US Treasury yields move lower as investors await economic data, auctions

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 3.3048 percent, while the yield on the 30-year Treasury bond was also lower at 3.0464 percent. It comes after sharp losses on Wall Street in the previous session, with technology firms tumbling amid concerns about softening demand. On Tuesday morning, the U.S. dollar was little changed from the previous session, trading at 96.346 against a basket of major currencies. On the data front, investors


The yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 3.3048 percent, while the yield on the 30-year Treasury bond was also lower at 3.0464 percent. It comes after sharp losses on Wall Street in the previous session, with technology firms tumbling amid concerns about softening demand. On Tuesday morning, the U.S. dollar was little changed from the previous session, trading at 96.346 against a basket of major currencies. On the data front, investors
US Treasury yields move lower as investors await economic data, auctions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: sam meredith
Keywords: news, cnbc, companies, investors, treasury, little, session, await, previous, auctions, lower, bills, billion, yield, economic, yields, data, dollar


US Treasury yields move lower as investors await economic data, auctions

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 3.3048 percent, while the yield on the 30-year Treasury bond was also lower at 3.0464 percent.

It comes after sharp losses on Wall Street in the previous session, with technology firms tumbling amid concerns about softening demand.

In addition to the drop in U.S. stocks, a weakening U.S. dollar did little to alleviate souring market sentiment.

Weaker-than-anticipated economic data on Monday sapped confidence from the greenback, while oil prices fell yet again despite expectations of supply cuts from OPEC early next month.

On Tuesday morning, the U.S. dollar was little changed from the previous session, trading at 96.346 against a basket of major currencies.

On the data front, investors will be watching for U.S. Housing Starts and Philly Fed non-manufacturing figures at around 8:30 a.m. ET.

Meanwhile, the U.S. Treasury is set to auction $50 billion in four-week bills and $30 billion in eight-week bills on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: sam meredith
Keywords: news, cnbc, companies, investors, treasury, little, session, await, previous, auctions, lower, bills, billion, yield, economic, yields, data, dollar


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Cramer’s lightning round: Business at these two oil plays will improve in 2019

I think BP and Schlumberger are going to have better 2019s than 2018s, particularly Schlumberger, but, boy, I seem to be the only person who feels that way right now.” Sell, sell, sell. Because I think they’re doing well, but I’ve got to tell you, high-multiple anything – including apparel – is being sold. I mean, they’re all getting crushed. Intuitive Surgical Inc.: “I’m with Intuitive Surgical and I say buy, buy, buy!


I think BP and Schlumberger are going to have better 2019s than 2018s, particularly Schlumberger, but, boy, I seem to be the only person who feels that way right now.” Sell, sell, sell. Because I think they’re doing well, but I’ve got to tell you, high-multiple anything – including apparel – is being sold. I mean, they’re all getting crushed. Intuitive Surgical Inc.: “I’m with Intuitive Surgical and I say buy, buy, buy!
Cramer’s lightning round: Business at these two oil plays will improve in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, improve, business, lightning, im, bp, 2019, buy, mean, cramers, sell, think, dont, yields, oil, theyre, schlumberger, round, plays


Cramer's lightning round: Business at these two oil plays will improve in 2019

Schlumberger Ltd.: “My charitable trust owns SLB and it owns BP because these have good yields and good balance sheets and I think that oil is not done. I was going back and forth with my colleague today and he said, ‘Listen, you’ve got to be really careful. This is the twilight of fossil.’ And that’s what you’re really seeing. I think BP and Schlumberger are going to have better 2019s than 2018s, particularly Schlumberger, but, boy, I seem to be the only person who feels that way right now.”

Tyson Foods Inc.: “No, no. Tyson had a bad quarter. I’m sorry. Sell, sell, sell. They’ve got to get it together because millennials love protein.”

Antero Resources Corp.: “We’re recommending very, very few oil companies. One of the only ones I like is BP. Why? Because it yields about 6 percent and it just raised the dividend, so I’m not worried about whether it can pay it.”

