{"id":558217,"date":"2021-08-01T04:25:14","date_gmt":"2021-08-01T04:25:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/us-crude-continues-to-climb-while-opec-oil-production-hits-15-month-peak\/"},"modified":"2021-08-01T04:25:14","modified_gmt":"2021-08-01T04:25:14","slug":"us-crude-continues-to-climb-while-opec-oil-production-hits-15-month-peak","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/us-crude-continues-to-climb-while-opec-oil-production-hits-15-month-peak\/","title":{"rendered":"US crude continues to climb while OPEC+ oil production hits 15 month peak"},"content":{"rendered":"

<\/a> The price of US crude rose for the fourth month in a row in July<\/strong> as demand continued to rise while supply remained tight, according to Bloomberg<\/a>. WTI futures closed out the week up 2.6%, reaching USD 73.95 per barrel. Notably, demand has remained strong despite worries over the spread of the delta covid variant. One analyst told the business news information service that US crude will soon reach USD 80\/bbl, saying that it\u2019s going to \u201cmostly grind higher.\u201d<\/p>\n

A survey has Brent treading water:<\/strong> The price of Brent will hover around USD 70\/bbl for the rest of the year, averaging USD 68.76 for the next five months, according to a Reuters<\/a> poll of 38 analysts.<\/p>\n

Highest output since April 2020 following OPEC+ pact:<\/strong> OPEC oil production hit its highest level since April 2020 in July following the supply agreement with its Russia-led allies, according to Reuters<\/a>. OPEC+ last month reached an agreement<\/a> to add another 400k bbls\/d of supply to the global market, helping to soften the recent rally which has seen the price of Brent surge 45% since the start of the year. This helped the cartel to pump 26.72 mn bbls\/d, 610k bbls more than forecast in June and the highest monthly figure for 15 months.<\/p>\n

And Saudi Arabia is set to reap the rewards: <\/strong>The kingdom\u2019s net foreign assets rose 2% in June after slumping to a 10 year low due to declining oil income, Bloomberg<\/a> reports. The increase of USD 9.1 bn last month is expected to be further buoyed by recovering oil prices.<\/p>\n

\n

As Europe exits recession\u2026:<\/strong> The eurozone clawed its way out of recession in 2Q2021, reporting growth of 2%, according to official data (pdf)<\/a> released Friday. This is faster than expected by a Reuters poll of economists<\/a> which forecast 1.5% growth during the three-month period. The bloc had slumped back into a mild contraction during the previous two quarters after reporting explosive growth of 12.4% in 3Q2020.<\/p>\n

\u2026China is slowing:<\/strong> Manufacturing activity in China grew at its slowest pace since February 2020 in July, as higher prices of raw materials, bad weather and equipment maintenance knocked business confidence, according to Reuters<\/a>. <\/sup><\/p>\n

\u2026And seeing its stocks tank: <\/strong>Investors in Chinese stocks lost some USD 1 tn over the past week after a ban by Chinese authorities on profits by tutoring companies triggered a sharp sell-off amid concerns that no industry is safe from Beijing\u2019s regulatory meddling, Bloomberg<\/a>reports. The Golden Dragon China index has lost 19% over three trading days last week, while the MSCI China Index declined 5.6%, the most since March 2020.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,742<\/p>\n<\/td>\n

\n

-0.3% (YTD: -0.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,012<\/p>\n<\/td>\n

\n

+0.7% (YTD: +26.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,318<\/p>\n<\/td>\n

\n

+1.0% (YTD: +45.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,765<\/p>\n<\/td>\n

\n

+0.5% (YTD: +11.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,395<\/p>\n<\/td>\n

\n

-0.5% (YTD: +17.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,032<\/p>\n<\/td>\n

\n

-0.7% (YTD: +8.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 75.41<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.91<\/p>\n<\/td>\n

\n

-3.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,817.20<\/p>\n<\/td>\n

\n

-1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 41,797<\/p>\n<\/td>\n

\n

+0.39% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.3% during Thursday\u2019s session<\/strong> on turnover of EGP 2.1 bn (41.1% above the 90-day average). Foreign investors were net sellers. The index is down 0.9% YTD.<\/p>\n

