Oil settles up 1.5%; hits multi-year highs on surging demand | Reuters
Oil prices jumped on Monday to the highest levels in years, fuelled by rebounding global demand that has contributed to power and gas shortages in key economies like China.
Brent crude rose $1.26, or 1.5%, to settle at $83.65 a barrel. The session high was $84.60, its highest since October 2018.
U.S. West Texas Intermediate (WTI) crude gained $1.17, or 1.5%, to settle at $80.52, after touching its highest since late 2014 at $82.18.
The pace of economic recovery from the pandemic has supercharged energy demand at a time when oil output has slowed due to cutbacks from producing nations during the pandemic, focus on dividends by oil companies and pressure on governments to transition to cleaner energy.
Monday, 11 October 2021
Brent Oil Rises Toward $85 With Energy Crisis Boosting Demand - Bloomberg
Brent Oil Rises Toward $85 With Energy Crisis Boosting Demand - Bloomberg
Global benchmark Brent crude approached $85 a barrel as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.
Brent futures rose as much as 2.7% to the highest since October 2018 on Monday. Prices of coal and natural gas have surged globally with stockpiles running low before the Northern Hemisphere winter, prompting some switching to oil products such as diesel and fuel oil.
It is quickly tightening the market as the Organization of Petroleum Exporting Countries and its allies are sticking with their plan to only gradually roll back production cuts. The oil market’s price structure is flashing bullishness, with the difference between New York crude’s front two contracts surging to the widest in more than two years, indicating shrinking supplies in the U.S. storage hub of Cushing, Oklahoma.
“There is definitely this fear of the supply side going to dry up,” said Fiona Cincotta, senior financial markets analyst at City Index. Even OPEC adding back supply to the market is not “necessarily going to have a massive impact on cooling the price of oil. Oil to $90 is clearly in sight.”
Global benchmark Brent crude approached $85 a barrel as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.
Brent futures rose as much as 2.7% to the highest since October 2018 on Monday. Prices of coal and natural gas have surged globally with stockpiles running low before the Northern Hemisphere winter, prompting some switching to oil products such as diesel and fuel oil.
It is quickly tightening the market as the Organization of Petroleum Exporting Countries and its allies are sticking with their plan to only gradually roll back production cuts. The oil market’s price structure is flashing bullishness, with the difference between New York crude’s front two contracts surging to the widest in more than two years, indicating shrinking supplies in the U.S. storage hub of Cushing, Oklahoma.
“There is definitely this fear of the supply side going to dry up,” said Fiona Cincotta, senior financial markets analyst at City Index. Even OPEC adding back supply to the market is not “necessarily going to have a massive impact on cooling the price of oil. Oil to $90 is clearly in sight.”
Rebranded #Qatar Energy touts broad strategy, no plans to sell assets | Reuters
Rebranded Qatar Energy touts broad strategy, no plans to sell assets | Reuters
Qatar changed the name of its state-owned oil and gas firm to Qatar Energy from Qatar Petroleum to reflect what it said was a broader strategy but said it had no plans to sell assets to raise funds as other Gulf state producers have.
"We have plenty of cash," Chief Executive Saad al-Kaabi said on Monday, indicating the Qatari firm would not follow in the footsteps of Gulf rivals which have sold assets, such as Saudi Aramco and Abu Dhabi National Oil Company (ADNOC).
Kaabi, who is also minister of state for energy, said the new name better represented a broader strategy included a focus on energy efficiency and environmentally-friendly technology such as capturing and storing carbon dioxide.
Qatar is the world's biggest supplier of liquefied natural gas (LNG).
Qatar changed the name of its state-owned oil and gas firm to Qatar Energy from Qatar Petroleum to reflect what it said was a broader strategy but said it had no plans to sell assets to raise funds as other Gulf state producers have.
"We have plenty of cash," Chief Executive Saad al-Kaabi said on Monday, indicating the Qatari firm would not follow in the footsteps of Gulf rivals which have sold assets, such as Saudi Aramco and Abu Dhabi National Oil Company (ADNOC).
Kaabi, who is also minister of state for energy, said the new name better represented a broader strategy included a focus on energy efficiency and environmentally-friendly technology such as capturing and storing carbon dioxide.
Qatar is the world's biggest supplier of liquefied natural gas (LNG).
