amwalalghad :: Oil Rises Above $114 On Tight North Sea Supply

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Oil Rises Above $114 On Tight North Sea Supply


Published Monday, 20 August 2012 12:29 | Written by Amwal Al Ghad

Brent crude oil rose to around $114 per barrel on Monday, supported by tight North Sea supplies ahead of the closure of a key UK oilfield for maintenance and on expectations of more demand before the northern hemisphere winter.

Britain's largest oilfield, Buzzard, which is the single biggest contributor to the Forties crude oil stream and usually sets the price of the Brent benchmark, will shut next month, suspending output until mid-October.

Production from key North Sea oilfields is due to fall by about 17 percent in September, helping push up prices for nearby crude. But the shortfall should be temporary and traders expect pressure to ease after the maintenance is completed.

Brent for October was up 66 cents at $114.37 a barrel by 0850 GMT after falling more than $2 on Friday on expectations the U.S. might release some of its reserves. U.S. light crude oil added 10 cents to $96.11.

"Tightness in the North Sea should ease after maintenance at the Buzzard field is completed after September," Morgan Stanley analyst Hussein Allidina said.

"Increased supply from the Forties stream, planned refinery maintenance in the Atlantic Basin and a potential return of Sudanese and South Sudanese supply portend a more comfortable fourth-quarter crude balance."

MIDDLE EAST

Brent has risen about a third in two months, boosted by supply concerns and a dispute between Iran and the West over the Islamic Republic's nuclear programme.

Rhetoric from Israeli politicians has increased this month suggesting Israel might attack Iran's nuclear facilities ahead of U.S. presidential elections in November.

Such an attack could bring about the closure of the Gulf of Hormuz, through which a fifth of the world's oil exports flow.

Senior Israeli officials have said no final decision about whether to attack Iran has been taken and the military hierarchy is unhappy about any attack without full U.S. backing.

Global Risk Management analyst Michael Poulsen said Israeli talk of a pre-emptive attack on Iran was supporting oil.

"We expect the Israeli rhetoric to remain strong in the coming months to maintain pressure on its main ally in the upcoming U.S. presidential election," Poulsen said.

Oil demand has been sluggish this year because of the global economic slowdown, but with Europe and the U.S. heading towards winter, low gasoil inventories may provide fundamental support to crude, Deutsche Bank analysts said in a weekly note.

Key to the outlook for fuel demand are expectations for economic growth, particularly in the world's largest oil consumer, the United States.

Investors are looking to the minutes of the last Federal Open Market Committee's (FOMC) July 31-August 1 meeting this week, which should provide clues to the Federal Reserve's view on U.S. economic growth and the chances of further monetary easing.

Federal Reserve Chairman Ben Bernanke will speak at a symposium in Jackson Hole, Wyoming on August 31 and had been expected by some analysts to set the scene there for a third round of quantitative easing (QE3).

However, the chances of QE3 have receded, economists say, as U.S. economic data has improved, removing one possible support for oil and commodity prices.

Oil prices slipped last week after a source said the White House could tap the U.S. Strategic Petroleum Reserve to prevent high energy costs from undermining the success of sanctions against Iran.

But the idea was firmly rejected by the head of the International Energy Agency (IEA), the adviser to industrialized countries on energy policy, as well as Japan and South Korea.

Reuters

Forex Videos »

شاهد الفيديو

Insecurity in Mali worsens food crisis

شاهد الفيديو

Nigeria's apparent complacency about Western oil companies' theft-Africa Today-06-19-2012

شاهد الفيديو

Is British/Canadian desperation for Tanzanian gold a result of recession?-Africa Today-06-12-2012

شاهد الفيديو

OPEC Expected to Reduce Output If Oil Falls Further