{"id":563099,"date":"2021-06-17T03:45:31","date_gmt":"2021-06-17T03:45:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/17\/is-a-supercycle-in-global-oil-prices-on-the-horizon\/"},"modified":"2021-06-17T03:45:31","modified_gmt":"2021-06-17T03:45:31","slug":"is-a-supercycle-in-global-oil-prices-on-the-horizon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/17\/is-a-supercycle-in-global-oil-prices-on-the-horizon\/","title":{"rendered":"Is a supercycle in global oil prices on the horizon?"},"content":{"rendered":"

<\/a> SUPERCYCLE WATCH- Is a supercycle in global oil prices on the horizon?<\/strong> Perhaps, according to Saudi Arabia\u2019s energy minister, who has warned that a drop-off in exploration could further squeeze supply in an already-tight market, causing prices to surge, according to Bloomberg<\/a>.<\/p>\n

Oil prices have been on a tear as of late<\/strong>, rising to highs not seen since 2018 as producers see a post-lockdown surge in demand and supply tightens. Brent has climbed more than 40% since the beginning of the year. A growing number of analysts now predict the rally continuing to eclipse the USD 100\/bbl<\/a> mark for the first time in almost seven years.<\/p>\n

What\u2019s the problem here?<\/strong> The minister, Prince Abdulaziz bin Salman, blamed a lack of investing for the rising prices, telling an investors conference that the Saudi government is trying to prevent a supercycle. Spiraling prices have in part been triggered by some companies, hurt by two successive oil busts, cutting back on drilling budgets to prevent a supply glut.<\/p>\n

A message to the IEA?<\/strong> Oil producers have reacted harshly to a recent call<\/a> by the International Energy Agency for a halt on all new oil and gas exploration projects. The historically pro-hydrocarbon global energy body said a freeze on exploration was necessary to reach emissions targets by the middle of the century, an idea denounced<\/a> as a dangerous fantasy by OPEC chiefs.<\/p>\n

China plans to tap into its metal reserves in an attempt to dodge an inevitable <\/strong>commodity prices boom:<\/strong> The country will resort to selling state stockpiles of copper, aluminum, and zinc, releasing them in batches in the near future, after its producer price index soared past even the most generous forecasts and rose 9% in May, according to the Wall Street Journal<\/a>. But this strategy\u2019s effectiveness in curbing commodity inflation will depend on how much of its stockpiles it releases \u2014 which is unclear, seeing as the country has not disclosed their size \u2014 as well as global price pressures elsewhere.<\/p>\n

Whaddya know? The World Bank doesn\u2019t want to help a narco state set up a bitcoin-based financial system. <\/strong>The World Bank has rejected a request from El Salvador to help it set up a bitcoin-based financial system, citing \u201cenvironmental and transparency shortcomings\u201d related to the cryptocurrency, Reuters<\/a> reports. El Salvador last week became the first country in the world to make BTC legal tender<\/a>, and its president pledged to lay the infrastructure for a crypto financial system that would allow goods to be bought, taxes to be paid and loans to be issued using the digital asset.<\/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

9,880<\/p>\n<\/td>\n

\n

-0.1% (YTD: -8.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.60<\/p>\n<\/td>\n

\n

Sell 15.70<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.60<\/p>\n<\/td>\n

\n

Sell 15.70<\/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

10,855<\/p>\n<\/td>\n

\n

+0.2% (YTD: +24.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,697<\/p>\n<\/td>\n

\n

-0.7% (YTD: +32.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,839<\/p>\n<\/td>\n

\n

-1.0% (YTD: +14.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,223<\/p>\n<\/td>\n

\n

-0.5% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

FTSE 10<\/strong>0<\/strong><\/p>\n<\/td>\n

\n

7,184<\/p>\n<\/td>\n

\n

+0.2% (YTD: +11.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 73.90<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3.25<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,861.40<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 38,780<\/p>\n<\/td>\n