Wiz raises $250 mln, values Israeli cyber firm at $6 bln | Reuters
Wiz raises $250 mln, values Israeli cyber firm at $6 bln | Reuters
Israeli cybersecurity startup Wiz said on Monday it had raised $250 million in a private funding round that values the company at $6 billion.
Wiz, established in 2020, completed a $350 million financing round this year that had valued the cloud security platform at $1.7 billion.
Wiz has 180 employees in Israel and the United States. It said its platform is used by 15% of Fortune 500 companies.
The company said most of the investors from its previous round -- Sequoia Capital, Index Ventures, Insight Partners, Greenoaks, Salesforce, CyberStarts, billionaire Bernard Arnault and Starbucks founder Howard Schultz -- participated in the current round.
Israeli cybersecurity startup Wiz said on Monday it had raised $250 million in a private funding round that values the company at $6 billion.
Wiz, established in 2020, completed a $350 million financing round this year that had valued the cloud security platform at $1.7 billion.
Wiz has 180 employees in Israel and the United States. It said its platform is used by 15% of Fortune 500 companies.
The company said most of the investors from its previous round -- Sequoia Capital, Index Ventures, Insight Partners, Greenoaks, Salesforce, CyberStarts, billionaire Bernard Arnault and Starbucks founder Howard Schultz -- participated in the current round.
#AbuDhabi's IHC acquires 51% of Bin Suhail Group to form beauty JV | Reuters
Abu Dhabi's IHC acquires 51% of Bin Suhail Group to form beauty JV | Reuters
Abu Dhabi conglomerate International Holding Company (IHC) (IHC.AD) has agreed to acquire 51% of Bin Suhail Group through a subsidiary to form a beauty industry joint venture, it said on Monday.
IHC subsidiary Multiply Group, owner of beauty brands such as Bedashing, will merge with Bin Suhail Group, which owns the 35-location beauty and spa brand Tips & Toes.
The joint venture will operate under newly-established Omorfia Group, in which IHC will own a controlling 51% stake. The deal's value was not disclosed.
"The fully integrated holding company, Omorfia Group, owns and controls 100% shares of the company's leading consumer and B2B brands, including beauty giants Tips & Toes, Bedashing, Jazz Lounge Spa and Ben Suhail Distribution," IHC said in a statement.
Each brand will retain its identity and continue operations as usual.
"This strategic partnership provides major growth opportunities for both businesses," Omorfia CEO Faris Suhail Al Yabhouni said in the staement.
Abu Dhabi conglomerate International Holding Company (IHC) (IHC.AD) has agreed to acquire 51% of Bin Suhail Group through a subsidiary to form a beauty industry joint venture, it said on Monday.
IHC subsidiary Multiply Group, owner of beauty brands such as Bedashing, will merge with Bin Suhail Group, which owns the 35-location beauty and spa brand Tips & Toes.
The joint venture will operate under newly-established Omorfia Group, in which IHC will own a controlling 51% stake. The deal's value was not disclosed.
"The fully integrated holding company, Omorfia Group, owns and controls 100% shares of the company's leading consumer and B2B brands, including beauty giants Tips & Toes, Bedashing, Jazz Lounge Spa and Ben Suhail Distribution," IHC said in a statement.
Each brand will retain its identity and continue operations as usual.
"This strategic partnership provides major growth opportunities for both businesses," Omorfia CEO Faris Suhail Al Yabhouni said in the staement.
NEOM JV to secure billions in financing in early 2022, ACWA CEO says | Reuters
NEOM JV to secure billions in financing in early 2022, ACWA CEO says | Reuters
ACWA Power, which debuted on Saudi Arabia's stock market on Monday, expects to finalise in the first quarter of next year billions of dollars in financing for a green hydrogen joint venture at the planned futuristic city NEOM, ACWA's CEO said.
The project, which will be equally owned by Air Products, ACWA Power (2082.SE) and NEOM, will produce green ammonia for export to global markets, with the first shipment expected from NEOM's port in the first quarter of 2026.
"We have not actually finalised the group of banks yet, but we are very advanced in structuring and work is being done internally," CEO Paddy Padmanathan told Reuters in an interview, adding the project was "on track".
Roughly 20% of the $6.5 billion project will be funded with equity and the rest will be limited-recourse project finance, he said.
ACWA Power, which debuted on Saudi Arabia's stock market on Monday, expects to finalise in the first quarter of next year billions of dollars in financing for a green hydrogen joint venture at the planned futuristic city NEOM, ACWA's CEO said.
