Friday 26 February 2021
Oil set for steady gains as economies shake off pandemic blues | Reuters
Oil set for steady gains as economies shake off pandemic blues | Reuters
Oil prices will stage a steady recovery this year as vaccines reach more people and speed an economic revival, with further impetus coming from stimulus and output discipline by top crude producers, a Reuters poll showed on Friday.
The survey of 55 participants forecast Brent crude would average $59.07 per barrel in 2021, up from last month’s $54.47 forecast.
This is the biggest month-on-month upward revision for the yearly forecast in Reuters polls going back until at least 2016.
Brent has averaged around $58.80 so far this year.
“Travel and leisure activity look set to catch up to buoyant manufacturing activity due to the mix of stimulus, confidence, vaccines, and more targeted pandemic measures,” said Norbert Ruecker of Julius Baer.
Oil prices will stage a steady recovery this year as vaccines reach more people and speed an economic revival, with further impetus coming from stimulus and output discipline by top crude producers, a Reuters poll showed on Friday.
The survey of 55 participants forecast Brent crude would average $59.07 per barrel in 2021, up from last month’s $54.47 forecast.
This is the biggest month-on-month upward revision for the yearly forecast in Reuters polls going back until at least 2016.
Brent has averaged around $58.80 so far this year.
“Travel and leisure activity look set to catch up to buoyant manufacturing activity due to the mix of stimulus, confidence, vaccines, and more targeted pandemic measures,” said Norbert Ruecker of Julius Baer.
Amanda Staveley v Barclays: a financial defeat but a PR victory | Barclays | The Guardian #AbuDhabi #UAE #Qatar
Amanda Staveley v Barclays: a financial defeat but a PR victory | Barclays | The Guardian
When Roger Jenkins hotfooted it out of one crunch meeting in his Mayfair home in the autumn of 2008 – and straight round the corner to another at the Dorchester hotel – Barclays’ then chairman of investment banking could hardly have imagined that the minutiae of those encounters would linger in anybody’s memory for long.
The purpose and potential consequences of the meetings could not have appeared more simple and pressing, as the financial world was in a midst of genuine crisis that had just caused the collapse of Lehman Brothers on Wall Street.
Either Jenkins’ efforts would help secure emergency funding to save Barclays and allow him and his colleagues to get back to the business of making money. Or his sales patter would fail and the bank – plus the £39m annual pay and bonuses he had enjoyed for the previous three years – were history.
But, in the end, reality proved less binary.
When Roger Jenkins hotfooted it out of one crunch meeting in his Mayfair home in the autumn of 2008 – and straight round the corner to another at the Dorchester hotel – Barclays’ then chairman of investment banking could hardly have imagined that the minutiae of those encounters would linger in anybody’s memory for long.
The purpose and potential consequences of the meetings could not have appeared more simple and pressing, as the financial world was in a midst of genuine crisis that had just caused the collapse of Lehman Brothers on Wall Street.
Either Jenkins’ efforts would help secure emergency funding to save Barclays and allow him and his colleagues to get back to the business of making money. Or his sales patter would fail and the bank – plus the £39m annual pay and bonuses he had enjoyed for the previous three years – were history.
But, in the end, reality proved less binary.
Oil drops on dollar strength and OPEC+ supply expectations | Reuters
Oil drops on dollar strength and OPEC+ supply expectations | Reuters
Oil prices fell on Friday as bond price rout led to gains in the U.S. dollar while crude supply is expected to rise in response to prices climbing above pre-pandemic levels.
Brent crude futures for April, which expire on Friday, fell 99 cents, or 1.4%, to $65.89 a barrel by 1203 GMT. The more actively traded May contract slipped by $1.19 to $64.92.
U.S. West Texas Intermediate (WTI) crude futures dropped $1.27, or 2%, to $62.26.
A sell-off in bond markets lifted the U.S. dollar, making dollar-priced oil more expensive for holders of other currencies.
Oil prices fell on Friday as bond price rout led to gains in the U.S. dollar while crude supply is expected to rise in response to prices climbing above pre-pandemic levels.
