FacebookInstagramTwitterContact

 

BORNEO HOUSING AGENCY: Terrace House in Bengkurong (B$190K, Property Chinese Owned) • Industrial Warehouse in Menglait, Gadong for Rent • Shop house in Gadong (Ground Floor) for Rent • Industrial Shops in Bunut for Sale • Land in Jerudong for Sale • Shop house in Kiulap for Sale (44 years lease, approx 5,000.00 per month rental) • Chempaka Terrace House for Rent (3 bedrooms, B$700.00 per month) • Shop house in Kiarong for Sale (B$380.00) • TEL: +6738732975, +6738839007           >>           Fully furnished office space for rent at Regus Brunei. Call +673-886-2879 or go to www.regus.com.bn           >>           Private Company Urgently Need Houses & Flats for Rent in Bandar Seri Begawan, Kindly Contact the ff. nos. for further information: 242-7623/+673 883-9007           >>           HAPPY EID MUBARAK "Wishing you prosperity and peace on this holy occasion of EID MUBARAK"           >>           Man United Edge Past Real Madrid On Penalties In UEFA Super Cup Tune-Up           >>           Malaysia Qualify For AFC U23 Championship After Beating Mongolia           >>           Kompany Gamble Poised To Pay Off For Guardiola And Manchester City           >>           NASA Backs Deep Space Habitat Made With Old ISS Cargo Module           >>           Your Telegram Chats Now Include Disappearing Photos           >>           Barcelona's Gerard Pique Posts Neymar Photo With 'He Stays' Message           >>           Strava's New Premium Perks Will Insure Your Phone While You Ride           >>           Philippe Coutinho's Fate Once Again Depends On What Neymar Does           >>           Wells Fargo Accidentally Leaks 50,000 Clients' Records           >>           Girl, 5, Sent Dozens Of ‘Job Offers’ After Being Fined For Lemonade Stall           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events


Program Peningkatan Personel Kementerian Kebudayaan, Belia dan Sukan dan Jabatan-Jabatan Di Bawahnya
July 24th, 2017 | 08:00 AM


Majlis Pelancaran Filem Komedi Brunei ‘Rina 2’
July 25th, 2017 | 19:45 PM


Majlis Perasmian ‘Fruits of BIMP-EAGA: Culture & Food in Tourism Expo 2017
July 27th, 2017 | 10:15 AM





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 04:43AM

Subuh

: 04:53AM

Syuruk

: 06:16AM

Doha

: 0640:AM

Zohor

: 12:28PM

Asar

: 03:51PM

Maghrib

: 06:37PM

Isyak

: 07:51PM

 



The Business Directory


 

 



World Business


  Home > World Business


Oil Skeptics Let A Little Sunshine In


Photographer: Daniel Acker/Bloomberg

 


 July 17th, 2017  |  09:31 AM  |   436 views

BLOOMBERG.COM

 

After the worst June for oil in six years, hedge fund bets on declining West Texas Intermediate retreated. That made room for futures to rebound more than 5 percent last week on optimism that the summer will finally boost demand for crude and gasoline.

 

“The market is starting to recognize that demand is a little better than what has been the consensus view so far this year,” Matt Sallee, who helps manage $16 billion in oil-related assets at Tortoise Capital Advisors in Leawood, Kansas, said by telephone.

 

While doubts persist that the Organization of Petroleum Exporting Countries and its allies will manage to bring the oil market back to balance anytime soon, the mood improved as the International Energy Agency said world demand is climbing faster than initially estimated. Meanwhile, Libya and Nigeria may be asked to join the other members of OPEC in capping output, according to Kuwait’s oil minister.

 

In the U.S., data from the Energy Information Administration showed crude and gasoline stockpiles shrinking.

 

Hedge funds increased their WTI net-long position, or the difference between bets on a price increase and wagers on a drop, by 19 percent to 178,654 futures and options over the week ended July 11, the sharpest increase in seven weeks, according to data from the U.S. Commodity Futures Trading Commission. The improvement was entirely due to a 21 percent retreat in shorts, more than offsetting a 2.1 percent decline in longs.

 

The mood has been largely set by big swings in bearish wagers over the past months, with bullish bets not increasing more than 5 percent in any week since January.

 

Bets on the benchmark U.S. gasoline contract flipped to a net-bullish position for the first time since early June. The net-position on diesel was the least bearish in five weeks.

 

Investors are “starting to see, not necessarily full conviction, but a little bit more optimism about some of the developments in the market, even though the overall tone is clearly still bearish. It’s kind of going from bad to a little less bad,” Tamar Essner, an energy analyst at Nasdaq Inc. in New York, said by telephone. “The shorts were at very high levels. We knew that that wasn’t going to be sustainable.”

 

WTI closed at $46.54 a barrel on Friday after edging higher each day of last week. Stuck below $50 since May, the U.S. crude benchmark is still down 13 percent for the year and worth less than half its price three years ago.

 

“For the near-term, oil is in a $40-$50 a barrel range. As you get toward the low end of that range, you see shorts close out,” Sallee said. “Your risk-return is kind of skewed against you if you are on the short side and on the lower end of that range.”

 

Last week, EIA data showed U.S. crude stockpiles slid by 7.56 million barrels, the biggest decline since September, in the week ended July 7. Gasoline supplies fell for a fourth straight week, tumbling to the lowest level since December, and demand increased by 81,000 barrels a day.

 

“Perhaps, the worst is behind us,” Stewart Glickman, an energy equity analyst at CFRA Research in New York, said by telephone. "It doesn’t mean necessarily that we are on the verge of a V-shaped recovery. You can bounce along the bottom for quite a while.”

 


 

Source:
courtesy of BLOOMBERG

by Jessica Summers

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


Eco World Foundation Helps 6,000 Students

 2017-07-24 08:37:31

South China Sea: Vietnam Halts Drilling After 'China Threats'

 2017-07-24 08:49:58

China Nasdaq About To Be Cheaper Than Nasdaq For First Time

 2017-07-24 09:38:00