Oil prices jump over $2/bbl after drawdown in U.S. stocks | Reuters
Oil prices rose over $2 a barrel on Wednesday after government data showed a larger-than-expected drawdown in U.S. crude inventories, and on expectations demand will rise as vaccination roll-outs widen.
U.S. crude oil stockpiles fell last week to the lowest since September 2019, the U.S. Energy Information Administration said, extending their drawdown after Hurricane Ida late August shut numerous refineries and offshore drilling production.
Brent crude rose $1.86, or 2.5%, to settle at $75.46 a barrel. U.S. West Texas Intermediate (WTI) crude climbed $2.15, or 3.1%, to $72.61 a barrel.
Earlier in the session, Brent touched $76.13 a barrel, a contract high, and the highest outright price since late July.
"Brent and WTI pricing are up strongly today, back near the peaks we hit earlier in the summer," said Pavel Molchanov, an analyst at Raymond James. "Oil momentum has continued ever since late August following Hurricane Ida as the Gulf of Mexico still struggles to fully restore production."
Wednesday, 15 September 2021
MIDEAST STOCKS #Saudi, #UAE stocks gain after IEA's oil demand outlook | Reuters
MIDEAST STOCKS Saudi, UAE stocks gain after IEA's oil demand outlook | Reuters
Stock markets in Saudi Arabia and the United Arab Emirates (UAE) closed higher on Wednesday, a day after the International Energy Agency (IEA) forecast a positive oil demand.
The IEA said on Tuesday that vaccine roll-outs were set to power a rebound in oil demand after a three-month slide due to the spread of the Delta variant of COVID-19 and pandemic restrictions, especially in Asia. read more
Saudi Arabia's benchmark index (.TASI) was up 0.3%, led by gains in material and financial shares. Chemical maker Saudi Basic Industries (2010.SE) rose 2% and its fertilizer-making unit SABIC-Agri-Nutrients (2020.SE) jumped 4.5%.
Al Rajhi Bank was up 0.3%, while the oil giant Saudi Aramco (2222.SE) added 0.6%.
The Abu Dhabi index (.ADI) closed 0.8% higher after three straight days of losses. Market heavyweight First Abu Dhabi Bank (FAB.AD) rose 1.3%, while Emirates Telecommunications Group (ETISALAT.AD) advanced 1.5%.
Aldar Properties (ALDAR.AD) gained 0.5%, a day after a consortium led by the company submitted a request to Egypt's Financial Regulatory Authority for purchasing up to 90% of Egyptian property developer SODIC (OCDI.CA). read more
In Dubai, the index (.DFMGI) ended 0.2% higher, after falling as much as 0.5% earlier.
Blue-chip developer Emar Properties (EMAR.DU) increased 1.2% and Dubai Islamic Bank (DISB.DU) added 0.8%.
Gains were capped by a 1.1% decline in Dubai's biggest lender, Emirates NBD (ENBD.DU).
The United Arab Emirates will pursue an aggressive timetable to negotiate 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, though he did not identify any country. read more
The Qatari index (.QSI) dropped 0.2% as Industries Qatar (IQCD.QA) lost 0.6% and Qatar National Bank (QNBK.QA) shed 0.3%.
Outside the Gulf, the Egyptian index (.EGX30) was down 0.3%, with the country's largest lender Commercial International Bank Egypt (COMI.CA) decreasing 1.2%.
Stock markets in Saudi Arabia and the United Arab Emirates (UAE) closed higher on Wednesday, a day after the International Energy Agency (IEA) forecast a positive oil demand.
The IEA said on Tuesday that vaccine roll-outs were set to power a rebound in oil demand after a three-month slide due to the spread of the Delta variant of COVID-19 and pandemic restrictions, especially in Asia. read more
Saudi Arabia's benchmark index (.TASI) was up 0.3%, led by gains in material and financial shares. Chemical maker Saudi Basic Industries (2010.SE) rose 2% and its fertilizer-making unit SABIC-Agri-Nutrients (2020.SE) jumped 4.5%.
