Oil surges nearly 6% after Israel begins ground raids into Gaza
By Stephanie Kelly
October 14, 20233:46 AM GMT+8

https://www.reuters.com/markets/commodities/oil-climbs-us-sanctions-stockpile-forecasts-raise-supply-concerns-2023-10-13/

NEW YORK, Oct 13 (Reuters) - Oil prices leapt nearly 6% on Friday, with Brent posting its highest weekly gain since February, as investors priced in the possibility that the conflict in the Middle East could widen as Israel began ground raids inside the Gaza Strip.
Israel's announcement marked a shift from an air war to ground operations to root out Hamas fighters a week after the militant Palestinian group's deadly rampage in southern Israel.

Brent futures settled up $4.89, or 5.7%, at $90.89 per barrel. U.S. West Texas Intermediate (WTI) crude gained $4.78, or 5.8%, to $87.69 a barrel.
Both benchmarks posted their highest daily percentage gains since April.
Brent also recorded a weekly gain of 7.5%, its biggest such increase since February. WTI climbed 5.9% for the week.
The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Investors and market observers, however, are assessing how it could escalate and what it might mean for supplies from nearby countries in the world's top oil producing region.

Some residents in Gaza were abandoning their homes on Friday to escape from the path of an Israeli onslaught, after Israel ordered more than a million people to leave the northern half of the territory within 24 hours. Hamas told them not to go.
Iran's Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry's news agency SHANA…

Oil price spike up crazily !
Brent $90.89 +4.89 +5.69 %

Oil price spike up crazily !
Brent $90.89 +4.89 +5.69 %

Oil price spike up crazily !
Brent $90.89 +4.89 +5.69 %

Oil price spike up crazily !
Brent $90.89 +4.89 +5.69 %

Oil price spike up crazily !
Brent $90.89 +4.89 +5.69 %

Heeschen ups stake in KNM ahead of key EGM to oust current chairman and directors
By Justin Lim / theedgemalaysia.com
12 Oct 2023, 12:02 am

https://theedgemalaysia.com/node/685794#:~:text=Heeschen%20ups%20stake%20in%20KNM,oust%20current%20chairman%20and%20directors&text=KUALA%20LUMPUR%20(Oct%2011)%3A,stake%20in%20the%20open%20market.

KUALA LUMPUR (Oct 11): Germany billionaire Andreas Heeschen has upped his stake in KNM Group Bhd to 8.249% following the acquisition of a further 13.6 million shares or a 0.336% stake in the open market.
Interestingly, Heeschen’s purchase of the shares occurred a few days before the group's extraordinary general meeting (EGM), which is scheduled for Oct 16.
In a bourse filing on Wednesday, KNM said Heeschen bought the block of shares in two tranches, of which 3.6 million shares were bought at 14 sen per share on Oct 9 and the remaining 10 million shares were bought the following day at 11.99 sen per share.