The project, which will be equally owned by Air Products, ACWA Power (2082.SE) and NEOM, will produce green ammonia for export to global markets, with the first shipment expected from NEOM's port in the first quarter of 2026.
"We have not actually finalised the group of banks yet, but we are very advanced in structuring and work is being done internally," CEO Paddy Padmanathan told Reuters in an interview, adding the project was "on track".
Roughly 20% of the $6.5 billion project will be funded with equity and the rest will be limited-recourse project finance, he said.
New #Saudi investment strategy aims for $100 bln annual FDI flows - SPA | Reuters
New Saudi investment strategy aims for $100 bln annual FDI flows - SPA | Reuters
Saudi Crown Prince Mohammed bin Salman gave details of a new investment strategy on Monday that aims to raise net foreign direct investment to 388 billon riyals ($103.45 billion) annually, the state news agency (SPA) reported.
The new strategy also aims to increase local investments to 1.7 trillion riyals annually by 2030, SPA said.
The crown prince said in March the kingdom was planning 12 trillion riyals worth of investments by 2030 as part of a 27-trillion-riyal spending push to diversify the economy of the world's biggest oil exporter.
That figure included 5 trillion riyals by the local private sector, 3 trillion riyals from Saudi Arabia's sovereign wealth fund, the Public Investment Fund, and 4 trillion riyals under a new Saudi investment strategy, of which some 2 trillion would be foreign investment. read more
"The National Investment Strategy is all about empowering investors, offering investment opportunities, providing financing solutions and enhancing competitiveness", SPA said on Monday.
Saudi Arabia's push on domestic investment comes as foreign direct investment into the country lagged over the past few years. [nL5N2GJ4TQ]
Net foreign direct investment in Saudi Arabia totalled $5.5 billion last year at the height of the pandemic.
Saudi Crown Prince Mohammed bin Salman gave details of a new investment strategy on Monday that aims to raise net foreign direct investment to 388 billon riyals ($103.45 billion) annually, the state news agency (SPA) reported.
The new strategy also aims to increase local investments to 1.7 trillion riyals annually by 2030, SPA said.
The crown prince said in March the kingdom was planning 12 trillion riyals worth of investments by 2030 as part of a 27-trillion-riyal spending push to diversify the economy of the world's biggest oil exporter.
That figure included 5 trillion riyals by the local private sector, 3 trillion riyals from Saudi Arabia's sovereign wealth fund, the Public Investment Fund, and 4 trillion riyals under a new Saudi investment strategy, of which some 2 trillion would be foreign investment. read more
"The National Investment Strategy is all about empowering investors, offering investment opportunities, providing financing solutions and enhancing competitiveness", SPA said on Monday.
Saudi Arabia's push on domestic investment comes as foreign direct investment into the country lagged over the past few years. [nL5N2GJ4TQ]
Net foreign direct investment in Saudi Arabia totalled $5.5 billion last year at the height of the pandemic.
Oil extends rally to multi-year peaks as energy crunch bites | Reuters
Oil extends rally to multi-year peaks as energy crunch bites | Reuters
Oil prices extended gains to scale multi-year peaks on Monday, fuelled by the rebound in global demand that has also contributed to power and gas shortages in key economies like China.
Brent crude was up $1.39, or 1.7%, at $83.78 a barrel by 11:02 a.m. EDT (1502 GMT), after hitting its highest since October 2018 at $84.60 earlier in the session.
U.S. West Texas Intermediate (WTI) crude rose $1.55, or 2%, to $80.90, after touching its highest since late 2014 at $82.18.
The pace of economic recovery from the pandemic, combined with cold weather have supercharged energy demand, coming at a time when pressure on governments to accelerate the transition to cleaner energy has slowed investment in oil projects.
Oil prices extended gains to scale multi-year peaks on Monday, fuelled by the rebound in global demand that has also contributed to power and gas shortages in key economies like China.
Brent crude was up $1.39, or 1.7%, at $83.78 a barrel by 11:02 a.m. EDT (1502 GMT), after hitting its highest since October 2018 at $84.60 earlier in the session.
U.S. West Texas Intermediate (WTI) crude rose $1.55, or 2%, to $80.90, after touching its highest since late 2014 at $82.18.