Al Rajhi Bank was up 0.3%, while the oil giant Saudi Aramco (2222.SE) added 0.6%.
The Abu Dhabi index (.ADI) closed 0.8% higher after three straight days of losses. Market heavyweight First Abu Dhabi Bank (FAB.AD) rose 1.3%, while Emirates Telecommunications Group (ETISALAT.AD) advanced 1.5%.
Aldar Properties (ALDAR.AD) gained 0.5%, a day after a consortium led by the company submitted a request to Egypt's Financial Regulatory Authority for purchasing up to 90% of Egyptian property developer SODIC (OCDI.CA). read more
In Dubai, the index (.DFMGI) ended 0.2% higher, after falling as much as 0.5% earlier.
Blue-chip developer Emar Properties (EMAR.DU) increased 1.2% and Dubai Islamic Bank (DISB.DU) added 0.8%.
Gains were capped by a 1.1% decline in Dubai's biggest lender, Emirates NBD (ENBD.DU).
The United Arab Emirates will pursue an aggressive timetable to negotiate 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, though he did not identify any country. read more
The Qatari index (.QSI) dropped 0.2% as Industries Qatar (IQCD.QA) lost 0.6% and Qatar National Bank (QNBK.QA) shed 0.3%.
Outside the Gulf, the Egyptian index (.EGX30) was down 0.3%, with the country's largest lender Commercial International Bank Egypt (COMI.CA) decreasing 1.2%.
#UAE ‘Hopes’ to Exceed 4% Growth in 2021, Economy Minister Says - Bloomberg
UAE ‘Hopes’ to Exceed 4% Growth in 2021, Economy Minister Says - Bloomberg
The United Arab Emirates is hoping to exceed 4% growth in 2021, the country’s economy minister said, a higher rate of growth than previously forecast. Abdulla bin Touq Al Marri, United Arab Emirates’s Economy Minister, speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Oil prices climb after drawdown in U.S. stocks | Reuters
Oil prices climb after drawdown in U.S. stocks | Reuters
Oil prices climbed $1 on Wednesday after industry data showed a larger-than-expected drawdown in U.S. crude inventories and on expectations demand will rise as vaccination roll-outs widen.
Brent oil rose $1.08, or 1.5%, to $74.68 a barrel by 1226 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.12, or 1.6%, to $71.58 a barrel.
U.S. crude oil, gasoline and distillate stocks fell last week, two market sources said, citing American Petroleum Institute figures, after Hurricane Ida shut numerous refineries and offshore drilling production.
Crude stocks fell by 5.4 million barrels for the week ending Sept. 10, compared to a forecast 3.5 million barrel drop.
Oil prices climbed $1 on Wednesday after industry data showed a larger-than-expected drawdown in U.S. crude inventories and on expectations demand will rise as vaccination roll-outs widen.
Brent oil rose $1.08, or 1.5%, to $74.68 a barrel by 1226 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1.12, or 1.6%, to $71.58 a barrel.
U.S. crude oil, gasoline and distillate stocks fell last week, two market sources said, citing American Petroleum Institute figures, after Hurricane Ida shut numerous refineries and offshore drilling production.
Crude stocks fell by 5.4 million barrels for the week ending Sept. 10, compared to a forecast 3.5 million barrel drop.
#UAE’s non-oil trade surges in 2020 | ZAWYA MENA Edition
UAE’s non-oil trade surges in 2020 | ZAWYA MENA Edition
The value of the UAE’s non-oil foreign trade surged to AED1.403 trillion in 2020, reflecting the robust business momentum of the country’s trade exchanges despite the pandemic's fallout.
According to the data released by the Federal Center for Competitiveness and Statistics (FCSA), the UAE commands a coveted position globally and regionally in merchandise trade, with its non-oil exports growing 10.1 percent in 2020 to AED254.6 bn as compared to 2019.
