Oil prices reverse late in session as heating oil contract plunges | Reuters
Oil prices fell on Friday, reversing in volatile trade, pulled downward by the U.S. heating oil contract that plummeted by more than 20% at one point on the day of its expiration.
The front-month U.S. heating oil contract , which is a proxy for diesel prices, soared to a record high of $5.8595 a gallon before falling as low as $4.4067 a gallon. Diesel futures have climbed as investors worry about tight supplies globally following Russia's invasion of Ukraine.
The heating oil contract expired on Friday, along with the global Brent benchmark and U.S. gasoline futures . Volumes in all three front-month contracts was low, creating outsized volatility in the market and leading to late-day sell-offs, analysts said.
"The fireworks were all in the expiring diesel contract," said Andrew Lipow of Lipow Oil Associates in Houston. "Today's expiry is especially volatile and may not be reflective of actual tightness."
The more-active second-month Brent crude futures contract fell 12 cents to settle at $107.14 a barrel. The expiring front-month contract rose $1.75 to settle at $109.34 a barrel.
U.S. West Texas Intermediate crude , which does not expire on Friday, fell 67 cents to settle at $104.69 a barrel, as traders sold energy contracts across the board.
The front-month heating oil contract's volatility was not mirrored in the more-active second-month U.S. heating oil contract , which gained $0.0088 a gallon to settle at $4.0172 a gallon.
Both Brent and WTI rose for the week and posted their fifth straight monthly gain. Brent ended the month up 1.3%, while WTI ended up 4.4%.
Friday 29 April 2022
Ernst & Young Hit With U.K. Suit Over NMC Audit Allegations - Bloomberg
Ernst & Young Hit With U.K. Suit Over NMC Audit Allegations - Bloomberg
Administrators for NMC Health sued Ernst & Young in the U.K. over claims of negligent auditing spanning six years, escalating an intense battle over the hospital operator’s collapse.
The lawsuit, which was filed on Thursday, relates to work that EY carried out between 2012 and 2018, according to a spokesperson for the joint administrators, Alvarez and Marsal.
“The issues that we found at NMC Healthcare following our appointment were broad, complex and multi layered,” they said. “As administrators, we have an obligation to maximize returns for creditors and this action is part of those wider efforts.”
Sky News earlier reported the case saying that the health care firm is seeking 2 billion pounds ($2.5 billion). The suit doesn’t yet contain a public document laying out the details of the claim.
Administrators for NMC Health sued Ernst & Young in the U.K. over claims of negligent auditing spanning six years, escalating an intense battle over the hospital operator’s collapse.
The lawsuit, which was filed on Thursday, relates to work that EY carried out between 2012 and 2018, according to a spokesperson for the joint administrators, Alvarez and Marsal.
“The issues that we found at NMC Healthcare following our appointment were broad, complex and multi layered,” they said. “As administrators, we have an obligation to maximize returns for creditors and this action is part of those wider efforts.”
Sky News earlier reported the case saying that the health care firm is seeking 2 billion pounds ($2.5 billion). The suit doesn’t yet contain a public document laying out the details of the claim.
Fitch revises outlook on #Saudi sovereign fund PIF to 'positive' | Reuters
Fitch revises outlook on Saudi sovereign fund PIF to 'positive' | Reuters
Ratings agency Fitch on Friday revised the outlook on Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to "positive" from "stable" following a similar action on the country.
It also affirmed the PIF's rating at "A".
Fitch had cited improvements in Saudi Arabia's balance sheet due to higher oil revenues as reasons for its outlook revision on the country earlier this month. read more
Ratings agency Fitch on Friday revised the outlook on Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to "positive" from "stable" following a similar action on the country.
It also affirmed the PIF's rating at "A".
Fitch had cited improvements in Saudi Arabia's balance sheet due to higher oil revenues as reasons for its outlook revision on the country earlier this month. read more
Oil extends gains as supply fears outweigh China lockdowns | Reuters
Oil extends gains as supply fears outweigh China lockdowns | Reuters
Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose by $1.90, or 1.8%, to $109.49 a barrel by 1127 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose by 94 cents to $104.41.
U.S. West Texas Intermediate crude gained 86 cents, or 0.8%, to $106.22 after advancing by 3.3% on Thursday.
Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more
Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose by $1.90, or 1.8%, to $109.49 a barrel by 1127 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose by 94 cents to $104.41.
U.S. West Texas Intermediate crude gained 86 cents, or 0.8%, to $106.22 after advancing by 3.3% on Thursday.
Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more
#AbuDhabi bourse dips ahead of Eid break, #Dubai flat | Reuters
Abu Dhabi bourse dips ahead of Eid break, Dubai flat | Reuters
Abu Dhabi's shares closed lower on Friday in thin trade ahead of Eid al-Fitr holidays, while the Dubai bourse finished flat, ending three sessions of gains.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD) losing 1.3%, snapping two sessions of gains.
On Thursday, FAB had reported its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Elsewhere, United Arab Emirates-based conglomerate Alpha Dhabi (ALPHADHABI.AD) was down 0.7%.
