Oil settles unchanged as latest storm spares U.S. energy sector | Reuters
Oil prices ended largely unchanged on Tuesday as tropical storm Nicholas brought heavy rain and power outages in Texas but caused less damage to U.S. energy infrastructure than Hurricane Ida caused earlier this month.
Brent crude settled up 9cents to$73.60 a barrel after hitting a session high of $74.28. U.S. West Texas Intermediate (WTI) crude settled up 1 cent, at $70.46, after touching a high of $71.22.
More than 39% of the U.S. Gulf of Mexico's production of crude and natural gas remained shut on Tuesday, the regulator Bureau of Safety and Environmental Enforcement (BSEE) said. Nicholas made landfall in Texas on Monday and was to reach Louisiana on Wednesday, bringing more floods and heavy rains to the Gulf's oil facilities.
"The Gulf situation is not resolving itself quickly," said John Kilduff, partner at Again Capital LLC in New York.
Tuesday, 14 September 2021
#UAE wants quick trade talks, some deals signed in 6-12 months | Reuters
UAE wants quick trade talks, some deals signed in 6-12 months | Reuters
The United Arab Emirates will pursue an aggressive timetable to negotiate broad economic agreements with eight countries it wants to deepen trade ties with, hoping it can wrap up some of those talks within a year, its trade minister said on Tuesday.
The Gulf state, already a hub for global trade, this month announced plans to strengthen trade and economic ties with India, the United Kingdom, Turkey and South Korea, among others.
"We really do hope that ... at least the first ones are going to be concluded within six months to one year. So we are talking about a very aggressive, quick work and quick negotiations," Minister of State for Foreign Trade Thani Al Zeyoudi told Reuters in an online interview.
He did not identify any country.
The United Arab Emirates will pursue an aggressive timetable to negotiate broad economic agreements with eight countries it wants to deepen trade ties with, hoping it can wrap up some of those talks within a year, its trade minister said on Tuesday.
The Gulf state, already a hub for global trade, this month announced plans to strengthen trade and economic ties with India, the United Kingdom, Turkey and South Korea, among others.
"We really do hope that ... at least the first ones are going to be concluded within six months to one year. So we are talking about a very aggressive, quick work and quick negotiations," Minister of State for Foreign Trade Thani Al Zeyoudi told Reuters in an online interview.
He did not identify any country.
Oil scales six-week high as Storm Nicholas hits U.S. Gulf | Reuters
Oil scales six-week high as Storm Nicholas hits U.S. Gulf | Reuters
Oil prices hit a six-week high on Tuesday as Hurricane Nicholas weakened into a tropical storm, bringing the threat of widespread floods and power outages to Texas and Louisiana, and as the International Energy Agency forecast a big demand rebound for the rest of the year.
Brent crude was up 55 cents, or 0.8%, at $74.06 a barrel by 1334 GMT after hitting a session high of $74.28. U.S. West Texas Intermediate (WTI) crude climbed 51 cents, or 0.7%, to $70.96 after touching a high of $71.22.
Both contracts have risen for three consecutive sessions and were trading at their highest since early August.
Nicholas is the second major storm to threaten the U.S. Gulf region in recent weeks. Hurricane Ida killed more than two dozen people in August.
Oil prices hit a six-week high on Tuesday as Hurricane Nicholas weakened into a tropical storm, bringing the threat of widespread floods and power outages to Texas and Louisiana, and as the International Energy Agency forecast a big demand rebound for the rest of the year.
Brent crude was up 55 cents, or 0.8%, at $74.06 a barrel by 1334 GMT after hitting a session high of $74.28. U.S. West Texas Intermediate (WTI) crude climbed 51 cents, or 0.7%, to $70.96 after touching a high of $71.22.
Both contracts have risen for three consecutive sessions and were trading at their highest since early August.
Nicholas is the second major storm to threaten the U.S. Gulf region in recent weeks. Hurricane Ida killed more than two dozen people in August.
Biggest #Saudi IPO Since Aramco Sees ACWA Plan $1.2 Billion Offer - Bloomberg
Biggest Saudi IPO Since Aramco Sees ACWA Plan $1.2 Billion Offer - Bloomberg
ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55 billion riyals ($1.2 billion) in what would be the biggest offering in Riyadh since Saudi Aramco’s listing.
The Riyadh-based utility, half-owned by the kingdom’s sovereign wealth fund, has set the price range for its offering between 51 riyals and 56 riyals per share, according to a statement on Tuesday. The company is selling 81.2 million shares, or an 11.1% stake, to raise financing for its transformation into a low-carbon energy producer.
