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Wednesday, 17 November 2021
Oil Slips to Lowest in a Month as Traders Mull Reserves Release - Bloomberg
Oil Slips to Lowest in a Month as Traders Mull Reserves Release - Bloomberg
Analysis: LNG markets eye record prices in race to replenish stocks | Reuters
Analysis: LNG markets eye record prices in race to replenish stocks | Reuters
Liquefied natural gas (LNG) prices face a quick return to recent record highs as cold weather approaches the Northern Hemisphere and surging power demand and depleted gas storage heightens the global energy crunch, particularly in Europe.
This year's power price shock has seen several domestic energy suppliers go out of business, while heavy industry curtailed output in energy-intensive sectors.
Consumers are paying significantly more for home heating, adding to wider inflationary pressures, with no let-up in sight for countries dependent on LNG imports such as Spain.
LNG prices lurched from record lows under $2 per mmBtu to all-time highs of $56 in the last 18 months, as markets struggle to keep pace with global economies recovering from COVID-19. Benchmark prices are around $31 currently.
Liquefied natural gas (LNG) prices face a quick return to recent record highs as cold weather approaches the Northern Hemisphere and surging power demand and depleted gas storage heightens the global energy crunch, particularly in Europe.
This year's power price shock has seen several domestic energy suppliers go out of business, while heavy industry curtailed output in energy-intensive sectors.
Consumers are paying significantly more for home heating, adding to wider inflationary pressures, with no let-up in sight for countries dependent on LNG imports such as Spain.
LNG prices lurched from record lows under $2 per mmBtu to all-time highs of $56 in the last 18 months, as markets struggle to keep pace with global economies recovering from COVID-19. Benchmark prices are around $31 currently.
Mideast Stocks: #Dubai snaps four-day winning streak; #Saudi edges up | ZAWYA MENA Edition
Mideast Stocks: Dubai snaps four-day winning streak; Saudi edges up | ZAWYA MENA Edition
Most major stock markets in the Gulf ended lower on Wednesday, with the Dubai index snapping four days of gains, although the Saudi bourse bucked the trend to edge higher.
Dubai's main share index dropped 0.8%, ending a four-day winning streak, weighed down by a 1.9% fall in blue-chip developer Emaar Properties and a 5.1% slide in Dubai Financial Market (DFM).
Investors moved to take their profits after the sharp increases that followed the state-owned companies' initial public offering announcements, said Wael Makarem, senior market strategist at Exness.
"Price corrections could remain limited thanks to the strong fundamentals and as investors wait for the next IPO's details."
However, Amlak Finance surged 14.9% — rising for a fifth session.
On Sunday, the Islamic finance company swung to net profit of 887.1 million dirhams ($241.55 million) for the third quarter, from a loss of 151.4 million dirhams year ago.
Saudi Arabia's benchmark index inched 0.1% higher, helped by a 1.8% rise in Saudi National Bank, the kingdom's largest lender.
The head of the Saudi Civil Aviation Authority told Al Arabiya TV on Tuesday that the kingdom had restored 45% of pre-COVID passenger traffic estimated in 2019 at around 100 million passengers.
In Abu Dhabi, the index fell 0.2%, easing from a record high, with conglomerate International Holding losing 0.5%.
Inflation worries remain as its more durable nature could prompt central banks to take additional actions to tighten their monetary policies, said Makarem.
The Qatari index dropped 0.3%, weighed down by a 0.6% fall in petrochemical maker Industries Qatar and a 0.5% drop in Masraf Al Rayan .
Outside the Gulf, Egypt's blue-chip index gained 0.5%, following recent price corrections.
Fawry for Banking Technology and Electronic Payment rose 2.4%, while Egypt Kuwait Holding advanced 2.5%.
Most major stock markets in the Gulf ended lower on Wednesday, with the Dubai index snapping four days of gains, although the Saudi bourse bucked the trend to edge higher.
