Oil prices edge up as worldwide supply concerns remain at the fore | Reuters
Oil prices rose modestly on Wednesday due to ongoing concerns about tight worldwide supply, underscored by another drawdown in U.S. distillate and gasoline inventories.
The market rebounded late in the session after losing ground for most of the day, in part due to strength in the dollar and as China grapples with fresh coronavirus outbreaks that are sapping demand. However, Russia's move to cut off gas shipments to two European nations added to overall worries about tight energy supply.
Brent crude futures settled up 33 cents to $105.32 a barrel, while U.S. West Texas Intermediate crude settled up 32 cents to $102.02 a barrel.
The U.S. Energy Information Administration said crude stocks rose by just 692,000 barrels last week, short of expectations, while distillate inventories, which include diesel and jet fuel, fell to their lowest since May 2008.
Wednesday 27 April 2022
Oil prices dip as dollar soars, U.S. crude stocks edge higher | Reuters
Oil prices dip as dollar soars, U.S. crude stocks edge higher | Reuters
Oil prices dipped on Wednesday as a soaring U.S. dollar made barrels more expensive and coronavirus outbreaks in China clouded the economic outlook in the world's biggest importer of crude oil.
Supplies remained tight in the world's largest oil producer, the United States, as government data showed crude stockpiles rose modestly last week as fuel inventories declined.
Brent crude futures fell by $1.08, or 1%, to $103.91 a barrel as of 12:40 p.m. ET (1640 GMT). U.S. West Texas Intermediate crude futures dropped $1.19 a barrel to $100.51.
The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.
Oil prices dipped on Wednesday as a soaring U.S. dollar made barrels more expensive and coronavirus outbreaks in China clouded the economic outlook in the world's biggest importer of crude oil.
Supplies remained tight in the world's largest oil producer, the United States, as government data showed crude stockpiles rose modestly last week as fuel inventories declined.
Brent crude futures fell by $1.08, or 1%, to $103.91 a barrel as of 12:40 p.m. ET (1640 GMT). U.S. West Texas Intermediate crude futures dropped $1.19 a barrel to $100.51.
The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.
Oil prices dip as dollar soars, U.S. crude stocks rise modestly | Reuters
Oil prices dip as dollar soars, U.S. crude stocks rise modestly | Reuters
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and as coronavirus outbreaks cloud the economic outlook in China, the world's biggest importer of crude oil.
Separately, U.S. government data showed crude stockpiles rose modestly last week as fuel inventories declined, signalling ongoing tightness in the world's largest oil producer.
Brent crude futures fell by 4 cents to $104.95 a barrel as of 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude futures dropped 25 cents to $101.45.
The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and as coronavirus outbreaks cloud the economic outlook in China, the world's biggest importer of crude oil.
Separately, U.S. government data showed crude stockpiles rose modestly last week as fuel inventories declined, signalling ongoing tightness in the world's largest oil producer.
Brent crude futures fell by 4 cents to $104.95 a barrel as of 10:53 a.m. EDT (1453 GMT). U.S. West Texas Intermediate crude futures dropped 25 cents to $101.45.
The dollar rose to its highest in five years, making oil purchases more expensive for holders of other currencies.
Oil prices dip as Europe turns away from Russian oil, dollar soars | Reuters
Oil prices dip as Europe turns away from Russian oil, dollar soars | Reuters
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe's biggest economy Germany was speeding up plans to wean itself off Russian oil while coronavirus outbreaks clouded China's economic outlook.
Erasing earlier gains, Brent crude futures dipped $1.34, or 1.3%, to $103.65 a barrel by 1353 GMT. U.S. West Texas Intermediate crude futures dropped $1.50, or 1.5%, to $100.20 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
European Commission Chief Ursula von der Leyen said Russia was using fossil fuels to blackmail the EU but added the era of Russian fossil fuels in Europe was coming to an end.
Oil prices dipped on Wednesday as a soaring dollar made barrels more expensive and Europe's biggest economy Germany was speeding up plans to wean itself off Russian oil while coronavirus outbreaks clouded China's economic outlook.