Lululemon Athletica Inc.: “Oh, boy, is this a controversial one. Because I think they’re doing well, but I’ve got to tell you, high-multiple anything – including apparel – is being sold. I don’t want to sell it. I don’t want to sell it, but I’m trying to give you both sides of the story.”

Talend SA: “Oh my god, there’s a million other Talends out there. That’s software. I mean, they’re all getting crushed. I so want to just go buy the tape. I mean, Atlassian, symbol TEAM, … had a fantastic quarter. The stock’s down 10 percent. I mean, what kind of market is this? It’s awful.”

Intuitive Surgical Inc.: “I’m with Intuitive Surgical and I say buy, buy, buy! We don’t have to give up on everything in this market.”


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, improve, business, lightning, im, bp, 2019, buy, mean, cramers, sell, think, dont, yields, oil, theyre, schlumberger, round, plays


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Treasury yields slip amid weak housing data, global trade worries

Treasury yields fell on Monday after the release of weaker-than-forecast housing data while concerns over global trade plagued investors. The benchmark 10-year note yield slipped to 3.054 percent while the short-term two-year yield dipped to 2.775 percent. Bond yields move inversely to prices. Homebuilder sentiment dropped to its lowest level since August 2016 this month amid rising mortgage rates and unrelenting price growth. The rise in bond prices also comes as U.S. stocks sold off, adding to


Treasury yields fell on Monday after the release of weaker-than-forecast housing data while concerns over global trade plagued investors. The benchmark 10-year note yield slipped to 3.054 percent while the short-term two-year yield dipped to 2.775 percent. Bond yields move inversely to prices. Homebuilder sentiment dropped to its lowest level since August 2016 this month amid rising mortgage rates and unrelenting price growth. The rise in bond prices also comes as U.S. stocks sold off, adding to
Treasury yields slip amid weak housing data, global trade worries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: fred imbert, sam meredith
Keywords: news, cnbc, companies, global, slip, rates, treasury, weak, economy, data, trade, housing, bond, sentiment, sensitive, yields, amid, yield, interest, week, worries


Treasury yields slip amid weak housing data, global trade worries

Treasury yields fell on Monday after the release of weaker-than-forecast housing data while concerns over global trade plagued investors.

The benchmark 10-year note yield slipped to 3.054 percent while the short-term two-year yield dipped to 2.775 percent. Bond yields move inversely to prices.

Homebuilder sentiment dropped to its lowest level since August 2016 this month amid rising mortgage rates and unrelenting price growth.

“Builder sentiment is now joining the reality that housing has been slowing all year after hanging in pretty well this year,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group, in a note.

“As the most interest rate sensitive area of the economy outside of auto’s, a moderation in housing was to be expected but what we’re seeing is just how sensitive the economy is to modest changes in interest rates that are historically low,” he said.

The rise in bond prices also comes as U.S. stocks sold off, adding to their steep losses from last week.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: fred imbert, sam meredith
Keywords: news, cnbc, companies, global, slip, rates, treasury, weak, economy, data, trade, housing, bond, sentiment, sensitive, yields, amid, yield, interest, week, worries


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Bond Market: yields fall amid political uncertainty surrounding Brexit

In politics, market focus is largely attuned to Brexit developments, amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May. Back home, investors continue to monitor developments in U.S.-China trade talks. A number of economic data are expected on Friday. ET, Chicago Fed


In politics, market focus is largely attuned to Brexit developments, amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May. Back home, investors continue to monitor developments in U.S.-China trade talks. A number of economic data are expected on Friday. ET, Chicago Fed
Bond Market: yields fall amid political uncertainty surrounding Brexit Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: spriha srivastava
Keywords: news, cnbc, companies, uk, talks, uncertainty, bond, et, developments, political, president, trade, economic, trump, expected, xi, market, surrounding, fall, brexit, amid, yields


Bond Market: yields fall amid political uncertainty surrounding Brexit

In politics, market focus is largely attuned to Brexit developments, amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May.

