oil

  • Gold Prices surges at 4-month high - Century Financial Weekly Market Report

    Currencies

    EUR/USD breaks out

    Initially, Euro began the weak consolidating, but ended up breaking through some major resistances and trying to make new highs. The trigger for the spike, came after the release of the December ECB meeting minutes, which showed that policymakers expressed confidence in the manner in which the Eurozone economy was moving and could consider a gradual shift in policy relatively soon. Moreover, news that the German Chancellor, Angela Merkel, may have paved the way to a stable coalition government, along with the US economy missing non-economic numbers over the last few days pushed the pair through the 1.21 levels and it ended the week just above the 1.22 region.

  • A true commitment to green energy crucial for success

    A number of oil and gas majors are going through an existential crisis in recent years given that the world is decisively and rapidly moving away from fossil fuels. Therefore, the future of the industry in its current form seems rather uncertain, says an LBS expert.

  • Abu Dhabi Launches Six Historic Oil and Gas Licensing Opportunities

    The Abu Dhabi National Oil Company (ADNOC) announced, today, as part of Abu Dhabi’s first ever block licensing strategy and on behalf of the Supreme Petroleum Council (SPC), the details of the initial round of six geographical oil and gas blocks open for bidding. This follows the announcement last month by His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO that Abu Dhabi was to launch its first ever competitive exploration and production bid round.

  • ABU DHABI’S BARON POINT PETROLEUM SIGNS JV WITH PETROVIETNAM OIL CORPORATION IN US$150M PROJECT IN SOUTHERN VIETNAM

    Abu Dhabi-based Baron Point Petroleum Services Company L.L.C. (“Baron Point Petroleum”) has joined hands and engaged a joint-venture (“JV”) with PetroVietnam Oil Corporation (“PV Oil”), the national oil and gas company of Vietnam, to finance, build and operate petroleum product pipelines and storage space in Vietnam, and to source and trade petroleum products in the international markets.

  • ADNOC CEO Visits Technologically Advanced Drilling Vessel at ADIPEC

    His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, today visited the GMS Evolution, a technologically advanced offshore drilling vessel, built in Abu Dhabi by Gulf Marine Services (GMS).

  • ADNOC Signs Offshore Concessions with CNPC Strengthening Ties with World’s Number One Oil Importing Country

    The China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with the Abu Dhabi National Oil Company (ADNOC) today.

  • ADNOC to Invest in Downstream Business to Meet Growing Demand for Refined and Petrochemical Products

    ADNOC, Abu Dhabi’s integrated oil and gas company, said today it will make significant investments in new projects to further increase its refining capability and expand its petrochemicals business over the next five years - as part of its recently announced ‘2030 Strategy’.

  • Al Masah Capital Report: Regional markets range bound like oil but bargain buying picks up

    Saudi Arabia had a strong close to the week, with the country’s original sovereign bond issuance’s success which led to a positive investor sentiment. The strong subscription in the bond (over USD 15 billion) gave investors hope that the country’s economy contraction and ballooning deficit could have a silver lining.

  • Al Masah Capital Weekly Report: Mena markets generally cautious; buying picks up in Egypt and Saudi

    Oil prices ended last week in the USD51.5 - USD52 range resulting in MENA markets maintaining a cautious approach with the exception of Egypt and Saudi. UAE markets were mainly down with Dubai and Abu Dhabi showing weakness of -0.59% and -0.97% respectively coupled with subdued volumes. Saudi Arabia went up by 1.11% as it finally reacted to oil staying above $50 but investors are still being cautious about the country’s economic situation with fears of further austerity measures and doubts about OPEC’s next meeting reaching an agreement.

  • BAKER HUGHES, A GE COMPANY AWARDED SUBSEA CONTRACT BY PETROBEL FOR PHASE 2 DEVELOPMENT OF EGYPT’S ‘SUPER GIANT’ ZOHR GAS FIELD

    In a signing ceremony hosted by H.E. Eng. Tarek El-Molla, Minister of Petroleum and Mineral Resources for Egypt, Baker Hughes, a GE company (NYSE: BHGE) announced a major subsea contract from Petrobel for phase two of the “supergiant” Zohr Gas Field situated in the Mediterranean Sea, off the Egyptian coast. The project underscores the company’s position as the world’s first and only integrated fullstream provider of cutting-edge subsea technology, products, services and digital solutions.

  • Beginning of summer holidays’ season expected to have its effect on trading activities in the region – Al Masah Capital Weekly Investment report

    Global markets ended last week on a positive note despite the continuation  of trade tension between the US and China that are still dominating headlines,  with oil prices supporting  the week’s upward closure. Brent Crude ended the week at USD75.55 per barrel, up by +2.87% on a weekly basis while WTI jumped to USD68.58 per barrel on Friday, +5.75% W-o-W.

  • Bentley and Shell Announce Global Framework Agreement

    The Global Framework Agreement with Bentley underlies Shell’s ProjectVantage program, a multi-vendor integrated data-centric approach to capital project delivery. This industry-leading program is aimed at delivering safer and better projects faster by:

  • Best performance week for Oil since beginning of 2017 – Al Masah Capital Weekly Report

    Regional markets witnessed sideways, range bound trading activity over the past week, which can be mainly attributed to summer vacations and concerns regarding the geopolitical scene. The weekly performance for regional markets did however shift towards gainers, with six out of the eight indices ended the week positively while only two were in the negative territory.

  • Brexit boosting gold, oil not far behind

    The United Kingdom has voted to leave the European Union in a vote that was given this comment by the Financial Times: "Biggest jolt since the fall of the Berlin Wall. This puts 70 years of EU integration into reverse". 

  • Buying fatigue hits oil, gold pops back above $1,300/oz

    Commodities have outperformed other classes so far this year. Rising oil prices have steadily been feeding into an increase in headline inflation. These developments together with increased geopolitical and weather concerns have all helped support investor demand for broad-based commodities exposure.

  • Chinese Oil and Gas Industryis Big Business in Abu Dhabi

    Major Chinese companies now rank among the biggest national contingents at one of the world’s largestoil and gas industry events, the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), as they look to secure an increasing share of global resources and markets.

  • Choppy markets as Yellen causes confusion

    Commodities traded lower during a week where most of the attention was focused on the August 26 speech by Fed chair Janet Yellen. The annual economic symposium at Jackson Hole – the Davos for central bankers – has in past been used to signal major initiatives by the US Federal Reserve.

  • Commodities bask in six-year quarter high

    All commodity sectors, apart from grains, are back in demand following the Brexit vote on June 23. Record low bond yields on the back of raised speculation about renewed central bank action supported metals of all colors. Sugar and coffee found support in Brazil while oil settled down after the initial squeeze and natural gas surged on improved fundamentals. 

  • Commodities fired up by fading dollar

    The Bloomberg Commodity index has rallied by almost 18% since hitting a 17-year low back in January. The strong rally has attracted investors back into an asset class which for the best part of five years had been out of favour. Oversupply of key commodities especially oil has started to be reduced with the 19-month selloff forcing a reduction in output from high cost producers while attracting demand.

  • Commodities focus on looming Brexit vote

    Market activity has increasingly been dictated or distracted by the uncertainty surrounding the UK referendum vote on June 23. Opinion polls indicating rising support for the Leave camp sent investors looking for cover with stocks falling and bonds rising.