shuaa Capital International, subsidiaries of Shuaa Capital.
The deal will be pending required regulatory approvals, according to a bourse statement released on Thursday. The value of the transaction was not revealed.
In line with its strategy to develop the food investment sector, IHC also acquired Al Ajban Poultry.
#SaudiArabia ‘bullies’ wealthy families to pump cash into oil IPO | Financial Times
Saudi Arabia ‘bullies’ wealthy families to pump cash into oil IPO | Financial Times:
Saudi Arabia is pressuring wealthy families to buy in to the initial public offering of its state oil company, as part of a plan to achieve the $2tn valuation coveted by Crown Prince Mohammed bin Salman.
Eight people familiar with the talks said they were part of a plan to build confidence in the Saudi Aramco deal, which has been rocked by last weekend’s devastating attacks on Saudi Arabia’s oil infrastructure.
Four of the sources said the aim was to “strong arm”, “coerce” or “bully” some of the wealthiest families in the kingdom to become cornerstone investors in what has been billed as the world’s biggest ever IPO.
Saudi Arabia is pressuring wealthy families to buy in to the initial public offering of its state oil company, as part of a plan to achieve the $2tn valuation coveted by Crown Prince Mohammed bin Salman.
Eight people familiar with the talks said they were part of a plan to build confidence in the Saudi Aramco deal, which has been rocked by last weekend’s devastating attacks on Saudi Arabia’s oil infrastructure.
Four of the sources said the aim was to “strong arm”, “coerce” or “bully” some of the wealthiest families in the kingdom to become cornerstone investors in what has been billed as the world’s biggest ever IPO.
Tensions in Middle East hoist oil prices to largest weekly gain for months - Reuters
Tensions in Middle East hoist oil prices to largest weekly gain for months - Reuters:
Oil prices were on track to jump more than 7% this week, their biggest weekly rise in months, as early trading on Friday saw gains extended on fresh Middle East tensions after a key Saudi Arabian supply hub was knocked out in an attack last weekend.
A Saudi-led coalition launched a military operation north of Yemen’s port city of Hodeidah, as the United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.
Brent crude LCOc1 is on track to rise about 7.7% this week, the biggest weekly gain since January. The front-month November contract was at $64.77 a barrel, up 37 cents, by 0650 GMT.
Oil prices were on track to jump more than 7% this week, their biggest weekly rise in months, as early trading on Friday saw gains extended on fresh Middle East tensions after a key Saudi Arabian supply hub was knocked out in an attack last weekend.
A Saudi-led coalition launched a military operation north of Yemen’s port city of Hodeidah, as the United States worked with Middle East and European nations to build a coalition to deter Iranian threats after the Saudi attack.
Brent crude LCOc1 is on track to rise about 7.7% this week, the biggest weekly gain since January. The front-month November contract was at $64.77 a barrel, up 37 cents, by 0650 GMT.
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