Cumulatively, the blocks of shares would have cost him RM1.7 million.
To recap, on Aug 29 Heeschen, who is majority shareholder of German-based firearms manufacturer Heckler & Koch, emerged as KNM’s substantial shareholder with a 7.91% stake, or 320 million shares.
Out of the 320 million shares, about 200 million were via a transfer of title and interest to him under “the terms of governing agreement”. KNM’s share price closed at nine sen on Aug 29.
Subsequently, Heeschen, 63, with the support of eight other KNM shareholders, applied to hold an EGM to replace the directors. The shareholders are Azmi Osman, Tai Tean Seng, Kok Seng Ping, Jacqueline Lee Fei Fei, Chang Hui Kee, Sazini Abdullah, AZM Trading Venture Sdn Bhd and Gan SMT Sdn Bhd.
Heeschen, who together with the parties acting in concert held a 10.69% stake back then, attempted to oust the entire board of nine directors, including the company’s largest shareholder and chairman Tunku Datuk Yaacob Khyra, who holds a 9.5% indirect stake or 384.2 million shares held via Melewar Industrial Group Bhd.
Besides Yaacob, the group has proposed to remove the rest of KNM’s board — namely directors Tan Sri Zulhasnan Rafique, Ravindrasingham Balasingham, Yee Hong Ho, Steve Ho Soo Woon, Thulasy Suppiah, Datuk Uwe Ahrens, James Beltran and Datuk Naresh Mohan.
Meanwhile, seven new directors have been proposed comprising Heeschen; Johor princess Tunku Kamariah Aminah Maimunah lskandariah Sultan Iskandar; Flavio Porro, a former executive director of KNM, who exited the company last December, as well as former chairman of Magna Prima Bhd and Komakcorp Bhd, Datuk Abd Ghani Yusof; Edwin Silvester Das, who currently serves as Jiankun International Bhd CEO; Datuk Zaidi Mat Isa @ Hashim, executive director of SMTrack Bhd; and William H Van Vliet II, executive director of CN Asia Corp Bhd.
KNM owns renowned German-based machinery and equipment manufacturer Borsig GmbH, but is facing liquidity issues as it was unable to sell the asset to pare its debt.
Burdened by its debt obligations and tight cash flow, KNM had previously planned to part with Borsig for €220.8 million.
The deal failed to materialise, which led to KNM defaulting on three credit facilities totalling about RM416.8 million and subsequently triggering the Practice Note 17 (PN17) status.
It is worth noting that the Borsig deal fell through despite the longstop date for the share sale and purchase agreement for the disposal being extended various times.
Three weeks after the RM416.8 million default, the company announced it had defaulted on the principal payment of US$3.4 million with an outstanding interest of US$16,104, due to Bank of China (Malaysia) Bhd.
The group noted that the repayments would be dealt with or restructured under its proposed scheme of arrangement.
Since then, KNM has continued its dialogue with creditors and stressed its plan to accelerate the monetisation of non-core assets as well as Borsig.
As of end-June this year, KNM’s borrowings stood at RM1.18 billion, down from RM1.26 billion a year earlier. The group had been loss making for eight consecutive quarters. Negative reserves stood at RM1.21 billion, up from RM1.16 billion the year before.
On Wednesday, the share price of KNM closed down one sen or 8.33% at 11 sen, bringing the group a market capitalisation of RM445 million.
The counter has more than doubled this year from five sen per share, following a gradual increase first seen in June.

Hurrey, super damn hot man ICON today ! 

Now ICON already at
0.13 (+0.015 ) (+13 %)

birkincollector, german won’t giving up one,
he still own 7.91 % stake in KNM
Alex Chua, German group bought cheap cheap less than 10 cents then launch takeover, but he won’t sell any of his share one coz he is the one who organise the EGM to remove the existing not perform directors, if he already sold all his share, who is going to chair this coming EGM and he also know he will be guilty and against the Malaysia security law if he do so !

So, i think is the party of the existing board of directors who are knowing they already losing and will be removed from the board in this coming EGM so that they sold all their shares !

German billionaire-led group of shareholders seeks to remove KNM directors
By Izzul Ikram / theedgemalaysia.com
05 Sep 2023, 07:04 pm

https://theedgemalaysia.com/node/681385

KUALA LUMPUR (Sept 5): A group of shareholders of KNM Group Bhd, led by new substantial shareholder German billionaire Andreas Heeschen, has initiated a hostile takeover in the loss-making and cash-strapped engineering group.
Heeschen, who emerged as a shareholder of the Practice Note 17 (PN17) outfit with a 7.91% stake or 320 million shares last week, together with seven other shareholders have sought the removal of all nine directors in the company.
KNM chairman Tunku Datuk Yaacob Khyra is also a substantial shareholder in the company, with a 9.44% indirect stake or 347.2 million shares held via Melewar Industrial Group Bhd….

Oil Jumps as Hamas’ Attack on Israel Fans Middle East Tensions
By Serene Cheong and Elizabeth Low October 9, 2023 at 6:05 AM

https://www.bloomberg.com/news/articles/2023-10-08/oil-rallies-by-more-than-3-after-hamas-attacks-against-israel

Oil surged 5% after Hamas’ surprise attacks on Israel over the weekend, the broadest and bloodiest in decades, threatened to inflame tensions in the Middle East.
West Texas Intermediate traded near $87 a barrel as a war-risk premium returned to markets. The combined death toll topped 1,100 as fighting headed into a third day, while the US said it was sending warships to the region.
The latest events in Israel don’t pose an immediate threat to oil supply, but there’s a risk the conflict could spiral into a more devastating proxy war, embroiling the US and Iran. Any retaliation against Tehran amid reports it was involved in the attacks could endanger the passage of vessels through the Strait of Hormuz, a vital conduit that Iran has previously threatened to close...

