Oil set for weekly loss as supply remedies emerge | Reuters
Oil prices went in and out of positive territory Friday and were headed for their biggest weekly decline since Novemberas traders looked towards ways in which disruptions of Russian oil supply could be remedied in a tight market.
Oil prices soared after Russia invaded Ukraine and hit their highest levels since 2008 but have pulled back a bit this week on hopes that some producing countries may act to increase supply.
Brent crude futures were up 10 cents, or 0.1%, at $109.43 a barrel by 1353 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.2%, to $106.25 a barrel.
Brent, which rose over 20% last week, was on track for a weekly fall of 7.6% after hitting $139.13 on Monday. U.S. crude was headed for a weekly drop of 8.4% after touching a high of $130.50 on Monday. Both contracts last touched these price peaks in 2008.
Friday, 11 March 2022
#UAE stock markets rise as Putin signals progress in Ukraine talks | Reuters
UAE stock markets rise as Putin signals progress in Ukraine talks | Reuters
UAE stock markets rose on Friday in tandem with global equity markets after Russian President Vladimir Putin signalled a positive shift in talks with Ukraine, but were on track for their weekly decline.
Meanwhile, oil prices gained on Friday on continued concerns about supply disruptions for Russian oil and oil products, as Brent crude futures climbed to $112.19 a barrel by 1016 GMT.
Last week Brent rose over 20%, its biggest weekly rise in percentage terms since May 2020 when Brent traded below $30 a barrel.
In Dubai, the main share index(.DFMGI)gained 0.6%, ending its fifth session of losses in a row. Financials and industrials stocks were among the big gainers.
The blue-chip developer Emaar Properties(EMAR.DU)was up 1.5%.
Dubai Investment(DINV.DU)also rose 2.1%, after its board proposed a 12% dividend for year 2021.
The index posted a 1.4% weekly fall, the biggest weekly fall this year since February first week.
Abu Dhabi's index(.FTFADGI)rose 0.3% and lost 0.5% this week.
The country's largest lender First Abu Dhabi Bank(FAB.AD)was up 0.5%.
Abu Dhabi stock market saw a small decline as the drop in oil prices pulled it down. The market remains on an upward trend overall and could return to the positive territory, said Wael Makarem, Senior Market Strategist – MENA at Exness.
UAE stock markets rose on Friday in tandem with global equity markets after Russian President Vladimir Putin signalled a positive shift in talks with Ukraine, but were on track for their weekly decline.
Meanwhile, oil prices gained on Friday on continued concerns about supply disruptions for Russian oil and oil products, as Brent crude futures climbed to $112.19 a barrel by 1016 GMT.
Last week Brent rose over 20%, its biggest weekly rise in percentage terms since May 2020 when Brent traded below $30 a barrel.
In Dubai, the main share index(.DFMGI)gained 0.6%, ending its fifth session of losses in a row. Financials and industrials stocks were among the big gainers.
The blue-chip developer Emaar Properties(EMAR.DU)was up 1.5%.
Dubai Investment(DINV.DU)also rose 2.1%, after its board proposed a 12% dividend for year 2021.
The index posted a 1.4% weekly fall, the biggest weekly fall this year since February first week.
Abu Dhabi's index(.FTFADGI)rose 0.3% and lost 0.5% this week.
The country's largest lender First Abu Dhabi Bank(FAB.AD)was up 0.5%.
Abu Dhabi stock market saw a small decline as the drop in oil prices pulled it down. The market remains on an upward trend overall and could return to the positive territory, said Wael Makarem, Senior Market Strategist – MENA at Exness.
Nahdi Medical, Biggest #Saudi IPO Since Aramco, Prices at Top End of Range - Bloomberg
Nahdi Medical, Biggest Saudi IPO Since Aramco, Prices at Top End of Range - Bloomberg
Saudi Arabia’s largest pharmacy retail chain set the final offer price for its listing at the top end of a planned range amid continued strong demand for share sales in the kingdom.
Nahdi Medical Co. said it will sell shares at 131 riyals ($34.92) apiece after the institutional part of the offering ended. At that price, the company is set to raise $1.36 billion, with a three-day subscription period for individual investors starting on March 13.
The IPO could be the largest listing in the kingdom since Saudi Aramco raised almost $30 billion in 2019. While Russia’s invasion of Ukraine has effectively shut IPO markets, Gulf markets are so far proving resilient as surging local stock markets on the back of soaring oil prices support deal flow.
JPMorgan Chase & Co. and Citigroup Inc. are among those betting investor demand will keep the share sales coming.
Saudi Arabia’s largest pharmacy retail chain set the final offer price for its listing at the top end of a planned range amid continued strong demand for share sales in the kingdom.
Nahdi Medical Co. said it will sell shares at 131 riyals ($34.92) apiece after the institutional part of the offering ended. At that price, the company is set to raise $1.36 billion, with a three-day subscription period for individual investors starting on March 13.
