“La sabiduría de la vida consiste en la eliminación de lo no esencial. En reducir los problemas de la filosofía a unos pocos solamente: el goce del hogar, de la vida, de la naturaleza, de la cultura”.
Lin Yutang
Cervantes
Hoy es el día más hermoso de nuestra vida, querido Sancho; los obstáculos más grandes, nuestras propias indecisiones; nuestro enemigo más fuerte, el miedo al poderoso y a nosotros mismos; la cosa más fácil, equivocarnos; la más destructiva, la mentira y el egoísmo; la peor derrota, el desaliento; los defectos más peligrosos, la soberbia y el rencor; las sensaciones más gratas, la buena conciencia, el esfuerzo para ser mejores sin ser perfectos, y sobretodo, la disposición para hacer el bien y combatir la injusticia dondequiera que esté.
MIGUEL DE CERVANTES Don Quijote de la Mancha.
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6 de noviembre de 2017
Oil Pierces Two-Year High as Saudi Roundup Rattles Markets
By
Jessica Summers
Updated on
Crown Prince Mohammed bin Salman consolidates hold on power
Oil prices have climbed by $15 from their nadir this year to breach
$57 a barrel on Monday, spurred by a cascade of events that began with
widespread arrests among Saudi Arabia’s elite. The
arrests raise “the specter of instability in the kingdom,” said John
Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, by
telephone. “It’s another round of jawboning here to get this nervous
market higher.”
Futures
rallied 3.1 percent in New York to levels last seen in June 2015.
Dozens of princes, government ministers and billionaires were arrested
in a sweeping anti-corruption probe, including high-ranking officials
involved with state oil producer Saudi Aramco.
Though the shake-up involving the world’s biggest crude exporter
underpinned crude’s rally, a promise by Nigeria’s oil minister to cap
production joined with the dollar’s drop added upward momentum as the
session progressed.
“The geopolitical supply risk premium is starting to bear its
head in the market right now because OPEC supply cuts have made it
relevant,” Michael Loewen, a commodities strategist at Scotiabank in
Toronto, said by telephone. Now that OPEC “has capped supply and demand
has continued to grow higher over time, we are near balanced and that
means supply risk is more important.”
Oil has
climbed for four straight weeks in New York on signs a global glut is
shrinking in response to output caps implemented by the Organization of
Petroleum Exporting Countries and allied producers including Russia. At
the Nov. 30 gathering, Saudi Arabia, Iraq and other major suppliers are
expected to make the case for extending the limits beyond their March
expiration.
The low point for oil prices in New York this year was
42.05 a barrel in June. Monday’s gain also kicked up company shares
with the Standard & Poor’s 500 Energy Index advancing as much as 2
percent, led by increases from driller Chesapeake Energy Corp. and the
oilfield services company Baker Hughes.
West Texas Intermediate for December delivery jumped $1.71 to
settle at $57.35 a barrel on the New York Mercantile Exchange. That’s
the biggest gain since Sept. 25 on a percentage basis. Total volume
traded was about 27 percent above the 100-day average.
Brent for
January settlement surged $2.20 to settle at $64.27 on the London-based
ICE Futures Europe exchange, the largest rise since July. The premium at
which Brent traded to January WTI was $6.70.
Security forces arrested
11 princes, four ministers and dozens of former ministers and prominent
businessmen, according to Saudi media and a senior official who spoke
on condition of anonymity.
The Nigeria oil minister’s comments
that the producer is willing to limit output added to the bullish price
momentum, according to Tariq Zahir, a New York-based commodity fund
manager at Tyche Capital Advisors LLC. “That news basically was out
there already, but it definitely helped.” Zahir said in a telephone
interview.
Meanwhile, the Bloomberg Dollar Spot Index, a gauge of
the dollar against 10 major peers, dropped as much as 0.3 percent. A
weaker greenback boosts the appeal of commodities as an investment.
Oil-market news:
Oil stockpiles
at the key pipeline hub in Cushing, Oklahoma, rose by 400,000 barrels
last week, according to a forecast compiled by Bloomberg.
Nigeria
is ready to meet with the Niger Delta Avengers and other armed groups
in the southern oil-rich region, Reuters reports, after the militants
ended their truce.
U.S. oil rigs targeting crude dropped by
eight to 729 last week, the biggest decline since May 2016, according to
Baker Hughes data.
— With assistance by Jinan Warrayat, Ben Sharples, and Grant Smith
