Wednesday, August 5, 2020

Natixis News

Shell Sells its Danish Upstream Assets for $1.9 Bln

© Michael Flippo / Adobe Stock

Royal Dutch Shell has agreed to sell its Danish upstream business to Norwegian Energy (Noreco) in a deal valuing the assets at $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.The sale brings Shell's three-year $30 billion divestment plan close to its conclusion, having begun the process in 2015 after the acquisition of BG Group. Deals so far have included large portfolios in the British North Sea…

Cepsa Float Fail Could Jeopardize Other Energy Listings

(Photo: Cepsa)

The shelving of Spanish energy company Cepsa's initial public offering (IPO) may damage prospects for a string of oil-related companies planning to go public.Returning Cepsa to the Madrid stock exchange this week in a flotation valuing the firm at up to 8 billion euros ($9.3 billion) had been expected to test investor appetite for energy listings amid resurgent oil prices.But the company, owned by Abu Dhabi's Mubadala…

Oil Steady After Hitting Three-Week High

File Image (CREDIT: AdobeStock / (c) scanrail)

Saudi Q1 output to be below output cap as Libya declares force majeure on El Feel oilfield. Oil slipped on Monday but still held close to its highest since early February, supported by comments from Saudi Arabia that it would continue to curb shipments in line with the OPEC-led effort to cut global supplies. Brent crude was down 17 cents at $67.14 a barrel at 1258 GMT, after rising almost 4 percent last week. U.S.

Schlumberger, Subsea 7 Mull Oil Services JV

(Photo: Subsea 7)

Schlumberger, the world's largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. The news lifted Subsea 7 shares on hopes the talks could be the first step towards a full takeover, in a sector that has already seen consolidation with the 2016 merger of Technip and FMC Technologies.

Inflation Buiilds, Oil Slides

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Oil fell for a third day on Wednesday, dropping nearly 1 percent on concerns about rising U.S. production and another drop in financial markets after U.S. consumer prices rose more than expected. Brent crude futures fell 55 cents to $62.17 a barrel by 1350 GMT. The price has lost 11 percent since hitting a high above $71 in January and has now wiped out all its 2018 gains. U.S. West Texas Intermediate crude futures dropped 77 cents to $58.42 a barrel. U.S.

Rising U.S. Supply Knocks Oil Prices Again

File Image (CREDIT: AdobeStock / (c) Kasto)

Physical crude price falls as exporters chase customers; U.S. crude inventories rise. Oil fell for a third day on Wednesday, under pressure from concern about rising U.S. production and how much it would hurt efforts by OPEC and its partners to control global supplies. Brent crude futures fell 26 cents to $62.46 a barrel by 1028 GMT. The price has lost 11 percent since hitting a high above $71 in January. It has now wiped out all the 2018 gains. U.S.

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, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction.

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…

JZ Hires Natixis for Sale of Majority Stake in Factor Energia

Investment fund JZ International has hired Natixis for the sale of its 65 percent share in Factor Energia, a supplier of electricity in Spain with 58,000 mostly corporate customers, three sources with knowledge of the operation said. Unlisted Factor Energia, which made sales of 413 million euros ($439 million) last year, was founded 17 years ago and has benefited from the 2003 liberalisation of Spain's energy market which allowed consumers to choose suppliers.

Gunvor Signs $1.67bn Loan Refinancing

Swiss oil and energy trader Gunvor Group has signed a $1.67 billion revolving credit facility to refinance a US$1.15bn facility from November 2015 and a US$85m facility from November 2014, the company announced on Thursday. The financing, which represents a 30 percent increase in total available facilities, will be used for general corporate purposes and working capital requirements. The loan, which is available for Gunvor International BV and Gunvor SA…

Investors Call for Moratorium on Arctic High Seas O&G Activity

A group of investors representing more than 5 trillion euros ($5.53 trillion) in assets under management have called on oil and gas companies to observe an unlimited moratorium on activity in the Arctic high seas. Led by French asset managers Mirova and Natixis Asset Management, the group of 19 investors said it was an "urgent call" to protect the hydrocarbon-rich region from future exploration and reflected national pledges on climate change.

