Oil prices sink again as traders use Omicron as an excuse to hit 'sell' | Reuters
Crude oil futures settled lower on Wednesday, as an early rally fizzled and selling intensified on worries the Omicron variant of coronavirus could cut oil demand as global supply builds.
Late in the session, oil prices dropped into negative territory after U.S. officials said the Omicron variant - believed more transmissible than previous strains of coronavirus - had been found in the country.
"When the markets gets hit with news about Frankenstein variants, you're selling and asking questions later," said John Kilduff, partner at Again Capital LLC in New York, said he expects more bullish momentum to return whenever WTI crosses above $70 a barrel.
WTI U.S. crude futures settled down 61 cents, or 0.9%, at $65.57 a barrel. During the session, they were up as much as 4%. Global benchmark Brent crude was down 36 cents, or 0.5%, at $68.87 a barrel.
Benchmark oil futures have been under pressure for weeks on factors ranging from the new coronavirus variant and the U.S. decision to release oil barrels from emergency reserves in tandem with other countries.
Wednesday, 1 December 2021
Oil prices rally ahead of OPEC meeting despite Omicron concerns | Reuters
Oil prices rally ahead of OPEC meeting despite Omicron concerns | Reuters
Oil prices rallied on Wednesday after recent sharp drops as major producers started to discuss future output against the backdrop of the Omicron variant of the coronavirus triggering fresh travel restrictions which could dampen oil demand.
Equity markets, which often move in tandem with oil prices also rebounded as investors bought the previous session's dip in the hope that Omicron would not derail an economic recovery.
Brent crude futures for February rose $2.10, or 3%, to $71.33 a barrel at 1331 GMT.
U.S. West Texas Intermediate (WTI) crude futures rose $1.91, or 2.9%, to $68.09 a barrel. Both contracts retraced some of their gains after an OPEC+ document showed the group forecasts a bigger oil surplus in the new year.
Oil prices rallied on Wednesday after recent sharp drops as major producers started to discuss future output against the backdrop of the Omicron variant of the coronavirus triggering fresh travel restrictions which could dampen oil demand.
Equity markets, which often move in tandem with oil prices also rebounded as investors bought the previous session's dip in the hope that Omicron would not derail an economic recovery.
Brent crude futures for February rose $2.10, or 3%, to $71.33 a barrel at 1331 GMT.
U.S. West Texas Intermediate (WTI) crude futures rose $1.91, or 2.9%, to $68.09 a barrel. Both contracts retraced some of their gains after an OPEC+ document showed the group forecasts a bigger oil surplus in the new year.
Gulf markets rebound after virus-fuelled rout | Reuters
Gulf markets rebound after virus-fuelled rout | Reuters
Most stock markets in the Gulf ended higher on Wednesday, tracking a wider rebound in oil prices and equities after a selloff triggered by worries that the Omicron variant of the coronavirus could resist existing vaccines.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) rising 1.7% and Banque Saudi Fransi (1050.SE) finishing 8.1% higher.
Fawaz Abdulaziz Alhokair (4240.SE) gained 1% after signing franchise agreements with U.S. fast-food group Subway and Lebanese patisserie Secrets.
The market was supported by a 4% jump in oil prices as major producers prepared to discuss how much of a threat the new variant would pose to energy demand.
The Organization of the Petroleum Exporting Countries (OPEC) will meet later in the day, followed by a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia. read more
Some analysts expect OPEC+ to pause plans to add 400,000 barrels per day of supply in January on the likely hit to demand from travel curbs imposed to rein in the spread of the variant.
Saudi Arabia on Wednesday reported its first case of Omicron variant that arrived from a north African country, the state news agency said. read more
In Qatar, broad-based gains pushed up the benchmark (.QSI) 1.5%, with sharia-compliant lender Masraf Al Rayan (MARK.QA) rising about 3% after completing a merger with Al Khalij Commercial Bank.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.2%, helped by a 0.2% increase in its top lender Commercial International Bank (COMI.CA).