Erasing earlier gains, Brent crude futures dipped $1.34, or 1.3%, to $103.65 a barrel by 1353 GMT. U.S. West Texas Intermediate crude futures dropped $1.50, or 1.5%, to $100.20 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
European Commission Chief Ursula von der Leyen said Russia was using fossil fuels to blackmail the EU but added the era of Russian fossil fuels in Europe was coming to an end.
Top lender boosts #Saudi index; #Qatar falls on broad-based losses | Reuters
Top lender boosts Saudi index; Qatar falls on broad-based losses | Reuters
Saudi Arabia's stock market ended higher on Wednesday, buoyed by a surge in Saudi National Bank, while the Qatari bourse was dragged down by broad-based selling.
The benchmark index (.TASI) advanced 1%, with the country's largest lender Saudi National Bank (1180.SE) jumping 4.2% after it reported a 32.1% rise in first-quarter net profit.
Among other gainers, oil giant Saudi Aramco (2222.SE) concluded 2.3% higher.
South Korea's S-Oil Corp (010950.KS) - whose main shareholder is Aramco - said on Wednesday that its first-quarter profit doubled while it expected regional refining margins in the second quarter to stay firm, supported by seasonal demand and easing pandemic restrictions. read more
Dubai's main share index (.DFMGI) gained 0.6%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 0.8%.
Investors' confidence improved and the Dubai market could see additional price increases thanks to the strong fundamentals and the positive impulse brought by the latest initial public offerings, said Daniel Takieddine, CEO MENA BDSwiss.
In Qatar, the index (.QSI) fell 1.1%, as almost all the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more
The Abu Dhabi index (.FTFADGI) eased 0.2%, hurt by a 1.5% drop in telecoms firm Etisalat (ETISALAT.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) firmed 0.3%.
Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector's participation in state-owned assets, with a target of $10 billion annually for four years, private television channel Extra News reported on Tuesday. read more
The market could see a boost as the country announced the possibility to list state and military owned companies, opening the way for larger private participation, according to Takieddine.
Saudi Arabia's stock market ended higher on Wednesday, buoyed by a surge in Saudi National Bank, while the Qatari bourse was dragged down by broad-based selling.
The benchmark index (.TASI) advanced 1%, with the country's largest lender Saudi National Bank (1180.SE) jumping 4.2% after it reported a 32.1% rise in first-quarter net profit.
Among other gainers, oil giant Saudi Aramco (2222.SE) concluded 2.3% higher.
South Korea's S-Oil Corp (010950.KS) - whose main shareholder is Aramco - said on Wednesday that its first-quarter profit doubled while it expected regional refining margins in the second quarter to stay firm, supported by seasonal demand and easing pandemic restrictions. read more
Dubai's main share index (.DFMGI) gained 0.6%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 0.8%.
Investors' confidence improved and the Dubai market could see additional price increases thanks to the strong fundamentals and the positive impulse brought by the latest initial public offerings, said Daniel Takieddine, CEO MENA BDSwiss.
In Qatar, the index (.QSI) fell 1.1%, as almost all the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more
The Abu Dhabi index (.FTFADGI) eased 0.2%, hurt by a 1.5% drop in telecoms firm Etisalat (ETISALAT.AD).
Outside the Gulf, Egypt's blue-chip index (.EGX30) firmed 0.3%.
Egyptian President Abdel Fattah al-Sisi ordered the government to set a program for the private sector's participation in state-owned assets, with a target of $10 billion annually for four years, private television channel Extra News reported on Tuesday. read more
The market could see a boost as the country announced the possibility to list state and military owned companies, opening the way for larger private participation, according to Takieddine.
