Sources say that Venture Global LNG is planning to raise $3 billion from its US IPO.
According to sources familiar with the situation, Venture Global LNG plans to raise up to $3 billion in its New York initial public offering. This could happen as early as this year. The people who spoke to Venture Global said that the company is in discussions with Goldman Sachs, JPMorgan Chase and other banks about the listing plan.
Trump's Victory Lifts Small-Caps, Banks
Donald Trump's second term as U.S. President on Wednesday lifted equity markets, on the back of bets on lower corporate taxes, favorable tariffs, and deregulation. This lifted shares of local small-cap companies, banks, and Trump Media.Elon Musk, the CEO of Tesla Motors, was appointed to head a government efficiency panel after Trump endorsed the billionaire during his election campaign.
Gas prices in Europe are falling, but the Middle East premium is still there
The Dutch and British wholesale prices of gas fell on Thursday morning, but they remain close to their highest levels in a week as fears persist about disruptions in gas production in the Middle East due to the intensifying conflict in that region. LSEG data shows that the benchmark front-month contract for the Dutch TTF Hub was down 0.20 euro at 38.47 Euros per Megawatt Hour (MWh)…
China's oil consumption growth is slowed by the transition to cleaner fuels.
Speakers at the APPEC Conference on Monday said that China's move towards low-carbon fuels, combined with a sluggish economic growth, are reducing the oil demand in the world's biggest crude importer. Daan Struyven is the head of Goldman Sachs' oil research. He said that China's demand has dropped from 500,000 to 600,000 barrels a day in the five-year period before the COVID-19 outbreak…
Citi says oil prices in 2025 could average $60/bbl if OPEC+ does not further reduce their cuts
Citi reported in a Wednesday note that if the producer group OPEC+ does not reduce its production, oil prices could fall to $60 per barrel in 2025 because of reduced demand and an increase in supply from non-OPEC nations. Citi stated that while a technical recovery was possible, the markets could lose faith in OPEC+ defending…
Goldman Sachs urges consumers to "go for gold" as China puts pressure on other commodities
Goldman Sachs believes that gold is the most likely to see a price increase in the near future due to its role as a hedge against risk. However, weak demand from China led to a more selective and less constructive view of other commodities. Goldman analysts stated on Monday that "imminent Fed rate reductions are poised bring Western capital into the gold markets…
Goldman Sachs says that Brent is likely to be hit by a softening of demand in China.
Goldman Sachs said on Tuesday that it expects Brent crude to drop to $68 a barrel by the end of 2025, if China's oil demand stays flat until next year. Brent futures traded around $77 a bar by 11:46 a.m. ET (1546 GMT) Tuesday. U.S. West Texas Intermediate crude (WTI), however, was trading at around $74.16. Goldman Sachs analysts…
Recession risk roils markets, but it's not alarming yet
The disappointing U.S. employment data has shaken the confidence that there will be a soft landing in the world's biggest economy. Global equity markets have tumbled and bets for interest rate reductions are surging. Investors abandoning popular carry trades in yen have played a major role in the recent selloff. This has complicated the message that asset prices are sending about the economy.
Shell Exits Permian with $9.5B Sale to ConocoPhillips. Its U.S. Output Now Mostly Offshore
Royal Dutch Shell said on Monday it would sell its Permian Basin assets to ConocoPhillips for $9.5 billion in cash, an exit from the largest U.S. oilfield for the energy major shifting its focus to the clean energy transition.For ConocoPhillips, it is the second sizable acquisition in a year in the heart of the U.S. shale industry…
WTI-Brent Spread Narrows as Oil Market Tightens
The price gap between the world's two most actively traded oil contracts narrowed to its lowest in more than seven months, demonstrating that U.S. oil output is still in the COVID-19 doldrums with the market likely to remain undersupplied.North Sea Brent futures traded at a premium of $1.89 to U.S. West Texas Intermediate (WTI) on Friday…
Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S.
RWE Eyes Renewables Deals as Part of $8.4 B Expansion
Germany's largest power producer RWE plans to spend part of its 7 billion euro ($8.4 billion) war chest on growing its 24.7 gigawatt pipeline of renewables projects, its CFO said, just weeks after BP announced a major low-carbon push."A pipeline needs to be worked on constantly. It doesn't grow overnight," Markus Krebber told Reuters…
PipeChina to Buy $56B Worth of Pipelines
China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion).Under the deal, PipeChina, known formally as China Oil and Gas Pipeline Network, will take over oil and gas pipelines and storage facilities from state-owned energy giants PetroChina and Sinopec…
Oil Industry Veterans to Launch Hydrogen Investment Fund
Two energy industry veterans plan to launch an investment fund focused on hydrogen this year as more and more governments include the niche fuel in their global warming battle plans.Hydrogen has long-been touted as a potential clean fuel as it only emits water vapour but it has failed to gain traction, mainly because of historically high production…
Oil Price Crash, What Next?
A historic rout in oil markets sent U.S. crude prices plummeting to as much as minus $40 a barrel as traders rushed to get rid of unwanted stocks with storage capacity already overflowing amid a coronavirus-induced demand collapse.U.S. West Texas Intermediate (WTI) crude for May delivery recouped some losses on Tuesday to be just in positive territory…
OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices…
Saudi, Russia Closing in on Record Oil Cut Deal
OPEC and it allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis, sources involved in the discussions said.They said the plan included cuts of about 5 million bpd from producers outside the group known as OPEC+ and could be made gradually…
Oil Economics: Freight Rate Surge Cuts into Trader's Profits
A jump in freight rates has shaved profits for oil traders seeking to store crude for sale towards the end of the year, even as the contango in the first six months for Brent futures stretched to its widest ever, trade sources said.While a sharp rebound in spot crude differentials could lift traders' profits, a broadening slump…
Brent Crude Drops to $26.35. Outlook Bleak
Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8%, to $23.55 a barrel.
Oil Facing Prolonged Period of Demand Destruction
Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.Brent crude futures were up $1.14, or 4%, at $29.61 a barrel by 1133 GMT. U.S. crude futures for April rose $1.34, or 5.3%, to $26.56.