Dubai's main share index dropped 0.8%, ending a four-day winning streak, weighed down by a 1.9% fall in blue-chip developer Emaar Properties and a 5.1% slide in Dubai Financial Market (DFM).
Investors moved to take their profits after the sharp increases that followed the state-owned companies' initial public offering announcements, said Wael Makarem, senior market strategist at Exness.
"Price corrections could remain limited thanks to the strong fundamentals and as investors wait for the next IPO's details."
However, Amlak Finance surged 14.9% — rising for a fifth session.
On Sunday, the Islamic finance company swung to net profit of 887.1 million dirhams ($241.55 million) for the third quarter, from a loss of 151.4 million dirhams year ago.
Saudi Arabia's benchmark index inched 0.1% higher, helped by a 1.8% rise in Saudi National Bank, the kingdom's largest lender.
The head of the Saudi Civil Aviation Authority told Al Arabiya TV on Tuesday that the kingdom had restored 45% of pre-COVID passenger traffic estimated in 2019 at around 100 million passengers.
In Abu Dhabi, the index fell 0.2%, easing from a record high, with conglomerate International Holding losing 0.5%.
Inflation worries remain as its more durable nature could prompt central banks to take additional actions to tighten their monetary policies, said Makarem.
The Qatari index dropped 0.3%, weighed down by a 0.6% fall in petrochemical maker Industries Qatar and a 0.5% drop in Masraf Al Rayan .
Outside the Gulf, Egypt's blue-chip index gained 0.5%, following recent price corrections.
Fawry for Banking Technology and Electronic Payment rose 2.4%, while Egypt Kuwait Holding advanced 2.5%.
#UAE Pushes Ahead With $20 Billion Natural Gas Project to Boost Exports - Bloomberg
UAE Pushes Ahead With $20 Billion Natural Gas Project to Boost Exports - Bloomberg
The United Arab Emirates will accelerate $20 billion of natural-gas projects by awarding contracts for some of them in the coming days, as it seeks to boost exports of the fuel.
Abu Dhabi National Oil Co. will award engineering and construction work for the Dalma gas field in Persian Gulf waters as soon as this week, according to people with the matter. The gas is meant to start flowing by about 2025, they said.
Adnoc is among several major state oil companies increasing production of gas as consumers try to switch away from crude and coal. Gas is a cleaner form of energy, though the industry is still a significant source of carbon and methane emissions.
Dalma will help the UAE, OPEC’s third-biggest oil producer, in its bid to become self-sufficient in gas by 2030. The country will export some surplus supplies as liquefied natural gas, Adnoc Chief Executive Officer Sultan al Jaber said on Monday.
The United Arab Emirates will accelerate $20 billion of natural-gas projects by awarding contracts for some of them in the coming days, as it seeks to boost exports of the fuel.
Abu Dhabi National Oil Co. will award engineering and construction work for the Dalma gas field in Persian Gulf waters as soon as this week, according to people with the matter. The gas is meant to start flowing by about 2025, they said.
Adnoc is among several major state oil companies increasing production of gas as consumers try to switch away from crude and coal. Gas is a cleaner form of energy, though the industry is still a significant source of carbon and methane emissions.
Dalma will help the UAE, OPEC’s third-biggest oil producer, in its bid to become self-sufficient in gas by 2030. The country will export some surplus supplies as liquefied natural gas, Adnoc Chief Executive Officer Sultan al Jaber said on Monday.
#Dubai's Al Habtoor plans share offering in Q3 2022 - Al Arabiya TV | Reuters
Dubai's Al Habtoor plans share offering in Q3 2022 - Al Arabiya TV | Reuters
Al Habtoor Group plans to list up to 35% of its shares in an offering planned for the third quarter of 2022, the chairman of the Dubai-based family-owned conglomerate said in an interview with al-Arabiya TV on Wednesday.
Occupancy at hotels operated by the group exceeds 90%, he said, and the current situation makes it favorable to list on the Dubai financial market.
