US Oil Rig Count Inches Higher As Production Hits 13 Million Bpd | OilPrice.com:
After a brutal week for oil prices courtesy of an outbreak of a deadly virus in China, Baker Hughes reported that the number of oil and gas rigs in the US decreased this week, to 794—a decrease of 2 rigs. Oil rigs, however, increased for the week.
The total oil and gas rig count is now 265 down from this time last year.
For oil rigs, this week saw an increase of 3 rigs, according to Baker Hughes data, bringing the total to 676—a 186-rig loss year over year.
The total number of active gas rigs in the United States fell by 5 according to the report, to 115. This compares to 197 a year ago.
Meanwhile, production has finally surpassed the psychologically important threshold of 13 million bpd, according to data provided by the Energy Information Administration, where it has sat for two weeks.
Friday, 24 January 2020
Finablr stock dives on debt deal in fresh blow to billionaire owner - Reuters
Finablr stock dives on debt deal in fresh blow to billionaire owner - Reuters:
Shares in payments company Finablr (FINF.L) plunged 27% on Friday after it disclosed its majority owner, UAE-based Indian billionaire B. R. Shetty, had pledged over half the company’s stock as security against debts it incurred buying Travelex.
Another of Shetty’s London-listed firms, United Arab Emirates’ largest private healthcare provider NMC Health (NMC.L) has halved in value after being hit in December by U.S. short-selling firm Muddy Waters.
Shetty’s Finablr bought British travel money firm Travelex in 2015, which this month suffered a cyber attack that forced its systems offline for weeks and caused chaos for holidaymakers.
“The outlook for Finablr is poor. The fact the founder used roughly half of the company’s shares as collateral for a loan suggests the situation is serious,” said CMC Markets analyst David Madden.
Shares in payments company Finablr (FINF.L) plunged 27% on Friday after it disclosed its majority owner, UAE-based Indian billionaire B. R. Shetty, had pledged over half the company’s stock as security against debts it incurred buying Travelex.
Another of Shetty’s London-listed firms, United Arab Emirates’ largest private healthcare provider NMC Health (NMC.L) has halved in value after being hit in December by U.S. short-selling firm Muddy Waters.
Shetty’s Finablr bought British travel money firm Travelex in 2015, which this month suffered a cyber attack that forced its systems offline for weeks and caused chaos for holidaymakers.
“The outlook for Finablr is poor. The fact the founder used roughly half of the company’s shares as collateral for a loan suggests the situation is serious,” said CMC Markets analyst David Madden.
Oil falls below $61, heads for weekly loss on China virus concerns - Reuters
Oil falls below $61, heads for weekly loss on China virus concerns - Reuters:
Oil extended losses on Friday to trade below $61 a barrel, heading for a weekly decline as concern that the coronavirus in China may spread, curbing travel and oil demand, outweighed the impact of cuts to supply.
The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend, when millions of Chinese travel.
Global benchmark Brent LCOc1 was down $1.13 to $60.91 by 1440 GMT. The contract is down over 6% this week, its third consecutive weekly drop. U.S. crude CLc1 slipped 93 cents to $54.66 and was also on course for a weekly decline.
“One should be prepared for negative surprises when it comes to Chinese demand,” said Eugen Weinberg, analyst at Commerzbank. “The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese.”
Oil extended losses on Friday to trade below $61 a barrel, heading for a weekly decline as concern that the coronavirus in China may spread, curbing travel and oil demand, outweighed the impact of cuts to supply.
The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend, when millions of Chinese travel.
Global benchmark Brent LCOc1 was down $1.13 to $60.91 by 1440 GMT. The contract is down over 6% this week, its third consecutive weekly drop. U.S. crude CLc1 slipped 93 cents to $54.66 and was also on course for a weekly decline.
“One should be prepared for negative surprises when it comes to Chinese demand,” said Eugen Weinberg, analyst at Commerzbank. “The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese.”
Global LNG Poised for Terrible Year as New Supply Floods Market - Bloomberg
Global LNG Poised for Terrible Year as New Supply Floods Market - Bloomberg:
Liquefied natural gas prices are poised to test record lows this year thanks to an onslaught of new supply and warmer winter temperatures curbing consumption.
The startup of new export projects from Australia to the U.S. has flooded the market, while brimming stockpiles in Europe and an expected slowdown in Chinese demand have dumped cold water on consumption prospects. LNG for spot delivery to North Asia is on track to hit an all-time low this summer, while gas prices in Europe and the U.S. are trading at the weakest seasonal levels since 1999.
“The global oversupply of LNG has been building and building and building,” said Ron Ozer, founder of gas-focused hedge fund Statar Capital LLC in New York. “The gas market can’t stomach the oversupply and warm weather, and it’s getting both.”
Liquefied natural gas prices are poised to test record lows this year thanks to an onslaught of new supply and warmer winter temperatures curbing consumption.
The startup of new export projects from Australia to the U.S. has flooded the market, while brimming stockpiles in Europe and an expected slowdown in Chinese demand have dumped cold water on consumption prospects. LNG for spot delivery to North Asia is on track to hit an all-time low this summer, while gas prices in Europe and the U.S. are trading at the weakest seasonal levels since 1999.
“The global oversupply of LNG has been building and building and building,” said Ron Ozer, founder of gas-focused hedge fund Statar Capital LLC in New York. “The gas market can’t stomach the oversupply and warm weather, and it’s getting both.”