The pace of economic recovery from the pandemic, combined with cold weather have supercharged energy demand, coming at a time when pressure on governments to accelerate the transition to cleaner energy has slowed investment in oil projects.
#SaudiArabia Plans to Create Special Economic Zones To Raise FDI - Bloomberg
Saudi Arabia Plans to Create Special Economic Zones To Raise FDI - Bloomberg
Saudi Arabia plans to create special economic zones with incentives to lure investors as part of a new strategy to boost foreign and domestic investment announced by the kingdom’s crown prince on Monday.
The special zones will focus on “high-priority sectors” and offer “competitive regulations,” according to a statement published by the official Saudi Press Agency.
The statement did not provide further details on the zones, but said that the new National Investment Strategy aimed to increase foreign direct investment to 388 billion riyals ($103 billion) and domestic investment to 1.7 trillion riyals, annually.
Saudi Arabia plans to create special economic zones with incentives to lure investors as part of a new strategy to boost foreign and domestic investment announced by the kingdom’s crown prince on Monday.
The special zones will focus on “high-priority sectors” and offer “competitive regulations,” according to a statement published by the official Saudi Press Agency.
The statement did not provide further details on the zones, but said that the new National Investment Strategy aimed to increase foreign direct investment to 388 billion riyals ($103 billion) and domestic investment to 1.7 trillion riyals, annually.
Column: Hedge fund oil trades are becoming crowded | Reuters
Column: Hedge fund oil trades are becoming crowded | Reuters
Climbing oil prices continue to attract fresh buying interest from hedge funds while piling pressure on bearish portfolio managers, but the trade is becoming crowded and at risk of a sudden reversal.
Hedge funds and other money managers purchased the equivalent of 24 million barrels in the six most important petroleum-related futures and options contracts in the week to Oct. 5, regulatory records show.
Purchases over the past six weeks have totalled 194 million barrels, reversing more than two thirds of the 268 million barrels sold over the previous 10 weeks when the market was gripped by fear about rising coronavirus cases.
In the most recent week there was broad-based buying of NYMEX and ICE WTI (+9 million barrels), U.S. gasoline (+9 million), Brent (+4 million) and U.S. diesel (+3 million), with minor sales in European gas oil (-1 million).
Climbing oil prices continue to attract fresh buying interest from hedge funds while piling pressure on bearish portfolio managers, but the trade is becoming crowded and at risk of a sudden reversal.
Hedge funds and other money managers purchased the equivalent of 24 million barrels in the six most important petroleum-related futures and options contracts in the week to Oct. 5, regulatory records show.
Purchases over the past six weeks have totalled 194 million barrels, reversing more than two thirds of the 268 million barrels sold over the previous 10 weeks when the market was gripped by fear about rising coronavirus cases.
In the most recent week there was broad-based buying of NYMEX and ICE WTI (+9 million barrels), U.S. gasoline (+9 million), Brent (+4 million) and U.S. diesel (+3 million), with minor sales in European gas oil (-1 million).
MIDEAST STOCKS Major Gulf bourses end mixed; ACWA Power surges on debut | Reuters
MIDEAST STOCKS Major Gulf bourses end mixed; ACWA Power surges on debut | Reuters
Major stock markets in the Gulf ended mixed on Monday, with the Saudi index extending losses from the previous session.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) declining 1.1%, while Al Rajhi Bank (1120.SE) was down 0.2%.
The Saudi stock market fell as traders took profits after the main index reached a new interim high, said Wael Makarem, senior market strategist at Exness.
"The market fell despite the strong oil prices and the trading start of Acwa Power, two factors that should help the bourse rebound."
However, shares in Saudi Arabian renewable energy utility ACWA Power International (2082.SE) jumped 30% on its market debut after a $1.2 billion IPO, the kingdom's biggest since Saudi Aramco's (2222.SE) massive public offering in 2019.
In Abu Dhabi, the index (.ADI) gained 0.7%, buoyed by a 1.1%rise in the largest lender First Abu Dhabi Bank (FAB.AD) and a 3.5% leap in Alpha Dhabi Holding (ALPHADHABI.AD).
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 0.6% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.5% decrease in blue-chip developer Emaar Properties (EMAR.DU).
Emaar Properties said on Monday shareholders had approved an all-share merger with Emaar Malls (EMAA.DU).
The Qatari index (.QSI) finished 0.1% higher, with Qatar National Bank (QNB) (QNBK.QA) gaining 0.4%.