The imports hit AED785.1 bn, accounting for 56 percent of total merchandise trade, with re-exports comprising 26 percent, or AED363.4 bn, of the total trade volume in the reference year.
China retained its top rank as the main trading partner of the UAE, with the bilateral trade value reaching AED174 bn, followed by Saudi Arabia at AED104 bn, with India in the third place at AED102.5 bn. The US was the fourth largest trade partner at AED80.2 billion and then Iraq at AED53 billion. The five countries account for 36.6 percent of the UAE's non-oil foreign trade, as compared to 44.1 percent in 2019, thus corroborating the improved competitiveness status boasted by the UAE in terms of diversifying into multiple markets.
Switzerland topped UAE's export markets with AED29.2 bn, receiving 11.5 percent of the UAE's non-oil exports, followed by Saudi Arabia, AED25.6 bn, India, AED19.7 bn, then Turkey, AED18.4 bn and Italy, AED18.2 bn.
China is the UAE's top import partner, with a total value of AED144.4 of non-oil commodities, followed by the US, AED60.5 bn, India, AED60.5 bn, Japan, AED34.7 bn and Germany, AED26.7 bn. The five countries account for 41.6 percent of the UAE's imports.
In terms of re-exports, Saudi Arabia comes first with a total value of AED54.6 bn, followed by Iraq, AED40.6 bn, Oman, AED23.3 bn, India, AED22.3 bn, and then China, AED19.6 bn.
The value of the UAE’s non-oil foreign trade surged to AED1.403 trillion in 2020, reflecting the robust business momentum of the country’s trade exchanges despite the pandemic's fallout.
According to the data released by the Federal Center for Competitiveness and Statistics (FCSA), the UAE commands a coveted position globally and regionally in merchandise trade, with its non-oil exports growing 10.1 percent in 2020 to AED254.6 bn as compared to 2019.
The imports hit AED785.1 bn, accounting for 56 percent of total merchandise trade, with re-exports comprising 26 percent, or AED363.4 bn, of the total trade volume in the reference year.
China retained its top rank as the main trading partner of the UAE, with the bilateral trade value reaching AED174 bn, followed by Saudi Arabia at AED104 bn, with India in the third place at AED102.5 bn. The US was the fourth largest trade partner at AED80.2 billion and then Iraq at AED53 billion. The five countries account for 36.6 percent of the UAE's non-oil foreign trade, as compared to 44.1 percent in 2019, thus corroborating the improved competitiveness status boasted by the UAE in terms of diversifying into multiple markets.
Switzerland topped UAE's export markets with AED29.2 bn, receiving 11.5 percent of the UAE's non-oil exports, followed by Saudi Arabia, AED25.6 bn, India, AED19.7 bn, then Turkey, AED18.4 bn and Italy, AED18.2 bn.
China is the UAE's top import partner, with a total value of AED144.4 of non-oil commodities, followed by the US, AED60.5 bn, India, AED60.5 bn, Japan, AED34.7 bn and Germany, AED26.7 bn. The five countries account for 41.6 percent of the UAE's imports.
In terms of re-exports, Saudi Arabia comes first with a total value of AED54.6 bn, followed by Iraq, AED40.6 bn, Oman, AED23.3 bn, India, AED22.3 bn, and then China, AED19.6 bn.
SoftBank Makes First #Saudi Deal Together With Wealth Fund’s Unit - Bloomberg
SoftBank Makes First Saudi Deal Together With Wealth Fund’s Unit - Bloomberg
SoftBank Group Corp. has made its first investment in a company based in Saudi Arabia, partnering with a unit of the kingdom’s sovereign wealth fund to lead a $125 million financing for customer communication platform Unifonic.
Proceeds will be used to fund growth in the Middle East and expansion into Asia and Africa, Unifonic co-founder and Chief Executive Officer Ahmed Hamdan said in an interview. The company will also look at acquisitions in those regions to help it expand faster, he said.
