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Banks Battle For The Aramco IPO

Market Movers

- JPMorgan (NYSE: JPM) shares are up as media label it as the frontrunner for investment banks to take the lead in Aramco’s upcoming IPO, which appears to be moving along at a healthy pace now with the reshuffling of Saudi Arabia’s energy ministry and Aramco’s board. From Friday at $112.63, JPM’s stock rose to $116.23 by mid-day on Tuesday. Aramco has selected a range of banks for the IPO, and wasting no time, these banks have flocked to Dubai's Ritz Carlton this week for meetings with Aramco and the SWF.

- Canada’s oil inventories are falling and have reached lows not seen in years, at 26 million barrels as of the end of last month. This is a markedly different picture than the glut from last year that drove the discount of WCS to WTI to crazy lows. But Canada isn’t out of the woods just yet and has extended its production caps by one year. Without Enbridge’s Line 3 - which has been delayed to no one’s surprise - and without those production caps, Canada would be producing 150,000 barrels more per day than it could consume and export.

Discovery & Development

- Independent Oil & Gas has confirmed an estimated 129 bcf gas find at Harvey appraisal well in the North Sea. Analysis is now underway to determine resource range and reservoir quality.

- OPEC’s smallest member, Equatorial Guinea, has plans to boost oil output by 15,000 bpd in September, as new finds by Noble Energy…





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