The world’s physical oil markets are confounding concerns about the growing supply shortfall that’s being caused by the Iran war. Physical crude grades ripped to record premiums soon after the war began before fizzling out as refineries recalibrated their buying in response to the ensuing disruption. While traders cautioned as recently as a month ago that the downturn might prove short-lived, ther...
The world’s physical oil markets are confounding concerns about the growing supply shortfall that’s being caused by the Iran war. Physical crude grades ripped to record premiums soon after the war began before fizzling out as refineries recalibrated their buying in response to the ensuing disruption. While traders cautioned as recently as a month ago that the downturn might prove short-lived, there have been few signs of a resurgence since. Instead, oil from Kazakhstan was offered for sale last week at the deepest discounts in four years — without finding buyers. Likewise, premiums for one of Angola’s flagship grades collapsed, and the North Sea benchmark Dated Brent has slumped from its post-conflict peak. Even crude from the United Arab Emirates was last sold to Asia at a discount to the regional Dubai benchmark, a far cry from tens-of-dollars premiums seen early in the war. Despite the restrictions at Hormuz and the supply hole it’s created, a bigger rally has been averted by booming US exports, governments tapping emergency reserves, and China demonstrating a surprising ability to dial back imports. One of the key things holding back physical prices is a reluctance among buyers to secure barrels too far in the future in case flows through Hormuz rebound, according to Energy Aspects. “If flows through the Strait pick up everyone will run harder but right now there’s too much uncertainty,” said Kit Haines, head of oil at the consultant. “Nobody wants to chase prices higher and be left holding an August cargo that they paid a lot of money for.” Read More: Why Oil’s Not at $200 After the Biggest Supply Shock in History Dated Brent , the North Sea benchmark that’s used to price more than two-thirds of the world’s crude, hit a record above $140 a barrel in April. It fell to near $98 on Monday. Dubai has also fallen from a high of over $160 a barrel to about $94. Spreads between monthly futures contracts — used as a gauge for market tightness — remain at elevated level...
Apollo Global Management Co-President Scott Kleinman discusses the outlook for the private equity industry. Speaking to Bloomberg's Dani Burger on the sidelines of the SuperReturn conference in Berlin, Kleinman says longer hold periods are hurting internal rates of return (IRRs) and “folks are going to have to start capitulating for sure” on valuations. (Source: Bloomberg)
Apollo Global Management Co-President Scott Kleinman discusses the outlook for the private equity industry. Speaking to Bloomberg's Dani Burger on the sidelines of the SuperReturn conference in Berlin, Kleinman says longer hold periods are hurting internal rates of return (IRRs) and “folks are going to have to start capitulating for sure” on valuations. (Source: Bloomberg)
Workspace Group Plc , a London landlord providing flexible office space to the city’s small- and medium sized-business, reported a worse than expected loss in the year through March as falling rents and rising vacancy hit valuations. The company, which is being targeted by activist investor Saba Capital Management , reported a £120.5 million ($161 million) loss driven by falling valuations, accord...
Workspace Group Plc , a London landlord providing flexible office space to the city’s small- and medium sized-business, reported a worse than expected loss in the year through March as falling rents and rising vacancy hit valuations. The company, which is being targeted by activist investor Saba Capital Management , reported a £120.5 million ($161 million) loss driven by falling valuations, according to a statement Wednesday. Occupancy in its so-called stabilized portfolio dipped to 81.6% from 83% a year earlier and rents dropped 2.1% on a square foot basis. Underlying valuations in the stabilized portfolio — which strips out developments and disposals — fell 5.6% as a result and the overall portfolio value is down 7% from March 2025. Still, most of the decline came in the first half of the year, with occupancy improving marginally since its September earnings. London’s small businesses have been struggling against a sluggish economy, higher minimum wages and increased taxes. Though vacancy in the city’s office market has been declining, Workspace’s shorter tenancy agreements and its customer base of startups and smaller businesses have left it more exposed than landlords catering to large corporate customers that typically sign long leases. The company appointed Charlie Green as its new chief executive officer in February after its previous incumbent left the role after less than a year. Green cited a “muted economic backdrop,” but said the business was in the process of a turnaround that includes a raft of disposals and reinvesting in several of its sites. Saba, which holds about 21% of Workspace shares, has called for the replacement of the company’s directors and a managed wind down of its portfolio. Read More: Workspace, Pursued by Saba, Weighs Sale of Prize London Office
A dismissed high-ranking Filipino police officer convicted of orchestrating the 2016 killing of South Korean businessman Jee Ick-joo was arrested in the Philippine capital of Manila after nearly two years on the run, authorities said on Wednesday. President Lee Jae Myung welcomed the arrest, vowing to seek justice for criminals targeting South Koreans abroad and expressing gratitude to officials i...
A dismissed high-ranking Filipino police officer convicted of orchestrating the 2016 killing of South Korean businessman Jee Ick-joo was arrested in the Philippine capital of Manila after nearly two years on the run, authorities said on Wednesday. President Lee Jae Myung welcomed the arrest, vowing to seek justice for criminals targeting South Koreans abroad and expressing gratitude to officials in both countries for their joint efforts. Rafael Dumlao, who was a top official of an anti-drug unit...