Oil jumps 4% as U.S. gasoline prices hit record high | Reuters
Oil prices rose about 4% on Friday as U.S. gasoline prices jumped to a record high, China looked ready to ease pandemic restrictions and investors worried supplies will tighten if the European Union bans Russian oil.
Brent futures rose $4.10, or 3.8%, to settle at $111.55 a barrel. U.S. West Texas Intermediate (WTI) crude rose $4.36, or 4.1%, to settle at $110.49.
That was the highest close for WTI since March 25 and its third straight weekly rise. Brent fell for the first time in three weeks.
U.S. gasoline futures soared to an all-time high after stockpiles fell last week for a sixth straight week. That boosted the gasoline crack spread - a measure of refining profit margins - to its highest since it hit a record in April 2020 when WTI finished in negative territory.
"There has not been an increase in (U.S.) gasoline storage since March," said Robert Yawger, executive director of energy futures at Mizuho, noting gasoline demand is poised to spike when summer driving season starts on the U.S. Memorial Day holiday weekend.
Friday 13 May 2022
#UAE President Sheikh Khalifa dies aged 73
President Sheikh Khalifa dies aged 73
The President of the UAE, Sheikh Khalifa, has died.
The news was announced on Friday afternoon by the state news agency Wam.
The Ministry of Presidential Affairs said there will be 40 days of official mourning with flags at half staff, and three days of closure of ministries and official entities at the federal and local levels, and the private sector.
The official mourning period will begin on Saturday, with normal working hours resuming on Tuesday.
The President of the UAE, Sheikh Khalifa, has died.
The news was announced on Friday afternoon by the state news agency Wam.
The Ministry of Presidential Affairs said there will be 40 days of official mourning with flags at half staff, and three days of closure of ministries and official entities at the federal and local levels, and the private sector.
The official mourning period will begin on Saturday, with normal working hours resuming on Tuesday.
#UAE indexes rebound but post weekly losses | Reuters
UAE indexes rebound but post weekly losses | Reuters
Stock markets in the United Arab Emirates rebounded on Friday, a day after registering sharp declines on fears of high inflation and the impact of rising interest rates, but registered weekly losses.
In Abu Dhabi, the index (.FTFADGI) jumped 2.9%, clawing back some of its losses from the previous session when it fell over 5%, marking its biggest intraday fall in over two years.
Telecoms giant Emirates Telecommunications Group (ETISALAT.AD) advanced 6.3%, while the country's biggest lender First Abu Dhabi Bank (FAB.AD) concluded 3.7% higher.
Dubai's main share index (.DFMGI) climbed 2.8%, led by a 3.4% leap in Emirates NBD (ENBD.DU) and a 2.9% increase in blue-chip developer Emaar Properties (EMAR.DU).
The Abu Dhabi index logged a weekly loss 5.8%, while the Dubai index saw a weekly loss of 7.5%.
Separately, United Arab Emirates President Sheikh Khalifa Bin Zayed Al Nahyan has died, the Ministry of Presidential Affairs said on Friday. He was also ruler of Abu Dhabi emirate.
Stock markets in the United Arab Emirates rebounded on Friday, a day after registering sharp declines on fears of high inflation and the impact of rising interest rates, but registered weekly losses.
In Abu Dhabi, the index (.FTFADGI) jumped 2.9%, clawing back some of its losses from the previous session when it fell over 5%, marking its biggest intraday fall in over two years.
Telecoms giant Emirates Telecommunications Group (ETISALAT.AD) advanced 6.3%, while the country's biggest lender First Abu Dhabi Bank (FAB.AD) concluded 3.7% higher.
Dubai's main share index (.DFMGI) climbed 2.8%, led by a 3.4% leap in Emirates NBD (ENBD.DU) and a 2.9% increase in blue-chip developer Emaar Properties (EMAR.DU).
The Abu Dhabi index logged a weekly loss 5.8%, while the Dubai index saw a weekly loss of 7.5%.
Separately, United Arab Emirates President Sheikh Khalifa Bin Zayed Al Nahyan has died, the Ministry of Presidential Affairs said on Friday. He was also ruler of Abu Dhabi emirate.
#Dubai's non-oil economy improves in April as new business continues to rise sharply
Dubai's non-oil economy improves in April as new business continues to rise sharply
Business activity in Dubai's non-oil private sector economy continued to improve in April as output grew at the second-fastest rate since mid-2019 and new business rose sharply.
The headline S&P Global Dubai Purchasing Managers' Index slipped to 54.7 in April from 55.5 in March, remaining above the neutral 50 no-change mark for the 17th consecutive month.
Despite falling for the first time since January, the index signalled a strong improvement in business conditions in the non-oil private sector, S&P Global said.
A reading above the neutral 50 level indicates economic expansion, while one below points to a contraction.
Business activity in Dubai's non-oil private sector economy continued to improve in April as output grew at the second-fastest rate since mid-2019 and new business rose sharply.
The headline S&P Global Dubai Purchasing Managers' Index slipped to 54.7 in April from 55.5 in March, remaining above the neutral 50 no-change mark for the 17th consecutive month.
Despite falling for the first time since January, the index signalled a strong improvement in business conditions in the non-oil private sector, S&P Global said.
A reading above the neutral 50 level indicates economic expansion, while one below points to a contraction.
Oil rises but set for weekly drop as fears of weaker demand limit gains | Reuters
Oil rises but set for weekly drop as fears of weaker demand limit gains | Reuters
Oil prices rose on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China's COVID lockdowns slowing global growth offset concerns about dwindling supplies from Russia.