Al Habtoor Group plans to list up to 35% of its shares in an offering planned for the third quarter of 2022, the chairman of the Dubai-based family-owned conglomerate said in an interview with al-Arabiya TV on Wednesday.
Occupancy at hotels operated by the group exceeds 90%, he said, and the current situation makes it favorable to list on the Dubai financial market.
Oil drops on oversupply warnings, rising COVID cases | Reuters
Oil drops on oversupply warnings, rising COVID cases | Reuters
Oil prices fell on Wednesday after the International Energy Agency (IEA) and OPEC warned of impending oversupply and as COVID-19 cases in Europe increased the downside risks to demand recovery, though a fall in U.S. gasoline stocks curbed losses.
Brent crude futures dropped 79 cents, or 1%, by 1038 GMT to $81.64 a barrel, erasing Tuesday's 38 cent gain.
U.S. West Texas Intermediate (WTI) crude futures fell 94 cents, or 1.2%, to $79.82 a barrel, extending a 12 cent loss from Tuesday.
The IEA on Tuesday warned that while the "oil market remains tight by all measures, ... a reprieve from the price rally could be on the horizon ... due to rising oil supplies".
Oil prices fell on Wednesday after the International Energy Agency (IEA) and OPEC warned of impending oversupply and as COVID-19 cases in Europe increased the downside risks to demand recovery, though a fall in U.S. gasoline stocks curbed losses.
Brent crude futures dropped 79 cents, or 1%, by 1038 GMT to $81.64 a barrel, erasing Tuesday's 38 cent gain.
U.S. West Texas Intermediate (WTI) crude futures fell 94 cents, or 1.2%, to $79.82 a barrel, extending a 12 cent loss from Tuesday.
The IEA on Tuesday warned that while the "oil market remains tight by all measures, ... a reprieve from the price rally could be on the horizon ... due to rising oil supplies".
#Qatar emir appoints state auditor as central bank governor | Reuters
Qatar emir appoints state auditor as central bank governor | Reuters
Qatar's Emir Sheikh Tamim bin Hamad al-Thani on Wednesday appointed Sheikh Bandar bin Mohamed bin Saud al-Thani as central bank governor, according to a statement posted the website of the emiri court.
Sheikh Bandar, who previously served as president of the state audit bureau of energy-rich country, takes over from Sheikh Abdulla Bin Saoud Al-Thani who had run the central bank since 2006.
Abdulaziz bin Mohamed al-Emadi was appointed as new head of the audit bureau, according to the emiri court.
Qatar's Emir Sheikh Tamim bin Hamad al-Thani on Wednesday appointed Sheikh Bandar bin Mohamed bin Saud al-Thani as central bank governor, according to a statement posted the website of the emiri court.
Sheikh Bandar, who previously served as president of the state audit bureau of energy-rich country, takes over from Sheikh Abdulla Bin Saoud Al-Thani who had run the central bank since 2006.
Abdulaziz bin Mohamed al-Emadi was appointed as new head of the audit bureau, according to the emiri court.
ADNOC, TAQA form partnership to boost renewables capacity | Reuters
ADNOC, TAQA form partnership to boost renewables capacity | Reuters
Abu Dhabi National Oil Co (ADNOC.UL) and Abu Dhabi National Energy Company PJSC (TAQA) (TAQA.AD) have formed a strategic partnership on clean energy, aiming to have 30 gigawatts of renewable capacity by 2030, the companies said on Wednesday.
The move comes at a time when Gulf oil-producing countries are trying to diversify their economies by creating new sectors and revenues, including through a big push in renewable energy.
The collaboration will focus on domestic and international renewable energy and waste-to-energy projects, as well as the production, processing and storage of green hydrogen and ancillary activities, the companies said in a statement.
ADNOC and TAQA's green hydrogen development projects will now come together, bringing TAQA's expertise in renewable power and ADNOC's efforts to create a hydrogen value chain.
Abu Dhabi National Oil Co (ADNOC.UL) and Abu Dhabi National Energy Company PJSC (TAQA) (TAQA.AD) have formed a strategic partnership on clean energy, aiming to have 30 gigawatts of renewable capacity by 2030, the companies said on Wednesday.