The listing will value ACWA at up to $11 billion.
ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55 billion riyals ($1.2 billion) in what would be the biggest offering in Riyadh since Saudi Aramco’s listing.
The Riyadh-based utility, half-owned by the kingdom’s sovereign wealth fund, has set the price range for its offering between 51 riyals and 56 riyals per share, according to a statement on Tuesday. The company is selling 81.2 million shares, or an 11.1% stake, to raise financing for its transformation into a low-carbon energy producer.
The listing will value ACWA at up to $11 billion.
- Bidding and book-building period for participating parties: Sept. 15 to Sept. 27
- A final price is expected to be set before the offering opens to retail investors
- Subscription period for individual investors: Sept. 29 to Oct. 1
- Joint financial advisers are: JPMorgan, Citigroup, Riyad Capital and Natixis
MIDEAST STOCKS #Dubai bourse extends losses as Egypt outperforms | Reuters
MIDEAST STOCKS Dubai bourse extends losses as Egypt outperforms | Reuters
Dubai's stock market ended lower on Tuesday, extending losses for a second consecutive session, while investors in Egypt were optimistic about the central bank keeping interest rates on hold.
Dubai's main share index (.DFMGI) fell 0.3%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) losing 1.2%, whereas Emirates NBD Bank (ENBD.DU) closed 0.4% lower.
The emirate's bourse continues its price correction weighed by global uncertainties, said Daniel Takieddine, senior market analyst at FXPrimus.
Markets are awaiting U.S. inflation data on Tuesday, expected to show core consumer prices rose 0.3% in August. Prices were up 0.3% the previous month and 0.9% in June.
Higher values could prompt the U.S. Federal Reserve to take a more aggressive stance regarding its asset purchasing programme, reducing liquidity and removing support for equities, Takieddine added.
Egypt's blue-chip index (.EGX30) gained 0.4%, outperforming regional peers, as most of the stocks on the index were in positive territory.
The market sentiment is positive as it expects the central bank to keep on hold rates which have already been at their lowest levels for years, said Takieddine.
"Investors are also enthusiastic as the Egyptian exchange takes more steps towards setting up a more favourable environment for initial public offerings."
In June, the head of Egypt's Financial Regulation Authority said he expected the government to start its programme of initial public offerings in September, and that two or three companies should be listed by the end of the year.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with Riyad Bank (1010.SE) dropping 1.3% and petrochemical firm Saudi Basic Industries Corp (2010.SE) falling 0.7%.
In Abu Dhabi, the index (.ADI) reversed early losses to finish flat.
The UAE's Aldar Properties and ADQ have submitted a request to Egypt's Financial Regulatory Authority to acquire up to 90% of Egyptian property developer SODIC (OCDI.CA).
Aldar fell 0.2%, while Egypt's SODIC advanced about 4%.
Elsewhere, the Qatari benchmark (.QSI) added 0.4%, with Industries Qatar (IQCD.QA) rising 1%.
Dubai's stock market ended lower on Tuesday, extending losses for a second consecutive session, while investors in Egypt were optimistic about the central bank keeping interest rates on hold.
Dubai's main share index (.DFMGI) fell 0.3%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) losing 1.2%, whereas Emirates NBD Bank (ENBD.DU) closed 0.4% lower.
The emirate's bourse continues its price correction weighed by global uncertainties, said Daniel Takieddine, senior market analyst at FXPrimus.
Markets are awaiting U.S. inflation data on Tuesday, expected to show core consumer prices rose 0.3% in August. Prices were up 0.3% the previous month and 0.9% in June.
Higher values could prompt the U.S. Federal Reserve to take a more aggressive stance regarding its asset purchasing programme, reducing liquidity and removing support for equities, Takieddine added.
Egypt's blue-chip index (.EGX30) gained 0.4%, outperforming regional peers, as most of the stocks on the index were in positive territory.
The market sentiment is positive as it expects the central bank to keep on hold rates which have already been at their lowest levels for years, said Takieddine.
"Investors are also enthusiastic as the Egyptian exchange takes more steps towards setting up a more favourable environment for initial public offerings."
In June, the head of Egypt's Financial Regulation Authority said he expected the government to start its programme of initial public offerings in September, and that two or three companies should be listed by the end of the year.