Ukraine War Sparks Epic Aircraft Insurance Struggle - Bloomberg
Ukraine War Sparks Epic Aircraft Insurance Struggle - Bloomberg
Two decades ago, as a resurgent Russia sought to reclaim its place on the global stage, flagship airline Aeroflot PJSC and various startup carriers accelerated their shift from Soviet-era Ilyushins and Tupolevs to modern jetliners. That proved a bounty for Airbus SE and Boeing Co., of course, but it also enriched a less exalted corner of the aviation business: aircraft leasing firms. Dozens of lessors jumped in, and today about half of the 1,000 planes in the Russian fleet are owned by companies outside the country. Vladimir Putin’s war in Ukraine has thrown that market into turmoil, setting up a high-stakes tussle between leasing companies and their insurers, who say they’re not obligated to pay many claims because sanctions required them to drop coverage in Russia.
Days after the invasion, the European Union, seeking to pressure Moscow to withdraw its troops, ordered lessors to take back their planes. About 30 jets were seized in places such as Hong Kong, Istanbul, and Mexico City. But the Kremlin quickly imposed its own ban on most international flights for Russian airlines, leaving almost 400 foreign-owned aircraft stranded. When the places where the planes were registered—mostly Bermuda and Ireland—withdrew their safety certifications, Russia encouraged its carriers to also register them at home, a move that’s banned by international aviation treaties. “I don’t think anyone in the insurance market contemplated Russia re-registering Western aircraft,” says Garrett Hanrahan, global head of aviation at insurance broker Marsh. “The equipment, the hulls, and the engines in Russia are likely to stay there.”
Two decades ago, as a resurgent Russia sought to reclaim its place on the global stage, flagship airline Aeroflot PJSC and various startup carriers accelerated their shift from Soviet-era Ilyushins and Tupolevs to modern jetliners. That proved a bounty for Airbus SE and Boeing Co., of course, but it also enriched a less exalted corner of the aviation business: aircraft leasing firms. Dozens of lessors jumped in, and today about half of the 1,000 planes in the Russian fleet are owned by companies outside the country. Vladimir Putin’s war in Ukraine has thrown that market into turmoil, setting up a high-stakes tussle between leasing companies and their insurers, who say they’re not obligated to pay many claims because sanctions required them to drop coverage in Russia.
Days after the invasion, the European Union, seeking to pressure Moscow to withdraw its troops, ordered lessors to take back their planes. About 30 jets were seized in places such as Hong Kong, Istanbul, and Mexico City. But the Kremlin quickly imposed its own ban on most international flights for Russian airlines, leaving almost 400 foreign-owned aircraft stranded. When the places where the planes were registered—mostly Bermuda and Ireland—withdrew their safety certifications, Russia encouraged its carriers to also register them at home, a move that’s banned by international aviation treaties. “I don’t think anyone in the insurance market contemplated Russia re-registering Western aircraft,” says Garrett Hanrahan, global head of aviation at insurance broker Marsh. “The equipment, the hulls, and the engines in Russia are likely to stay there.”
#UAE's Aldar Properties reports 26.5% Q1 profit jump | Reuters
UAE's Aldar Properties reports 26.5% Q1 profit jump | Reuters
Emirati developer Aldar Properties (ALDAR.AD) on Wednesday reported a 26.5% increase in first-quarter profit driven by record quarterly sales and the inclusion of the financial results of Egypt developer SODIC, in which it co-owns a majority share.
The company made 688 million dirhams ($187 million) in the quarter, up from 544 million a year earlier, it said.
Revenue was up 31.5% to 2.68 billion dirhams.
Emirati developer Aldar Properties (ALDAR.AD) on Wednesday reported a 26.5% increase in first-quarter profit driven by record quarterly sales and the inclusion of the financial results of Egypt developer SODIC, in which it co-owns a majority share.
The company made 688 million dirhams ($187 million) in the quarter, up from 544 million a year earlier, it said.
Revenue was up 31.5% to 2.68 billion dirhams.
#Saudi Al Rajhi Bank reports 24% rise in Q1 profit | Reuters
Saudi Al Rajhi Bank reports 24% rise in Q1 profit | Reuters
Al Rajhi Bank (1120.SE), Saudi Arabia's second-biggest lender, reported a nearly 24% rise in quarterly earnings, fuelled by a jump in net financing for customers, and higher investment income and fees from banking services.