Oil Jumps as Hamas’ Attack on Israel Fans Middle East Tensions
By Serene Cheong and Elizabeth Low October 9, 2023 at 6:05 AM

https://www.bloomberg.com/news/articles/2023-10-08/oil-rallies-by-more-than-3-after-hamas-attacks-against-israel

Oil surged 5% after Hamas’ surprise attacks on Israel over the weekend, the broadest and bloodiest in decades, threatened to inflame tensions in the Middle East.
West Texas Intermediate traded near $87 a barrel as a war-risk premium returned to markets. The combined death toll topped 1,100 as fighting headed into a third day, while the US said it was sending warships to the region.
The latest events in Israel don’t pose an immediate threat to oil supply, but there’s a risk the conflict could spiral into a more devastating proxy war, embroiling the US and Iran. Any retaliation against Tehran amid reports it was involved in the attacks could endanger the passage of vessels through the Strait of Hormuz, a vital conduit that Iran has previously threatened to close...

Oil Jumps as Hamas’ Attack on Israel Fans Middle East Tensions
By Serene Cheong and Elizabeth Low October 9, 2023 at 6:05 AM

https://www.bloomberg.com/news/articles/2023-10-08/oil-rallies-by-more-than-3-after-hamas-attacks-against-israel

Oil surged 5% after Hamas’ surprise attacks on Israel over the weekend, the broadest and bloodiest in decades, threatened to inflame tensions in the Middle East.
West Texas Intermediate traded near $87 a barrel as a war-risk premium returned to markets. The combined death toll topped 1,100 as fighting headed into a third day, while the US said it was sending warships to the region.
The latest events in Israel don’t pose an immediate threat to oil supply, but there’s a risk the conflict could spiral into a more devastating proxy war, embroiling the US and Iran. Any retaliation against Tehran amid reports it was involved in the attacks could endanger the passage of vessels through the Strait of Hormuz, a vital conduit that Iran has previously threatened to close...

Oil Jumps as Hamas’ Attack on Israel Fans Middle East Tensions
By Serene Cheong and Elizabeth Low October 9, 2023 at 6:05 AM

https://www.bloomberg.com/news/articles/2023-10-08/oil-rallies-by-more-than-3-after-hamas-attacks-against-israel

Oil surged 5% after Hamas’ surprise attacks on Israel over the weekend, the broadest and bloodiest in decades, threatened to inflame tensions in the Middle East.
West Texas Intermediate traded near $87 a barrel as a war-risk premium returned to markets. The combined death toll topped 1,100 as fighting headed into a third day, while the US said it was sending warships to the region.
The latest events in Israel don’t pose an immediate threat to oil supply, but there’s a risk the conflict could spiral into a more devastating proxy war, embroiling the US and Iran. Any retaliation against Tehran amid reports it was involved in the attacks could endanger the passage of vessels through the Strait of Hormuz, a vital conduit that Iran has previously threatened to close...

Oil Jumps as Hamas’ Attack on Israel Fans Middle East Tensions
By Serene Cheong and Elizabeth Low October 9, 2023 at 6:05 AM

https://www.bloomberg.com/news/articles/2023-10-08/oil-rallies-by-more-than-3-after-hamas-attacks-against-israel

Oil surged 5% after Hamas’ surprise attacks on Israel over the weekend, the broadest and bloodiest in decades, threatened to inflame tensions in the Middle East.
West Texas Intermediate traded near $87 a barrel as a war-risk premium returned to markets. The combined death toll topped 1,100 as fighting headed into a third day, while the US said it was sending warships to the region.
The latest events in Israel don’t pose an immediate threat to oil supply, but there’s a risk the conflict could spiral into a more devastating proxy war, embroiling the US and Iran. Any retaliation against Tehran amid reports it was involved in the attacks could endanger the passage of vessels through the Strait of Hormuz, a vital conduit that Iran has previously threatened to close...

‘Knee-jerk surge’: Oil experts predict market impact of Israel-Hamas conflict
PUBLISHED SUN, OCT 8 20233:08 AM EDT

https://www.cnbc.com/2023/10/08/israel-hamas-oil-experts-expect-knee-jerk-reaction-in-energy-markets.html

Crude oil prices could see a spike on Monday but the overall impact of the attack on Israel by Palestinian militants Hamas will likely be limited, energy experts told CNBC.
That’s provided the conflict does not escalate further, they said.
“We may see a knee-jerk surge in crude prices when markets open on Monday,” Vandana Hari, CEO of Vanda Insights, told CNBC via email.
“There will be some risk premium factored in as a default, until the market is satisfied that the event is not setting off a chain reaction and Mideast oil and gas supplies won’t be affected,” said Hari.
Militants from Hamas — designated by the U.S., European Union and the U.K. as a terrorist organization — infiltrated Israel by land, sea and air on Saturday, during a major Jewish holiday. The incursion came hours after the Islamist militants fired thousands of rockets into Israel from Gaza...