** Markets in the United Arab Emirates were closed for a public holiday.
Most stock markets in the Gulf ended higher on Wednesday, tracking a wider rebound in oil prices and equities after a selloff triggered by worries that the Omicron variant of the coronavirus could resist existing vaccines.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) rising 1.7% and Banque Saudi Fransi (1050.SE) finishing 8.1% higher.
Fawaz Abdulaziz Alhokair (4240.SE) gained 1% after signing franchise agreements with U.S. fast-food group Subway and Lebanese patisserie Secrets.
The market was supported by a 4% jump in oil prices as major producers prepared to discuss how much of a threat the new variant would pose to energy demand.
The Organization of the Petroleum Exporting Countries (OPEC) will meet later in the day, followed by a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia. read more
Some analysts expect OPEC+ to pause plans to add 400,000 barrels per day of supply in January on the likely hit to demand from travel curbs imposed to rein in the spread of the variant.
Saudi Arabia on Wednesday reported its first case of Omicron variant that arrived from a north African country, the state news agency said. read more
In Qatar, broad-based gains pushed up the benchmark (.QSI) 1.5%, with sharia-compliant lender Masraf Al Rayan (MARK.QA) rising about 3% after completing a merger with Al Khalij Commercial Bank.
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.2%, helped by a 0.2% increase in its top lender Commercial International Bank (COMI.CA).
** Markets in the United Arab Emirates were closed for a public holiday.
Oil prices climb over 4% ahead of OPEC meeting despite Omicron concerns | Reuters
Oil prices climb over 4% ahead of OPEC meeting despite Omicron concerns | Reuters
Oil prices rose more than 4% on Wednesday, still struggling to recoup losses of more than 16% in November, as major producers prepared to discuss how much of a threat the new Omicron variant of the coronavirus would pose to energy demand.
Brent crude futures for February rose $3.56, or 5.1%, to $72.79 a barrel at 1048 GMT.
U.S. West Texas Intermediate (WTI) crude futures rose $3.25, or 4.9%, to $69.43 a barrel. Both Brent and WTI front-month contracts in November posted their steepest monthly falls in percentage terms since March 2020, down 16% and 21% respectively.
The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia.
Oil prices rose more than 4% on Wednesday, still struggling to recoup losses of more than 16% in November, as major producers prepared to discuss how much of a threat the new Omicron variant of the coronavirus would pose to energy demand.
Brent crude futures for February rose $3.56, or 5.1%, to $72.79 a barrel at 1048 GMT.
U.S. West Texas Intermediate (WTI) crude futures rose $3.25, or 4.9%, to $69.43 a barrel. Both Brent and WTI front-month contracts in November posted their steepest monthly falls in percentage terms since March 2020, down 16% and 21% respectively.
The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia.
Adnoc board approves $127bn spending plan as it unveils increase in hydrocarbon reserves
Adnoc board approves $127bn spending plan as it unveils increase in hydrocarbon reserves
The board of the Abu Dhabi National Oil Company, under the chairmanship of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, approved plans to spend Dh466 billion ($127bn) between 2022 and 2026, of which Dh160bn will be directed towards the local economy by the state energy producer.
Adnoc's board, which gave a nod to the company's five year business plan on Wednesday, also announced a "significant" increase in national reserves of 4 billion stock-tank barrels (STB) of oil and 16 trillion standard cubic feet of natural gas.
These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion barrels of oil and 289 trillion scf of natural gas, Adnoc said in a statement, after Sheikh Mohamed presided over the company's board meeting.
The new discoveries have reinforced the country’s position as holder of the world's sixth-largest oil reserves and the seventh-largest gas reserves. The UAE will continue to responsibly unlock its hydrocarbon resources to drive progress and contribute to global energy security, Sheikh Mohamed said.
The board of the Abu Dhabi National Oil Company, under the chairmanship of Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, approved plans to spend Dh466 billion ($127bn) between 2022 and 2026, of which Dh160bn will be directed towards the local economy by the state energy producer.
Adnoc's board, which gave a nod to the company's five year business plan on Wednesday, also announced a "significant" increase in national reserves of 4 billion stock-tank barrels (STB) of oil and 16 trillion standard cubic feet of natural gas.