The IPO could be the largest listing in the kingdom since Saudi Aramco raised almost $30 billion in 2019. While Russia’s invasion of Ukraine has effectively shut IPO markets, Gulf markets are so far proving resilient as surging local stock markets on the back of soaring oil prices support deal flow.
JPMorgan Chase & Co. and Citigroup Inc. are among those betting investor demand will keep the share sales coming.
#Dubai’s Tecom Courts Investors After Lining Up Banks for IPO - Bloomberg
Dubai’s Tecom Courts Investors After Lining Up Banks for IPO - Bloomberg
Tecom Group is holding meetings with select investors after lining up banks to help arrange a potential listing in Dubai, people familiar with the matter said.
The firm has hired Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG, the people said, asking not to be identified as the information is private. The meetings that started last week were the first of a series of planned engagements with investors ahead of the potential listing, they said.
Tecom hosts 10 large business complexes including Dubai Internet City and Dubai Media City. Part of state-owned Dubai Holding, the business park operator houses the headquarters of more than 5,600 companies in the United Arab Emirates.
It reported revenue of 1.9 billion dirhams ($520 million) and 1.26 billion in Ebitda last year, largely flat from 2020, two of the people said.
Tecom Group is holding meetings with select investors after lining up banks to help arrange a potential listing in Dubai, people familiar with the matter said.
The firm has hired Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG, the people said, asking not to be identified as the information is private. The meetings that started last week were the first of a series of planned engagements with investors ahead of the potential listing, they said.
Tecom hosts 10 large business complexes including Dubai Internet City and Dubai Media City. Part of state-owned Dubai Holding, the business park operator houses the headquarters of more than 5,600 companies in the United Arab Emirates.
It reported revenue of 1.9 billion dirhams ($520 million) and 1.26 billion in Ebitda last year, largely flat from 2020, two of the people said.
Middle East Crude Benchmarks slip; Al-Shaheen premium hikes | Reuters
Middle East Crude Benchmarks slip; Al-Shaheen premium hikes | Reuters
Middle East crude benchmarks Oman, Dubai and Murban shaded weaker on Friday as major oil producers strive to bring more supply to the market to offset the embargos on Russian cargos, while policymakers around the globe mull tapering inflation.
Qatar Energy has sold four May-loading crude cargoes via tenders at record premiums after buyers avoided Russian oil amid fears of Western sanctions following Moscow's invasion of Ukraine.
Spot premiums for al-Shaheen crude nearly tripled from the previous month after the producer sold two al-Shaheen crude cargoes to Unipec and PetroChina at about $12 a barrel above Dubai quotes, they said. The cargoes will load on May 2-3 and 29-30.
Exports of Malaysia's flagship Kimanis crude oil are set to fall to six cargoes in May, down two from April, due to maintenance at oilfields offshore Sabah, a preliminary loading schedule showed on Friday. read more
Middle East crude benchmarks Oman, Dubai and Murban shaded weaker on Friday as major oil producers strive to bring more supply to the market to offset the embargos on Russian cargos, while policymakers around the globe mull tapering inflation.
Qatar Energy has sold four May-loading crude cargoes via tenders at record premiums after buyers avoided Russian oil amid fears of Western sanctions following Moscow's invasion of Ukraine.
Spot premiums for al-Shaheen crude nearly tripled from the previous month after the producer sold two al-Shaheen crude cargoes to Unipec and PetroChina at about $12 a barrel above Dubai quotes, they said. The cargoes will load on May 2-3 and 29-30.
Exports of Malaysia's flagship Kimanis crude oil are set to fall to six cargoes in May, down two from April, due to maintenance at oilfields offshore Sabah, a preliminary loading schedule showed on Friday. read more
Oil firms amid supply worries, but heads for sharp weekly decline | Reuters
Oil firms amid supply worries, but heads for sharp weekly decline | Reuters
Oil prices rose on Friday but were on track for their biggest weekly declines since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.
Brent crude futures climbed $2.48, or 2.27%, to $111.81 a barrel at 0747 GMT after dropping 1.6% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures were up $2, or 1.89%, to $108.02 a barrel, following a 2.5% decline on Thursday.
In a week of volatile trading marked by talk of Russian oil embargoes then potential supply additions from Iran, Venezuela and the United Arab Emirates while fighting escalated in Ukraine, Brent was on track for a weekly fall of 5.2% after hitting a 14-year high of $139.13 on Monday. U.S. crude was headed for a drop of 6.6% after touching a high of $130.50 on Monday.
Oil prices rose on Friday but were on track for their biggest weekly declines since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.
Brent crude futures climbed $2.48, or 2.27%, to $111.81 a barrel at 0747 GMT after dropping 1.6% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures were up $2, or 1.89%, to $108.02 a barrel, following a 2.5% decline on Thursday.
In a week of volatile trading marked by talk of Russian oil embargoes then potential supply additions from Iran, Venezuela and the United Arab Emirates while fighting escalated in Ukraine, Brent was on track for a weekly fall of 5.2% after hitting a 14-year high of $139.13 on Monday. U.S. crude was headed for a drop of 6.6% after touching a high of $130.50 on Monday.