Kuwait oil price up 79 cents to $71.65 pb
Globally, price of Brent crude went up by 67 cents to USD 69.18 pb, and West Texas Intermediate crude rose by 78 cents to USD 66.03 pb.
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The National
5 hours ago
- The National
Oil heading for sharp weekly drop amid US tariffs and Russia ceasefire deadline
Oil prices inched up on Friday but were on track for a sharp weekly loss amid the latest round of US tariffs and anticipated US-Russia talks on a Ukraine war ceasefire. Brent, the benchmark for two thirds of the world's oil, rose 0.65 per cent to $66.86 per barrel on Friday at 3.39pm UAE time, while West Texas Intermediate, the gauge that tracks US crude, increased 0.58 to $64.25 a barrel. The incremental rise on Friday followed Thursday's nine-week lows. For the week, Brent and WTI are on pace for a decline of 4 per cent and 4.7 per cent, respectively. Year-to-date, both benchmarks are down 10.5 per cent. This week's oil price movement was 'again' driven by the moves of US President Donald Trump, said Giovanni Staunovo, a strategist at Swiss bank UBS. 'He first threatened high tariffs for buyers of Russian oil – as of now the only one buyer impacted is India – and the added tariffs came in on the lower side at 25 per cent and not 50 per cent or 100 per cent as feared,' Mr Staunovo told The National. 'No secondary sanctions were added on buyers, with market participants for now assuming modest supply disruptions and awaiting more clarity how Indian refineries will react,' he added. 'Russian supply is not disrupted currently. Production is limited due to the Opec+ agreement. A truce would not change this, but lower supply disruption risks.' A meeting between Mr Trump and Russian President Vladimir Putin and has been agreed, a Kremlin official said on Thursday as negotiations on a Ukraine summit gained new impetus. The announcement was made on the eve of a White House deadline for Moscow to show progress towards ending the three-year-old war in Ukraine. The move signalled a crucial thaw in the two nations' strained relationship, analysts said. 'The market went into a wait-and-watch mode amid the rapidly-evolving US-Russia engagement on the Ukraine crisis,' Vandana Hari, chief executive of Singapore-based Vanda Insights, said. Mr Putin's foreign affairs adviser Yuri Ushakov said a summit could take place as early as next week at a venue that has been decided 'in principle', although he did not identify it. Mr Putin later named the UAE as a potential location. The meeting will be the first between sitting US and Russian presidents since Joe Biden met Mr Putin in Geneva in June 2021. 'For oil, the pivot represents increased probability of a Ukraine ceasefire deal that could lead to the western alliance phasing out its sanctions and embargoes against Russia,' Ms Hari said. Oil prices had trended upwards since May, peaking on June 19 after Israel attacked Iran, but have fallen since. That, among other geopolitical tensions, has added to market volatility. On Monday, oil prices dropped after Opec+ agreed to another large output rise. The alliance of oil producers led by Saudi Arabia and Russia is to increase its oil production by 547,000 barrels per day for September, as it continues to unwind voluntary cuts introduced during the Covid-19 pandemic. That decision marks the sixth month in a row when the group has raised output as it gradually restores 2.2 million barrels a day of supply that was withheld from the market. Last month, Opec+ announced a larger-than-expected increase of 548,000 barrels a day for August, accelerating the pace of its phased supply return.
Zawya
6 hours ago
- Zawya
Stocks rise as investors eye Fed revamp; gold hits record
Global shares rose on Friday, along with the dollar, as investors clung to the view that U.S. interest rates may fall further this year, while gold futures rallied on a report of duties on U.S. imports of bullion bars. An index of world stocks traded near record highs, shrugging off weakness on Wall Street overnight, and in Europe, shares got a lift from a series of robust earnings and from optimism that the hefty U.S. tariffs that kicked in on Thursday would be subject to negotiation. The outlook for monetary policy in the United States, a linchpin for global markets, has become even more open to question due to a series of changes at the Federal Reserve, where policymakers are divided on the impact of inflation and the central bank's leadership is shifting. U.S. President Donald Trump said on Thursday he would nominate Council of Economic Advisers Chairman Stephen Miran to fill a vacant seat at the Fed for a few months while the White House seeks a permanent addition to the central bank's governing board and continues its search for a new chair. Miran holds similar views to Trump, who has berated Chair Jerome Powell for being "too late" in cutting interest rates, even though growth is holding up and inflation is ticking higher. "It locks in a vote for rate cuts at all the meetings between now and the end of January," said Ray Attrill, head of FX strategy at National Australia Bank in Sydney. "Markets are already travelling with a very strong expectation that there will be a rate cut," he added. "Though there's a question mark over whether he'll succeed in ratification in time for the September meeting." The MSCI All-Country index was up 0.1% on the day, just below record highs struck two weeks ago, and was heading for a 2% rise this week, its best performance since mid-June. Europe's STOXX 600 was up 0.2%. Zurich's SMI index , which on Thursday shrugged off Switzerland's 39% U.S. tariff coming into effect, eased 0.14%. The market is also digesting a Bloomberg News report that Fed Governor Christopher Waller is the top candidate to replace Powell, whose term ends on May 15, 2026. "The effective shock (from tariffs) is there. So the question now is: How is it going to impact the economy and the