The move comes at a time when Gulf oil-producing countries are trying to diversify their economies by creating new sectors and revenues, including through a big push in renewable energy.
The collaboration will focus on domestic and international renewable energy and waste-to-energy projects, as well as the production, processing and storage of green hydrogen and ancillary activities, the companies said in a statement.
ADNOC and TAQA's green hydrogen development projects will now come together, bringing TAQA's expertise in renewable power and ADNOC's efforts to create a hydrogen value chain.
Emirates IPO Brings Iconic Airline to Market, But Don't Think Shares Will Soar - Bloomberg
Emirates IPO Brings Iconic Airline to Market, But Don't Think Shares Will Soar - Bloomberg
For airline investors, one of the world’s biggest double-decker jumbo jets is about to emerge from its hangar.
Emirates, traditionally the largest carrier by international traffic and home to the biggest fleets of Airbus SE A380 and Boeing Co. 777 aircraft, may list shares on the stock exchange of its home city, Dubai, Chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq TV this week.
That would be a revolution as dramatic as the 2019 initial public offering of Saudi Arabian Oil Co. was for energy investors. By revenue, Emirates would rank ahead of any airline outside Europe and the U.S. as a top-10 global carrier. The $5.5 billion in net assets on its balance sheet is worth nearly as much as all the shareholder equity in the six biggest full-service airlines in the U.S. and Europe, plus Southwest Airlines Co. — put together. On typical airline multiples, even Emirates’ $25 billion in net debts should leave it as a $10 billion company when operating in normal times.
For airline investors, one of the world’s biggest double-decker jumbo jets is about to emerge from its hangar.
Emirates, traditionally the largest carrier by international traffic and home to the biggest fleets of Airbus SE A380 and Boeing Co. 777 aircraft, may list shares on the stock exchange of its home city, Dubai, Chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq TV this week.
That would be a revolution as dramatic as the 2019 initial public offering of Saudi Arabian Oil Co. was for energy investors. By revenue, Emirates would rank ahead of any airline outside Europe and the U.S. as a top-10 global carrier. The $5.5 billion in net assets on its balance sheet is worth nearly as much as all the shareholder equity in the six biggest full-service airlines in the U.S. and Europe, plus Southwest Airlines Co. — put together. On typical airline multiples, even Emirates’ $25 billion in net debts should leave it as a $10 billion company when operating in normal times.
Oil drops as U.S. gasoline stock draw boosts prospects of SPR release | Reuters
Oil drops as U.S. gasoline stock draw boosts prospects of SPR release | Reuters
Oil fell on Wednesday after an industry report showed U.S. gasoline stocks dropped more than expected last week, potentially heightening pressure on the Biden administration to release oil from emergency reserves to cap soaring fuel prices.
U.S. West Texas Intermediate (WTI) crude futures fell 57 cents, or 0.7%, to $80.19 a barrel at 0750 GMT, extending a 12 cent loss from Tuesday.
Brent crude futures dropped 50 cents, or 0.6%, to $81.93, erasing Tuesday's 38 cent gain.
U.S. President Joe Biden has been considering releasing oil from the Strategic Petroleum Reserve (SPR) to cool gasoline prices, which hit a record high at California pumps this week. Lawmakers, however, have mixed views on whether it is needed. The United States is the world's biggest oil user.
Oil fell on Wednesday after an industry report showed U.S. gasoline stocks dropped more than expected last week, potentially heightening pressure on the Biden administration to release oil from emergency reserves to cap soaring fuel prices.
U.S. West Texas Intermediate (WTI) crude futures fell 57 cents, or 0.7%, to $80.19 a barrel at 0750 GMT, extending a 12 cent loss from Tuesday.
Brent crude futures dropped 50 cents, or 0.6%, to $81.93, erasing Tuesday's 38 cent gain.
