Shareholders of both Marathon Petroleum Corp. and US independent Andeavor, formerly Tesoro Corp., have voted to approve the combination of the two companies to create the largest US refiner by capacity and one of the top five largest refiners globally.
The EURUSD pair is back on the offensive after a brief dip late last week. The price is trading around 1.1770 on Monday, but the recovery impetus looks limited due to some risk events due later this week. Besides, the euro’s upside potential is capped by a slight risk-off tone in the global markets.
On Wednesday, the FOMC will announce its two-day meeting results. As a rate hike is already priced in, investors will focus on the tone of the central bank’s statement and its dot plot. Should the Fed express confidence in further robust growth of the US economy and dismiss the risks from the escalating US-China trade war, the greenback will rise across the board.
The next day, the Italy’s government will present its budget proposals, and there is a risk that the plan will disappoint the markets. As such, in a negative scenario, EURUSD could get quickly below the 1.17 threshold and challenge the 1.1650 area. And the potential risk aversion may increase the potential downside pressure on the single currency.
CME Group will offer a new West Texas Intermediate Houston crude oil futures contract with three physical delivery locations on the Enterprise Houston system. Pending regulatory review, WTI Houston oil futures will be listed with and subject to the rules of the New York Mercantile Exchange, beginning with the January 2019 contract month.
Valeura Energy Inc., Calgary, soon will spud Inanli-1, the first of three appraisal wells planned for its Yamalik-1 discovery in Northwest Turkey, newly recompleted for the start of a long-term production test.
Tullow Oil PLC group’s much-touted offshore Namibian wildcat, Cormorant-1, has been plugged and abandoned as a dry hole in the Walvis basin about 420 km south of the Angola-Namibia border. Joint venture partner Pancontinental Oil & Gas NL, Perth, said the well in permit PEL 37 reached a total measured depth of 3,855 m materially quicker than prognosed.
WINDHOEK: Prince William arrived in Namibia on Monday on the first leg of a tour to learn more about wildlife conservation in Africa ahead of a London-based wildlife conference next month. Namibia is home to the largest black rhino population, at more than 2,000, whose horn is sought after by smugglers. The Duke of Cambridge, visiting as president of United for Wildlife, which fights illegal trade in wildlife, and patron of Tusk, which promotes conservation, aims to better understand conservation in Namibia, said British High Commissioner to Namibia Kate Airey. “The prince has been very keen ahead of that conference to talk to government and also to see that experience in the field,” said Airey. The tour, which will see the prince visit Tanzania and Kenya, precedes the 2018 Illegal Wildlife Trade Conference in London next month. Namibia passed legislation in 1996 giving local communities the power to create their own conservancies and benefit from wildlife on communal land, allowing them to work with private companies to create their own tourism products. “Our model is very simple but very effective because we involve communities. There is nothing you can do to succeed in conservation of wildlife without involving communities,” said Namibia’s Environment and Tourism Minister Pohamba Shifeta. Communal conservancies have grown to 82 from four in 1998, according to the Namibia Tourism Board.
RIYADH: Keen plane-spotters were treated to a display from the Saudi Royal Air Force on Monday in the skies over Riyadh, to mark Saudi National Day. A group of fighter jets — Typhoons, Torinos, F15s, F15Cs and MRTTs — were painted in green and adorned with Saudi Arabian livery and performed a fly-past. Those who could not get to Riyadh will have another chance to see the procession as it will be flying over parts of the eastern region on Tuesday, including the King Fahd Causeway, Al-Khobar Corniche and Al-Aqeer.