The Unifonic deal is funded through SoftBank’s Vision Fund 2, and follows on from July’s $415 million fundraising by Dubai-based cloud kitchen startup Kitopi, which was SoftBank’s first in a business based in the United Arab Emirates and took that company’s valuation past $1 billion. Last month, it also co-led a financing round for Turkish e-commerce company Trendyol.
SoftBank’s foray in the Middle East comes with a growing number of so-called unicorn businesses worth at least $1 billion. More investors from outside are looking to bet on a shift to online services that has lagged other regions.
SoftBank Group Corp. has made its first investment in a company based in Saudi Arabia, partnering with a unit of the kingdom’s sovereign wealth fund to lead a $125 million financing for customer communication platform Unifonic.
Proceeds will be used to fund growth in the Middle East and expansion into Asia and Africa, Unifonic co-founder and Chief Executive Officer Ahmed Hamdan said in an interview. The company will also look at acquisitions in those regions to help it expand faster, he said.
The Unifonic deal is funded through SoftBank’s Vision Fund 2, and follows on from July’s $415 million fundraising by Dubai-based cloud kitchen startup Kitopi, which was SoftBank’s first in a business based in the United Arab Emirates and took that company’s valuation past $1 billion. Last month, it also co-led a financing round for Turkish e-commerce company Trendyol.
SoftBank’s foray in the Middle East comes with a growing number of so-called unicorn businesses worth at least $1 billion. More investors from outside are looking to bet on a shift to online services that has lagged other regions.
#Kuwait's Burgan Bank gets approval for up to $500 million senior bonds | Reuters
Kuwait's Burgan Bank gets approval for up to $500 million senior bonds | Reuters
Kuwait's Burgan Bank (BURG.KW) has received preliminary approval from the central bank to issue up to $500 million in senior unsecured bonds, the lender said in a stock exchange filing.
The bonds will be issued under Burgan's Euro Medium Term Note Program. They will either have a tenor of five years with a fixed coupon rate or a six-year tenor with an option to redeem the bonds after five years. The six-year option would have a fixed coupon rate for five years then a floating rate for its final year, should the bank not "call" the bonds.
Closing the bond sale will allow Burgan "to reinforce its long-term liquidity and regulatory liquidity ratios," it said in the filing.
Sales of senior bonds are relatively rare from the Gulf's banks, but Burgan's debt-raising plans follow the country's biggest lender, National Bank of Kuwait, securing $1 billion last week via six-year senior bonds non-callable for five years.
Kuwait's Burgan Bank (BURG.KW) has received preliminary approval from the central bank to issue up to $500 million in senior unsecured bonds, the lender said in a stock exchange filing.
The bonds will be issued under Burgan's Euro Medium Term Note Program. They will either have a tenor of five years with a fixed coupon rate or a six-year tenor with an option to redeem the bonds after five years. The six-year option would have a fixed coupon rate for five years then a floating rate for its final year, should the bank not "call" the bonds.
Closing the bond sale will allow Burgan "to reinforce its long-term liquidity and regulatory liquidity ratios," it said in the filing.
Sales of senior bonds are relatively rare from the Gulf's banks, but Burgan's debt-raising plans follow the country's biggest lender, National Bank of Kuwait, securing $1 billion last week via six-year senior bonds non-callable for five years.
MIDEAST STOCKS Major Gulf stocks little changed in early trade, #Saudi shares inch up | Reuters
MIDEAST STOCKS Major Gulf stocks little changed in early trade, Saudi shares inch up | Reuters
Major Gulf stock markets were little changed in early trade on Wednesday, with Saudi Arabian shares rising slightly as International Energy Agency (IEA)forecast a positive oil demand.
Saudi Arabia's benchmark index (.TASI) was up 0.1%. Al Rajhi Bank (1120.SE) and Saudi Basic Industries (2010.SE) both gained 0.3%.
Oil giant Saudi Aramco (2222.SE) was also up 0.3% after the IEA said vaccine roll-outs are set to power a rebound in oil demand. read more
"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 IEA wrote in its monthly oil report.
