Oil slumps $3/bbl on gasoline stockpiles, rate hikes and resuming supply | Reuters
Oil prices fell more than $3 a barrel on Thursday on higher U.S. gasoline stockpiles and after a European Central Bank (ECB) rate hike stoked demand worries, while returning oil supply from Libya and the resumption of Russia's gas flows to Europe eased supply restraints.
Brent crude futures settled at $103.86 a barrel, falling $3.06, or 2.9%. U.S. West Texas Intermediate crude settled at $96.35 a barrel, declining $3.53, or 3.5%.
Both were down more than $5 earlier in the session.
U.S. gasoline futures settled at $3.15, losing 13 cents, or 3.8% following a jump of 3.5 million barrels of the commodity in storage last week, U.S. government data showed on Wednesday, far exceeding analyst forecasts.
"If you don't need the gasoline, then you don't need the crude oil to make the gasoline, and that's the math that's killing crude oil right now," said Robert Yawger, executive director of energy futures at Mizuho.
Thursday 21 July 2022
Video: How Cheap Hydrogen Could Become the Next Clean Fuel - Bloomberg video
Video: How Cheap Hydrogen Could Become the Next Clean Fuel - Bloomberg
Startups around the world are working on new ways of producing hydrogen, a clean alternative to fossil fuels that could one day power the grid, transportation and heavy industry.
In this episode of “Power Moves,” Bloomberg explores the full spectrum of hydrogen energy, from its dirtiest iterations to the holy grail of renewable energy: green hydrogen. Several companies are slowly finding new ways to make scalable hydrogen energy work financially, and to do it without producing significant carbon emissions.
In this episode of “Power Moves,” Bloomberg explores the full spectrum of hydrogen energy, from its dirtiest iterations to the holy grail of renewable energy: green hydrogen. Several companies are slowly finding new ways to make scalable hydrogen energy work financially, and to do it without producing significant carbon emissions.
Oil Slumps With Stuttering US Fuel Demand and Libya Ramp Up - Bloomberg
Oil Slumps With Stuttering US Fuel Demand and Libya Ramp Up - Bloomberg
Oil declined as investors assessed signs of lackluster US gasoline demand and the return of supplies from Libya.
West Texas Intermediate futures fell toward $95 a barrel. The slump came after a US report showed gasoline inventories rose more than expected last week, while stalling demand sent the motor fuel’s premium over crude plummeting.
Further bearish signs emerged from Libya with production rising above 700,000 barrels a day after restrictions on exports were lifted in recent days. Output is expected to return to 1.2 million barrels a day within a week to 10 days. The premium of the nearest crude futures contract over the next month eased, indicating cooling concerns about market scarcity.
Oil declined as investors assessed signs of lackluster US gasoline demand and the return of supplies from Libya.
West Texas Intermediate futures fell toward $95 a barrel. The slump came after a US report showed gasoline inventories rose more than expected last week, while stalling demand sent the motor fuel’s premium over crude plummeting.
Further bearish signs emerged from Libya with production rising above 700,000 barrels a day after restrictions on exports were lifted in recent days. Output is expected to return to 1.2 million barrels a day within a week to 10 days. The premium of the nearest crude futures contract over the next month eased, indicating cooling concerns about market scarcity.
Gulf bourses extend rebound, post weekly gains | Reuters
Gulf bourses extend rebound, post weekly gains | Reuters
Stock markets in the Gulf posted weekly gains on Thursday as they extended their rebound following a recent selloff triggered by the prospect of aggressive global interest rate hikes to tame inflation.
Dubai's main share index (.DFMGI) gained 1.4%, led by a 3.8% jump in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 2% increase in top lender Emirates NBD Bank. (ENBD.DU)
Among other gainers, Dubai Electricity and Water DEWAA.DU closed 2% higher, a day after the utility firm announced plans to invest 40 billion dirhams ($10.89 billion) in electricity and water projects in Dubai over next five years.
Investors returned to the market, while the earnings season brings good performances, said Wael Makarem senior market strategist at Exness.
"However, the market remains exposed to further declines due to the global economic conditions."
In Abu Dhabi, the index (.FTFADGI) advanced 2.1%, buoyed by a 3.3% leap in the United Arab Emirates biggest lender First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
Saudi Arabia's benchmark index (.TASI) closed 1% higher, logging its first weekly gain in three weeks.
In Qatar, the index (.QSI) finished 1.4% higher, with Qatar Islamic Bank (QISB.QA) rising 3.1%.
However, Masraf Al Rayan (MARK.QA) dropped 0.6%, after the sharia-compliant lender reported a fall in first-half profit.
Separately, Qatar Airways placed an order for 25 Boeing 737 MAX 10 jets after cliffhanger negotiations at the Farnborough Airshow on Thursday, firming up a deal whose fate had been in the balance for months and bringing orders for the model this week to 125. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 1%, posting its first weekly gain in five weeks.