Brent crude futures were up 85 cents, or 0.8%, at $108.30 a barrel at 0900 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 64 cents, or 0.6%, to $106.77 a barrel.
Both benchmark contracts were, however, on track to post declines for the week, with Brent set to drop nearly 4% and WTI almost 3%.
The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil tightening supply and concerns about faltering global demand.
Oil prices rose on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China's COVID lockdowns slowing global growth offset concerns about dwindling supplies from Russia.
Brent crude futures were up 85 cents, or 0.8%, at $108.30 a barrel at 0900 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 64 cents, or 0.6%, to $106.77 a barrel.
Both benchmark contracts were, however, on track to post declines for the week, with Brent set to drop nearly 4% and WTI almost 3%.
The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil tightening supply and concerns about faltering global demand.
Emirates airline cuts annual loss to $1.1 bln as travel rebounds | Reuters
Emirates airline cuts annual loss to $1.1 bln as travel rebounds | Reuters
Dubai's Emirates airline on Friday posted an annual loss of $1.1 billion, a sharp improvement on the $5.5 billion loss in the previous year, as demand for international travel was boosted by governments easing pandemic-related curbs.
The airline, which only operates international services, reported a 91% jump in revenue to $16.1 billion for the year ended March 31 as passenger numbers tripled to 19.6 million.
"Business recovery picked up pace particularly in the second half of the year," Chairman and Chief Executive Officer Sheikh Ahmed bin Saeed Al Maktoum said in a statement.
The state-owned airline said it filled 58.6% of seats flown, up from 44.3% a year earlier, while the number of destinations it served increased from 120 at the start of the financial year to more than 140 as of March 31.
It was the airline's second consecutive annual loss and only the fourth in its almost 40-year operational history.
Dubai's Emirates airline on Friday posted an annual loss of $1.1 billion, a sharp improvement on the $5.5 billion loss in the previous year, as demand for international travel was boosted by governments easing pandemic-related curbs.
The airline, which only operates international services, reported a 91% jump in revenue to $16.1 billion for the year ended March 31 as passenger numbers tripled to 19.6 million.
"Business recovery picked up pace particularly in the second half of the year," Chairman and Chief Executive Officer Sheikh Ahmed bin Saeed Al Maktoum said in a statement.
The state-owned airline said it filled 58.6% of seats flown, up from 44.3% a year earlier, while the number of destinations it served increased from 120 at the start of the financial year to more than 140 as of March 31.
It was the airline's second consecutive annual loss and only the fourth in its almost 40-year operational history.
DEWA: #Dubai Utility Profit Soars on Post-Covid Jump in Tourism - Bloomberg
DEWA: Dubai Utility Profit Soars on Post-Covid Jump in Tourism - Bloomberg
Dubai’s government-owned power and water utility credited a post-pandemic recovery in tourism for helping spur a 34% jump in first-quarter profit.
Dubai Electricity and Water Authority Pjsc, which made its trading debut last month, said it expects continued population growth in Dubai to support future earnings and bolster profit. Shareholders will get an interim dividend of at least 3.1 billion dirhams ($844 million) this year, which DEWA will distribute in October. The stock rose as much as 2.7% to 2.68 dirhams.
Dubai, a commercial and tourism hub of the United Arab Emirates, has benefited by remaining relatively open to visitors and allowing largely free movement through much of the pandemic to support its vital hospitality and tourism industry. Persian Gulf oil exporters like the UAE, which is the third-largest member of OPEC, are also reaping gains from oil that’s risen above $100 a barrel this year as Russia’s invasion of Ukraine roiled global markets.
Even amid that volatility, Dubai sold 18% of DEWA shares in the world’s second-biggest IPO so far this year, receiving more than $85 billion of orders. The government-owned utility nearly tripled the amount of stock for sale due to high demand.
DEWA’s first-quarter profit attributable to shareholders rose to 735 million dirhams from 547 million dirhams as sales jumped 16% to 5.1 billion dirhams. The utility sees the number of Dubai residents rising to 5.8 million by 2040 from 3.5 million now.
Dubai’s government-owned power and water utility credited a post-pandemic recovery in tourism for helping spur a 34% jump in first-quarter profit.
Dubai Electricity and Water Authority Pjsc, which made its trading debut last month, said it expects continued population growth in Dubai to support future earnings and bolster profit. Shareholders will get an interim dividend of at least 3.1 billion dirhams ($844 million) this year, which DEWA will distribute in October. The stock rose as much as 2.7% to 2.68 dirhams.
Dubai, a commercial and tourism hub of the United Arab Emirates, has benefited by remaining relatively open to visitors and allowing largely free movement through much of the pandemic to support its vital hospitality and tourism industry. Persian Gulf oil exporters like the UAE, which is the third-largest member of OPEC, are also reaping gains from oil that’s risen above $100 a barrel this year as Russia’s invasion of Ukraine roiled global markets.
Even amid that volatility, Dubai sold 18% of DEWA shares in the world’s second-biggest IPO so far this year, receiving more than $85 billion of orders. The government-owned utility nearly tripled the amount of stock for sale due to high demand.
DEWA’s first-quarter profit attributable to shareholders rose to 735 million dirhams from 547 million dirhams as sales jumped 16% to 5.1 billion dirhams. The utility sees the number of Dubai residents rising to 5.8 million by 2040 from 3.5 million now.