Back home, investors continue to monitor developments in U.S.-China trade talks. On Thursday, a senior Trump administration official told Reuters that China’s written response to U.S. demands for trade reforms is unlikely to trigger a breakthrough at talks between President Donald Trump and Xi Jinping later this month.

A number of economic data are expected on Friday. Industrial production numbers are expected to be released at 9:15 a.m. ET, followed by a Quarterly Services Report at 10 a.m. ET, a Kansas City Fed Manufacturing Index at 11 a.m. ET and a Baker-Hughes Rig Count at 1:00 p.m. ET.

At 11:30 a.m. ET, Chicago Federal Reserve Bank President Charles Evans is due to speak about current economic conditions and monetary policy at a roundtable in Chicago.

No auctions are scheduled for Friday.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: spriha srivastava
Keywords: news, cnbc, companies, uk, talks, uncertainty, bond, et, developments, political, president, trade, economic, trump, expected, xi, market, surrounding, fall, brexit, amid, yields


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ECB’s Draghi hints at a possible dip in inflation

Patience and persistence in our monetary policy are still needed, says ECB’s Draghi 2 Hours Ago | 02:05Mario Draghi, the president of the European Central Bank (ECB), hinted at the possibility of inflation not rising as quickly as expected due to euro zone firms dealing with a slew of uncertainties. “If firms start to become more uncertain about the growth and inflation outlook, the squeeze on margins could prove more persistent,” Draghi said at a banking conference in Frankfurt Friday. “This wo


Patience and persistence in our monetary policy are still needed, says ECB’s Draghi 2 Hours Ago | 02:05Mario Draghi, the president of the European Central Bank (ECB), hinted at the possibility of inflation not rising as quickly as expected due to euro zone firms dealing with a slew of uncertainties. “If firms start to become more uncertain about the growth and inflation outlook, the squeeze on margins could prove more persistent,” Draghi said at a banking conference in Frankfurt Friday. “This wo
ECB’s Draghi hints at a possible dip in inflation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: matt clinch
Keywords: news, cnbc, companies, dip, end, bond, central, euro, hints, zone, rose, possible, draghi, firms, inflation, yields, ecbs


ECB's Draghi hints at a possible dip in inflation

Patience and persistence in our monetary policy are still needed, says ECB’s Draghi 2 Hours Ago | 02:05

Mario Draghi, the president of the European Central Bank (ECB), hinted at the possibility of inflation not rising as quickly as expected due to euro zone firms dealing with a slew of uncertainties.

“If firms start to become more uncertain about the growth and inflation outlook, the squeeze on margins could prove more persistent,” Draghi said at a banking conference in Frankfurt Friday.

“This would affect the speed with which underlying inflation picks up and therefore the inflation path that we expect to see in the quarters ahead.”

Draghi’s speech was generally positive about the region and he reiterated that the central bank’s massive crisis-era bond-buying scheme is still due to be wound down at the end of this year. He said there was no reason why the current expansion in the euro area — which is now in its fifth year — should abruptly come to an end, adding that the economic cycle was resilient.

German bond yields rose on Friday on the back of these comments. The country’s 10-year bond yield rose to session highs at 0.376 percent, extending earlier rises, according to Reuters.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: matt clinch
Keywords: news, cnbc, companies, dip, end, bond, central, euro, hints, zone, rose, possible, draghi, firms, inflation, yields, ecbs


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US bond yields tick lower amid sterling plunge

Front-month Brent crude oil futures were trading at $66.42 per barrel on Thursday morning, down 30 cents, or 0.4 percent, from their last close. Sterling plunged by over 1 percent against the dollar Thursday morning after U.K. Brexit Secretary Dominic Raab resigned from his post. ET, weekly jobless claims numbers are expected, followed by retail sales and a Philly Fed manufacturing survey at the same time. Investors will also be watching a speech by Federal Reserve Chairman Jerome Powell at 11 a