QNB, the Gulf's biggest lender, posted an 8% increase in nine-month net profit to 10.3 billion Qatari riyals ($2.81 billion), citing loan growth. read more
Separately, Qatar changed the name of its state-owned oil and gas firm to Qatar Energy from Qatar Petroleum, to reflect a broader strategy. However, it said it had no plans to sell assets to raise funds as other Gulf state producers have. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 0.5%, with top lender Commercial International Bank (COMI.CA) rising 1.6%.
Major stock markets in the Gulf ended mixed on Monday, with the Saudi index extending losses from the previous session.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) declining 1.1%, while Al Rajhi Bank (1120.SE) was down 0.2%.
The Saudi stock market fell as traders took profits after the main index reached a new interim high, said Wael Makarem, senior market strategist at Exness.
"The market fell despite the strong oil prices and the trading start of Acwa Power, two factors that should help the bourse rebound."
However, shares in Saudi Arabian renewable energy utility ACWA Power International (2082.SE) jumped 30% on its market debut after a $1.2 billion IPO, the kingdom's biggest since Saudi Aramco's (2222.SE) massive public offering in 2019.
In Abu Dhabi, the index (.ADI) gained 0.7%, buoyed by a 1.1%rise in the largest lender First Abu Dhabi Bank (FAB.AD) and a 3.5% leap in Alpha Dhabi Holding (ALPHADHABI.AD).
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 0.6% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.5% decrease in blue-chip developer Emaar Properties (EMAR.DU).
Emaar Properties said on Monday shareholders had approved an all-share merger with Emaar Malls (EMAA.DU).
The Qatari index (.QSI) finished 0.1% higher, with Qatar National Bank (QNB) (QNBK.QA) gaining 0.4%.
QNB, the Gulf's biggest lender, posted an 8% increase in nine-month net profit to 10.3 billion Qatari riyals ($2.81 billion), citing loan growth. read more
Separately, Qatar changed the name of its state-owned oil and gas firm to Qatar Energy from Qatar Petroleum, to reflect a broader strategy. However, it said it had no plans to sell assets to raise funds as other Gulf state producers have. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 0.5%, with top lender Commercial International Bank (COMI.CA) rising 1.6%.
Crude jumps on global energy crunch; U.S. oil at 7-year high | Reuters
Crude jumps on global energy crunch; U.S. oil at 7-year high | Reuters
Oil prices rose 2% on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.
Brent crude was up $1.62 cents, or 2%, at $84.01 a barrel by 0914 GMT, The highest level since October 2018.
U.S. oil rose $1.95, or 2.5%, at $81.30 a barrel, the highest since late 2014.
Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and U.S. crude for seven.
Oil prices rose 2% on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.
Brent crude was up $1.62 cents, or 2%, at $84.01 a barrel by 0914 GMT, The highest level since October 2018.
U.S. oil rose $1.95, or 2.5%, at $81.30 a barrel, the highest since late 2014.
Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and U.S. crude for seven.
#Qatar Says Rejoining OPEC Would Not Fit With Its Strategy - Bloomberg
Qatar Says Rejoining OPEC Would Not Fit With Its Strategy - Bloomberg
Qatar will not rejoin OPEC because trying to sway global oil prices doesn’t fit with its strategy, said Energy Minister Saad Al-Kaabi at a press conference.
Qatar decided to leave the cartel in late 2018, saying its exit was ‘technical’ and a matter of strategy as it shifted its focus to natural gas as its main export. It had been a member of the Organization of Petroleum Exporting Countries since 1961.
But observers saw the move as the result of a rift between Qatar and some of its neighbors. The producer-group’s de-factor leader, Saudi Arabia and the United Arab Emirates led an embargo against the Persian Gulf country between 2017 and early-2021. The two countries, as well as Bahrain and Egypt, restored ties with Qatar in January.
Qatar will not rejoin OPEC because trying to sway global oil prices doesn’t fit with its strategy, said Energy Minister Saad Al-Kaabi at a press conference.
Qatar decided to leave the cartel in late 2018, saying its exit was ‘technical’ and a matter of strategy as it shifted its focus to natural gas as its main export. It had been a member of the Organization of Petroleum Exporting Countries since 1961.
But observers saw the move as the result of a rift between Qatar and some of its neighbors. The producer-group’s de-factor leader, Saudi Arabia and the United Arab Emirates led an embargo against the Persian Gulf country between 2017 and early-2021. The two countries, as well as Bahrain and Egypt, restored ties with Qatar in January.