Many investors prefer to cash in holdings ahead of the Eid holiday.
Dubai's main share index (.DFMGI) concluded flat, as real estate and industrial stocks moved in opposite dirrections.
Among gainers, budget airliner Air Arabia (AIRA.DU) advanced about 3%, ahead of the long Eid break, while Emirates Integrated Telecommunications (DU.DU) edged up 0.2% after reporting an increase in first-quarter net profit.
Abu Dhabi's shares closed lower on Friday in thin trade ahead of Eid al-Fitr holidays, while the Dubai bourse finished flat, ending three sessions of gains.
In Abu Dhabi, the index (.FTFADGI) eased 0.2%, with the country's largest lender First Abu Dhabi Bank (FAB) (FAB.AD) losing 1.3%, snapping two sessions of gains.
On Thursday, FAB had reported its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business. read more
Elsewhere, United Arab Emirates-based conglomerate Alpha Dhabi (ALPHADHABI.AD) was down 0.7%.
Many investors prefer to cash in holdings ahead of the Eid holiday.
Dubai's main share index (.DFMGI) concluded flat, as real estate and industrial stocks moved in opposite dirrections.
Among gainers, budget airliner Air Arabia (AIRA.DU) advanced about 3%, ahead of the long Eid break, while Emirates Integrated Telecommunications (DU.DU) edged up 0.2% after reporting an increase in first-quarter net profit.
Adnoc Buys 25% Stake in Borealis in Chemicals Expansion Push - Bloomberg
Adnoc Buys 25% Stake in Borealis in Chemicals Expansion Push - Bloomberg
Abu Dhabi National Oil Co. is buying a 25% stake in Borealis AG from Mubadala Investment Co., a move to expand the oil company’s footprint in the chemicals sector and gain access to key markets in Europe and the Americas.
The acquisition is part of a wider UAE plan to attract investment and technology and to help build new industries and manufacturing. State-owned oil producer Adnoc is expanding a refining and chemicals hub in Abu Dhabi to find additional outlets for its oil and natural gas production and to make the plastics and components that will go into consumer goods.
Austrian oil producer OMV AG will continue to hold the largest stake in Borealis, at 75%, with Adnoc taking control of Mubadala’s 25% holding. Neither Adnoc nor Mubadala, a government-owned fund based in the United Arab Emirates, disclosed financial terms of the deal.
While the transaction merely shifts the stake from one Abu Dhabi entity to another, it fits with the strategic aims of the two government-owned companies. Buying into Borealis will allow Adnoc to increase control over plastics maker Borouge, as that venture plans to list on the Abu Dhabi stock exchange later this year. Borouge, which would be valued at about $20 billion, is jointly owned by Adnoc and Borealis.
Abu Dhabi National Oil Co. is buying a 25% stake in Borealis AG from Mubadala Investment Co., a move to expand the oil company’s footprint in the chemicals sector and gain access to key markets in Europe and the Americas.
The acquisition is part of a wider UAE plan to attract investment and technology and to help build new industries and manufacturing. State-owned oil producer Adnoc is expanding a refining and chemicals hub in Abu Dhabi to find additional outlets for its oil and natural gas production and to make the plastics and components that will go into consumer goods.
Austrian oil producer OMV AG will continue to hold the largest stake in Borealis, at 75%, with Adnoc taking control of Mubadala’s 25% holding. Neither Adnoc nor Mubadala, a government-owned fund based in the United Arab Emirates, disclosed financial terms of the deal.
While the transaction merely shifts the stake from one Abu Dhabi entity to another, it fits with the strategic aims of the two government-owned companies. Buying into Borealis will allow Adnoc to increase control over plastics maker Borouge, as that venture plans to list on the Abu Dhabi stock exchange later this year. Borouge, which would be valued at about $20 billion, is jointly owned by Adnoc and Borealis.
For Mubadala, the transaction is part of the company’s effort to streamline its holdings in oil refining and chemicals after acquiring assets in that industry following the takeover of another Abu Dhabi government fund International Petroleum Investment Co. in 2017. Since then, Mubadala has sold a stake in a Spanish refiner and said it would also offload its holdings in a Japanese oil processor.
For Mubadala, the transaction is part of the company’s effort to streamline its holdings in oil refining and chemicals after acquiring assets in that industry following the takeover of another Abu Dhabi government fund International Petroleum Investment Co. in 2017. Since then, Mubadala has sold a stake in a Spanish refiner and said it would also offload its holdings in a Japanese oil processor.
For Mubadala, the transaction is part of the company’s effort to streamline its holdings in oil refining and chemicals after acquiring assets in that industry following the takeover of another Abu Dhabi government fund International Petroleum Investment Co. in 2017. Since then, Mubadala has sold a stake in a Spanish refiner and said it would also offload its holdings in a Japanese oil processor.
Three Arrows Capital Moving Headquarters to #Dubai From Singapore - Bloomberg
Three Arrows Capital Moving Headquarters to Dubai From Singapore - Bloomberg
Crypto hedge fund Three Arrows Capital is planning to move its headquarters to Dubai from Singapore.
