عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt's Suez Canal Revenues Hit $6.3b in 2021 vs $5.6b in 2020

Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo
Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo
TT
TT

Egypt's Suez Canal Revenues Hit $6.3b in 2021 vs $5.6b in 2020

Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo
Ships are seen at the entrance of the Suez Canal, Egypt March 26, 2021. REUTERS/Mohamed Abd El Ghany/File Photo

Egypt's Suez Canal revenues hit an all-time high in 2021 of $6.3 billion, versus $5.6 billion in 2020, canal spokesperson George Safwat said on Sunday.

Some 20,694 ships transited the canal in 2021, against 18,830 in 2020, a 10% increase, he added.

Earlier in December, the Suez Canal Economic Zone signed a $2.6 billion contract to build a methanol plant at Egypt's Ain Sokhna port and industrial complex.

The project will be executed in two phases, with completion of the first by 2025 at an investment cost of about $1.6 billion.

The second phase, with an estimated cost of about $1 billion, is to be completed over a further three years.

Targeted production capacity for the first phase is one million tonnes of methanol and 400,000 tonnes of ammonia per year.

Most Viewed

 
 
Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
TT

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.