The Dubai index (.DFMGI) was down 0.1% on track for its fourth consecutive day of decline. Emirates NBD Bank (ENBD.DU) eased 0.4% and Emaar Properties (EMAR.DU) lost 0.2%.
Abu Dhabi's index (.ADI) was flat as gains in industrial stocks were capped by losses in financial and telecom sectors.
Alpha Dhabi Holding (ALPHADHABI.AD) rose 1.5%, while First Abu Dhabi Bank (FAB.AD) and Emirates Telecommunications Group (ETISALAT.AD) were down 0.1% and 0.2%, respectively.
Elsewhere, the food and beverage company Agthia Group (AGTHIA.AD) gained 2% after saying it completed acquisition of a 75.02% stake in Egyptian processed meat producer Ismaila Investments.
The United Arab Emirates will pursue an aggressive timetable to negotiate 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, though he did not identify any country. read more
The index in Qatar (.QSI) was flat too, with Commercial Bank (COMB.QA) gaining 0.8% and Qatar Fuel (QFLS.QA) shedding 0.6%.
Major Gulf stock markets were little changed in early trade on Wednesday, with Saudi Arabian shares rising slightly as International Energy Agency (IEA)forecast a positive oil demand.
Saudi Arabia's benchmark index (.TASI) was up 0.1%. Al Rajhi Bank (1120.SE) and Saudi Basic Industries (2010.SE) both gained 0.3%.
Oil giant Saudi Aramco (2222.SE) was also up 0.3% after the IEA said vaccine roll-outs are set to power a rebound in oil demand. read more
"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 IEA wrote in its monthly oil report.
The Dubai index (.DFMGI) was down 0.1% on track for its fourth consecutive day of decline. Emirates NBD Bank (ENBD.DU) eased 0.4% and Emaar Properties (EMAR.DU) lost 0.2%.
Abu Dhabi's index (.ADI) was flat as gains in industrial stocks were capped by losses in financial and telecom sectors.
Alpha Dhabi Holding (ALPHADHABI.AD) rose 1.5%, while First Abu Dhabi Bank (FAB.AD) and Emirates Telecommunications Group (ETISALAT.AD) were down 0.1% and 0.2%, respectively.
Elsewhere, the food and beverage company Agthia Group (AGTHIA.AD) gained 2% after saying it completed acquisition of a 75.02% stake in Egyptian processed meat producer Ismaila Investments.
The United Arab Emirates will pursue an aggressive timetable to negotiate 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, though he did not identify any country. read more
The index in Qatar (.QSI) was flat too, with Commercial Bank (COMB.QA) gaining 0.8% and Qatar Fuel (QFLS.QA) shedding 0.6%.
Oil prices climb after drawdown in stocks, positive demand outlook | Reuters
Oil prices climb after drawdown in stocks, positive demand outlook | Reuters
Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world's largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen.
But a fall in China's crude oil throughput in August with daily refinery runs hitting the lowest since last May, and overall factory output faltering, capped oil price gains. read more
Brent crude oil rose 54 cents, or 0.7%, to $74.14 a barrel by 0659 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 53 cents, or 0.8%, to $70.99 a barrel.
U.S. crude oil, gasoline and distillate stocks all fell last week, according to two market sources, citing American Petroleum Institute figures on Tuesday, after Hurricane Ida shut numerous refineries and offshore drilling production.
Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world's largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen.
But a fall in China's crude oil throughput in August with daily refinery runs hitting the lowest since last May, and overall factory output faltering, capped oil price gains. read more
Brent crude oil rose 54 cents, or 0.7%, to $74.14 a barrel by 0659 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 53 cents, or 0.8%, to $70.99 a barrel.
U.S. crude oil, gasoline and distillate stocks all fell last week, according to two market sources, citing American Petroleum Institute figures on Tuesday, after Hurricane Ida shut numerous refineries and offshore drilling production.
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