Saudi Arabia's benchmark index (.TASI) eased 0.1%, with Riyad Bank (1010.SE) dropping 1.3% and petrochemical firm Saudi Basic Industries Corp (2010.SE) falling 0.7%.
In Abu Dhabi, the index (.ADI) reversed early losses to finish flat.
The UAE's Aldar Properties and ADQ have submitted a request to Egypt's Financial Regulatory Authority to acquire up to 90% of Egyptian property developer SODIC (OCDI.CA).
Aldar fell 0.2%, while Egypt's SODIC advanced about 4%.
Elsewhere, the Qatari benchmark (.QSI) added 0.4%, with Industries Qatar (IQCD.QA) rising 1%.
#UAE's Aldar and ADQ seek to buy control of Egypt's SODIC | Reuters
UAE's Aldar and ADQ seek to buy control of Egypt's SODIC | Reuters
The UAE's Aldar Properties and ADQ have submitted a request to Egypt's Financial Regulatory Authority (FRA) to acquire up to 90% of Egyptian property developer SODIC (OCDI.CA), they said on Tuesday.
The mandatory tender offer of 20 Egyptian pounds per share would value SODIC at $453 million, said the companies, which are seeking a minimum of 51% of SODIC.
Aldar accounts for 70% of the consortium while ADQ, a state-backed holding company, makes up the remainder.
If approved by the FRA, shareholders would have 10 to 30 days to respond, after which Aldar and ADQ would have to complete the purchase within five days, the two companies said in a statement to the media.
SODIC's shares opened at 17.97 Egyptian pounds on Tuesday, before the tender was announced.
The UAE's Aldar Properties and ADQ have submitted a request to Egypt's Financial Regulatory Authority (FRA) to acquire up to 90% of Egyptian property developer SODIC (OCDI.CA), they said on Tuesday.
The mandatory tender offer of 20 Egyptian pounds per share would value SODIC at $453 million, said the companies, which are seeking a minimum of 51% of SODIC.
Aldar accounts for 70% of the consortium while ADQ, a state-backed holding company, makes up the remainder.
If approved by the FRA, shareholders would have 10 to 30 days to respond, after which Aldar and ADQ would have to complete the purchase within five days, the two companies said in a statement to the media.
SODIC's shares opened at 17.97 Egyptian pounds on Tuesday, before the tender was announced.
Vaccines set to unleash pent-up oil demand -IEA | Reuters
Vaccines set to unleash pent-up oil demand -IEA | Reuters
After three months of decline in global oil demand, COVID-19 vaccine roll-outs are set to unleash thirst for oil stymied by pandemic restrictions especially in Asia, the International Energy Agency (IEA) said on Tuesday.
"Already signs are emerging of COVID cases abating with demand now expected to rebound by a sharp 1.6 million barrels per day (bpd) in October, and continuing to grow until end-year," the Paris-based IEA wrote in its monthly oil report.
The IEA forecast a robust rebound in the market from the fourth quarter of the year citing "strong pent-up demand and continued progress in vaccination programmes".
Still, the spread of the Delta variant of the virus in recent months caused the agency to trim its forecast for demand growth for the year overall by 105,000 bpd, while it raised its estimate for 2022 by 85,000 bpd.
After three months of decline in global oil demand, COVID-19 vaccine roll-outs are set to unleash thirst for oil stymied by pandemic restrictions especially in Asia, the International Energy Agency (IEA) said on Tuesday.
"Already signs are emerging of COVID cases abating with demand now expected to rebound by a sharp 1.6 million barrels per day (bpd) in October, and continuing to grow until end-year," the Paris-based IEA wrote in its monthly oil report.
The IEA forecast a robust rebound in the market from the fourth quarter of the year citing "strong pent-up demand and continued progress in vaccination programmes".
Still, the spread of the Delta variant of the virus in recent months caused the agency to trim its forecast for demand growth for the year overall by 105,000 bpd, while it raised its estimate for 2022 by 85,000 bpd.
Damage from Hurricane Ida in the U.S. Gulf coast oil hub caused the first decline in global supply in five months, the IEA said, estimating that the potential supply losses from the storm approach 30 million barrels.
#UAE Eyes $1 Trillion Economic Activity With #Israel Over 10 Years - Bloomberg
UAE Eyes $1 Trillion Economic Activity With Israel Over 10 Years - Bloomberg
The United Arab Emirates is seeking to grow economic ties with Israel to more than $1 trillion over the next decade, Economy Minister Abdulla Bin Touq said Monday, strengthening a year-old relationship that’s already produced billions of dollars worth of business.
