News that Russia has dropped its objections to Algeria which currently holds the presidency of OPEC arranging for an early get together to help out its pals Saudi Arabia, Kuwait and the UAE is set to liven up the oil market this week with a date now set for Thursday. With WTI at $35.49 on Friday night and the effects of the 9.8 million barrels daily reduction in OPEC production underpinning the price, OPEC+ all have a shared interest in ratcheting the price up to the other side of $40. Shareholders in oil companies either present or future should see some gains in the next weeks.
CNN: The Most Trusted Name in News( their slogan)
The brainchild of mogul Ted Turner, Cable News Network started broadcasting 40 years ago today. It is now worth more than $5 Billion and can be seen in 212 countries having established itself as being in the forefront of world current affairs and in particular the first Gulf War. Bloomberg, the leading financial news service on the other hand was last valued at $22.5Billion in 2008 but as it is privately held it’s current valuation is not easily calculated now, but put it this way Michael Bloomberg is worth USD 60.1 Billion according to Forbes. First mover advantage in the world of global communications does not always succeed…
It was 1977 and I was representing the bank I then worked for at my first lunch at a money broking company. When asked if I would like a Southampton, I quickly racked my brains and other than a large port could not think what my host could possibly mean. Nothing, I concluded and having accepted, was duly served a large glass of port by the butler. At this stage of the lockdown, unopened bottles at the back of the drinks cupboard have, let us put it this way, now graduated to the front. This weekend has been a case in point with The liberation of a dusty bottle of 2005 Vintage Port. Graham’s is one of the oldest of the port houses and dates back to the middle 1600’s and is still part of the Portuguese $500 Million port industry which, while not as fashionable as it was in the 1970’s is enjoying a renaissance particularly among younger drinkers who have no qualms about mixing it with Seven Up. Port and lemonade of course used to be the go to choice for ladies of the night. Just shows that history really does repeat itself: Southampton anybody?!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – Oil Price
Humphrey Percy
Fri 2 May 2025
Oil Price Pre TT or Trump Tariffs, the oil price seesawed around but mostly reverted to its mean over a few trading sessions unless a major piece of economic, political or trade news arose. All that has gone out of the window with steady declines in session after session, so in case you have been […]
Daily Brief – POTUS in Kingdom of Saudi Arabia
Humphrey Percy
Wed 14 May 2025
POTUS in Kingdom of Saudi Arabia As one of POTUS’ travelling companions on this week’s visit, Larry Fink of Blackrock represents everything that a US President might want to burnish his credentials in the desert kingdom: head of the largest asset manager on the planet, hugely influential and totally credible. Just a shame that he […]
Daily Brief – Beyond USD
Humphrey Percy
Mon 12 May 2025
Beyond USD A comment caught our eye over the weekend: assuming that US markets will recover is not a strategy, it is now for the first time in decades a gamble. With the Vix volatility index of the S&P500 still high, US Treasuries having failed the test recently when they failed to rally at market […]
