Palm prices rise on strong demand and supply concerns; expected to gain weekly
The price of Malaysian palm oils futures rose for the third session in a row on Friday, reaching their highest level in almost three weeks. This was due to expectations that production would be weak in August and an improving demand. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Exchange rose 43 ringgit or 1.12% to 3,869 Ringgit ($884.95) per metric ton.
Palm prices rise on strong demand and supply concerns, resulting in a weekly gain
The price of Malaysian palm oils futures rose for the third session in a row on Friday, reaching their highest level in almost three weeks. This was due to expectations that production would be weak in August, and an improving demand. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery had gained 15 ringgit or 0.39% to 3,841 Ringgit ($877.34). The contract gained 4.35% for the week, the biggest weekly gain since the end of May.
Palm oil closes at a seven-month-low due to weak exports and competing oils
The price of Malaysian palm oils futures fell to their lowest level in over seven months on Monday, due to weak exports in August so far and weaker rival oils. Lower inventories, however, put a ceiling on the declines. The benchmark contract for palm oil delivery in July on Bursa Derivatives Malaysia Exchange dropped 0.51%, to 3,689 Ringgit ($829.73), ending at its lowest level since January 5.
Floating Solar: DNV Advises on Indonesian Floating Solar Photovoltaic Project
Floating solar photovoltaic (PV), initially considered a niche technology, is now the fastest-growing solar PV category, alongside ground-mounted utility-scale solar and rooftop PV. As of August 2020, more than 60 countries have actively pursued the deployment of floating PV, with more than 35 installing an estimated 350 operational floating PV systems, equal to a total 2.6 GW of installed capacity.
Saudi Aramco joins oil blockchain platform Vakt
Saudi Aramco Energy Ventures has bought into blockchain-based trading platform Vakt with $5 million in new shares, Vakt said on Tuesday.Aramco Trading Co, a subsidiary of Saudi Aramco, will use the platform.The VAKT platform specializes in post-trade processing.
SGRE Raises $1.6Bln in ‘Green’ Credit
Siemens Gamesa Renewable Energy (SGRE) has announced that, in less than a year, it has accumulated €1.48 billion ($1.6Bln) in green guarantee lines.The turbine maker has just completed a deal with Societe Generale to convert a 230 million euro guarantee line to "green”. This is the third green guarantee line that Siemens Gamesa has arranged so far this year, in addition to 1.25 billion…
Oil Majors Join Blockchain Platform
Oil majors Chevron and Total, along with major Indian refiner Reliance Industries, have joined the blockchain-based platform Vakt, London-based Vakt said on Tuesday.Vakt, already in use by other major trading firms since the end of last year, is the first of many blockchain pilot schemes for commodities trading to go live.The firm was created in 2017 by a consortium that includes oil majors BP and Royal Dutch Shell…
Barclays Rejects Arctic Drilling
U.K.-based international bank Barclays announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London…
Oil Rises 3 percent; Lifted by OPEC Cuts
Oil prices climbed about 3 percent on Monday, rebounding further from 1-1/2-year lows reached in December on support from OPEC production cuts and steadying equities markets.Brent crude futures rose $1.47 to $58.53 a barrel, a 2.6 percent gain, as of 11:12 a.m. EST (1612 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $1.56 to $49.52 a barrel, a 3.3 percent gain.Oil futures…
Bahrain's Oil Company Targets $1 Bln Through Dual-tranche Bond
Bahrain's state-owned oil company Nogaholding plans to raise $1 billion through a dual-tranche U.S.
Oil Stabilizes, Supported by Bullish U.S. Inventory Data
Oil prices steadied on Thursday, supported by a bullish U.S. inventory report from the previous session even as an escalating trade dispute between the United States and China weighed on demand expectations.Brent crude oil was up 2 cents a barrel at $74.80 by 11:13 a.m. EDT [1513 GMT]. U.S. light crude was 2 cents lower at $67.84 a barrel."The market is trying to balance the worries…
Oil Prices Climb on Global Demand and U.S. Sanctions on Iran
Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.Benchmark Brent crude oil was up 60 cents at $77.71 a barrel by 1330 GMT. U.S. light crude rose 10 cents to $73.90."Oil prices are starting the week on the front foot in anticipation of reduced supplies from Iran after U.S.
The Culture Clash Behind GE's Exit from Baker Hughes
When General Electric Co bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools. Less than a year later, GE is bailing out of the deal…
Oil Steady Near Multi-year Highs as US Drilling Rises
Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production.Brent crude was up 15 cents at $77.27 a barrel by 1130 GMT. U.S. light crude oil was up 5 cents at $70.75.Both oil futures contracts hit their highest since November 2014…
U.S. Crude Stocks Rise Despite Cushing Drawdown
U.S. crude stocks rose less than expected last week, but the storage hub of Cushing, Oklahoma, saw yet another drawdown that has halved stocks in the last three months, a trend that may continue until more refiners shut for maintenance. Crude inventories rose by 1.8 million barrels in the week to Feb. 9, short of analysts' expectations for an increase of 2.8 million barrels, the Energy Information Administration said on Wednesday.
Puma Energy Launches $750m 8NC3 Bond at 5%
Puma Energy launches US$750m 8NC3 at 5%. Books greater than US$2.1bn at the tight end of guidance. * Guidance at 5.125% (+/-0.125%) wpir. Size remains USD benchmark. Books over US$1.7bn (2.06pm) * IPTs 5.25% area for USD benchmark 8NC3. Puma Energy Holdings Pte. Ltd. (“Puma Energy”) rated Ba2/BB (Moody’s/Fitch) has mandated Bank of America Merrill Lynch as global coordinator, and Bank of America Merrill Lynch…
BP, Shell to Lead Blockchain-Based Energy Effort
A consortium including energy companies BP and Royal Dutch Shell will develop a blockchain-based digital platform for energy commodities trading expected to start by end-2018, the group said on Monday. Other members of the consortium include Norwegian oil firm Statoil, trading houses Gunvor, Koch Supply & Trading, and Mercuria, and banks ABN Amro, ING and Societe Generale. Blockchain technology…
Universal Energy Faces Millions in Claims
Universal Energy entered voluntary liquidation on Oct 3, tightening credit in Singapore's bunker fuel market. Shipping fuel suppliers are filing millions of dollars in claims over unpaid marine fuel bills against now defunct Singapore-based peer Universal Energy, formerly one of the city state's largest bunker suppliers but which has now entered liquidation. Universal Energy, ranked as Singapore's third-largest bunker fuel supplier by volume in 2016…
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank…
Oman Oil Closes $2 Billion Loan Financing
Oman Oil Co, the Omani state-owned petroleum firm, has completed a $2 billion loan financing, a source close to the matter said. The company’s funding efforts are part of a wider push by the government to raise international finance to reduce pressure on its budget, which has been hit by low oil prices. Oman Oil has signed a revolving credit facility (RCF) of $1.15 billion, with a five-year maturity…
