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Brent oil price holds at $103, crude oil supply in focusBrent crude oil futures end the week’s trading session firm at $103 a barrel as crude oil supplies from Middle Eastern countries continues
to worry many, as uncertainty holds Brent oil at two year trading highs.
Brent Oil Futures – Closing Price
Brent crude oil futures for April 2011 delivery ended the week’s trading session at $103.06 a barrel on the ICE Futures Exchange, which is $1.65 higher than Brent’s close last week at $101.41.
Suez Canal Route Still a Concern
Brent oil futures have rallied on recent protests in the Middle East, in part due to worries about oil transport to Europe through Egypt’s Suez Canal.
Those gains, plus a supply glut at the US hub of Cushing, have reversed the typical relationship between ICE Brent and NYMEX WTI oil futures to ... Read more »
Separating the hard facts from the hype has never been harder in the Chinese market, which is either a huge speculative bubble, the lifeboat for the global chemical industry or anything in between
IT NEVER gets any easier trying to work out what's happening in China.
The country's economic rebound is sustainable and the global recovery is just around the corner, insist some industry sources.
Fears of an L-shaped recovery appeared to be receding as this feature went to press. Th ... Read more »
HUNTSMAN SETTLES WITH BANKS FOR $1.73BN
US-based chemical firm Huntsman reached a $1.73bn (€1.25bn) cash and financing settlement with Deutsche Bank and Credit Suisse - the lenders in its doomed $10.6bn merger with Hexion Specialty Chemicals. Huntsman initially sought more than $4bn in damages against the lenders in a trial that began in a Texas state court. Huntsman will receive $620m in cash, $500m in senior secured term loan financing, $600m in unsecured note financing and $12m for the reimbursement of litigation costs. In its lawsuit against the lenders, Huntsman alleged that Hexion's offer was an inducement to dupe the company into rejecting an earlier ac ... Read more »
Luis Viceira, George E. Bates Professor of Business Administration at Harvard Business School, interviewed by Brendan Maton, financial journalist.
Is the real lesson from this crisis that liquidity was the big problem? Liquidity was not the only problem. But I think a lesson that investors have to derive from this crisis is that it is very important to be aware of what your liquidity situation or the liquidity situation of your portfolio is at any given point in time. I think some investors have learned the hard way that it is not the same thing to invest in an equity vehicle that is liquid versus an equity vehicle that is illiquid. And if you also have an illiquid portfolio and are going to have to sell it into an illiquid market, as has been the situation for ma ... Read more »
Notes: Adjustments include an adjustment for crude oil, previously referred to as "Unaccounted For Crude Oil". A negative stock change indicates a decrease in stocks and a positive number indicates an increase in stocks. Data may not add to total due to independent rounding. See Definitions, Sources, and Notes link above for more information on this table.
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Release Date: 4/30/2009
Next Release Date: Last Week of May 2009
DUBAI (Reuters) - Contractors will have made aggressive cuts to cost estimates in bids due later this month to build a new refinery for Saudi Aramco and Total (TOTF.PA), sources at contracting companies said on Thursday.
Oil's slump to around $50 a barrel from a peak over $147 last year has forced cost cutting across the industry, and contractors that were turning down work a year ago now find themselves in a fierce competition for what is left, sources said.
"With the current economic situation, there are not many projects," one contractor planning to bid to build the refinery told Reuters. "Competition is much more severe. We need to sharpen our pencils."
Top oil exporter Aramco and French energy giant Total have said they want billions of dollars cut from the construction costs for the refinery to reflect the slump in the prices of raw materials since the global economic downturn took hold.
... Read more »
HK regulator to appeal PCCW decision ByJustine Lau and Tom Mitchell in Hong Kong Published: April 6 2009 07:40
A Hong Kong court on Monday cleared Richard Li’s protracted attempt to buy out PCCW, his telecommunications company, striking down calls from the market regulator to block the $2bn deal.PCCW, his telecommunications company, striking down calls from the market regulator to block the $2bn deal.
But the Securities and Futures Commission said it would appeal against the judge’s decision to allow the buy-out offer from Mr Li, PCCW chairman, and China Unicom, the second largest shareholder, because of allegations of improper share transfers. In a February meeting, minority shareholders voted in favour of a $4.50 offer. But SFC investigators moved in after the poll, seizing voting records.
In rejecting the SFC’s arguments, Justice Susan Kwan said Monday: “I am satisfied that the shareholders ... Read more »
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By John Authers, Investment editor
Published: March 19 2009 19:27 | Last updated: March 19 2009 19:27
The shock came on Wednesday, from the Federal Reserve. The response from almost all markets was immediate. The after-shocks on Thursday were much harder to predict.
Stocks and bonds appear to have had a one-off adjustment to the news that the Fed would try to push down long-term rates by buying Treasury bonds. Once these markets had had the chance to react to the news, they quietened down swiftly.
In currencies, however, the shocks continued on Thursday and developed their own momentum. Wednesday’s fall of 3.01 per cent for the dollar was the greatest, on a trade-weighted basis, since the signing of the Plaza accord in September 1985.
Thursday’s fall, by the end of the trading day in London, was also very severe: about 1.9 per cent, according to Bloomberg.
The dollar had rallied since last summer largely on the perverse effects of “de ... Read more »
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