#Saudi Aramco taps banks for $12-14 bln gas pipeline loan - sources | Reuters
Saudi Aramco taps banks for $12-14 bln gas pipeline loan - sources | Reuters
Saudi Aramco (2222.SE) has asked banks to arrange a loan expected to be in the $12 billion-14 billion range that it plans to offer to buyers of its gas pipeline network, sources said, as the oil giant advances plans to raise funds from asset sales.
Aramco could raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, sources have previously told Reuters. The stake would be offered with a loan financing package already in place, worth about 80% of the price.
Banks that financed a $12.4 billion acquisition of the company's oil pipelines earlier this year received a request for proposals from Aramco last week, said three sources familiar with the matter.
That deal, which included all of Aramco's existing and future stabilised crude pipelines, was backed by $10.5 billion financing from a large group of banks including Citi, HSBC and JPMorgan.
Saudi Aramco (2222.SE) has asked banks to arrange a loan expected to be in the $12 billion-14 billion range that it plans to offer to buyers of its gas pipeline network, sources said, as the oil giant advances plans to raise funds from asset sales.
Aramco could raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, sources have previously told Reuters. The stake would be offered with a loan financing package already in place, worth about 80% of the price.
Banks that financed a $12.4 billion acquisition of the company's oil pipelines earlier this year received a request for proposals from Aramco last week, said three sources familiar with the matter.
That deal, which included all of Aramco's existing and future stabilised crude pipelines, was backed by $10.5 billion financing from a large group of banks including Citi, HSBC and JPMorgan.
#Qatar can't help red hot gas markets as production at maximum | Reuters
Qatar can't help red hot gas markets as production at maximum | Reuters
Qatar, the world's largest supplier of liquefied natural gas, said on Monday it can't help ease the red hot gas market because it has allocated all its output and believes the high prices are destructive for demand.
"We are maxed out as far as we have given all our customers their due quantities," Qatar's energy minister Saad al-Kaabi said.
He said he expected gas prices to "ease off slightly" as some plants come back up and with Russia's pledge to increase supplies to Europe, but high prices were not good.
"I am unhappy about gas prices being high," he said, adding that the U.S. market would "feel the pressure soon" and that customers are already feeling the effects by paying more for electricity.
"The lesson is more long-term deals. Even if I can benefit from short-term spikes like this, I don't like it because it is destructive to demand, it hurts my customer and my customer needs to be healthy for me to be healthy,” he said.
Qatar, the world's largest supplier of liquefied natural gas, said on Monday it can't help ease the red hot gas market because it has allocated all its output and believes the high prices are destructive for demand.
"We are maxed out as far as we have given all our customers their due quantities," Qatar's energy minister Saad al-Kaabi said.
He said he expected gas prices to "ease off slightly" as some plants come back up and with Russia's pledge to increase supplies to Europe, but high prices were not good.
"I am unhappy about gas prices being high," he said, adding that the U.S. market would "feel the pressure soon" and that customers are already feeling the effects by paying more for electricity.
"The lesson is more long-term deals. Even if I can benefit from short-term spikes like this, I don't like it because it is destructive to demand, it hurts my customer and my customer needs to be healthy for me to be healthy,” he said.
Shareholders of Emaar Properties approve merger with Emaar Malls | ZAWYA MENA Edition
Shareholders of Emaar Properties approve merger with Emaar Malls | ZAWYA MENA Edition
Emaar Properties’ shareholders have approved the merger of the company with Emaar Malls, Dubai’s largest listed developer said in a bourse filing on Monday.
Shareholders also approved during the General Assembly on Sunday the proposal to increase Emaar Properties’ share capital to 8.17 billion dirhams ($2.2 billion).
The merger, announced earlier this year, had already obtained final approval from the Securities & Commodities Authority (SCA) last September.
As part of the transaction, shareholders of Emaar Malls will receive 0.51 new Emaar Properties share for every Emaar Malls share.
Emaar Properties’ shareholders have approved the merger of the company with Emaar Malls, Dubai’s largest listed developer said in a bourse filing on Monday.
Shareholders also approved during the General Assembly on Sunday the proposal to increase Emaar Properties’ share capital to 8.17 billion dirhams ($2.2 billion).