Oil Up 2% on Producer Deal Speculation; Gasoline Dips

Oil prices rose by 2 percent on Monday after Venezuela hinted that OPEC and other major oil producers could agree to a market support deal and as clashes in Libya disrupted attempts to boost crude exports. U.S. gasoline futures fell slightly on profit-taking from last week's rally on the outage of a key gasoline pipeline due to a leak.. Oil was also supported by higher equity prices on Wall Street and a weaker dollar that made greenback-denominated commodities…

Oil Options Lurch Closer to $20 Goldman Doomsday Forecast

When U.S. investment bank Goldman Sachs said last year that oil could fall as low as $20 per barrel, it assigned a fairly low probability to that scenario. Fast-forward five months and in some parts of the world the forecast has already proved correct. Canadian physical crude has been selling this week at below $20 per barrel, less than it costs to extract and transport. Traders in the options market, meanwhile, are taking protection against prices falling below $25.

Oil Up on Record Chinese Demand

Oil prices rose more than 5 percent on Tuesday as investors viewed bullish Chinese oil demand data as a buying trigger, but contracts remained near 12-year lows as the IEA said the market should stay oversupplied this year. Brent crude futures, the global benchmark, posted their strongest daily gains in four months, trading up $1.55, or 5.4 percent, at $30.10 a barrel by 1149 GMT. U.S. crude futures were up 66 cents at $30.08 a barrel, reverting to a discount to Brent prices.

European Banks' Risky Oil Loans Make Investors Edgy

Investors are growing increasingly anxious about the exposure of European banks to the oil sector, as a past credit binge threatens to lead to loan losses that could be worth up to $18 billion. Major banks ranging from ING to HSBC and Deutsche Bank put big bets on oil when record crude prices made even the most hazardous project look economically viable. But over the past year and a half, oil has slumped to near 12-year lows, spreading pain across financial markets.

Oil Heads for Third Week of Gains, Sentiment Upbeat

Goldman lifts view on energy to neutral from underweight; but warns that price rally may be premature. Oil prices rose on Friday towards $45 a barrel, heading for a third straight week of gains as market sentiment turned more upbeat despite persistent oversupply. Traders said sentiment in the entire commodity complex had turned more confident despite the glut, with new cash being put into the market by investors, lifting prices.

Oil Rises, Heads for Third Week of Gains

Oil prices rose on Friday and were poised for a third week of gains as market sentiment turned more upbeat amid signs a persisting global supply glut may be easing. Strong gasoline consumption in the United States, increasing signs of declining production around the world and oilfield outages have underpinned a return to investment in the sector, traders said. "The current rally is driven by a market…

Brent Slips Towards $50, Weak Demand Weighs

ECB cuts euro zone growth forecast to 1.4 percent. Commerzbank, Barclays, BNP Paribas cut oil price forecasts. Oil prices fell on Friday, pushing benchmark North Sea Brent crude down towards $50 a barrel, after a cut in European growth forecasts heightened worries over the outlook for demand at a time of huge oversupply. The European Central Bank (ECB) said on Thursday that economic troubles in China and emerging markets could drag the 19-member euro zone into deflation in the coming months.

Crude Up Over 2 pct, Russia Mulls Oil Talks

Crude oil prices settled up more than 2 percent on Monday, bolstered by a rally in U.S. gasoline and Russia's willingness to meet other major oil producers to discuss the market. Higher stock prices on Wall Street provided further support to oil and other dollar-denominated commodities. Global crude benchmark Brent settled at $49.25 a barrel, up $1.12 or 2.3 percent. U.S. oil's benchmark West Texas Intermediate (WTI) crude rose 72 cents, or 1.6 percent, to finish at $46.26.

Oil climbs as Venezuela sees Output Deal

Venezuela says could be OPEC/non-OPEC deal this month; clashes in Libya halt loading from port of Ras Lanuf. Oil prices rose on Monday from multi-week lows after Venezuela said OPEC and non-OPEC producers were close to a deal to stabilise the market and as clashes in Libya disrupted attempts to boost crude exports. Brent crude futures were at $46.32 per barrel at 1043 GMT, up 55 cents from their previous settlement and off an earlier peak of 46.62. U.S.