Front-month Brent crude oil futures were trading at $66.42 per barrel on Thursday morning, down 30 cents, or 0.4 percent, from their last close. Sterling plunged by over 1 percent against the dollar Thursday morning after U.K. Brexit Secretary Dominic Raab resigned from his post. ET, weekly jobless claims numbers are expected, followed by retail sales and a Philly Fed manufacturing survey at the same time. Investors will also be watching a speech by Federal Reserve Chairman Jerome Powell at 11 a
US bond yields tick lower amid sterling plunge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: spriha srivastava
Keywords: news, cnbc, companies, futures, texas, lower, oil, bond, reserve, sterling, plunge, expected, amid, morning, followed, yields, uk, federal, tick, et


US bond yields tick lower amid sterling plunge

Concerns over an oversupply in oil markets continues to dominate the market. On Thursday, oil prices slipped amid fears of rising supply and slow consumption. Front-month Brent crude oil futures were trading at $66.42 per barrel on Thursday morning, down 30 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.29 a barrel.

Sterling plunged by over 1 percent against the dollar Thursday morning after U.K. Brexit Secretary Dominic Raab resigned from his post. This piles yet more pressure on U.K. Prime Minister Theresa May as she tries to get her draft Brexit agreement through Parliament.

Meanwhile, U.S. investors will be keeping a close watch on a slew of economic data expected on Thursday. At 8:30 a.m. ET, weekly jobless claims numbers are expected, followed by retail sales and a Philly Fed manufacturing survey at the same time.

Investors will also be watching a speech by Federal Reserve Chairman Jerome Powell at 11 a.m. ET in Texas, followed by Minneapolis Federal Reserve Bank President Neel Kashkari at 3 p.m. ET.

The U.S. Treasury will also be auctioning a three-month and a six-month bill.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: spriha srivastava
Keywords: news, cnbc, companies, futures, texas, lower, oil, bond, reserve, sterling, plunge, expected, amid, morning, followed, yields, uk, federal, tick, et


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US Treasury yields little changed amid report showing inflation coming in as expected

At last week’s Fed meeting, the bank left rates unchanged as expected, but said it sees “further gradual increases” ahead, sticking to its guns on policy. President Donald Trump has criticized the Fed for raising rates, going as far as to call the institution “crazy” for doing so. ET, Federal Reserve Chairman Jerome Powell and Dallas Federal Reserve Bank President Robert Kaplan will be speaking on global economic issues in Texas. Meanwhile, in international debt markets, Italian bond yields jump


At last week’s Fed meeting, the bank left rates unchanged as expected, but said it sees “further gradual increases” ahead, sticking to its guns on policy. President Donald Trump has criticized the Fed for raising rates, going as far as to call the institution “crazy” for doing so. ET, Federal Reserve Chairman Jerome Powell and Dallas Federal Reserve Bank President Robert Kaplan will be speaking on global economic issues in Texas. Meanwhile, in international debt markets, Italian bond yields jump
US Treasury yields little changed amid report showing inflation coming in as expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: ryan browne, drew angerer, getty images
Keywords: news, cnbc, companies, economic, little, powell, amid, federal, expected, coming, changed, treasury, president, fed, showing, bank, speaking, report, robert, rates, yields, inflation, reserve


US Treasury yields little changed amid report showing inflation coming in as expected

At last week’s Fed meeting, the bank left rates unchanged as expected, but said it sees “further gradual increases” ahead, sticking to its guns on policy. President Donald Trump has criticized the Fed for raising rates, going as far as to call the institution “crazy” for doing so.

Traders will likely monitor upcoming inflation data on Wednesday. Consumer Price Index (CPI) and core CPI inflation figures are due today at 8:30 a.m. ET.

Two big Fed speeches are expected on Tuesday. At 6 p.m. ET, Federal Reserve Chairman Jerome Powell and Dallas Federal Reserve Bank President Robert Kaplan will be speaking on global economic issues in Texas.

