|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||17.45 - 17.80|
|52 Week Range||13.18 - 30.13|
|Beta (5Y Monthly)||1.68|
|PE Ratio (TTM)||5.22|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||May 24, 2019|
|1y Target Est||25.03|
(Bloomberg) -- Oil gained as optimism that Congress may resume talks over another round of economic stimulus provided a glimmer of hope for an otherwise dreary demand outlook.Futures in New York advanced 1% on Thursday to the highest in nearly a week after earlier flipping between gains and losses in tandem with stocks. House Speaker Nancy Pelosi said she spoke with Treasury Secretary Steven Mnuchin, signaling openness to resuming stimulus talks.“Prospects of any kind of stimulus deal would be a big positive for energy,” said Josh Graves, senior market strategist at RJ O’Brien & Associates LLC.Still, doubts over a rebound in consumption are keeping rallies limited with lockdown measures increasing in some parts of the world. France and the U.K. reported another surge in infections, leading to tighter restrictions. The International Energy Agency’s Neil Atkinson said at a Bloomberg event Thursday that the agency is more likely to downgrade its demand forecasts than lift them in its next report.The coronavirus pandemic has showed signs of a resurgence and investors are also concerned over returning OPEC+ supply and production from Libya as its civil war abates. A possible collapse in the OPEC+ deal is the biggest downside price risk to the oil market, Standard Chartered analyst Emily Ashford said during a Bloomberg-hosted panel discussion.“We will continue to see a pricing regime for oil in the short-term that is characteristic of this summer,” said Harry Tchilinguirian, head of commodity research at BNP Paribas SA in London. “Moving essentially sideways, but buffeted by shifts in risk sentiment, while waiting for that elusive catalyst to break out.”Time spreads also signal further weakness. The spreads between the two nearest December contracts for both U.S. and global benchmark crude futures moved deeper into contango on Thursday, pointing to concerns of oversupply.Meanwhile, profits from turning crude into diesel remain historically weak, and some refiners are looking to close or convert plants. Total SE said its Grandpuits refinery will become a “zero-crude platform” in the coming years.Still, there are potential bright spots. Japanese refiners went on a buying spree last week, boosting the prices of some crude cargoes in the Middle East. In Brazil, run rates Petrobras SA’s 13 refineries jumped to their highest since January 2016, according to data from the country’s oil regulator compiled by Bloomberg.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- BNP Paribas SA is shutting its Swiss commodity trade finance business, exiting a sector it once dominated and which was hit by massive fraud.The plan could impact as many as 120 employees in its Geneva offices, the French bank said in a statement late Tuesday. Closing the business had been under consideration since at least the summer, people familiar with the situation told Bloomberg at the time.The former Paribas investment bank’s office in Geneva helped pioneer the use of letters of credit to finance oil trading in the 1970s, and became one of the leading lenders to the industry. However, BNP Paribas had been shrinking in commodity trade finance since 2014, when it was fined $8.9 billion for violating U.S. sanctions.Trading executives still estimated that BNP Paribas ranked in the top 10 providers of such financing. But in August, the bank halted all new commodity trade finance deals as it reviewed its involvement in the business in Europe, Middle East and Africa, Bloomberg previously reported.The collapse of Singaporean oil trader Hin Leong Trading (Pte) Ltd. when crude prices crashed this year drove several banks to reduce their exposure to the sector. A web of scandals in the Asian energy-trading hub -- including Hontop Energy (Singapore) Pte. and Agritrade International -- have already caused more than $9 billion in potential losses for global lenders.Societe Generale SA is in the process of closing its Singapore commodity-finance sector in the wake of the Hin Leong fraud, which ensnared more than 20 lenders. ABN Amro Bank NV has also announced it would quit commodity trade finance, while fellow Dutch lender Rabobank is also reviewing the business.In the world of trade finance, exporters and importers rely on credit lines to protect themselves against risks such as currency fluctuations, non-payment and political instability. The short-term financing governing sea voyages can provide quick profits for banks, but can go wrong when a cargo of commodities is used to get financing from multiple lenders -- or that cargo used to back the loans doesn’t exist.As the business of financing commodity traders grew, BNP was for many years the leading lender to the industry, accounting for as much as half of some trading houses’ bank lines.(Adds BNP history in final paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Top U.S. asset managers BlackRock Inc and JPMorgan Chase & Co were divided in their support of climate-related proxy resolutions at corporate meetings this year, two analyses showed on Tuesday, underscoring the industry's mixed appetite for the vehicles ahead of a key rulemaking. Both studies - done by climate-focused shareholder organizations - found BlackRock continued to offer little backing to resolutions asking companies for steps like setting emissions targets or lobbying reports. The studies found BlackRock supported such resolutions around 10% of the time this year, about the same as in 2019.