Egypt has approved pre-listing procedures for petrol stations operator Wataniya and water company Safi, which are both currently owned by the Egyptian army, as a first step towards stock market listings, a cabinet statement said on Wednesday. read more
Stock markets in the Gulf posted weekly gains on Thursday as they extended their rebound following a recent selloff triggered by the prospect of aggressive global interest rate hikes to tame inflation.
Dubai's main share index (.DFMGI) gained 1.4%, led by a 3.8% jump in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 2% increase in top lender Emirates NBD Bank. (ENBD.DU)
Among other gainers, Dubai Electricity and Water DEWAA.DU closed 2% higher, a day after the utility firm announced plans to invest 40 billion dirhams ($10.89 billion) in electricity and water projects in Dubai over next five years.
Investors returned to the market, while the earnings season brings good performances, said Wael Makarem senior market strategist at Exness.
"However, the market remains exposed to further declines due to the global economic conditions."
In Abu Dhabi, the index (.FTFADGI) advanced 2.1%, buoyed by a 3.3% leap in the United Arab Emirates biggest lender First Abu Dhabi Bank (FAB.AD).
The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
Saudi Arabia's benchmark index (.TASI) closed 1% higher, logging its first weekly gain in three weeks.
In Qatar, the index (.QSI) finished 1.4% higher, with Qatar Islamic Bank (QISB.QA) rising 3.1%.
However, Masraf Al Rayan (MARK.QA) dropped 0.6%, after the sharia-compliant lender reported a fall in first-half profit.
Separately, Qatar Airways placed an order for 25 Boeing 737 MAX 10 jets after cliffhanger negotiations at the Farnborough Airshow on Thursday, firming up a deal whose fate had been in the balance for months and bringing orders for the model this week to 125. read more
Outside the Gulf, Egypt's blue-chip index (.EGX30) was up 1%, posting its first weekly gain in five weeks.
Egypt has approved pre-listing procedures for petrol stations operator Wataniya and water company Safi, which are both currently owned by the Egyptian army, as a first step towards stock market listings, a cabinet statement said on Wednesday. read more
Analysis: Gulf bond hopefuls wait in the wings after first-half plunge in volumes | Reuters
Analysis: Gulf bond hopefuls wait in the wings after first-half plunge in volumes | Reuters
Middle East companies waiting for a favourable window to sell bonds face some tough choices in terms of when to tap the market, a situation that has already contributed to an 80% plunge in issuance volumes in the region in the first half.
Some issuers in the Gulf, which typically makes up some 40% of emerging market bond sales, have pounced on windows of relative market stability to get deals done.
But many have shelved or delayed plans while they wait for lulls in market volatility driven by the Ukraine war and for clearer signals on the global economy.
That includes Saudi Arabia's sovereign wealth fund PIF, which said last year it planned to debut in the market with green bonds. read more The Saudi government had also said it would issue green bonds while Qatar said it might tap the market opportunistically.
Middle East companies waiting for a favourable window to sell bonds face some tough choices in terms of when to tap the market, a situation that has already contributed to an 80% plunge in issuance volumes in the region in the first half.
Some issuers in the Gulf, which typically makes up some 40% of emerging market bond sales, have pounced on windows of relative market stability to get deals done.
But many have shelved or delayed plans while they wait for lulls in market volatility driven by the Ukraine war and for clearer signals on the global economy.
That includes Saudi Arabia's sovereign wealth fund PIF, which said last year it planned to debut in the market with green bonds. read more The Saudi government had also said it would issue green bonds while Qatar said it might tap the market opportunistically.
#UAE economy set for strongest expansion in 11 years after 8.2% first-quarter growth
UAE economy set for strongest expansion in 11 years after 8.2% first-quarter growth
The UAE economy is set to post its strongest annual expansion since 2011 after it grew by 8.2 per cent in the first three months of this year on higher oil prices and measures to mitigate the impact of the Covid-19 pandemic.
Growth in the first quarter was driven by a sharp increase in oil production, as well as a noticeable improvement in the real non-oil gross domestic product, the UAE Central Bank said in its latest Quarterly Economic Review 2022.
The Arab world’s second-largest economy, which expanded 3.8 per cent in 2021, is expected to grow 5.4 per cent and 4.2 per cent in 2022 and 2023, respectively, according to the latest projections by the regulator.
The IMF projects that the UAE economy will grow 4.2 per cent this year while Emirates NBD forecasts growth of 5.7 per cent and Abu Dhabi Commercial Bank (ADCB) expects a 6 per cent expansion, supported by a sharp rise in the oil sector.
An expansion of 6 per cent would be the highest since 2011, when the economy grew 6.9 per cent.