Virus Anxiety Has Oil Poised for Longest Losing Streak Since May - Bloomberg
Virus Anxiety Has Oil Poised for Longest Losing Streak Since May - Bloomberg:
Oil is heading for the longest run of weekly losses since May on fears China’s coronavirus outbreak may dent demand amid plentiful global supplies, even as U.S. crude inventories unexpectedly declined.
Futures in New York are down 4.6% this week as officials widened their travel ban beyond the epicenter of the outbreak. S&P Global Ratings warned that the virus could hit Chinese consumption following a prediction from Goldman Sachs Group Inc. earlier in the week that oil demand may drop. Broader market sentiment was mixed, with mainland China shut for Lunar New Year holidays.
The fast-spreading virus is the latest challenge for a market that’s been buffeted this year by geopolitical turmoil in the Middle East and North Africa, as well as the phase-one trade deal between Beijing and Washington. While the International Energy Agency says the world is “awash with oil,” a surprise 405,000-barrel decrease in U.S. crude stockpiles offered some relief.
“The coronavirus has clearly taken many of the more fundamental issues off the market and is clearly impacting sentiment,” said Daniel Hynes, senior commodity strategist at Australia & New Zealand Banking Group Ltd. in Sydney. “Issues that could negatively impact demand seem to have a greater sort of sensitivity.”
Oil is heading for the longest run of weekly losses since May on fears China’s coronavirus outbreak may dent demand amid plentiful global supplies, even as U.S. crude inventories unexpectedly declined.
Futures in New York are down 4.6% this week as officials widened their travel ban beyond the epicenter of the outbreak. S&P Global Ratings warned that the virus could hit Chinese consumption following a prediction from Goldman Sachs Group Inc. earlier in the week that oil demand may drop. Broader market sentiment was mixed, with mainland China shut for Lunar New Year holidays.
The fast-spreading virus is the latest challenge for a market that’s been buffeted this year by geopolitical turmoil in the Middle East and North Africa, as well as the phase-one trade deal between Beijing and Washington. While the International Energy Agency says the world is “awash with oil,” a surprise 405,000-barrel decrease in U.S. crude stockpiles offered some relief.
“The coronavirus has clearly taken many of the more fundamental issues off the market and is clearly impacting sentiment,” said Daniel Hynes, senior commodity strategist at Australia & New Zealand Banking Group Ltd. in Sydney. “Issues that could negatively impact demand seem to have a greater sort of sensitivity.”
#Dubai's Emirates NBD Bank sells stake in NMC after Muddy Waters attack - Reuters
Dubai's Emirates NBD Bank sells stake in NMC after Muddy Waters attack - Reuters:
Dubai’s Emirates NBD Bank said on Friday it had sold a 1.04% stake in healthcare firm NMC Health for 27.05 million pounds ($35.55 million), weeks after NMC was hit by a short-selling attack by U.S. firm Muddy Waters.
The sale of 2.16 million shares in NMC, United Arab Emirates’ largest private healthcare provider, at 12.50 pounds per share, also comes days after two major shareholders launched a discounted share sale in the London-listed group.
The bank is NMC’s ninth-largest investor according to Refinitiv data.
Dubai’s Emirates NBD Bank said on Friday it had sold a 1.04% stake in healthcare firm NMC Health for 27.05 million pounds ($35.55 million), weeks after NMC was hit by a short-selling attack by U.S. firm Muddy Waters.
The sale of 2.16 million shares in NMC, United Arab Emirates’ largest private healthcare provider, at 12.50 pounds per share, also comes days after two major shareholders launched a discounted share sale in the London-listed group.
The bank is NMC’s ninth-largest investor according to Refinitiv data.
Oil rises, but potential impact of China virus on fuel demand haunts market - Reuters
Oil rises, but potential impact of China virus on fuel demand haunts market - Reuters:
Oil prices climbed on Friday, following a drawdown in U.S. crude stocks, but were set to fall heavily for the week amid worries that a new coronavirus in China that has killed 25 so far may spread, curbing travel, fuel demand and economic prospects.
Brent crude futures LCOc1 were up 31 cents, or 0.5%, at $62.35 a barrel by 0741 GMT after falling 1.9% the previous session. For the week, Brent is down about 4%.
U.S. West Texas Intermediate futures CLc1 were up 27 cents, or 0.5% higher at $55.86 a barrel. The contract fell 2% on Thursday and is 4.6% lower for the week.
“Oil’s sell-off (for the week) continued at pace as fears continued about the effects on global demand from a virus-induced economic slowdown in Asia,” said Jeffrey Halley, senior market analyst, OANDA. “We would expect the fragility in oil prices to continue.”
Oil prices climbed on Friday, following a drawdown in U.S. crude stocks, but were set to fall heavily for the week amid worries that a new coronavirus in China that has killed 25 so far may spread, curbing travel, fuel demand and economic prospects.
Brent crude futures LCOc1 were up 31 cents, or 0.5%, at $62.35 a barrel by 0741 GMT after falling 1.9% the previous session. For the week, Brent is down about 4%.
U.S. West Texas Intermediate futures CLc1 were up 27 cents, or 0.5% higher at $55.86 a barrel. The contract fell 2% on Thursday and is 4.6% lower for the week.
“Oil’s sell-off (for the week) continued at pace as fears continued about the effects on global demand from a virus-induced economic slowdown in Asia,” said Jeffrey Halley, senior market analyst, OANDA. “We would expect the fragility in oil prices to continue.”
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