Meanwhile, in international debt markets, Italian bond yields jumped after the government resubmitted its draft budget to the European Commission. Rome stuck to its 2019 deficit target of 2.4 percent of annual economic output, a move which is likely to set the stage for a standoff with Brussels. The news send Italy’s 10-year bond yield to a three-week high.

Correction: This story has been updated to reflect that Federal Reserve Chairman Jerome Powell and Dallas Federal Reserve Bank President Robert Kaplan will be speaking on global economic issues in Texas at 6 p.m. ET.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: ryan browne, drew angerer, getty images
Keywords: news, cnbc, companies, economic, little, powell, amid, federal, expected, coming, changed, treasury, president, fed, showing, bank, speaking, report, robert, rates, yields, inflation, reserve


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Cramer’s lightning round: I endorse buying shares of Blackstone Group

Blackstone Group LP: “I’m endorsing that. Microchip Technology Inc.: “A not-that-great semiconductor company with its whole world coming back down? Tellurian Inc.: “Now, I’ve got to tell you, one of the reasons why natural gas has spiked is we’re sending off a lot of natural gas overseas. Clean Harbors Inc.: “I think that [CEO] Alan McKim has done a remarkable job. I like the stock, it’s anti-cyclical, and I say buy, buy, buy!”


Blackstone Group LP: “I’m endorsing that. Microchip Technology Inc.: “A not-that-great semiconductor company with its whole world coming back down? Tellurian Inc.: “Now, I’ve got to tell you, one of the reasons why natural gas has spiked is we’re sending off a lot of natural gas overseas. Clean Harbors Inc.: “I think that [CEO] Alan McKim has done a remarkable job. I like the stock, it’s anti-cyclical, and I say buy, buy, buy!”
Cramer’s lightning round: I endorse buying shares of Blackstone Group Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, shares, gas, lightning, cramers, blackstone, quarter, yields, world, round, buying, endorse, buy, think, group, lot, really, natural, yield


Cramer's lightning round: I endorse buying shares of Blackstone Group

Blackstone Group LP: “I’m endorsing that. You got a nice yield and real smart guys. I think that that’s a decent situation. A lot of people are always troubled by it — not me.”

Microchip Technology Inc.: “A not-that-great semiconductor company with its whole world coming back down? We are not going to recommend that one at all. Don’t buy.”

First Data Corp.: “That quarter was a bad quarter. It really shocked me. The stock’s all the way back down at $17. Probably overdone, but you know what? Do we really need that when we get PayPal, Mastercard, Visa and Square?”

Tellurian Inc.: “Now, I’ve got to tell you, one of the reasons why natural gas has spiked is we’re sending off a lot of natural gas overseas. Tellurian’s got a very good setup, but if you want to get income and growth, Cheniere Energy Partners yields 6.7 percent and I like that one more.”

Clean Harbors Inc.: “I think that [CEO] Alan McKim has done a remarkable job. I like the stock, it’s anti-cyclical, and I say buy, buy, buy!”


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, shares, gas, lightning, cramers, blackstone, quarter, yields, world, round, buying, endorse, buy, think, group, lot, really, natural, yield


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Treasury yields decline on first day of holiday-shortened week

Treasury yields fell on Tuesday as a return of volatility in equity markets spurred a shift toward the relative refuge of government debt. The yield on the benchmark 10-year Treasury note fell to around 3.165 percent, while the yield on the 30-year Treasury bond dipped to 3.383 percent. The 2-year note yield fell about 4 basis points to 2.9 percent. Bond yields move inversely to prices. The U.S. central bank is expected to hike interest rates in December as well as multiple times in 2019.


