Login ID:
Password:
Partner Login
Contact Us : 7066511911

Global Energy Roundup: Market Talk

24 Jul 2017 12:34 am

2034 ET - Malaysian PM Razak offers aid to local palm-oil farmers via cash handouts and debts waiver worth MYR1.6 billion ($373 million), offering a hint of an early election that is due by August 2018. Investment banks have said local equities could benefit from likely stimulus ahead of national elections. The farmers offered the aid, more commonly known as Felda settlers in Malaysia, are majority voters and command at least 25% of parliament's seats. Some farmers took loans to buy shares in Malaysia's state palm-oil firm Felda Global Ventures (5222.KU) in 2012's IPO. The loans will be waived and those who repaid will get cash, Najib says. Shares of Felda Global have plunged by nearly 2/3 since the company went public amid poor financial performance and more recently management and graft scandals. (yantoultra.ngui@wsj.com; @yantoultra)

2031 ET - After falling by more than 2% on Friday, crude futures start the week modestly lower in Asia despite continued declines in the US dollar. That as a tanker-tracking data firm says OPEC's daily output is surpassing 33 million barrels this month. In the cartel's meeting today, it is set to review members' compliance to the production caps and discuss the possible inclusion of Nigeria and Libya into the plan. September WTI and Brent are both down 0.3% at $45.64 and $47.92/barrel, respectively. (jenny.hsu@wsj.com; @jen1113)

(END)

1923 ET [Dow Jones]--Woodside Petroleum's (WPL.AU) 2Q production update threw two major concerns into sharp relief for Macquarie. The first was weak contract pricing for fuel from the Pluto liquefied natural gas project and whether it was a sign of things to come. The second was a question mark over how realistic the resource size is for the find Woodside bought into off Senegal. The investment bank adds that while there is the prospect of positive news on bringing in additional natural gas through the North West Shelf operation, it doesn't expect to hear anything from Woodside that will strip risk from its valuation until next year. It remains neutral for now. The stock slipped 1.9% last week, widening July's fall to 1.4%. (robb.stewart@wsj.com; Twitter: @RobbMStewart) (END)

1911 ET [Dow Jones]--A meeting of some OPEC and non-OPEC ministers later today comes at an interesting time for oil markets, says ANZ. Not only are oil prices heading south again, but some analysts are actually predicting a rise in OPEC supply over the coming months, despite an agreement to do the opposite, it adds. While this partly reflects increased supply from Libya and Nigeria, two countries not part of the production cuts, that is not solely the reason. When it comes to OPEC it still seems to be a case of watch what I do, not what I say, ANZ adds. (james.glynn@wsj.com; @JamesGlynnWSJ)

(END)

(END) Dow Jones Newswires

July 23, 2017 20:34 ET (00:34 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
Disclaimer
Top 5 Special Reports
USD/INR (Jan 21) Weak Price Trend / Next Target at 7...
USD/INR (Jan 21) Weak Price Trend / Next Target at 7...
Robust Chinese Demand to Keep Cotton Prices Firm, ZCE C...
USD/INR (Jan 21) Weak Price Trend / Next Target at 7...
Weekly: Tur, White Pea Gain Most This Week; Chana Weake...