{"id":578118,"date":"2022-12-15T04:00:10","date_gmt":"2022-12-15T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/15\/dont-expect-oil-prices-to-stay-lower-for-long\/"},"modified":"2022-12-15T04:00:10","modified_gmt":"2022-12-15T04:00:10","slug":"dont-expect-oil-prices-to-stay-lower-for-long","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/15\/dont-expect-oil-prices-to-stay-lower-for-long\/","title":{"rendered":"Don\u2019t expect oil prices to stay lower for long"},"content":{"rendered":"

<\/a> Crude prices could rise once more in 2023 on the back of sanctions on Russian <\/strong>crude and higher global demand, <\/strong>the International Energy Agency (IEA) said yesterday. Western sanctions on Russian crude including an EU and UK ban and the G7 price cap<\/a> could see oil supply from the country fall 14% by the end of 1Q 2023, while demand is set to increase by 300k barrels per day, the organization wrote in its latest monthly report<\/a>. \u201cAs we move through the winter months and toward a tighter oil balance in 2Q 2023, another price rally cannot be ruled out,\u201d the report reads.<\/p>\n

The IEA report sent prices higher for the third consecutive day yesterday<\/strong>, even as the Federal Reserve warned it would continue to raise interest rates into 2023. Brent gained 2.6% to hit its highest level in over a week, while US crude closed 2.8% higher.<\/p>\n

More promising data on inflation in developed markets: <\/strong>UK inflation dropped to 10.7% in November from a 41-year high of 11.1% in October, according to data from the Office for National Statistics<\/a>. The country is the latest major developed market to record a steeper than expected decline in the rate of inflation last month, following the US and EU, in a sign that price hikes are cooling from recent decades-high peaks, Reuters<\/a> reports. The Bank of England and the European Central Bank are expected to follow the Federal Reserve and hike rates by a more modest 50 bps when they meet later today.<\/p>\n

Also worth noting this morning: <\/strong>Abu Dhabi\u2019s sovereign fund is considering buying a 25-30% stake in Tel <\/strong>Aviv-listed financial services firm Phoenix Group. <\/strong>ADQ is discussing a potential USD 855 mn investment in the Israeli firm with shareholders Centerbridge Partners and Gallatin Point Capital. (Bloomberg<\/a>)<\/p>\n

\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

15,378<\/p>\n<\/td>\n

\n

+1.5% (YTD: +28.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 24.65<\/p>\n<\/td>\n

\n

Sell 24.73<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 24.65<\/p>\n<\/td>\n

\n

Sell 24.72<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

13.25% deposit<\/p>\n<\/td>\n

\n

14.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,248<\/p>\n<\/td>\n

\n

+0.3% (YTD: -9.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,056<\/p>\n<\/td>\n

\n

+0.1% (YTD: +18.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,311<\/p>\n<\/td>\n

\n

+0.3% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,995<\/p>\n<\/td>\n

\n

-0.6% (YTD: -16.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,496<\/p>\n<\/td>\n

\n

-0.1% (YTD: +1.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,975<\/p>\n<\/td>\n

\n

-0.3% (YTD: -7.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 82.86<\/p>\n<\/td>\n

\n

+2.7%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 6.36<\/p>\n<\/td>\n

\n

-8.3%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,807.68<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 17,821<\/p>\n<\/td>\n

\n

+0.3% (YTD: -61.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 1.5% at yesterday\u2019s close<\/strong> on turnover of EGP 3.86 bn (167% above the 90-day average). Local investors were net buyers. The index is up 28.7% YTD.<\/p>\n

In the green: <\/strong>GB Auto (+9.6%), Ezz Steel (+6.9%) and Oriental Weavers (+6.6%).<\/p>\n

In the red: <\/strong>Eastern Company (-4.0%), Sidi Kerir Petrochemicals (-3.0%) and Abu Qir Fertilizers (-2.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Crude prices could rise once more in 2023 on the back of sanctions on Russian crude and higher global demand, the International Energy Agency (IEA) said yesterday. Western sanctions on Russian crude including an EU and UK ban and the G7 price cap could see oil supply from the country fall 14% by the end […]<\/p>\n","protected":false},"author":1,"featured_media":578119,"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":[299,72,119,182,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-adq","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"9d464566-e3eb-4c8d-8e51-973e085ba1e1","is_powered_by":true,"section_story_id":"bc092890-3c06-450a-90b2-6e8ccfc2a33a","story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/331.jpg","photo_position":"above","related_issue":[578094],"teaser":"","voice_url":""},"yoast_head":"\nDon\u2019t expect oil prices to stay lower for long - 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\/2022\/12\/15\/dont-expect-oil-prices-to-stay-lower-for-long\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t expect oil prices to stay lower for long\" \/>\n<meta property=\"og:description\" content=\"Crude prices could rise once more in 2023 on the back of sanctions on Russian crude and higher global demand, the International Energy Agency (IEA) said yesterday. 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Expect to see a tighter market as \u201cRussian supply slows under the full impact of sanctions [while] China will drive\u2026\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\/2023\/1\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547326,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/things-could-get-rougher-in-the-global-energy-markets-next-year\/","url_meta":{"origin":578118,"position":1},"title":"Things could get rougher in the global energy markets next year","author":"enterpriseam admin","date":"16 June 2022","format":false,"excerpt":"So much for demand destruction: The global energy crunch isn\u2019t ending anytime soon if the International Energy Agency\u2019s (IEA) latest outlook is anything to go by. Despite a growing chorus of voices warning of recession in some of the world\u2019s largest economies, the energy think tank is forecasting global oil\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":545878,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/iea-says-global-oil-demand-set-to-slump-jpmorgan-kicks-off-a-turbulent-earnings-season\/","url_meta":{"origin":578118,"position":2},"title":"IEA says global oil demand set to slump + JPMorgan kicks off a turbulent earnings season","author":"enterpriseam admin","date":"14 April 2022","format":false,"excerpt":"IEA cuts forecast for global oil demand \u2014 again: The International Energy Agency (IEA) has revised downwards its oil demand projections for 2022 to 99.4 mn bpd, down 260k bpd from its previous forecast in March, it said in its monthly report yesterday. This comes as lockdowns in China dampen\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":597678,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/global-oil-demand-hits-record-high-in-june-plus-threats-to-global-lng-supply-and-fresh-us-inflation-data\/","url_meta":{"origin":578118,"position":3},"title":"Global oil demand hits record high in June. PLUS: Threats to global LNG supply and fresh US inflation data.","author":"enterpriseam admin","date":"13 August 2023","format":false,"excerpt":"Oil prices have risen more than 10% since July as supply tightens and consumption in China grows","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\/2023\/8\/568.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":610129,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/iea-ups-oil-demand-forecast-for-next-year-on-expectations-for-lower-prices\/","url_meta":{"origin":578118,"position":4},"title":"IEA ups oil demand forecast for next year on expectations for lower prices","author":"enterpriseam admin","date":"15 November 2023","format":false,"excerpt":"Oil supply could see a surplus next year -IEA: The International Energy Agency (IEA) is anticipating a surplus in oil markets at the start of 2024, although it marginally raised its oil demand growth forecasts, according to its latest monthly report. The IEA now expects demand to reach 930k barrels\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\/2023\/11\/817.jpg?fit=%2C&ssl=1&resize=350%2C200","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":578118,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578118","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=578118"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578118\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578094"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578119"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578118"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578118"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}