The UAE economy is set to post its strongest annual expansion since 2011 after it grew by 8.2 per cent in the first three months of this year on higher oil prices and measures to mitigate the impact of the Covid-19 pandemic.
Growth in the first quarter was driven by a sharp increase in oil production, as well as a noticeable improvement in the real non-oil gross domestic product, the UAE Central Bank said in its latest Quarterly Economic Review 2022.
The Arab world’s second-largest economy, which expanded 3.8 per cent in 2021, is expected to grow 5.4 per cent and 4.2 per cent in 2022 and 2023, respectively, according to the latest projections by the regulator.
The IMF projects that the UAE economy will grow 4.2 per cent this year while Emirates NBD forecasts growth of 5.7 per cent and Abu Dhabi Commercial Bank (ADCB) expects a 6 per cent expansion, supported by a sharp rise in the oil sector.
An expansion of 6 per cent would be the highest since 2011, when the economy grew 6.9 per cent.
Watch ADIB 2Q Net Income 726M Dirhams - Bloomberg video #AbuDhabi
Watch ADIB 2Q Net Income 726M Dirhams - Bloomberg
Abu Dhabi Islamic Bank reported net income for the second quarter of 726 million dirhams, that's up 45 per cent from the same period last year. Impairments for the second-biggest Sharia compliant lender in the UAE, dropped by just over 50 per cent. The bank's Group CFO, Mohamed Abdel Bary speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
#SaudiArabia's Kingdom Holding buys stake in UK's M&G Plc | Reuters
Saudi Arabia's Kingdom Holding buys stake in UK's M&G Plc | Reuters
Saudi Arabia's Kingdom Holding (4280.SE) announced on Thursday an investment of 1.01 billion Saudi riyal ($269 million) in UK- listed global insurance and asset management firm M&G Plc (MNG.L).
The company mostly owned by Saudi Arabia's Prince Alwaleed Bin Talal said the investment in M&G Plc, which has more than $370 billion in assets under management, was aligned with its strategy of investing in global market leaders.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund, took a 16.87% stake in Kingdom Holding in May.
Saudi Arabia's Kingdom Holding (4280.SE) announced on Thursday an investment of 1.01 billion Saudi riyal ($269 million) in UK- listed global insurance and asset management firm M&G Plc (MNG.L).
The company mostly owned by Saudi Arabia's Prince Alwaleed Bin Talal said the investment in M&G Plc, which has more than $370 billion in assets under management, was aligned with its strategy of investing in global market leaders.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund, took a 16.87% stake in Kingdom Holding in May.
Watch NBK 1H Net Income 237.8M Dinars - Bloomberg video #Kuwait
Watch NBK 1H Net Income 237.8M Dinars - Bloomberg
The National Bank of Kuwait reported first half net income of 237.8 million dinars. The lender says the 48-percent increase was primarily due to lower provision charges for credit and impairment losses. The bank's Deputy Group CEO Shaikha Al Bahar speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Most Gulf bourses extend rally, set for weekly gains | Reuters
Most Gulf bourses extend rally, set for weekly gains | Reuters
Stock markets in the Gulf were headed for a weekly gain on Thursday as they extended their rebound following a recent selloff triggered by the prospect of aggressive global interest rate hikes to tame inflation.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, on course to log its first weekly gain in three weeks, led by a 1.2% rise in the country's biggest lender Saudi National Bank (1180.SE).
Elsewhere, Prince Alwaleed Bin Talal's Kingdom Holding (4280.SE) added 0.9%, after the investment firm said it was putting 1.01 billion Saudi riyals ($269 million) into UK- listed global insurance and asset management firm M&G Plc (MNG.L).
Dubai's main share index (.DFMGI) rose 0.4%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 1.8% and top lender Emirates NBD (ENBD.DU) increasing 0.8%.
The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
U.S. President Joe Biden met Gulf and other leaders in Saudi Arabia last weekend to try to secure commitments for higher oil production as he tries to tame inflation at home. read more
Saudi Arabia and the UAE are among a handful of producers that have sizeable spare capacity.
In Abu Dhabi, equities (.FTFADGI) climbed 0.7%, driven by a 0.6% rise in First Abu Dhabi Bank (FAB.AD) and a 2.1% leap in Abu Dhabi Islamic Bank (ADIB.AD) after it reported a sharp rise in quarterly net profit.
The Qatari benchmark (.QSI) added 0.3%, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 1.4%.
Stock markets in the Gulf were headed for a weekly gain on Thursday as they extended their rebound following a recent selloff triggered by the prospect of aggressive global interest rate hikes to tame inflation.
Saudi Arabia's benchmark index (.TASI) gained 0.5%, on course to log its first weekly gain in three weeks, led by a 1.2% rise in the country's biggest lender Saudi National Bank (1180.SE).