U.S. President Joe Biden has been considering releasing oil from the Strategic Petroleum Reserve (SPR) to cool gasoline prices, which hit a record high at California pumps this week. Lawmakers, however, have mixed views on whether it is needed. The United States is the world's biggest oil user.
#Dubai leads most Gulf bourses lower; #Saudi edges up | Reuters
Dubai leads most Gulf bourses lower; Saudi edges up | Reuters
Most stock markets in the Gulf fell in early trade on Wednesday, with the Dubai index falling the most, although Saudi stocks were on track to end two days of losses.
Dubai's main share index (.DFMGI) dropped 0.8%, to end a four-day winning streak, weighed down by a 1.9% decline in blue-chip developer Emaar Properties (EMAR.DU) and a 1.1% decrease in Emirates NBD Bank (ENBD.DU).
However, Amlak Finance (AMLK.DU) surged 14.9% — on course to gain for a fifth session.
On Sunday, the Islamic finance company swung to net profit of 887.1 million dirhams ($241.55 million) for the third quarter, from a loss of 151.4 million dirhams year ago.
In Abu Dhabi, the index (.ADI) fell 0.6%, a day after it reached a record high, hit by a 2.2% fall in Emirates Telecommunications Group (ETISALAT.AD).
Israel's energy minister said on Tuesday a deal with partners from the United Arab Emirates (UAE) to transport oil from the Gulf to Europe via Israel should be cancelled as it was too much of an environmental risk. read more
The idea was for oil to be unloaded from tankers in the Red Sea port of Eilat and then transferred across Israel in an existing pipeline to the Mediterranean coast.
Saudi Arabia's benchmark index (.TASI) added 0.2%, on track to end two sessions of losses, helped by a 0.9% rise in Saudi National Bank (1180.SE) , the kingdom's largest lender.
The head of the Saudi Civil Aviation Authority told Al Arabiya TV on Tuesday that the kingdom had restored 45% of pre-COVID-19 passenger traffic estimated in 2019 at around 100 million passengers. read more
The Qatari benchmark (.QSI) dropped 0.4%, with Qatar National Bank (QNBK.QA) falling 0.4% and petrochemical maker Industries Qatar (IQCD.QA) down 0.4%.
Most stock markets in the Gulf fell in early trade on Wednesday, with the Dubai index falling the most, although Saudi stocks were on track to end two days of losses.
Dubai's main share index (.DFMGI) dropped 0.8%, to end a four-day winning streak, weighed down by a 1.9% decline in blue-chip developer Emaar Properties (EMAR.DU) and a 1.1% decrease in Emirates NBD Bank (ENBD.DU).
However, Amlak Finance (AMLK.DU) surged 14.9% — on course to gain for a fifth session.
On Sunday, the Islamic finance company swung to net profit of 887.1 million dirhams ($241.55 million) for the third quarter, from a loss of 151.4 million dirhams year ago.
In Abu Dhabi, the index (.ADI) fell 0.6%, a day after it reached a record high, hit by a 2.2% fall in Emirates Telecommunications Group (ETISALAT.AD).
Israel's energy minister said on Tuesday a deal with partners from the United Arab Emirates (UAE) to transport oil from the Gulf to Europe via Israel should be cancelled as it was too much of an environmental risk. read more
The idea was for oil to be unloaded from tankers in the Red Sea port of Eilat and then transferred across Israel in an existing pipeline to the Mediterranean coast.
Saudi Arabia's benchmark index (.TASI) added 0.2%, on track to end two sessions of losses, helped by a 0.9% rise in Saudi National Bank (1180.SE) , the kingdom's largest lender.
The head of the Saudi Civil Aviation Authority told Al Arabiya TV on Tuesday that the kingdom had restored 45% of pre-COVID-19 passenger traffic estimated in 2019 at around 100 million passengers. read more
The Qatari benchmark (.QSI) dropped 0.4%, with Qatar National Bank (QNBK.QA) falling 0.4% and petrochemical maker Industries Qatar (IQCD.QA) down 0.4%.