Those deals include Mubadala Investment Co.’s $1 billion purchase of Tel Aviv-listed Delek’s stake in an Israeli gas field, Bin Touq told a virtual conference from the U.S., where he is leading a high-level business delegation. The Gulf country has also signed more than 60 memorandums of understanding with Israel since normalizing relations in 2020, he said, and is expecting an “influx” of trade in the next two years.
“We have $600 to $700 million dollars of bilateral trade happening, we have funds of billions of dollars that have been announced jointly between the two countries, we are moving into so many areas of economic opportunities,” he said. “We are looking to create over $1 trillion dollars of economic activity over the next decade.”
The UAE’s total trade with its top 15 trade partners last year was worth just over $260 billion, according to Bloomberg data. Currently, Israel is not among the UAE’s biggest trade partners and it wasn’t clear how they would reach such a target.
The United Arab Emirates is seeking to grow economic ties with Israel to more than $1 trillion over the next decade, Economy Minister Abdulla Bin Touq said Monday, strengthening a year-old relationship that’s already produced billions of dollars worth of business.
Those deals include Mubadala Investment Co.’s $1 billion purchase of Tel Aviv-listed Delek’s stake in an Israeli gas field, Bin Touq told a virtual conference from the U.S., where he is leading a high-level business delegation. The Gulf country has also signed more than 60 memorandums of understanding with Israel since normalizing relations in 2020, he said, and is expecting an “influx” of trade in the next two years.
“We have $600 to $700 million dollars of bilateral trade happening, we have funds of billions of dollars that have been announced jointly between the two countries, we are moving into so many areas of economic opportunities,” he said. “We are looking to create over $1 trillion dollars of economic activity over the next decade.”
The UAE’s total trade with its top 15 trade partners last year was worth just over $260 billion, according to Bloomberg data. Currently, Israel is not among the UAE’s biggest trade partners and it wasn’t clear how they would reach such a target.
GII to Buy Health Company as Part of $1 Billion #Saudi Expansion - Bloomberg
GII to Buy Health Company as Part of $1 Billion Saudi Expansion - Bloomberg
Gulf Islamic Investments LLC, a financial services firm that oversees nearly $2 billion, is preparing for what could be its biggest deal yet as it looks to grow investments in Saudi Arabia and India and considers a listing in the next three years.
GII, as the firm is known, plans to buy a stake in a Saudi health-care company for around $600 million, co-founder Mohammed Alhassan said in an interview, declining to give specific details. The goal is plow around $1 billion into the kingdom over the next year to 18 months, with investments also targeted at logistics and cloud kitchens.
“We go where the money is and where the deals are,” Alhassan said. “We have a lot of faith in Saudi.”
Investor interest in medical care has been rising as the world’s population ages, and as the health-care sector prepares to address a backlog of procedures delayed by the coronavirus pandemic. The industry has also emerged as something of a safe haven for dealmakers during the global outbreak.
Gulf Islamic Investments LLC, a financial services firm that oversees nearly $2 billion, is preparing for what could be its biggest deal yet as it looks to grow investments in Saudi Arabia and India and considers a listing in the next three years.
GII, as the firm is known, plans to buy a stake in a Saudi health-care company for around $600 million, co-founder Mohammed Alhassan said in an interview, declining to give specific details. The goal is plow around $1 billion into the kingdom over the next year to 18 months, with investments also targeted at logistics and cloud kitchens.
“We go where the money is and where the deals are,” Alhassan said. “We have a lot of faith in Saudi.”
Investor interest in medical care has been rising as the world’s population ages, and as the health-care sector prepares to address a backlog of procedures delayed by the coronavirus pandemic. The industry has also emerged as something of a safe haven for dealmakers during the global outbreak.
MIDEAST STOCKS Most Gulf markets dip in early trade; #Qatar gains | Reuters
MIDEAST STOCKS Most Gulf markets dip in early trade; Qatar gains | Reuters
Most stock markets in the Gulf fell in early trade on Tuesday, on worries over inflation and moves to tax the world's biggest companies, with investors awaiting U.S. consumer inflation data.
U.S. House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% as part of a sweeping plan that includes tax increases on the wealthy, corporations, and investors. read more
World stocks have been pressured by worries around inflation, which may prove less transitory than flagged by central bankers, and signs that governments are keen to get more tax from companies and to make them toe a stricter regulatory line.