These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion barrels of oil and 289 trillion scf of natural gas, Adnoc said in a statement, after Sheikh Mohamed presided over the company's board meeting.
The new discoveries have reinforced the country’s position as holder of the world's sixth-largest oil reserves and the seventh-largest gas reserves. The UAE will continue to responsibly unlock its hydrocarbon resources to drive progress and contribute to global energy security, Sheikh Mohamed said.
#Dubai’s $25 Billion State Utility Picks Banks for Record IPO - Bloomberg
Dubai’s $25 Billion State Utility Picks Banks for Record IPO - Bloomberg
State-owned utility Dubai Electricity & Water Authority has picked banks to arrange what could be the biggest-ever listing in the Persian Gulf emirate, people with knowledge of the matter said.
DEWA has chosen Citigroup Inc., HSBC Holdings Plc and Emirates NBD Bank PJSC to lead the offering, the people said, asking not to be identified because the information is private. It is planning to seek a valuation of around $20 billion to $25 billion, according to one of the people.
Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among the bookrunners that have been selected to work on the IPO, the people said.
The Dubai government said in early November that it wants to sell shares in 10 government-backed companies, part of a bid to revive trading volumes and catch up with rival exchanges in Abu Dhabi and Riyadh. It’s been encouraging private and family-owned businesses to follow suit to help deepen the capital market in the Middle Eastern financial center.
State-owned utility Dubai Electricity & Water Authority has picked banks to arrange what could be the biggest-ever listing in the Persian Gulf emirate, people with knowledge of the matter said.
DEWA has chosen Citigroup Inc., HSBC Holdings Plc and Emirates NBD Bank PJSC to lead the offering, the people said, asking not to be identified because the information is private. It is planning to seek a valuation of around $20 billion to $25 billion, according to one of the people.
Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among the bookrunners that have been selected to work on the IPO, the people said.
The Dubai government said in early November that it wants to sell shares in 10 government-backed companies, part of a bid to revive trading volumes and catch up with rival exchanges in Abu Dhabi and Riyadh. It’s been encouraging private and family-owned businesses to follow suit to help deepen the capital market in the Middle Eastern financial center.
Most Gulf bourses rebound after virus-fuelled rout | Reuters
Most Gulf bourses rebound after virus-fuelled rout | Reuters
Most stock markets in the Gulf rose in early trade on Wednesday, rebounding from a sell-off triggered by comments from Moderna's chief executive that existing COVID-19 vaccines would be less effective against the new Omicron variant.
Saudi Arabia's benchmark index (.TASI) rose 0.7%, with Al Rajhi Bank (1120.SE) advancing 2.1% and petrochemical maker Industries Qatar (IQCD.QA) putting on 1.3%.
Elsewhere, Fawaz Abdulaziz Alhokair (4240.SE) gained 1.7% after signing master franchise agreements with U.S. fast-food group Subway and Lebanese patisserie Secrets.
Oil prices, a key catalyst for the Gulf's financial markets, rose more than 3%, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.
The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia. read more
While some analysts expect OPEC+ to pause plans to add 400,000 barrels per day of supply in January in light of the potential hit to demand from travel curbs to rein in the spread of the Omicron variant, several OPEC+ ministers have said there was no need to change course.
The EU drug regulator said on Tuesday it could approve vaccines adapted to target the Omicron variant within three to four months if needed, but that existing shots would continue to provide protection. read more
In Qatar, the benchmark index (.QSI) rose 0.9%, buoyed by a 2.6% jump in sharia-compliant lender Masraf Al Rayan (MARK.QA), following the completion of merger with Al Khalij Commercial Bank.
** Markets in the United Arab Emirates were closed for a public holiday.
Most stock markets in the Gulf rose in early trade on Wednesday, rebounding from a sell-off triggered by comments from Moderna's chief executive that existing COVID-19 vaccines would be less effective against the new Omicron variant.
Saudi Arabia's benchmark index (.TASI) rose 0.7%, with Al Rajhi Bank (1120.SE) advancing 2.1% and petrochemical maker Industries Qatar (IQCD.QA) putting on 1.3%.