‘Knee-jerk surge’: Oil experts predict market impact of Israel-Hamas conflict
PUBLISHED SUN, OCT 8 20233:08 AM EDT

https://www.cnbc.com/2023/10/08/israel-hamas-oil-experts-expect-knee-jerk-reaction-in-energy-markets.html

Crude oil prices could see a spike on Monday but the overall impact of the attack on Israel by Palestinian militants Hamas will likely be limited, energy experts told CNBC.
That’s provided the conflict does not escalate further, they said.
“We may see a knee-jerk surge in crude prices when markets open on Monday,” Vandana Hari, CEO of Vanda Insights, told CNBC via email.
“There will be some risk premium factored in as a default, until the market is satisfied that the event is not setting off a chain reaction and Mideast oil and gas supplies won’t be affected,” said Hari.
Militants from Hamas — designated by the U.S., European Union and the U.K. as a terrorist organization — infiltrated Israel by land, sea and air on Saturday, during a major Jewish holiday. The incursion came hours after the Islamist militants fired thousands of rockets into Israel from Gaza...

‘Knee-jerk surge’: Oil experts predict market impact of Israel-Hamas conflict
PUBLISHED SUN, OCT 8 20233:08 AM EDT

https://www.cnbc.com/2023/10/08/israel-hamas-oil-experts-expect-knee-jerk-reaction-in-energy-markets.html

Crude oil prices could see a spike on Monday but the overall impact of the attack on Israel by Palestinian militants Hamas will likely be limited, energy experts told CNBC.
That’s provided the conflict does not escalate further, they said.
“We may see a knee-jerk surge in crude prices when markets open on Monday,” Vandana Hari, CEO of Vanda Insights, told CNBC via email.
“There will be some risk premium factored in as a default, until the market is satisfied that the event is not setting off a chain reaction and Mideast oil and gas supplies won’t be affected,” said Hari.
Militants from Hamas — designated by the U.S., European Union and the U.K. as a terrorist organization — infiltrated Israel by land, sea and air on Saturday, during a major Jewish holiday. The incursion came hours after the Islamist militants fired thousands of rockets into Israel from Gaza...

‘Knee-jerk surge’: Oil experts predict market impact of Israel-Hamas conflict
PUBLISHED SUN, OCT 8 20233:08 AM EDT

https://www.cnbc.com/2023/10/08/israel-hamas-oil-experts-expect-knee-jerk-reaction-in-energy-markets.html

Crude oil prices could see a spike on Monday but the overall impact of the attack on Israel by Palestinian militants Hamas will likely be limited, energy experts told CNBC.
That’s provided the conflict does not escalate further, they said.
“We may see a knee-jerk surge in crude prices when markets open on Monday,” Vandana Hari, CEO of Vanda Insights, told CNBC via email.
“There will be some risk premium factored in as a default, until the market is satisfied that the event is not setting off a chain reaction and Mideast oil and gas supplies won’t be affected,” said Hari.
Militants from Hamas — designated by the U.S., European Union and the U.K. as a terrorist organization — infiltrated Israel by land, sea and air on Saturday, during a major Jewish holiday. The incursion came hours after the Islamist militants fired thousands of rockets into Israel from Gaza...

‘Knee-jerk surge’: Oil experts predict market impact of Israel-Hamas conflict
PUBLISHED SUN, OCT 8 20233:08 AM EDT

https://www.cnbc.com/2023/10/08/israel-hamas-oil-experts-expect-knee-jerk-reaction-in-energy-markets.html

Crude oil prices could see a spike on Monday but the overall impact of the attack on Israel by Palestinian militants Hamas will likely be limited, energy experts told CNBC.
That’s provided the conflict does not escalate further, they said.
“We may see a knee-jerk surge in crude prices when markets open on Monday,” Vandana Hari, CEO of Vanda Insights, told CNBC via email.
“There will be some risk premium factored in as a default, until the market is satisfied that the event is not setting off a chain reaction and Mideast oil and gas supplies won’t be affected,” said Hari.
Militants from Hamas — designated by the U.S., European Union and the U.K. as a terrorist organization — infiltrated Israel by land, sea and air on Saturday, during a major Jewish holiday. The incursion came hours after the Islamist militants fired thousands of rockets into Israel from Gaza...

