{"id":563742,"date":"2021-07-14T04:00:12","date_gmt":"2021-07-14T04:00:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/oil-prices-resume-their-advance-hit-2-5-year-high\/"},"modified":"2021-07-14T04:00:12","modified_gmt":"2021-07-14T04:00:12","slug":"oil-prices-resume-their-advance-hit-2-5-year-high","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/oil-prices-resume-their-advance-hit-2-5-year-high\/","title":{"rendered":"Oil prices resume their advance, hit 2.5-year high"},"content":{"rendered":"

<\/a> US oil hit its highest price in more than two-and-a-half years yesterday<\/strong> as the International Energy Agency warned of an intensifying supply crunch as prospects of OPEC+ agreeing to raise supply remain low, Bloomberg<\/a> says. WTI futures in New York gained 1.6% yesterday to close to USD 75.25\/bbl, the highest price since October 2018. Brent, meanwhile, rose back above USD 76\/bbl for the first time since last week\u2019s OPEC+ meeting, closing at USD 76.39\/bbl, up 1.6%.<\/p>\n

The International Energy Agency (IEA) has joined the chorus of voices warning about<\/strong> tightening oil supply<\/strong>, saying in a report yesterday that prices would remain volatile until oil producers agree to raise production, Reuters<\/a> reports. \"The OPEC+ stalemate means that until a compromise can be reached, production quotas will remain at July's levels. In that case, oil markets will tighten significantly as demand rebounds from last year's covid-induced plunge,\" the energy body said. Lockdown-era production curbs have helped to push the price of oil up more than 50% so far this year amid surging global demand.<\/p>\n

An<\/strong>d about the possibility of a price war if Saudi Arabia and the UAE can\u2019t find common<\/strong> ground:<\/strong> \"The possibility of a market share battle, even if remote, is hanging over markets, as is the potential for high fuel prices to stoke inflation and damage a fragile economic recovery,\" the IEA said.<\/p>\n

Meanwhile, our biggest natgas customers are paying through their noses for shipments<\/strong> as supply tightens:<\/strong> Some areas of Europe are paying record gas prices as huge global demand, droughts and reduced output at US facilities last year combine to squeeze supply, the Wall Street Journal<\/a> reports. The effects of huge Chinese demand are being intensified by a drought in Brazil, which has reduced the availability of hydroelectric power, and heatwaves in Canada and the Pacific Northwest.<\/p>\n

The shortages are hitting places in Europe the hardest<\/strong> where prices are expected to remain high for another year, according to S&P Global Platts. A trading hub in the Netherlands has seen prices hit a record USD 13.10\/mmBtu this month. \u201cThere just isn\u2019t enough [liquefied natural gas] to supply Europe,\u201d said one S&P analyst. \u201cThe LNG, of course predominantly coming out of the U.S., is being pulled into Asia and also into Latin America.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\"Up\"<\/td>\nEGX30 <\/strong><\/td>\n10,432<\/td>\n+1.9% (YTD: -3.8%)<\/td>\n<\/tr>\n
\"None\"<\/td>\nUSD (CBE)<\/strong><\/td>\nBuy 15.64<\/td>\nSell 15.74<\/td>\n<\/tr>\n
\"None\"<\/td>\nUSD at CIB<\/strong><\/td>\nBuy 15.64<\/td>\nSell 15.74<\/td>\n<\/tr>\n
\"None\"<\/td>\nInterest rates CBE<\/strong><\/td>\n8.25% deposit<\/td>\n9.25% lending<\/td>\n<\/tr>\n
\"Up\"<\/td>\nTadawul<\/strong><\/td>\n10,735<\/td>\n+0.4% (YTD: +23.6%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nADX<\/strong><\/td>\n7,046<\/td>\n+0.3% (YTD: +39.7%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nDFM<\/strong><\/td>\n2,760<\/td>\n+0.1% (YTD: +10.8%)<\/td>\n<\/tr>\n
\"Down\"<\/td>\nS&P 500<\/strong><\/td>\n4,369<\/td>\n-0.4% (YTD: +16.3%)<\/td>\n<\/tr>\n
\"None\"<\/td>\nFTSE 100<\/strong><\/td>\n7,124<\/td>\n-% (YTD: +10.3%)<\/td>\n<\/tr>\n
\"Up\"<\/td>\nBrent crude<\/strong><\/td>\nUSD 76.39<\/td>\n+1.6%<\/td>\n<\/tr>\n
\"Down\"<\/td>\nNatural gas <\/strong>(Nymex)<\/td>\nUSD 3.70<\/td>\n-1.4%<\/td>\n<\/tr>\n
\"Up\"<\/td>\nGold<\/strong><\/td>\nUSD 1,809.90<\/td>\n+0.2%<\/td>\n<\/tr>\n
\"Down\"<\/td>\nBTC<\/strong><\/td>\nUSD 32,554<\/td>\n-1.0% (as of midnight)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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

The EGX30 rose 1.9% at yesterday\u2019s close<\/strong> on turnover of EGP 1.35 bn (10.3% above the 90-day average). Local investors were net sellers. The index is down 3.8% YTD.<\/p>\n

In the green: <\/strong>Fawry (+7.5%), Ezz Steel (+3.8%) and CIB (+2.5%).<\/p>\n

In the red: <\/strong>Edita (-2.5%), Eastern Company (-1.4%) and Abou Kir Fertilizers (-0.4%).<\/p>\n

Asian markets are reacting negatively to the unexpected jump in US inflation yesterday<\/strong> and are in the red this morning. It\u2019ll be a similar story in Europe and the US later today according to index futures, which suggest that exchanges in both continents will fall in early trading today.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 price since October 2018. Brent, […]<\/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":[93,72,297,119,746,91,128,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563742","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-energy","tag-enterpriseam","tag-europe","tag-financial-markets","tag-international-energy-agency","tag-oil-and-gas","tag-opec","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"26a0a84b-8a53-4667-b2b8-d0056e8f5cee","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[563721],"teaser":"","voice_url":""},"yoast_head":"\nOil prices resume their advance, hit 2.5-year high - 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\/07\/14\/oil-prices-resume-their-advance-hit-2-5-year-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices resume their advance, hit 2.5-year high\" \/>\n<meta property=\"og:description\" content=\"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. 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The price of Brent fell 2.3% to USD 74.76 on the news, which could pave the way\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":558217,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/01\/us-crude-continues-to-climb-while-opec-oil-production-hits-15-month-peak\/","url_meta":{"origin":563742,"position":4},"title":"US crude continues to climb while OPEC+ oil production hits 15 month peak","author":"enterpriseam admin","date":"1 August 2021","format":false,"excerpt":"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\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":563099,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/17\/is-a-supercycle-in-global-oil-prices-on-the-horizon\/","url_meta":{"origin":563742,"position":5},"title":"Is a supercycle in global oil prices on the horizon?","author":"enterpriseam admin","date":"17 June 2021","format":false,"excerpt":"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\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\/563742","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=563742"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563742\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563721"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563742"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563742"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}