\n

-2.75% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.1% at today\u2019s close<\/strong> on turnover of EGP 1.25 bn (2% below the 90-day average). Foreign investors were net sellers. The index is down 8.9% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+12.0%), Sidi Kerir Petrochemicals (+4.3%) and GB Auto (+2.2%).<\/p>\n

In the red: <\/strong>TMG Holding (-2.9%), Qalaa Holdings (-2.5%) and Orascom Financial Holding (-1.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

SUPERCYCLE WATCH- Is a supercycle in global oil prices on the horizon? Perhaps, according to Saudi Arabia\u2019s energy minister, who has warned that a drop-off in exploration could further squeeze supply in an already-tight market, causing prices to surge, according to Bloomberg. Oil prices have been on a tear as of late, rising to highs […]<\/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":[317,344,2727,93,72,119,746,128,122,219,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563099","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-commodities","tag-cryptocurrency","tag-el-salvador","tag-energy","tag-enterpriseam","tag-financial-markets","tag-international-energy-agency","tag-opec","tag-planet-finance","tag-saudi-arabia","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"85e5b4fe-bd4b-499e-a685-a7df95c13ceb","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[563079],"teaser":"","voice_url":""},"yoast_head":"\nIs a supercycle in global oil prices on the horizon? - 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\/06\/17\/is-a-supercycle-in-global-oil-prices-on-the-horizon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is a supercycle in global oil prices on the horizon?\" \/>\n<meta property=\"og:description\" content=\"SUPERCYCLE WATCH- Is a supercycle in global oil prices on the horizon? 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USD 2.6k per tonne this week, supported by a post-pandemic global economic recovery and a sustained rebound in prices of industry-related materials, the Financial Times reports. Aluminium prices rose 31% y-o-y in 2021, with the potential for this year\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":564836,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/02\/the-post-covid-commodities-boom-what-it-means-for-egypt\/","url_meta":{"origin":563099,"position":2},"title":"The post-covid commodities boom: What it means for Egypt","author":"enterpriseam admin","date":"2 March 2021","format":false,"excerpt":"What does the global commodities boom mean for Egypt? In past weeks, speculation that we\u2019re at the beginning of a so-called \u201ccommodities supercycle\u201d has been spreading across the pages of the financial press. Commodities prices have been seeing strong gains since the covid-inspired market crash last March, prompting a handful\u2026","rel":"","context":"In "SPEED ROUND: MACRO"","block_context":{"text":"SPEED ROUND: MACRO","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-macro\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/396.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562151,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/09\/planet-finance-rising-commodity-prices-are-good-news-for-em\/","url_meta":{"origin":563099,"position":3},"title":"Planet Finance: Rising commodity prices are good news for EM","author":"enterpriseam admin","date":"9 May 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Copper prices are at all-time highs off of optimism over an economic rebound that has fueled talk of a commodities supercycle amid soaring raw material prices, Bloomberg reports. The surge in prices is raising the prospect of imminent inflation \u2014 despite some analysts suggesting it will be transitory\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":560948,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/18\/what-the-markets-are-doing-on-18-march-2021\/","url_meta":{"origin":563099,"position":4},"title":"What the markets are doing on 18 March 2021","author":"enterpriseam admin","date":"18 March 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Oil prices are unlikely to surge dramatically this year despite vaccines boosting demand, with plenty of global supplies to prevent any potential new supercycle and OPEC+ at the ready to quickly deploy backup supply, the International Energy Agency (IEA) said in a report. Brent staged a rally since\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":559980,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/what-the-markets-are-doing-on-10-february-2021\/","url_meta":{"origin":563099,"position":5},"title":"What the markets are doing on 10 February 2021","author":"enterpriseam admin","date":"10 February 2021","format":false,"excerpt":"Cookie jar, meet hand: Saudi Arabia\u2019s central bank is about to undergo its biggest changes in decades in what may result in more of the country\u2019s hard currency reserves going to the country\u2019s sovereign wealth fund, where they can be used to pay for Mohammed bin Salman\u2019s ambitious projects, the\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\/563099","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=563099"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563099\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563079"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563099"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563099"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}