The bank reported a net profit of 4.1 billion riyals ($1.09 billion) for first quarter ended March 31, up 3.34 billion riyals in the same period a year earlier.
The result was in line with an average forecast of 4.056 billion riyals made by analysts in Refintiv Eikon data. Saudi Arabia's banking sector is benefiting from higher interest rates, as a hike by U.S. Federal Reserve is typically followed by the Saudi central bank due to the Saudi riyal's peg to the U.S. dollar.
S&P Global Ratings calculates for every 100 basis point increase in rates, Saudi banks' net income is likely to rise 13% and return on equity an additional 1.5 percentage points, based on data from the country's 10 listed banks.
Al Rajhi Bank (1120.SE), Saudi Arabia's second-biggest lender, reported a nearly 24% rise in quarterly earnings, fuelled by a jump in net financing for customers, and higher investment income and fees from banking services.
The bank reported a net profit of 4.1 billion riyals ($1.09 billion) for first quarter ended March 31, up 3.34 billion riyals in the same period a year earlier.
The result was in line with an average forecast of 4.056 billion riyals made by analysts in Refintiv Eikon data. Saudi Arabia's banking sector is benefiting from higher interest rates, as a hike by U.S. Federal Reserve is typically followed by the Saudi central bank due to the Saudi riyal's peg to the U.S. dollar.
S&P Global Ratings calculates for every 100 basis point increase in rates, Saudi banks' net income is likely to rise 13% and return on equity an additional 1.5 percentage points, based on data from the country's 10 listed banks.
Americana IPO: Middle East KFC Operator Picks Banks for Dual Listing - Bloomberg
Americana IPO: Middle East KFC Operator Picks Banks for Dual Listing - Bloomberg
The operator of KFC and Pizza Hut restaurants across the Middle East and North Africa has tapped banks to prepare for a dual listing in Riyadh and Abu Dhabi that could raise about $1 billion, according to people familiar with the matter.
Americana Group, backed by Saudi Arabia’s Public Investment Fund and an investment vehicle led by Dubai-based businessman Mohamed Alabbar, has picked First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc. and SNB Capital to work on an initial public offering that could take place as soon as this year, the people said.
The firm could seek a valuation of about $7 billion to $8 billion, the people said, asking not to be identified as the information is private. Rothschild & Co. is Americana’s financial adviser on the IPO and more banks are likely to be added in the coming months, they said.
Details on size and timing of the offering are still preliminary and subject to change. Representatives for First Abu Dhabi Bank, Goldman Sachs and Rothschild declined to comment, while Americana and SNB weren’t immediately available for comment.
The operator of KFC and Pizza Hut restaurants across the Middle East and North Africa has tapped banks to prepare for a dual listing in Riyadh and Abu Dhabi that could raise about $1 billion, according to people familiar with the matter.
Americana Group, backed by Saudi Arabia’s Public Investment Fund and an investment vehicle led by Dubai-based businessman Mohamed Alabbar, has picked First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc. and SNB Capital to work on an initial public offering that could take place as soon as this year, the people said.
The firm could seek a valuation of about $7 billion to $8 billion, the people said, asking not to be identified as the information is private. Rothschild & Co. is Americana’s financial adviser on the IPO and more banks are likely to be added in the coming months, they said.
Details on size and timing of the offering are still preliminary and subject to change. Representatives for First Abu Dhabi Bank, Goldman Sachs and Rothschild declined to comment, while Americana and SNB weren’t immediately available for comment.
Major Gulf bourses mixed in early trade | Reuters
Major Gulf bourses mixed in early trade | Reuters
Major stock markets in the Gulf were mixed in early trade on Wednesday, against the backdrop of rising crude prices and growing fears of slowing global economic growth.