Treasury yields fell on Tuesday as a return of volatility in equity markets spurred a shift toward the relative refuge of government debt. The yield on the benchmark 10-year Treasury note fell to around 3.165 percent, while the yield on the 30-year Treasury bond dipped to 3.383 percent. The 2-year note yield fell about 4 basis points to 2.9 percent. Bond yields move inversely to prices. The U.S. central bank is expected to hike interest rates in December as well as multiple times in 2019.
Treasury yields decline on first day of holiday-shortened week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: thomas franck, drew angerer, getty images
Keywords: news, cnbc, companies, note, bond, treasury, federal, yields, rates, interest, week, central, holidayshortened, decline, day, fell, yield


Treasury yields decline on first day of holiday-shortened week

Treasury yields fell on Tuesday as a return of volatility in equity markets spurred a shift toward the relative refuge of government debt.

The U.S. bond market, which was closed Monday due to the Veterans Day holiday, had its first chance to react to the prior session’s 600-point drop in the Dow Jones Industrial Average and a broad sell-off in technology stocks.

The yield on the benchmark 10-year Treasury note fell to around 3.165 percent, while the yield on the 30-year Treasury bond dipped to 3.383 percent. The 2-year note yield fell about 4 basis points to 2.9 percent. Bond yields move inversely to prices.

Investor sentiment has been shaken in recent weeks on fears that the Federal Reserve may be tightening monetary policy too quickly. The U.S. central bank is expected to hike interest rates in December as well as multiple times in 2019.

Fed officials, who attempt to keep unemployment low and inflation moderate, have gradually increased interest rates under Fed Chair Jerome Powell as they try to prevent the U.S. economy from overheating. But with the gradual increases to the federal funds rate, some investors have grown anxious that the central bank could tighten financial conditions too much and cause a destructive contraction in corporate profits.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: thomas franck, drew angerer, getty images
Keywords: news, cnbc, companies, note, bond, treasury, federal, yields, rates, interest, week, central, holidayshortened, decline, day, fell, yield


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‘Data is the new oil’: UAE says energy executives should embrace A.I. to improve profits

Big Oil should do all it can to embrace fast-improving Artificial Intelligence (AI) in the energy industry, according to the United Arab Emirates’ (UAE) first minister dedicated to fostering the technology. Speaking at the ADIPEC oil summit in Abu Dhabi on Tuesday, Omar bin Sultan Al Olama, the UAE’s minister of state for AI technology said: “Data is the new oil.” “Any company, any government that merges data and oil is going to get yields that we have never seen before. The oil and gas market r


Big Oil should do all it can to embrace fast-improving Artificial Intelligence (AI) in the energy industry, according to the United Arab Emirates’ (UAE) first minister dedicated to fostering the technology. Speaking at the ADIPEC oil summit in Abu Dhabi on Tuesday, Omar bin Sultan Al Olama, the UAE’s minister of state for AI technology said: “Data is the new oil.” “Any company, any government that merges data and oil is going to get yields that we have never seen before. The oil and gas market r
‘Data is the new oil’: UAE says energy executives should embrace A.I. to improve profits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, executives, data, yields, industry, al, energy, profits, going, improve, oil, olama, ai, embrace, minister, uae


'Data is the new oil': UAE says energy executives should embrace A.I. to improve profits

Big Oil should do all it can to embrace fast-improving Artificial Intelligence (AI) in the energy industry, according to the United Arab Emirates’ (UAE) first minister dedicated to fostering the technology.

Speaking at the ADIPEC oil summit in Abu Dhabi on Tuesday, Omar bin Sultan Al Olama, the UAE’s minister of state for AI technology said: “Data is the new oil.”

“Any company, any government that merges data and oil is going to get yields that we have never seen before. We are going to see lower costs, with profits that cannot be found elsewhere.”

The oil and gas market represents around 50 percent of the world’s energy demand at present, Al Olama said, before adding data, blockchain, AI, the internet of things and other emerging technologies would radically change the industry over the coming years.

He argued technological developments would soon make the energy sector more sustainable, as well as making it easier for executives to make better decisions on nearly every domain.

“The opportunities are endless — some estimates say AI can have a $2.85 billion contribution in the energy industry by 2022. That’s a start, but the impact is going to be much bigger than that.”


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, executives, data, yields, industry, al, energy, profits, going, improve, oil, olama, ai, embrace, minister, uae


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