Wow, oil price spike up like mad !
Brent now at $88.37 +$3.79 +4.48 %

Wow, oil price spike up like mad !
Brent now at $88.37 +$3.79 +4.48 %

Wow, oil price spike up like mad !
Brent now at $88.37 +$3.79 +4.48 %

Wow, oil price spike up like mad !
Brent now at $88.37 +$3.79 +4.48 %

Wow, oil price spike up like mad !
Brent now at $88.37 +$3.79 +4.48 %

Bravo, Now KNM already at 0.18 (+0.015) (+9.1 %)

Hurrey, super damn hot man KNM today !
Now KNM already at 0.175 (+0.01) (+6.1 %)

Bravo, Now KNM already at
0.17 (+0.02) (+13.3 %)

Both sides + retailers keep on top up more KNM shares till EGM to fight for who are the biggest share holding to take control of the company !

Probably it’s share price will spike up till above 80 cents before the EGM meeting !

KNM’s EGM Meeting is on
16-10-2023(Monday),
one week plus from now !

Hurrey, super damn hot man KNM today ! 

Now KNM already at
0.16 (+0.01) (+6.7 %)

Hurrey, super damn hot man ICON today ! 

Now ICON already at
0.12 (+0.005) (+4.4 %)

Hurrey, super damn hot man KNM today ! 

Now KNM already at
0.155 (+0.015) (+10.7 %)

Bravo, KNM was closed at 

0.14 (+0.015) (+12.0 %)

Hurrey, super damn hot man KNM today !
Now KNM already at 0.135 (+0.01) (+8.0 %)

Oil Prices ‘Melt Up’ in a March Toward $100 a Barrel
By Stanley Reed Sept. 27, 2023, 12:50 p.m. ET

https://www.nytimes.com/2023/09/27/business/oil-price-100-barrel.html

Analysts have raised their forecasts for oil prices, as they try to understand Saudi Arabia’s intentions with recent production cuts.

Many energy analysts think that oil prices will soon rise above $100 a barrel for the first time in more than a year, since the turmoil that followed Russia’s invasion of Ukraine. The price of Brent crude, the international benchmark, has gained about 30 percent since the start of July, trading at about $96.50 a barrel on Wednesday.
“I think prices are starting to melt up,” said Robert McNally, president of Rapidan Energy Group, a research firm.

Driving the rise, analysts say, is the deep reduction in oil output orchestrated by Saudi Arabia over the last year. The kingdom’s ability and willingness to add and subtract supplies gives it substantial sway over the market for this crucial commodity.
Climbing oil prices increase energy costs for consumers and businesses, weighing on the global economy. In the United States, the price of crude oil accounts for about half the price of gasoline. Rising pump prices are squeezing motorists, complicating the Federal Reserve’s fight against inflation and stoking concerns over the Biden administration’s economic stewardship…..

Oil Prices ‘Melt Up’ in a March Toward $100 a Barrel
By Stanley Reed Sept. 27, 2023, 12:50 p.m. ET

https://www.nytimes.com/2023/09/27/business/oil-price-100-barrel.html

Analysts have raised their forecasts for oil prices, as they try to understand Saudi Arabia’s intentions with recent production cuts.

Many energy analysts think that oil prices will soon rise above $100 a barrel for the first time in more than a year, since the turmoil that followed Russia’s invasion of Ukraine. The price of Brent crude, the international benchmark, has gained about 30 percent since the start of July, trading at about $96.50 a barrel on Wednesday.
“I think prices are starting to melt up,” said Robert McNally, president of Rapidan Energy Group, a research firm.

Driving the rise, analysts say, is the deep reduction in oil output orchestrated by Saudi Arabia over the last year. The kingdom’s ability and willingness to add and subtract supplies gives it substantial sway over the market for this crucial commodity.
Climbing oil prices increase energy costs for consumers and businesses, weighing on the global economy. In the United States, the price of crude oil accounts for about half the price of gasoline. Rising pump prices are squeezing motorists, complicating the Federal Reserve’s fight against inflation and stoking concerns over the Biden administration’s economic stewardship…..

Oil Prices ‘Melt Up’ in a March Toward $100 a Barrel
By Stanley Reed Sept. 27, 2023, 12:50 p.m. ET

https://www.nytimes.com/2023/09/27/business/oil-price-100-barrel.html

Analysts have raised their forecasts for oil prices, as they try to understand Saudi Arabia’s intentions with recent production cuts.

