Oil Short-Sellers’ Gloom Deepens With Price Stuck Below $55 - Bloomberg

Oil Short-Sellers’ Gloom Deepens With Price Stuck Below $55 - Bloomberg:

Hedge funds are increasingly pessimistic on oil as U.S. stockpiles surge and crude refining plunges.

Bets on a West Texas Intermediate crude rout rose 7.6% in the week ended Oct. 15 and have almost tripled since mid-September, data released Friday show. A report showing American crude storage rose for a fifth week while refiners cut processing rates to the lowest since 2017 only reinforced bearish expectations.

“The perception of falling demand is driving prices lower,” said Bob Iaccino, market strategist at Chicago-based Path Trading Partners. “No one thinks that demand is going to get higher.”

#AbuDhabi's Mubadala eyes debt market, weighs SoftBank's Vision Fund 2: CEO - Reuters

Abu Dhabi's Mubadala eyes debt market, weighs SoftBank's Vision Fund 2: CEO - Reuters:

Abu Dhabi state investor Mubadala Investment Co is weighing debt issuance amid attractive market conditions and could invest in oil giant Saudi Aramco’s planned share offering, its group chief executive said on Thursday.

Khaldoon Khalifa al Mubarak added the state investor exited its investment in U.S.chipmaker Advanced Micro Devices (AMD.O) in September after 12 years, having made $4.25 billion on its initial investment of $770 million.

The Gulf has seen a flurry of international debt issuance as governments and companies take advantage of low global rates to attract yield-seeking investors and raise debt cheaply.

EWEC and ACWA secure $869 mln for #AbuDhabi desalination plant - Reuters

EWEC and ACWA secure $869 mln for Abu Dhabi desalination plant - Reuters:

Emirates Water and Electricity Company (EWEC) and Saudi Arabia’s ACWA Power said on Saturday they had secured financing of 3.19 billion dirhams ($869 million) for Abu Dhabi’s Taweelah water desalination plant.

The project would be the world’s largest reverse osmosis desalination plant, the two companies said in a statement.

Abu Dhabi, capital of the United Arab Emirates, is building the Taweelah water desalination plant independent of a power generation plant for the first time. It has traditionally built water and power plants side by side.