The merger, announced earlier this year, had already obtained final approval from the Securities & Commodities Authority (SCA) last September.
As part of the transaction, shareholders of Emaar Malls will receive 0.51 new Emaar Properties share for every Emaar Malls share.
#Dubai Business Activity Lost Steam in the Runup to World Expo - Bloomberg
Dubai Business Activity Lost Steam in the Runup to World Expo - Bloomberg
Dubai’s business activity grew at a slower pace last month, with new orders dropping for the first time since February even as the city prepared to launch its World Expo 2020 event.
The non-oil private sector grew for a tenth-straight month, according to IHS Markit. Its Purchasing Managers’ Index for the Middle East’s main business hub was at 51.5 in September, above the 50 mark that separates growth from contraction but down from 53.3 the previous month.
“The Dubai non-oil sector saw a dip in demand during September,” said David Owen, economist at IHS Markit. However, “the Expo 2020 has now begun, which should drive increased sales in the services sector over the next six months at least. Whilst IHS Markit predicts that the direct growth impact from the event will be modest, the latest PMI data highlighted a considerable impact on near-term business confidence.”
Dubai’s business activity grew at a slower pace last month, with new orders dropping for the first time since February even as the city prepared to launch its World Expo 2020 event.
The non-oil private sector grew for a tenth-straight month, according to IHS Markit. Its Purchasing Managers’ Index for the Middle East’s main business hub was at 51.5 in September, above the 50 mark that separates growth from contraction but down from 53.3 the previous month.
“The Dubai non-oil sector saw a dip in demand during September,” said David Owen, economist at IHS Markit. However, “the Expo 2020 has now begun, which should drive increased sales in the services sector over the next six months at least. Whilst IHS Markit predicts that the direct growth impact from the event will be modest, the latest PMI data highlighted a considerable impact on near-term business confidence.”
- Dubai’s construction industry led the overall fall with new work dropping for the first time since June.
- Travel and tourism saw an uptick driven by increased demand from Expo 2020.
- Employment levels rose only slightly and by the least in four months.
- Input costs rose but the rate of cost inflation was marginal leading to a reduction in the price average.
- Business confidence was better as companies cited Expo 2020 would drive more sales.
#Saudi ACWA Power International shares jump 30% over listing price in debut | Reuters
Saudi ACWA Power International shares jump 30% over listing price in debut | Reuters
Shares in utility Saudi Arabian developer ACWA Power International jumped 30% above its listing price on its Riyadh market debut on Monday.
ACWA's shares rose to 72.80 Saudi riyals ($19.41) in early trading, compared with the price at its initial public offering (IPO) of 56 riyals a share.
ACWA, responsible for building renewable projects in the kingdom, priced its IPO at the top of the range last month, successfully raising $1.2 billion from investors.
It was the kingdom's biggest public share sale since Saudi Aramco's (2222.SE) $29.4 billion IPO in 2019.
Shares in utility Saudi Arabian developer ACWA Power International jumped 30% above its listing price on its Riyadh market debut on Monday.
ACWA's shares rose to 72.80 Saudi riyals ($19.41) in early trading, compared with the price at its initial public offering (IPO) of 56 riyals a share.
ACWA, responsible for building renewable projects in the kingdom, priced its IPO at the top of the range last month, successfully raising $1.2 billion from investors.
It was the kingdom's biggest public share sale since Saudi Aramco's (2222.SE) $29.4 billion IPO in 2019.
Crude jumps on global energy crunch; U.S. oil at 7-year high | Reuters
Crude jumps on global energy crunch; U.S. oil at 7-year high | Reuters
Oil prices surged again on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.
Brent crude was up $1.20 cents, or 1.5%, at $83.59 a barrel by 0656 GMT, after gaining nearly 4% last week. U.S. oil was up $1.46, or 1.8%, at $80.81 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday.
Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and U.S. crude for seven.
Coal and gas prices have also been surging as economies recover, making oil more attractive as a fuel for power generation, pushing crude markets higher.
Oil prices surged again on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.
Brent crude was up $1.20 cents, or 1.5%, at $83.59 a barrel by 0656 GMT, after gaining nearly 4% last week. U.S. oil was up $1.46, or 1.8%, at $80.81 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday.
Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and U.S. crude for seven.
Coal and gas prices have also been surging as economies recover, making oil more attractive as a fuel for power generation, pushing crude markets higher.