Many energy analysts think that oil prices will soon rise above $100 a barrel for the first time in more than a year, since the turmoil that followed Russia’s invasion of Ukraine. The price of Brent crude, the international benchmark, has gained about 30 percent since the start of July, trading at about $96.50 a barrel on Wednesday.
“I think prices are starting to melt up,” said Robert McNally, president of Rapidan Energy Group, a research firm.

Driving the rise, analysts say, is the deep reduction in oil output orchestrated by Saudi Arabia over the last year. The kingdom’s ability and willingness to add and subtract supplies gives it substantial sway over the market for this crucial commodity.
Climbing oil prices increase energy costs for consumers and businesses, weighing on the global economy. In the United States, the price of crude oil accounts for about half the price of gasoline. Rising pump prices are squeezing motorists, complicating the Federal Reserve’s fight against inflation and stoking concerns over the Biden administration’s economic stewardship…..

Oil Prices ‘Melt Up’ in a March Toward $100 a Barrel
By Stanley Reed Sept. 27, 2023, 12:50 p.m. ET

https://www.nytimes.com/2023/09/27/business/oil-price-100-barrel.html

Analysts have raised their forecasts for oil prices, as they try to understand Saudi Arabia’s intentions with recent production cuts.

Many energy analysts think that oil prices will soon rise above $100 a barrel for the first time in more than a year, since the turmoil that followed Russia’s invasion of Ukraine. The price of Brent crude, the international benchmark, has gained about 30 percent since the start of July, trading at about $96.50 a barrel on Wednesday.
“I think prices are starting to melt up,” said Robert McNally, president of Rapidan Energy Group, a research firm.

Driving the rise, analysts say, is the deep reduction in oil output orchestrated by Saudi Arabia over the last year. The kingdom’s ability and willingness to add and subtract supplies gives it substantial sway over the market for this crucial commodity.
Climbing oil prices increase energy costs for consumers and businesses, weighing on the global economy. In the United States, the price of crude oil accounts for about half the price of gasoline. Rising pump prices are squeezing motorists, complicating the Federal Reserve’s fight against inflation and stoking concerns over the Biden administration’s economic stewardship…..

Oil Prices ‘Melt Up’ in a March Toward $100 a Barrel
By Stanley Reed Sept. 27, 2023, 12:50 p.m. ET
https://www.nytimes.com/2023/09/27/business/oil-price-100-barrel.html

Analysts have raised their forecasts for oil prices, as they try to understand Saudi Arabia’s intentions with recent production cuts.

Many energy analysts think that oil prices will soon rise above $100 a barrel for the first time in more than a year, since the turmoil that followed Russia’s invasion of Ukraine. The price of Brent crude, the international benchmark, has gained about 30 percent since the start of July, trading at about $96.50 a barrel on Wednesday.
“I think prices are starting to melt up,” said Robert McNally, president of Rapidan Energy Group, a research firm.

Driving the rise, analysts say, is the deep reduction in oil output orchestrated by Saudi Arabia over the last year. The kingdom’s ability and willingness to add and subtract supplies gives it substantial sway over the market for this crucial commodity.
Climbing oil prices increase energy costs for consumers and businesses, weighing on the global economy. In the United States, the price of crude oil accounts for about half the price of gasoline. Rising pump prices are squeezing motorists, complicating the Federal Reserve’s fight against inflation and stoking concerns over the Biden administration’s economic stewardship…..

Sapura Energy bags RM1.4 bil job for gas complex in Angola, reports profitable 2Q
By Chester Tay / theedgemalaysia.com
27 Sep 2023, 08:46 pm

https://theedgemalaysia.com/node/684175

KUALA LUMPUR (Sept 27): Sapura Energy Bhd, which reported its second consecutive profitable quarter on Wednesday, said it has secured a US$300 million (RM1.4 billion) contract from Azule Energy Angola BV for a gas complex in Angola — the Angola Northern Gas Complex (NGC) project.
The contract's scope of work comprises engineering services, transportation, installation and related activities for the Quiluma and Maboqueiro Platform of the Angola NGC project, according to Sapura’s stock exchange filing on Wednesday. The works are expected to be completed by the fourth quarter of 2026.
In a statement released together with Sapura’s quarterly results, the group said the Angola job is a “notable” win for the group, raising its order book to RM6.3 billion, of which over 60% of its contracts are for jobs outside Malaysia.

