Column: Oil traders bet on economic upswing in 2020: Kemp - Reuters:
Crude oil traders are betting the market will tighten significantly next year, even as the major statistical agencies predict production will outstrip consumption and oil inventories will rise.
Most of the divergence can be explained by differing assumptions about global growth in 2020.
The International Energy Agency (IEA), the U.S. Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries are all projecting that the oil market will be in surplus in 2020.
Each of the three agencies is forecasting that non-OPEC oil supplies will increase around 1 million barrels per day (bpd) faster than global oil consumption next year.
Friday, 22 November 2019
Oil pulls back from two-month highs on China trade worries - Reuters
Oil pulls back from two-month highs on China trade worries - Reuters:
Oil prices fell on Friday, pulling back from two-month highs as concern over U.S.-China trade talks overshadowed expectations of an extension to OPEC+ production cuts.
Brent crude futures LCOc1 eased 58 cents to settle at $63.39 a barrel, having touched a high of $64.27 early in the session. West Texas Intermediate crude (WTI) CLc1 fell 81 cents to settle at $57.77 a barrel, dropping from its session high of $58.74.
After paring their gains, both benchmarks ended the week little changed.
“The U.S.-China situation isn’t looking very positive, so that took some of the steam out of the rally you had this week,” said John Kilduff, a partner at Again Capital Management in New York.
Oil prices fell on Friday, pulling back from two-month highs as concern over U.S.-China trade talks overshadowed expectations of an extension to OPEC+ production cuts.
Brent crude futures LCOc1 eased 58 cents to settle at $63.39 a barrel, having touched a high of $64.27 early in the session. West Texas Intermediate crude (WTI) CLc1 fell 81 cents to settle at $57.77 a barrel, dropping from its session high of $58.74.
After paring their gains, both benchmarks ended the week little changed.
“The U.S.-China situation isn’t looking very positive, so that took some of the steam out of the rally you had this week,” said John Kilduff, a partner at Again Capital Management in New York.
#Saudi Aramco looks for patriotic IPO support close to home | Financial Times
Saudi Aramco looks for patriotic IPO support close to home | Financial Times:
Saudi Aramco rarely advertises locally but in recent weeks the state oil company has commandeered almost every advertising billboard in Saudi Arabia’s big cities.
“Soon on Tadawul,” the ads read, in a reference to the stock exchange in the capital Riyadh where the oil company plans to list as soon as next month.
The kingdom had always planned to market some Saudi Aramco shares to local retail investors. But the domestic market is now vital, after a lukewarm foreign reception led the company this week to abandon its plans to market shares to investors outside of Saudi Arabia and its Gulf neighbours.
Saudi Aramco rarely advertises locally but in recent weeks the state oil company has commandeered almost every advertising billboard in Saudi Arabia’s big cities.
“Soon on Tadawul,” the ads read, in a reference to the stock exchange in the capital Riyadh where the oil company plans to list as soon as next month.
The kingdom had always planned to market some Saudi Aramco shares to local retail investors. But the domestic market is now vital, after a lukewarm foreign reception led the company this week to abandon its plans to market shares to investors outside of Saudi Arabia and its Gulf neighbours.
National Bank of #Kuwait sells $750 mln of perpetual bonds - Reuters
National Bank of Kuwait sells $750 mln of perpetual bonds - Reuters:
National Bank of Kuwait (NBK) sold $750 million of perpetual bonds offering a 4.5% yield, a document by one of the banks leading the deal showed on Thursday.
Citi, JPMorgan, NBK Capital and Standard Chartered were hired as global coordinators to arrange the issue.
Perpetual bonds are similar to an equity instrument in that they have no maturity date.
National Bank of Kuwait (NBK) sold $750 million of perpetual bonds offering a 4.5% yield, a document by one of the banks leading the deal showed on Thursday.
Citi, JPMorgan, NBK Capital and Standard Chartered were hired as global coordinators to arrange the issue.
Perpetual bonds are similar to an equity instrument in that they have no maturity date.
#UAE in weapons making push as allies restrict sales - Reuters
UAE in weapons making push as allies restrict sales - Reuters:
The United Arab Emirates (UAE) is making a push to develop high-tech military hardware that would give it control over critical defense capabilities and lessen reliance on imports.
Wary of threats from rival Iran, and concerned over moves by some allies to hold up arms sales, the UAE is reshaping a military industry already seen as the region’s most sophisticated.
State defense companies have been brought together to form EDGE, a $5-billion conglomerate to spearhead development of advanced weapons for the country’s military.
Those ambitions were put on display at this week’s Dubai Airshow where the military handed an EDGE company a $1 billion contract for guided missiles.
The United Arab Emirates (UAE) is making a push to develop high-tech military hardware that would give it control over critical defense capabilities and lessen reliance on imports.
Wary of threats from rival Iran, and concerned over moves by some allies to hold up arms sales, the UAE is reshaping a military industry already seen as the region’s most sophisticated.
State defense companies have been brought together to form EDGE, a $5-billion conglomerate to spearhead development of advanced weapons for the country’s military.
Those ambitions were put on display at this week’s Dubai Airshow where the military handed an EDGE company a $1 billion contract for guided missiles.
Oil holds near two-month high on OPEC+ extension expectations - Reuters
Oil holds near two-month high on OPEC+ extension expectations - Reuters:
Oil prices held near two-month highs on Friday and were set for a third consecutive week of gains, boosted by expectations of an extension to OPEC+ production cuts although doubts over U.S. and China trade talks capped gains.
Brent crude futures LCOc1 dropped 6 cents to $63.91 a barrel by 0908 GMT, while West Texas Intermediate (WTI) crude futures CLc1 fell 21 cents to $58.37 per barrel.
Prices touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5 and 6.
Oil prices held near two-month highs on Friday and were set for a third consecutive week of gains, boosted by expectations of an extension to OPEC+ production cuts although doubts over U.S. and China trade talks capped gains.
Brent crude futures LCOc1 dropped 6 cents to $63.91 a barrel by 0908 GMT, while West Texas Intermediate (WTI) crude futures CLc1 fell 21 cents to $58.37 per barrel.
Prices touched their highest since late September on Thursday after Reuters reported that the Organization of the Petroleum Exporting Countries (OPEC) and Russia are likely to extend existing production cuts by another three months to mid-2020 when they meet on Dec. 5 and 6.
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