Oil dives 3% to below $80/bbl on resurgent pandemic in Europe | Reuters
Oil prices fell about 3% to below $80 a barrel on Friday as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.
Brent futures for January fell $2.35, or 2.9%, to settle at $78.89 a barrel.
U.S. West Texas Intermediate (WTI) crude for December fell $2.91, or 3.6%, to $76.10 on its last day as the front-month. WTI for January , which will soon be the U.S. front-month, was down about $2.65, or 3.4%, to $75.78.
Both benchmarks declined for the fourth consecutive week, for the first time since March 2020.
"The fear of the unknown is weighing on market sentiment," said Phil Flynn, senior analyst at Price Futures in Chicago. "The worry is that we will get some sort of coordinated release during the Thanksgiving Holiday next week, when volumes are typically low and dramatic moves have occurred."
Friday 19 November 2021
Reliance (RIL) Scraps Plan to Sell Oil-to-Chemicals Stake to Aramco - Bloomberg
Reliance (RIL) Scraps Plan to Sell Oil-to-Chemicals Stake to Aramco - Bloomberg
Reliance Industries Ltd. scrapped a plan announced more than two years ago to sell a 20% stake in its oil-to-chemicals unit to Saudi Arabian Oil Co. as the Indian company focuses on its renewable energy investments.
“Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context,” the Indian company said in a late Friday statement. It will also shelve plans to spin off this business into a separate entity.
The announcement puts brakes on a deal that was two years in the making and underscores the pivot underway at Reliance, helmed by billionaire Mukesh Ambani, toward green energy. The Aramco deal, Ambani had told shareholders in 2019, would be the biggest ever investment in an Indian and forge a closer alliance between the world’s biggest oil exporter and India’s most largest company by market value.
Reliance and Saudi Aramco signed a non-binding letter of intent in August 2019 for a potential 20% stake in Reliance’s oil-to-chemicals unit valued at about $15 billion. But since then, Reliance has shifted its focus to include a plan for developing one of the largest integrated renewable energy manufacturing facilities in the world. The complex would consist of solar photovoltaic module, battery, green hydrogen and fuel cell factories.
Reliance Industries Ltd. scrapped a plan announced more than two years ago to sell a 20% stake in its oil-to-chemicals unit to Saudi Arabian Oil Co. as the Indian company focuses on its renewable energy investments.
“Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context,” the Indian company said in a late Friday statement. It will also shelve plans to spin off this business into a separate entity.
The announcement puts brakes on a deal that was two years in the making and underscores the pivot underway at Reliance, helmed by billionaire Mukesh Ambani, toward green energy. The Aramco deal, Ambani had told shareholders in 2019, would be the biggest ever investment in an Indian and forge a closer alliance between the world’s biggest oil exporter and India’s most largest company by market value.
Reliance and Saudi Aramco signed a non-binding letter of intent in August 2019 for a potential 20% stake in Reliance’s oil-to-chemicals unit valued at about $15 billion. But since then, Reliance has shifted its focus to include a plan for developing one of the largest integrated renewable energy manufacturing facilities in the world. The complex would consist of solar photovoltaic module, battery, green hydrogen and fuel cell factories.
Reliance, Aramco to re-evaluate stake sale in oil-to-chemicals arm | Reuters
Reliance, Aramco to re-evaluate stake sale in oil-to-chemicals arm | Reuters
India's Reliance Industries Ltd (RELI.NS) said it has decided with Saudi Aramco (2222.SE) to re-evaluate the oil major's proposed investment in Reliance's oil-to-chemicals business.
The companies had signed a non-binding letter of intent in August 2019, which would have seen Reliance sell 20% of the unit to Saudi Aramco to fetch roughly $15 billion.
Reliance also said it would withdraw its application to separate the oil-to-chemicals business.
India's Reliance Industries Ltd (RELI.NS) said it has decided with Saudi Aramco (2222.SE) to re-evaluate the oil major's proposed investment in Reliance's oil-to-chemicals business.
The companies had signed a non-binding letter of intent in August 2019, which would have seen Reliance sell 20% of the unit to Saudi Aramco to fetch roughly $15 billion.
Reliance also said it would withdraw its application to separate the oil-to-chemicals business.
Oil dives over 2%, below $80 on resurgent pandemic in Europe | Reuters
Oil dives over 2%, below $80 on resurgent pandemic in Europe | Reuters
Oil prices fell on Friday below $80 a barrel as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.
Brent futures for January fell $2.24, or 2.8%, to $79.00 a barrel by 11:00 a.m. EST (1600 GMT). U.S. West Texas Intermediate (WTI) crude for December fell $2.54, or 3.2%, to $76.47 on its last day as the front-month.
WTI for January , which will soon be the U.S. front-month, were down about $2.15, or 2.8%, to $76.24.
Brent was on track for its lowest close since Sept. 30 and WTI for its lowest close since Oct. 1. Both benchmarks were also headed for a fourth straight weekly decline for the first time since March 2020.
