Market Pulse - Commodities
Genel confirms $11.45m payment for Taq Taq oil sales in April
Genel Energy said the Taq Taq field partners have received a payment of $11. 45m from the Kurdistan Regional Government for oil sales during April 2016.
Commodities: All eyes on new Saudi energy minister
Commodity markets gained heading into the long weekend Stateside and in the UK, even in the face of a strengthening greenback and ahead of the 2 June summit of the Organisation of the Petroleum Exporting Countries.
Travel&Leisure stocks pace gains, miners drop
Travel&Leisure stocks paced gains on the top flight index at the end of the week, against a backdrop of falling crude oil prices and a perceived reduction in the risk that Britons will vote to leave the European Union on 23 June.
Evraz North America's stand alone credit profile cut to 'b-'
Evraz North America has had its stand-alone credit profile (SACP) cut to ‘b-‘ from ‘b’ by S&P Global Ratings.
President Energy swings to FY loss as output rises
Paraguay- and Argentina-focused President Energy upped its daily production rate by 15% to 490 barrels of oil equivalent per day in 2015 in what it described as a challenging year due to macro and micro headwinds.
Commodities: Advances in crude oil, copper peter out
Gains in crude oil and copper futures early in the European session faded by the time of the closing bell on Wall Street amid very cautious remarks from policy-makers in the euro area and Japan.
Atlas Mara wary of forex, economic headwinds
Atlas Mara sees its full-year profit to exceed the underlying $11. 3 million booked in 2015, but warns softer African currencies and a more challenging economic backdrop provide "meaningful" headwinds to achieving this.
Oil´s rise above $50 will be positive for the global economy, think-tank says
The rise in oil prices past the $50 per barrel mark was positive for the global economy all things considered, but it also made it increasingly hard to argue that deflation posed a serious threat to the US, Capital Economics said.
Financials, big oil, miners pace gains in London
Financials and big oil continued to power ahead at the middle of the week as the threat from two of the market´s most recent bugbears appeared to receed a little.
Commodities: Oil moves back towards $50 a barrel after US inventory data
Crude oil futures pushed closer towards the pyschological $50 a barrel mark, riding higher on the coat-tails of the latest US Department of Energy data which revealed a 4. 2m barrel reduction in the country´s commercial oil stockpiles during the latest week.
Commodities: Crude oil, iron ore futures drop
A drop in energy quotes weighed on the commodities space at the start of the week.
Mind the potential downside if you´re invested in gold, Citi says
Mind the downside if your invested in gold or one of its proxies, analysts at Citi said.
Total says panic fuel buying hits a quarter of its stations
French oil and gas company Total said more than a quarter of its petrol stations across France have either partially or completely run out of fuel after striking French oil workers sparked a wave of panic buying in some regions.
Drop in commodity prices may have a silver lining, oil is key, Macquarie says
Commodity markets were bathed in red following a sharp run-up in Fed hike expectations on the previous day, although by early in the evening on Thursday the latter had again come down significantly.
EnQuest reiterates FY output guidance
EnQuest has reiterated its full-year production guidance for 44,000-48,000 barrels of oil equivalent per day (Boepd), and said it is on track to meet its cost-reduction targets.
Ferrexpo shares sag after news of overdue $10m VAT receivable
Shares in Ferrexpo were down almost 6% as investors in the the iron-ore pellet producer soured following news it has an overdue $10 million VAT receivable that was due for repayment at end-April.
Macquarie hikes iron-ore price forecasts for 2016 and 2017
Commodity prices saw moderate selling pressure on Wednesday ahead of the release of the latest set of Fed minutes and after they were published.
Private Equity firms may raise energy asset bids as oil stabilises, Baker & McKenzie expert says
Private Equity firms could step up their hunt for energy sector assets as the oil price stabilises, according to Baker & McKenzie partner Mona Dajani, an industry veteran who has worked on complex acquisitions for over two decades.
Energy industry heading for recalibration, Shell Midstream Partners chairman says
The energy sector is recalibrating to a “new normal” in wake of the oil price slump and it will not be all plain sailing, according to Curtis Frasier, Chairman of the board of Shell Midstream Partners, a limited partnership recently formed by Royal Dutch Shell to own, operate, develop and acquire pipelines and other midstream assets.
US oil inventories rise but product stocks drop, EIA says
US oil inventories rose in the latest week, even as product stockpiles registered large drops, official data showed.