Sapura said it remains committed to its strategic direction of rebalancing its global portfolio and deploying key assets in regions where it can be competitive.
“We are actively repositioning ourselves geographically to seize opportunities across all our business segments, bidding right and pursuing major projects in Africa, the Mediterranean, the Atlantic and the Asia-Pacific region,” said group CEO Datuk Mohd Anuar Taib. “The trusted partnerships we have built with clients have helped us to navigate limited liquidity issues, enabling us to win more work."
For the second quarter ended July 31, 2023 (2QFY2024), Sapura reported a net profit of RM42.81 million or 0.27 sen per share, versus a net loss of RM2.59 million or 0.02 sen per share a year ago.
Sapura attributed 2QFY2024’s profitability to lower depreciation, higher share of profit from joint venture and associate, as well as favourable foreign exchange gain from the appreciation of US dollar against the ringgit.
Revenue, however, dipped 2.5% to RM1.14 billion in 2QFY2024 from RM1.17 billion in 2QFY2023, mainly due to the completion of a project under its drilling businesses.
The group's earnings before interest, taxes, depreciation and amortisation (Ebitda) also dropped in 2QFY2024 compared to the preceding quarter, mainly due to project delays within its engineering and construction (E&C), and operations and maintenance (O&M) business segments.
Its drilling business segment, meanwhile, continued to demonstrate robust performance, the group said, driven by lower operating expenses and the commencement of new contracts.
“The exploration and production business segment, operated through the SapuraOMV Upstream joint venture, also maintained consistent performance during the reviewed quarter, albeit with a slight decline in average gas production, mainly due to a scheduled shutdown,” it said.
For the first six months of FY2024 (1HFY2024), the oil and gas engineering firm’s net profit more than doubled to RM188.89 million from RM89.34 million in the previous corresponding period, while revenue grew 1.7% to RM2.09 billion from RM2.06 billion.
Sapura said its 1HFY2024 results showcased its resilience in overcoming multiple operational challenges, including escalating project and financing costs, as well as a lack of access to bank guarantees and working capital, which in turn affected order book replenishment.
“We are building on our steady recovery to set the stage for future growth. To maintain this positive momentum, we will continue to improve the group’s cashflow and Ebitda, and strengthen operational efficiencies to protect project margins and drive consistent results,” said Mohd Anuar.
 “Addressing our unsustainable debt remains a crucial part of our sustainability, and we will continue to make every effort to resolve this with all relevant stakeholders,” he added.
 As part of Sapura’s debt restructuring, the group said it has validated RM1.5 billion worth of overdue claims from approximately 2,000 trade creditors.
“Operationally, we continue to geographically reposition ourselves to capture opportunities, in particular with E&C and O&M segments. Meanwhile, drilling remains the group’s solid base with 10 rigs contracted to clients across Thailand, Malaysia and Africa. Furthermore, the divestment of the group’s 50% stake in SapuraOMV is ongoing,” said Sapura.
“The group will continue its effort to address the unsustainable debt and Practice Note 17 status, facilitated by CDRC (Corporate Debt Restructuring Committee), and is hopeful of reaching a principal agreement with its MCF (multi-currency financing) financiers by end of this year,” it added.
Sapura Energy shares gained half sen or 10% to close at 5.5 sen on Wednesday, giving the group a market capitalisation of RM878.85 million.

Oil climbs 3% as steep US crude stocks draw adds to supply concerns
By Arathy Somasekhar
September 28, 2023 3:06 AM

https://www.reuters.com/markets/commodities/oil-prices-edge-higher-markets-focus-supply-tightness-2023-09-27/

HOUSTON, Sept 27 (Reuters) - Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies.
Brent crude futures closed up $2.59, or 2.8%, at $96.55. It breached $97 a barrel during the session.
U.S. West Texas Intermediate crude futures (WTI) climbed $3.29, or 3.6%, to $93.68. The session high was over $94.
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.

Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
"The market is being led up by storage numbers as we are getting to the minimum operational inventories at Cushing," said Andrew Lipow, president of Lipow Oil Associates.
Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.

Prices fell last week but were rallying again as markets worried about tight supplies heading into winter, following production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+.
"Until a decision to raise production is made, the global energy market will remain tight," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.