In Abu Dhabi, the index (.ADI) eased 0.2%, on course to extend losses for a third session, hit by a 0.2% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).
Dubai's main share index (.DFMGI) was down 0.2%, with Emirates NBD Bank (ENBD.DU) losing 0.7% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) falling 0.6%.
The United Arab Emirates' central bank has issued new guidelines to financial institutions on anti-money laundering practices, it said on Monday, the latest of a number of measures launched by the Gulf state to combat illicit financial flows. read more
Saudi Arabia's benchmark index (.TASI) lost 0.1%, with Saudi Telecom Company (7010.SE) dropping 0.9%, while National Gas and Industrialization Co (2080.SE) declined 1.3%, as the stock traded ex-dividend.
The Qatari benchmark (.QSI) added 0.3%, led by a 3.8% gain in Mesaieed Petrochemical Holding (MPHC.QA).
Oil prices hit a six-week high on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) on Monday trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant, saying a further recovery would be delayed until next year when consumption will exceed pre-pandemic rates. read more
Most stock markets in the Gulf fell in early trade on Tuesday, on worries over inflation and moves to tax the world's biggest companies, with investors awaiting U.S. consumer inflation data.
U.S. House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% as part of a sweeping plan that includes tax increases on the wealthy, corporations, and investors. read more
World stocks have been pressured by worries around inflation, which may prove less transitory than flagged by central bankers, and signs that governments are keen to get more tax from companies and to make them toe a stricter regulatory line.
In Abu Dhabi, the index (.ADI) eased 0.2%, on course to extend losses for a third session, hit by a 0.2% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).
Dubai's main share index (.DFMGI) was down 0.2%, with Emirates NBD Bank (ENBD.DU) losing 0.7% and sharia-compliant lender Dubai Islamic Bank (DISB.DU) falling 0.6%.
The United Arab Emirates' central bank has issued new guidelines to financial institutions on anti-money laundering practices, it said on Monday, the latest of a number of measures launched by the Gulf state to combat illicit financial flows. read more
Saudi Arabia's benchmark index (.TASI) lost 0.1%, with Saudi Telecom Company (7010.SE) dropping 0.9%, while National Gas and Industrialization Co (2080.SE) declined 1.3%, as the stock traded ex-dividend.
The Qatari benchmark (.QSI) added 0.3%, led by a 3.8% gain in Mesaieed Petrochemical Holding (MPHC.QA).
Oil prices hit a six-week high on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) on Monday trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant, saying a further recovery would be delayed until next year when consumption will exceed pre-pandemic rates. read more
Oil hits 6-week high on fears of U.S. supply disruptions from storm Nicholas | Reuters
Oil hits 6-week high on fears of U.S. supply disruptions from storm Nicholas | Reuters
Oil prices hit a six-week high on Tuesday on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast.
Oil prices rallied for a third straight session, with Brent crude hitting the highest since Aug. 2 earlier in the session.
Brent crude was up 48 cents, or 0.7%, at $73.99 a barrel at 0651 GTM, having risen as high as $74.18 earlier.
U.S. West Texas Intermediate (WTI) crude also climbed 49 cents, or 0.7%, to $70.94 a barrel, having risen as far as $71.14 earlier - its highest since Aug. 3.
Brent gained 0.8% while WTI rose 1.1% on Monday.
Evacuations were underway on Monday from offshore U.S. Gulf of Mexico oil platforms as onshore oil refiners began preparing for Tropical Storm Nicholas, which was heading towards the Texas coast with 70 miles per hour(113 kph) winds, threatening coastal Texas and Louisiana still recovering from Hurricane Ida. read more
Oil prices hit a six-week high on Tuesday on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast.
Oil prices rallied for a third straight session, with Brent crude hitting the highest since Aug. 2 earlier in the session.
Brent crude was up 48 cents, or 0.7%, at $73.99 a barrel at 0651 GTM, having risen as high as $74.18 earlier.
U.S. West Texas Intermediate (WTI) crude also climbed 49 cents, or 0.7%, to $70.94 a barrel, having risen as far as $71.14 earlier - its highest since Aug. 3.
Brent gained 0.8% while WTI rose 1.1% on Monday.
Evacuations were underway on Monday from offshore U.S. Gulf of Mexico oil platforms as onshore oil refiners began preparing for Tropical Storm Nicholas, which was heading towards the Texas coast with 70 miles per hour(113 kph) winds, threatening coastal Texas and Louisiana still recovering from Hurricane Ida. read more