Oil prices fell on Friday below $80 a barrel as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.
Brent futures for January fell $2.24, or 2.8%, to $79.00 a barrel by 11:00 a.m. EST (1600 GMT). U.S. West Texas Intermediate (WTI) crude for December fell $2.54, or 3.2%, to $76.47 on its last day as the front-month.
WTI for January , which will soon be the U.S. front-month, were down about $2.15, or 2.8%, to $76.24.
Brent was on track for its lowest close since Sept. 30 and WTI for its lowest close since Oct. 1. Both benchmarks were also headed for a fourth straight weekly decline for the first time since March 2020.
Oil slumps below $80 on resurgent European COVID fears | Reuters
Oil slumps below $80 on resurgent European COVID fears | Reuters
Oil prices fell sharply on Friday towards $78 a barrel as a fresh surge in COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.
Brent crude was down $2.78, or 3.42%, at $78.46 a barrel by 1300 GMT, its lowest since early October, after earlier rising to as high as $82.24, extending volatility seen on Thursday.
U.S. West Texas Intermediate (WTI) crude for December delivery was down $2.61, or 3.3%, at $76.40 a barrel.
The WTI December contract expires on Friday and most trading activity has shifted to the January future, which was down 3.3% at $75.83 a barrel.
Oil prices fell sharply on Friday towards $78 a barrel as a fresh surge in COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.
Brent crude was down $2.78, or 3.42%, at $78.46 a barrel by 1300 GMT, its lowest since early October, after earlier rising to as high as $82.24, extending volatility seen on Thursday.
U.S. West Texas Intermediate (WTI) crude for December delivery was down $2.61, or 3.3%, at $76.40 a barrel.
The WTI December contract expires on Friday and most trading activity has shifted to the January future, which was down 3.3% at $75.83 a barrel.
Prices rise on robust demand ahead of peak winter months | Reuters #LNG
Prices rise on robust demand ahead of peak winter months | Reuters
Asian liquefied natural gas (LNG) prices rose for the second straight week on robust demand from Asian buyers ahead of peak winter months and on supply concerns in Europe after delay in licensing the new Nord Stream 2 pipeline.
The average LNG price for January delivery into Northeast Asia rose to $36.7 per metric million British thermal units (mmBtu), up $5.2, or 16.5%, from the previous week, industry sources said.
"The delays to Nord Stream 2 have seen a bit of panic creep back into the market especially with the first signs of colder temperatures in Asia and with colder forecasts starting to hit in the U.S. as well," said Ryan McKay, commodity strategist at TDS securities.
On Tuesday, Germany's energy regulator suspended the approval process for Nord Stream 2, a major new pipeline bringing Russian gas into Europe, throwing up a new roadblock to the contentious project and driving up regional prices.
Asian liquefied natural gas (LNG) prices rose for the second straight week on robust demand from Asian buyers ahead of peak winter months and on supply concerns in Europe after delay in licensing the new Nord Stream 2 pipeline.
The average LNG price for January delivery into Northeast Asia rose to $36.7 per metric million British thermal units (mmBtu), up $5.2, or 16.5%, from the previous week, industry sources said.
"The delays to Nord Stream 2 have seen a bit of panic creep back into the market especially with the first signs of colder temperatures in Asia and with colder forecasts starting to hit in the U.S. as well," said Ryan McKay, commodity strategist at TDS securities.
On Tuesday, Germany's energy regulator suspended the approval process for Nord Stream 2, a major new pipeline bringing Russian gas into Europe, throwing up a new roadblock to the contentious project and driving up regional prices.
Oil drops below $80 on European COVID concerns | Reuters
Oil drops below $80 on European COVID concerns | Reuters
Oil prices dropped below $80 a barrel on Friday as a fresh surge in COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool energy prices.
Brent crude was down $1.54, or 1.9%, at $79.70 a barrel by 1023 GMT after earlier rising to as high as $82.24, extending volatility seen on Thursday.
U.S. West Texas Intermediate (WTI) crude for December delivery was down $1.38, or 1.75%, at $77.63 a barrel, having swung through a range of more than $2 the previous session before closing higher as well.
The WTI December contract expires on Friday and most trading activity has shifted to the January future, which was down 1.8% at $77 a barrel.
Oil prices dropped below $80 a barrel on Friday as a fresh surge in COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool energy prices.
Brent crude was down $1.54, or 1.9%, at $79.70 a barrel by 1023 GMT after earlier rising to as high as $82.24, extending volatility seen on Thursday.
U.S. West Texas Intermediate (WTI) crude for December delivery was down $1.38, or 1.75%, at $77.63 a barrel, having swung through a range of more than $2 the previous session before closing higher as well.
The WTI December contract expires on Friday and most trading activity has shifted to the January future, which was down 1.8% at $77 a barrel.
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