Investors on Board as U.S. Oil Majors Dismiss Wind and Solar Projects
Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables, and winning support from big investors who do not expect the stateside companies to invest in wind and solar. Among a dozen U.S. fund managers contacted by Reuters from companies overseeing about $7 trillion in assets, most…
Norway Wealth Fund to Drop ConocoPhillips, Hess
Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil, the country's parliament on Wednesday adopted a plan to drop all dedicated oil and gas explorers and producers…
Norway's Wealth Fund: Oil Stocks Sale Will Take Years
The Norwegian sovereign wealth fund's proposed multi-billion dollar divestment from oil and gas stocks will take many years to complete, Chief Executive Yngve Slyngstad told reporters on Tuesday. The $1 trillion fund, the world's largest of its kind, proposed on Nov. 17 to drop oil and gas stock from its index, but needs approval from Norwegian authorities to do so.
Deutsche, Morgan Stanley Bullish on European Energy
Two big brokers have given a thumbs up to the European oil & gas sector on attractive valuations. The sector, the second-worst performers in the region so far this year, as stocks were hit by weakness in crude oil prices and have failed to keep up with their subsequent recovery. Oil and gas stocks are down 1.3 percent, compared with a 5.2 percent gain for the broader market.
TSX Jumps With Oil, Closes 2.6 % Higher
Canada's main stock index scored its biggest rally in more than four years on Friday, led by oil and gas stocks as crude prices surged and investors welcomed hints of more stimulus from global central banks. Sharp gains on Thursday and Friday left the index 2.6 percent higher for the week, supported by a recovery in crude oil prices and optimism that central banks in Europe and Japan will increase policy stimulus.
U.S. Oil and Gas Stocks Surge
U.S. crude stocks surged last week, outstripping expectations of a small increase, while gasoline stocks increased and distillate inventories fell, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 4 million barrels in the last week, compared with analysts' expectations for an increase of 102,000 barrels.
Regulator Opposes Noble, Delek Control of Israeli Field
Israel's antitrust regulator has recommended breaking up what it says is excessive control of key gas reserves by Noble Energy and conglomerate Delek Group, who together hold 85 percent of the country's giant Leviathan field. Competition authorities had initially rubber stamped the acquisition of Leviathan, provided Delek and Noble sold stakes in two smaller gas sites.
Bouncing Energy Shares Help European Stocks Extend Rally
A rebound in most energy shares drove European equities higher on Monday, while Greece's bourse was also boosted by the country's prime minister offering to bring pro-European independents into the government. Bucking the trend, shares in Italian lender Banca Monte dei Paschi di Siena shed 7.3 percent, hit by renewed fears of big writedowns on poorly performing loans.
OPEC Inaction Sends Brent to Four-Year Low
Brent Crude off 4 year low, but set for 15 pct Nov drop. Brent crude fell to a fresh four-year low on Friday, sending oil-related shares and currencies lower, after OPEC decided against cutting output despite a supply glut. With markets in the United States due to reopen following Thursday's holiday, futures on major U.S. stock indexes were around 0.2 percent lower.