data, and when? Because up to now, up to now, let's be fair, it's been less severe than most have anticipated," Lombard Odier economist Samy Chaar said. Overall tariffs may be lower than many had feared back in April, but they are at their highest in at least a century. Relief over lower-than-expected duties may be short-lived as a result. A case in point would be the European Union, which now has a 15% tariff, rather than the 50% that Trump had threatened, Chaar said. "That's the vulnerability in the market ... it is focusing on the good news, which is not getting the 50%, but getting the 15%. And then the problem is that 15% is actually a big shock and, at some point, it's going to show in the data," he said. U.S. gold futures hit a record high after a report in the Financial Times that the U.S. had imposed tariffs on imports of 1-kg gold bars, which comprise the bulk of Switzerland's bullion exports to the U.S., citing a letter from Customs and Border Protection. Spot gold edged up 0.1% to $3,400 an ounce, while gold futures rose as much as 2.3% to an all-time peak of $3,477. U.S. stock futures were both up 0.2%, pointing to a modest rise at the opening bell later. The rally for stocks comes "against the backdrop of an emerging titanic dovish pivot at the Federal Reserve", said Tony Sycamore, market analyst at IG in Sydney. The yield on benchmark 10-year Treasury notes rose to 4.2442%, unchanged from the U.S. close on Thursday, after weak demand at an auction of 30-year bonds, the latest in a string of lacklustre sales this week. The dollar rose 0.1% against the yen to 147.24. The euro dipped 0.2% to $1.1648, having gained 2.13% in a month, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up 0.2% at 98.21.
The National
6 hours ago
- The National
Abu Dhabi's Mubadala closes first US energy investment with natural gas and LNG deal
Abu Dhabi's Mubadala Energy has closed a US natural gas investment agreement by acquiring a stake in a company backed by alternative asset manager Kimmeridge, marking its first significant investment in the US energy market and advancing its global growth strategy. The energy arm of the UAE capital's sovereign wealth fund now owns a 24.1 per cent equity stake in New York-based Kimmeridge's SoTex HoldCo, which has been rebranded to Caturus, Mubadala said on Friday. The transaction was first announced in April. Caturus is building an integrated natural gas and LNG export platform in the US through its upstream operations under Caturus Energy, formerly Kimmeridge Texas Gas, and Commonwealth LNG, a 9.5 million metric tonne per annum (mtpa) liquefied natural gas export terminal that will be located near Cameron, Louisiana. "The platform's integrated and responsible approach aligns with our plans to invest across the gas value chain in key global energy hubs where we can play a proactive role in balancing energy security and transition priorities while creating long-term value for our shareholder," Mansoor Al Hamed, managing director and chief executive of Mubadala Energy, said. Strategic position in US LNG sector The partnership and Mubadala's foray into the world's largest economy and second-largest energy producer comes as the company seeks to broaden its global footprint. Mubadala Energy, previously known as Mubadala Petroleum, has been actively expanding its portfolio, and its latest partnership in the US signifies the focus it has on key energy markets. The move further strengthens its position across the gas value chain and aligns with its strategy to play a critical role in the energy transition by investing in low-emission energy sources, the company said. Mubadala Energy's active investment approach supports long-term plans to build a strategic position in America's integrated natural gas and LNG sector, it added. Commonwealth LNG recently announced it has contracted Technip Energies to provide engineering, procurement and construction services to build its facility. It expects to receive final investment decision later this year. The LNG project is proceeding with "significant momentum" following the signing of a series of long-term binding LNG offtake agreements with top-tier global purchasers, including Glencore, Jera and Petronas, according to Mubadala. As part of the transaction, Mubadala Energy appointed two representatives to the Caturus board of managers: Adnan Bu Fateem, who is chief operating officer at Mubadala Energy, and Khaled Al Tamimi, senior vice president of non-operated assets . "Mubadala Energy's investment approach helps create long-term value through active stewardship," Mr Bu Fateem said. Commenting on the deal's closure, Ben Dell, managing partner at Kimmeridge, said: 'We're excited to collaborate in bringing the only fully integrated natural gas independent to life. Together, we will drive innovation across the LNG industry... contributing to a cleaner, more sustainable energy future.' The UAE in May announced plans to increase the value of its investments in the US energy sector to $440 billion by 2035, from the current $70 billion. This is part of the UAE's $1.4 trillion investment plan into the country. The plan was announced during US President Donald Trump's meeting with top business leaders in the Emirates. Natural gas demand Following a strong expansion in 2024, global natural gas demand rose at a much slower rate in the first half of 2025, according to the latest quarterly Gas Market Report by the the International Energy Agency. "Macroeconomic uncertainty, together with tight supply fundamentals and relatively high prices, weighed on natural gas consumption, particularly in price-sensitive markets in Asia," it said. However, global LNG supply growth is set to accelerate in 2026 to its fastest pace since 2019, primarily driven by additions in the US, Canada and Qatar, according to IEA. "Easing supply fundamentals are expected to support stronger gas demand growth, especially in key Asian import markets," it said.