In the green: <\/strong>Alexandria Mineral Oils (+1.7%), MM Group (+1.5%) and Egypt Kuwaiti Holding (+0.8%).<\/p>\n

In the red: <\/strong>Fawry (-2.7%), Orascom Financial Holding (-2.0%) and GB Auto (-1.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of US crude rose for the fourth month in a row in July as demand continued to rise while supply remained tight, according to Bloomberg. WTI futures closed out the week up 2.6%, reaching USD 73.95 per barrel. Notably, demand has remained strong despite worries over the spread of the delta covid variant. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,93,72,7192,119,348,91,128,122,185],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558217","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-china","tag-energy","tag-enterpriseam","tag-eu","tag-financial-markets","tag-gdp","tag-oil-and-gas","tag-opec","tag-planet-finance","tag-pmi","wpautop","entry"],"acf":{"mongo_id":"d65dbb9f-bf2d-4c89-a038-acd34e6ba484","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558191],"teaser":"","voice_url":""},"yoast_head":"\nUS crude continues to climb while OPEC+ oil production hits 15 month peak - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/us-crude-continues-to-climb-while-opec-oil-production-hits-15-month-peak\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US crude continues to climb while OPEC+ oil production hits 15 month peak\" \/>\n<meta property=\"og:description\" content=\"The price of US crude rose for the fourth month in a row in July as demand continued to rise while supply remained tight, according to Bloomberg. 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The government\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/104.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563819,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/opec-finally-reaches-an-agreement-to-raise-oil-supply\/","url_meta":{"origin":558217,"position":1},"title":"OPEC+ finally reaches an agreement to raise oil supply","author":"enterpriseam admin","date":"25 July 2021","format":false,"excerpt":"OPEC+ finally reached an agreement last Sunday to gradually increase production until the end of 2022, according to the Financial Times. From August until the end of next year, OPEC+ will add 400k barrels per day each month, extending the supply cuts to December 2022 instead of April. This will\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563742,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/oil-prices-resume-their-advance-hit-2-5-year-high\/","url_meta":{"origin":558217,"position":2},"title":"Oil prices resume their advance, hit 2.5-year high","author":"enterpriseam admin","date":"14 July 2021","format":false,"excerpt":"US oil hit its highest price in more than two-and-a-half years yesterday as the International Energy Agency warned of an intensifying supply crunch as prospects of OPEC+ agreeing to raise supply remain low, Bloomberg says. WTI futures in New York gained 1.6% yesterday to close to USD 75.25\/bbl, the highest\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561343,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/04\/what-the-markets-are-doing-on-4-april-2021\/","url_meta":{"origin":558217,"position":3},"title":"What the markets are doing on 4 April 2021","author":"enterpriseam admin","date":"4 April 2021","format":false,"excerpt":"OPEC+ will gradually increase oil production by up to 1.1 mn bbl per day from May-July, the coalition announced after its monthly meeting last Thursday, going against expectations that it would maintain around 7 mn bdp of production cuts introduced a year ago to temper the effect of a covid-19\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562685,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/02\/opec-agree-to-raise-supply-in-july\/","url_meta":{"origin":558217,"position":4},"title":"OPEC+ agree to raise supply in July","author":"enterpriseam admin","date":"2 June 2021","format":false,"excerpt":"OPEC+ oil producers have agreed to continue relaxing curbs on oil production in July as a global economic recovery boosts demand for crude in the US, China and Europe, the ministers of the group announced following a virtual meeting yesterday, Bloomberg reports. The loose alliance of producers is now expected\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557095,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/06\/desperate-for-returns-bond-investors-are-buying-the-junkiest-junk-they-can-find\/","url_meta":{"origin":558217,"position":5},"title":"Desperate for returns, bond investors are buying the junkiest junk they can find","author":"enterpriseam admin","date":"6 September 2021","format":false,"excerpt":"Ultra-low rates are driving investors hungry for yield into the riskiest types of debt, the Wall Street Journal reports. Faced with paltry returns on most speculative-grade debt and tightening spreads, fund managers are buying into corporate debt with the lowest credit ratings \u2014 and driving yields down even further in\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558217"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558217\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558191"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558217"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558217"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}