Brent crude futures for April, which expire on Friday, fell 99 cents, or 1.4%, to $65.89 a barrel by 1203 GMT. The more actively traded May contract slipped by $1.19 to $64.92.
U.S. West Texas Intermediate (WTI) crude futures dropped $1.27, or 2%, to $62.26.
A sell-off in bond markets lifted the U.S. dollar, making dollar-priced oil more expensive for holders of other currencies.
S&P Says #Qatar Developer Ezdan Faces Restructuring, Default Risk - Bloomberg
S&P Says Qatar Developer Ezdan Faces Restructuring, Default Risk - Bloomberg
Ezdan Holding Group said it’s finalizing a bank facility to fully repay its $500 million sukuk maturing in May after S&P Global Ratings said the Qatari property developer faces the risk of a default or debt restructuring.
“The company is currently in the final stage of finalizing a facility agreement with a major bank for repayment of sukuk 2021 fully,” it said in a statement on Friday. Ezdan said it plans to repay another $500 million sukuk maturing in April 2022 mainly through operating cash flows and bank balances.
Bonds of Ezdan slumped Thursday after S&P cut the company’s ratings to CCC from B- with a negative outlook, citing it reflected narrowing liquidity and high debt balances that could lead to a distressed exchange, debt restructuring or default over the next 3-12 months.
The company’s dollar bonds due in May slid by 6.6 cents to 90.45 cents on the dollar on Thursday, the biggest decline in about 10 months.
“Ezdan confirms and is committed that the cash and bank balances, cash flows from operations, and the credit lines available to Ezdan will be sufficient to repay sukuk maturing in May 2021 and April 2022,” it said.
Ezdan Holding Group said it’s finalizing a bank facility to fully repay its $500 million sukuk maturing in May after S&P Global Ratings said the Qatari property developer faces the risk of a default or debt restructuring.
“The company is currently in the final stage of finalizing a facility agreement with a major bank for repayment of sukuk 2021 fully,” it said in a statement on Friday. Ezdan said it plans to repay another $500 million sukuk maturing in April 2022 mainly through operating cash flows and bank balances.
Bonds of Ezdan slumped Thursday after S&P cut the company’s ratings to CCC from B- with a negative outlook, citing it reflected narrowing liquidity and high debt balances that could lead to a distressed exchange, debt restructuring or default over the next 3-12 months.
The company’s dollar bonds due in May slid by 6.6 cents to 90.45 cents on the dollar on Thursday, the biggest decline in about 10 months.
“Ezdan confirms and is committed that the cash and bank balances, cash flows from operations, and the credit lines available to Ezdan will be sufficient to repay sukuk maturing in May 2021 and April 2022,” it said.
Oil prices drop amid U.S. dollar strength, expectations for supply gains | Reuters
Oil prices drop amid U.S. dollar strength, expectations for supply gains | Reuters
Oil prices dropped on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to return to the market.
U.S. West Texas Intermediate (WTI) crude futures dropped 72 cents, or 1.1%, to $62.81 a barrel at 0516 GMT, giving up all of Thursday’s gains.
Brent crude futures for April, which expires on Friday, fell 63 cents, or 0.9%, to $66.25 a barrel, following a 16 cent loss on Thursday. The more active May contract was down 77 cents, or 1.2%, to $65.34 a barrel.
“Crude oil retreated modestly from recent highs amid a ‘risk off’ sentiment as Asia-Pacific equities pulled back broadly following a sour lead from Wall Street,” said Margaret Yang, a strategist at Singapore-based DailyFX.
Oil prices dropped on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to return to the market.
U.S. West Texas Intermediate (WTI) crude futures dropped 72 cents, or 1.1%, to $62.81 a barrel at 0516 GMT, giving up all of Thursday’s gains.
Brent crude futures for April, which expires on Friday, fell 63 cents, or 0.9%, to $66.25 a barrel, following a 16 cent loss on Thursday. The more active May contract was down 77 cents, or 1.2%, to $65.34 a barrel.
“Crude oil retreated modestly from recent highs amid a ‘risk off’ sentiment as Asia-Pacific equities pulled back broadly following a sour lead from Wall Street,” said Margaret Yang, a strategist at Singapore-based DailyFX.
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