Financial markets are grappling with multiple risks, including the prospects of aggressive U.S. interest rate hikes, a sharp slowdown in China, surging inflation and the Ukraine conflict.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 3.1% rise in the kingdom's largest lender Saudi National Bank (1180.SE) and 1.3% increase in oil giant Saudi Aramco (2222.SE).
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable". read more
Oil prices, a key catalyst for the Gulf's financial markets, extended gains amid simmering geopolitical tensions as Russia cut gas supplies to Bulgaria and Poland, while hopes of Chinese economic stimulus buoyed the demand outlook.
The Abu Dhabi index (.FTFADGI) added 0.3%, helped by a 0.5% gain in top lender First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement, which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday. read more
In Qatar, the index (.QSI) fell 0.9%, as most of the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more
Dubai's main share index (.DFMGI) lost 0.3%, hit by a 1.2% fall in Emirates Integrated Telecommunications (DU.DU).
Major stock markets in the Gulf were mixed in early trade on Wednesday, against the backdrop of rising crude prices and growing fears of slowing global economic growth.
Financial markets are grappling with multiple risks, including the prospects of aggressive U.S. interest rate hikes, a sharp slowdown in China, surging inflation and the Ukraine conflict.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, led by a 3.1% rise in the kingdom's largest lender Saudi National Bank (1180.SE) and 1.3% increase in oil giant Saudi Aramco (2222.SE).
Ratings agency Fitch on Monday revised its outlook for Aramco to "positive" from "stable". read more
Oil prices, a key catalyst for the Gulf's financial markets, extended gains amid simmering geopolitical tensions as Russia cut gas supplies to Bulgaria and Poland, while hopes of Chinese economic stimulus buoyed the demand outlook.
The Abu Dhabi index (.FTFADGI) added 0.3%, helped by a 0.5% gain in top lender First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates and Turkey have officially launched talks on a Comprehensive Economic Partnership Agreement, which is expected to double trade between the two nations, Emirati trade minister Thani al Zeyoudi tweeted on Tuesday. read more
In Qatar, the index (.QSI) fell 0.9%, as most of the stocks on the index were in negative territory as the bourse saw further price correction after hitting a record peak earlier this month.
A British judge on Tuesday denied a bid by Qatar Airways to reinstate a jet contract cancelled by Europe's Airbus in the latest twist to a dramatic feud playing out in UK courts. read more
Dubai's main share index (.DFMGI) lost 0.3%, hit by a 1.2% fall in Emirates Integrated Telecommunications (DU.DU).
Oil prices steady on Russian supply fears and Asian demand concerns | Reuters
Oil prices steady on Russian supply fears and Asian demand concerns | Reuters
Oil was broadly steady on Wednesday after Russia cut gas supplies to Bulgaria and Poland, while lingering concerns about Asian coronavirus lockdowns weighing on economic growth and oil demand kept a lid on prices.
Having dipped into negative territory, Brent crude futures rose 53 cents, or 0.5%, to $105.52 a barrel by 1024 GMT. U.S. West Texas Intermediate crude futures gained 60 cents, or 0.6%, to reach $102.30 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
While crude prices on Wednesday did not jump, the row sent NYMEX ultra-low-sulfur diesel futures up more than 9% on Tuesday to $4.47 a gallon, a record close.
Oil was broadly steady on Wednesday after Russia cut gas supplies to Bulgaria and Poland, while lingering concerns about Asian coronavirus lockdowns weighing on economic growth and oil demand kept a lid on prices.
Having dipped into negative territory, Brent crude futures rose 53 cents, or 0.5%, to $105.52 a barrel by 1024 GMT. U.S. West Texas Intermediate crude futures gained 60 cents, or 0.6%, to reach $102.30 a barrel.
Russian energy giant Gazprom (GAZP.MM) said on Wednesday it halted gas supplies to Bulgaria and Poland in a major escalation of Russia's broader row with the West over Ukraine. read more
While crude prices on Wednesday did not jump, the row sent NYMEX ultra-low-sulfur diesel futures up more than 9% on Tuesday to $4.47 a gallon, a record close.
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