Elsewhere, Prince Alwaleed Bin Talal's Kingdom Holding (4280.SE) added 0.9%, after the investment firm said it was putting 1.01 billion Saudi riyals ($269 million) into UK- listed global insurance and asset management firm M&G Plc (MNG.L).
Dubai's main share index (.DFMGI) rose 0.4%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) rising 1.8% and top lender Emirates NBD (ENBD.DU) increasing 0.8%.
The United Arab Emirates' economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
U.S. President Joe Biden met Gulf and other leaders in Saudi Arabia last weekend to try to secure commitments for higher oil production as he tries to tame inflation at home. read more
Saudi Arabia and the UAE are among a handful of producers that have sizeable spare capacity.
In Abu Dhabi, equities (.FTFADGI) climbed 0.7%, driven by a 0.6% rise in First Abu Dhabi Bank (FAB.AD) and a 2.1% leap in Abu Dhabi Islamic Bank (ADIB.AD) after it reported a sharp rise in quarterly net profit.
The Qatari benchmark (.QSI) added 0.3%, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 1.4%.
Oil prices slump as stockpiles, rate hikes stoke demand worries | Reuters
Oil prices slump as stockpiles, rate hikes stoke demand worries | Reuters
Oil prices fell more than $3 on Thursday after higher U.S. gasoline stockpiles stoked demand worries and returning energy supply from Libya and Russia eased supply concerns.
Brent crude futures dropped $3.80, or 3.6%, to $103.12 a barrel by 0915 GMT after slipping 0.4% in the previous session. U.S. West Texas Intermediate crude futures fell $3.93, or 3.9%, to $95.95 a barrel following a 1.9% drop on Wednesday.
Oil futures trading volumes have been thin and prices volatile as traders have to square tighter supply because of the loss of Russian barrels following the country's invasion of Ukraine, with recessionary worries about weaker energy demand.
The European Central Bank is set to join other central banks in hiking rates, focusing on fighting runaway inflation rather than the economic downturn, which, in turn, can weigh on oil demand. An announcement is due at 1215 GMT. read more
Oil prices fell more than $3 on Thursday after higher U.S. gasoline stockpiles stoked demand worries and returning energy supply from Libya and Russia eased supply concerns.
Brent crude futures dropped $3.80, or 3.6%, to $103.12 a barrel by 0915 GMT after slipping 0.4% in the previous session. U.S. West Texas Intermediate crude futures fell $3.93, or 3.9%, to $95.95 a barrel following a 1.9% drop on Wednesday.
Oil futures trading volumes have been thin and prices volatile as traders have to square tighter supply because of the loss of Russian barrels following the country's invasion of Ukraine, with recessionary worries about weaker energy demand.
The European Central Bank is set to join other central banks in hiking rates, focusing on fighting runaway inflation rather than the economic downturn, which, in turn, can weigh on oil demand. An announcement is due at 1215 GMT. read more
Oil falls on lackluster U.S. summer gasoline demand | Reuters
Oil falls on lackluster U.S. summer gasoline demand | Reuters
Oil prices slipped on Wednesday, after U.S. government data showed lower gasoline demand during the peak summer driving season and as interest rate hikes by central banks to fight inflation fed fears the economy could slow, cutting energy demand.
Prices pared losses during the session after TC Energy said the Keystone pipeline, one of Canada's major oil export arteries, was operating at reduced rates for a third day. Repairs continued on a third-party power facility in South Dakota, prompting concerns about tighter supplies. read more
Brent crude prices for September fell 43 cents to settle at $106.92 a barrel. U.S. West Texas Intermediate (WTI) crude for August fell $1.96 to settle at $102.26 a barrel. The WTI contract expires on Wednesday.
The more active September WTI contract settled at $99.88 a barrel, down 86 cents.
U.S. gasoline inventories (USOILG=ECI) rose 3.5 million barrels last week, government data showed, far exceeding analysts' forecasts in a Reuters poll for a 71,000-barrel rise.
Oil prices slipped on Wednesday, after U.S. government data showed lower gasoline demand during the peak summer driving season and as interest rate hikes by central banks to fight inflation fed fears the economy could slow, cutting energy demand.
Prices pared losses during the session after TC Energy said the Keystone pipeline, one of Canada's major oil export arteries, was operating at reduced rates for a third day. Repairs continued on a third-party power facility in South Dakota, prompting concerns about tighter supplies. read more
Brent crude prices for September fell 43 cents to settle at $106.92 a barrel. U.S. West Texas Intermediate (WTI) crude for August fell $1.96 to settle at $102.26 a barrel. The WTI contract expires on Wednesday.
The more active September WTI contract settled at $99.88 a barrel, down 86 cents.
U.S. gasoline inventories (USOILG=ECI) rose 3.5 million barrels last week, government data showed, far exceeding analysts' forecasts in a Reuters poll for a 71,000-barrel rise.