Elsewhere, Fawaz Abdulaziz Alhokair (4240.SE) gained 1.7% after signing master franchise agreements with U.S. fast-food group Subway and Lebanese patisserie Secrets.
Oil prices, a key catalyst for the Gulf's financial markets, rose more than 3%, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.
The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia. read more
While some analysts expect OPEC+ to pause plans to add 400,000 barrels per day of supply in January in light of the potential hit to demand from travel curbs to rein in the spread of the Omicron variant, several OPEC+ ministers have said there was no need to change course.
The EU drug regulator said on Tuesday it could approve vaccines adapted to target the Omicron variant within three to four months if needed, but that existing shots would continue to provide protection. read more
In Qatar, the benchmark index (.QSI) rose 0.9%, buoyed by a 2.6% jump in sharia-compliant lender Masraf Al Rayan (MARK.QA), following the completion of merger with Al Khalij Commercial Bank.
** Markets in the United Arab Emirates were closed for a public holiday.
#SaudiArabia’s Hunger Station Rival Jahez Announces IPO Plans - Bloomberg
Saudi Arabia’s Hunger Station Rival Jahez Announces IPO Plans - Bloomberg
Riyadh-based food delivery firm Jahez, which competes with firms like Hunger Station, is preparing to list on the parallel market of the Saudi stock exchange in what will be the kingdom’s first initial public offering of a technology startup.
Jahez International Company for Information Systems Technology, as the company is formally known, is preparing to list a 13% stake, or 1.36 million shares, it said in a statement Wednesday. That includes the sale of a 8.5% stake of new shares. In May, the firm hired HSBC Holdings Plc’s local unit as the sole financial adviser and global coordinator for its IPO.
Jahez’s profit rose to 90 million ($24 million) in the first nine months of the year, from 39 million riyals in 2020. Gross merchanise value, including value added tax and fees, was 3.2 billion in the first nine months of the year, up from 1.9 billion riyals in 2020.
Riyadh-based food delivery firm Jahez, which competes with firms like Hunger Station, is preparing to list on the parallel market of the Saudi stock exchange in what will be the kingdom’s first initial public offering of a technology startup.
Jahez International Company for Information Systems Technology, as the company is formally known, is preparing to list a 13% stake, or 1.36 million shares, it said in a statement Wednesday. That includes the sale of a 8.5% stake of new shares. In May, the firm hired HSBC Holdings Plc’s local unit as the sole financial adviser and global coordinator for its IPO.
Jahez’s profit rose to 90 million ($24 million) in the first nine months of the year, from 39 million riyals in 2020. Gross merchanise value, including value added tax and fees, was 3.2 billion in the first nine months of the year, up from 1.9 billion riyals in 2020.
The biggest locally owned food delivery group in Saudi Arabia, Jahez will be listed on Nomu, the Saudi stock exchange’s small-cap market, which imposes lighter listing requirements to encourage smaller businesses and startups to raise equity.
Oil climbs over 3% ahead of OPEC meeting amid Omicron concerns | Reuters
Oil climbs over 3% ahead of OPEC meeting amid Omicron concerns | Reuters
Oil prices rose more than 3% on Wednesday, recouping a big chunk of the previous session's steep losses, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant of the coronavirus.
Brent crude futures rose $2.46, or 3.6%, to $71.69 a barrel at 0742 GMT, after rising to as high as $71.95 earlier in the day. The benchmark had slumped 3.9% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose $2.13, or 3.2%, to $68.31 a barrel, after a 5.4% drop on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia. read more
Oil prices rose more than 3% on Wednesday, recouping a big chunk of the previous session's steep losses, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant of the coronavirus.
Brent crude futures rose $2.46, or 3.6%, to $71.69 a barrel at 0742 GMT, after rising to as high as $71.95 earlier in the day. The benchmark had slumped 3.9% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures rose $2.13, or 3.2%, to $68.31 a barrel, after a 5.4% drop on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC) will meet on Wednesday after 1300 GMT and ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia. read more