Oil climbs 3% as steep US crude stocks draw adds to supply concerns
By Arathy Somasekhar
September 28, 2023 3:06 AM

https://www.reuters.com/markets/commodities/oil-prices-edge-higher-markets-focus-supply-tightness-2023-09-27/

HOUSTON, Sept 27 (Reuters) - Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies.
Brent crude futures closed up $2.59, or 2.8%, at $96.55. It breached $97 a barrel during the session.
U.S. West Texas Intermediate crude futures (WTI) climbed $3.29, or 3.6%, to $93.68. The session high was over $94.
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.

Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
"The market is being led up by storage numbers as we are getting to the minimum operational inventories at Cushing," said Andrew Lipow, president of Lipow Oil Associates.
Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.

Prices fell last week but were rallying again as markets worried about tight supplies heading into winter, following production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+.
"Until a decision to raise production is made, the global energy market will remain tight," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.

Oil climbs 3% as steep US crude stocks draw adds to supply concerns
By Arathy Somasekhar
September 28, 2023 3:06 AM

https://www.reuters.com/markets/commodities/oil-prices-edge-higher-markets-focus-supply-tightness-2023-09-27/

HOUSTON, Sept 27 (Reuters) - Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies.
Brent crude futures closed up $2.59, or 2.8%, at $96.55. It breached $97 a barrel during the session.
U.S. West Texas Intermediate crude futures (WTI) climbed $3.29, or 3.6%, to $93.68. The session high was over $94.
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.

Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
"The market is being led up by storage numbers as we are getting to the minimum operational inventories at Cushing," said Andrew Lipow, president of Lipow Oil Associates.
Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.

Prices fell last week but were rallying again as markets worried about tight supplies heading into winter, following production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+.
"Until a decision to raise production is made, the global energy market will remain tight," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.

Oil climbs 3% as steep US crude stocks draw adds to supply concerns
By Arathy Somasekhar
September 28, 2023 3:06 AM

https://www.reuters.com/markets/commodities/oil-prices-edge-higher-markets-focus-supply-tightness-2023-09-27/

HOUSTON, Sept 27 (Reuters) - Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies.
Brent crude futures closed up $2.59, or 2.8%, at $96.55. It breached $97 a barrel during the session.
U.S. West Texas Intermediate crude futures (WTI) climbed $3.29, or 3.6%, to $93.68. The session high was over $94.
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.

Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
"The market is being led up by storage numbers as we are getting to the minimum operational inventories at Cushing," said Andrew Lipow, president of Lipow Oil Associates.
Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.

Prices fell last week but were rallying again as markets worried about tight supplies heading into winter, following production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+.
"Until a decision to raise production is made, the global energy market will remain tight," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.

Oil climbs 3% as steep US crude stocks draw adds to supply concerns
By Arathy Somasekhar
September 28, 2023 3:06 AM
https://www.reuters.com/markets/commodities/oil-prices-edge-higher-markets-focus-supply-tightness-2023-09-27/

HOUSTON, Sept 27 (Reuters) - Oil prices surged 3% on Wednesday to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded worries of tight global supplies.
Brent crude futures closed up $2.59, or 2.8%, at $96.55. It breached $97 a barrel during the session.
U.S. West Texas Intermediate crude futures (WTI) climbed $3.29, or 3.6%, to $93.68. The session high was over $94.
U.S. crude stocks fell by 2.2 million barrels last week to 416.3 million barrels, government data showed, far exceeding the 320,000-barrel drop analysts expected in a Reuters poll.

Crude stocks at the Cushing, Oklahoma, storage hub, delivery point for U.S. crude futures, fell by 943,000 barrels in the week to just under 22 million barrels, the lowest since July 2022, data showed.
"The market is being led up by storage numbers as we are getting to the minimum operational inventories at Cushing," said Andrew Lipow, president of Lipow Oil Associates.
Stockpiles at Cushing have been falling closer to historic low levels due to strong refining and export demand, prompting concerns about quality of the remaining oil at the hub and whether it will fall below minimum operating levels.

Prices fell last week but were rallying again as markets worried about tight supplies heading into winter, following production cuts of 1.3 million barrels a day to the end of the year by Saudi Arabia and Russia of the Organization of the Petroleum Exporting Countries and allies known as OPEC+.
"Until a decision to raise production is made, the global energy market will remain tight," Ole Hansen, Head of Commodity Strategy at Saxo Bank, said.

Oil price spike up Like mad…
Brent $96.55 +2.59 +2.76 %

Oil price spike up Like mad…
Brent $96.55 +2.59 +2.76 %

Oil price spike up Like mad…
Brent $96.55 +2.59 +2.76 %

Oil price spike up Like mad…
Brent $96.55 +2.59 +2.76 %