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Commodities

#BondsLoans24 - Managing oil and gas in an age of uncertainty

Mark Cutis (ADNOC), Renè Javier Aninao (CORBŪ LLC), and Alex Johnson (GFC Media Group) discuss how the oil and gas industry is impacted by brewing geopolitical tensions, re-regionalisation of global supply chain, and the upcoming US elections

8 Jul 2020

Middle East Global Economics and Markets

Financing During the Coronavirus Crisis: Lessons from an Investment-Grade Emerging Market Issuer

Coronavirus presented global businesses with several challenges – from enhanced safety protocols to supply chain disruptions and everything in between. However, while many market stakeholders predicted issues with attracting new funding, investment-grade companies have managed to largely overcome them.

30 Jun 2020

Oil Market is Rallying ‘Much Too Soon’ – ING

Oil markets continued to make a modest recovery this week amidst moves to ease lockdown restrictions in a number of countries worldwide. But a sustained recovery could be some way off, according to Warren Patterson and Wenyu Yao, commodities economists at ING.

19 May 2020

Emerging Market Oil & Gas Operators Could Benefit from Quasi-Sovereign Status

With oil having recently dipped into negative territory and investors turning bearish on emerging markets and other risk assets, you would think the prospects for emerging market oil & gas companies in international capital markets would be slim to nil. But you may be wrong.

6 May 2020

Gold Prices Surge Due on Pandemic Disruption

The ongoing volatility caused by the COVID-19 pandemic has seen the price of gold become dislocated, as it has avoided becoming victim to the demand shocks that have hit the price of other commodities.

4 May 2020

Aramco Appears Well-Placed to Weather the COVID Storm, Analysts Say

Plummeting oil prices resulting from a drop-off in global demand and a simmering price war with Moscow has put a severe strain on Saudi Aramco’s balance sheet in the short-term. But in looking further ahead, the company appears well-placed the weather the current storm.

1 May 2020

Technical Factors See Oil Prices Diverge, Slip Into Negative Territory as Producers Approach Capacity Limits

Oil futures dropped sharply through Monday afternoon, with WTI leading the decline to close at negative USD37.60, the first time oil futures settled in negative territory.

21 Apr 2020

OPEC Deal will Reduce Uncertainty for Saudi Arabia but Macro Will Pay a Heavy Price – Goldman Sachs

An historic deal between OPEC+ and the G20 last weekend may not be sufficient to lift oil prices materially in the near term given the scale of decline in global demand for oil, according to research from Goldman Sachs.

19 Apr 2020

Nigeria OPEC+ Mandated Production Cut “More Palatable” than Initially Feared

Renaissance Capital analysts Nikolas Stefanou and Alexander Burgansky suggest the headline 23% figure quoted in the OPEC+ agreement excludes condensate production, which makes up a large share of Nigeria’s overall oil output.

17 Apr 2020

Investors Cast Aside Oil Concerns and Pile into Petronas Bonds as Orderbook Peaks at USD37bn

Any concerns over the outlook for oil prices were seemingly cast aside this week as investors got their first chance in five years to buy bonds issued by Malaysian state-owned energy giant Petroliam Nasional (Petronas), which raised USD6bn in a triple-tranche offering that priced inside IPTs across the curve.

16 Apr 2020

Eurochem Scraps Eurobond in Favour of New Rouble-Denominated Issuance

The company was forced to pull its latest international bond issuance after a roadshow in London as market sentiment deteriorated rapidly, and is now seeking to tap the rouble market instead.

14 Apr 2020

Analysts Pare Back Price Assumptions on Metals as Economic Activity Drops

Lower economic activity following the introduction of lockdowns in many countries has prompted analysts to reduce their short-term price expectations on a range of metals, which could harm the prospects of a wide range of emerging markets.

7 Apr 2020

Fitch Downgrades Three Nigerian Banks Due to Pressure from COVID-19, Oil Price

The three highest-rated Nigerian banks – Zenith, Guaranty Trust Bank (GTB), and United Bank for Africa (UBA) have been downgraded by Fitch.

30 Mar 2020

Crude Awakening: Oil Producers with Weak Balance Sheets Most Vulnerable to New Price Reality

While analysts have been hesitant to adjust their long-term expectations on oil prices amidst some of the near-term volatility seen in recent weeks, fund managers at M&G are already warning that a scenario involving average oil prices below USD40 per barrel in 2020 would see the prospects for emerging market oil producers change dramatically.

16 Mar 2020

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