The move by Three Arrows comes as Dubai opens to crypto firms while Singapore has been more conservative with its regulatory approach. Co-founder Su Zhu confirmed the Dubai move to Bloomberg News. The news was reported earlier by CoinDesk.
Three Arrows is also organizing its first fund to take capital from outside investors, CoinDesk reported, citing sources.
Singapore aims to be a “responsible” global crypto hub, Monetary Authority of Singapore Managing Director Ravi Menon reaffirmed on Wednesday. Like many regulators around the world, the MAS is trying to strike a balance between nurturing the fast-growing industry and keeping it within a regulatory framework. The city-state’s crypto licensing process has seen a small fraction of the roughly 170 applicants approved, and a recent directive not to market crypto products to the public caught some companies off guard.
The MAS didn’t immediately respond to a request for comment on Three Arrows from Bloomberg News.
Crypto hedge fund Three Arrows Capital is planning to move its headquarters to Dubai from Singapore.
The move by Three Arrows comes as Dubai opens to crypto firms while Singapore has been more conservative with its regulatory approach. Co-founder Su Zhu confirmed the Dubai move to Bloomberg News. The news was reported earlier by CoinDesk.
Three Arrows is also organizing its first fund to take capital from outside investors, CoinDesk reported, citing sources.
Singapore aims to be a “responsible” global crypto hub, Monetary Authority of Singapore Managing Director Ravi Menon reaffirmed on Wednesday. Like many regulators around the world, the MAS is trying to strike a balance between nurturing the fast-growing industry and keeping it within a regulatory framework. The city-state’s crypto licensing process has seen a small fraction of the roughly 170 applicants approved, and a recent directive not to market crypto products to the public caught some companies off guard.
The MAS didn’t immediately respond to a request for comment on Three Arrows from Bloomberg News.
War in Ukraine Is Making #Qatar Even Richer as Europe Ditches Russian Gas - Bloomberg
War in Ukraine Is Making Qatar Even Richer as Europe Ditches Russian Gas - Bloomberg
As planes begin their descent into Doha, passengers can look down at the brand new 80,000-seat stadium rising from the desert that will host the final of the World Cup in December. They may also notice another striking image: tankers lined up in the Persian Gulf to collect super-chilled natural gas.
Football and an increasingly indispensable fuel may have little in common, yet they are coming together to give Qatar outsized influence on the global stage. As the World Cup showcases its ability to acquire international prestige, Qatar’s status as a much-coveted gas supplier is promising to turn the tiny peninsula into the bigger player it always aspired to be.
Soaring oil prices because of the war in Ukraine have boosted Middle East oil producers like Saudi Arabia and Kuwait, but the financial and geopolitical rewards on offer for Qatar make it the standout winner after Vladimir Putin’s invasion forced Europe to start weaning itself off Russian energy imports.
Several of the European Union’s most senior officials have flown to Doha in recent weeks, all with a clear message: we need your gas as fast as possible. Germany has told businesses to start negotiating supply deals. The urgency became more acute this week after Russia cut off supplies to Poland and Bulgaria.
As planes begin their descent into Doha, passengers can look down at the brand new 80,000-seat stadium rising from the desert that will host the final of the World Cup in December. They may also notice another striking image: tankers lined up in the Persian Gulf to collect super-chilled natural gas.
Football and an increasingly indispensable fuel may have little in common, yet they are coming together to give Qatar outsized influence on the global stage. As the World Cup showcases its ability to acquire international prestige, Qatar’s status as a much-coveted gas supplier is promising to turn the tiny peninsula into the bigger player it always aspired to be.
Soaring oil prices because of the war in Ukraine have boosted Middle East oil producers like Saudi Arabia and Kuwait, but the financial and geopolitical rewards on offer for Qatar make it the standout winner after Vladimir Putin’s invasion forced Europe to start weaning itself off Russian energy imports.
Several of the European Union’s most senior officials have flown to Doha in recent weeks, all with a clear message: we need your gas as fast as possible. Germany has told businesses to start negotiating supply deals. The urgency became more acute this week after Russia cut off supplies to Poland and Bulgaria.
Oil extends gains as supply fears outweigh China lockdowns | Reuters
Oil extends gains as supply fears outweigh China lockdowns | Reuters
Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose $1.60, or 1.5%, to $109.19 a barrel by 0912 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose $1.48 to $108.74.
U.S. West Texas Intermediate crude gained $1.01, or 1%, to $106.37 after advancing by 3.3% on Thursday.
Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more
Oil prices rose for a fourth day on Friday as fears over Russian supply disruption trumped COVID-19 lockdowns in China, the world's biggest crude importer.
Brent crude futures rose $1.60, or 1.5%, to $109.19 a barrel by 0912 GMT after gaining 2.1% in the previous session. The front-month June contract expires later on Friday. The more active July contract rose $1.48 to $108.74.
U.S. West Texas Intermediate crude gained $1.01, or 1%, to $106.37 after advancing by 3.3% on Thursday.
Both contracts are set to finish up on the week and post their fifth straight monthly gains, buoyed by the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil. read more