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On January 28th, WTI and Brent crude oil futures settled up 3% on Tuesday, at $62.39 and $67.57 per ounce, respectively. Analysts and traders estimated that U.S. oil producers lost up to 2 million barrels per day (approximately 15% of national production) over the weekend due to a severe winter storm that swept across the country, putting pressure on energy infrastructure and the power grid. Tamas Varga, an oil analyst at brokerage PVM, stated, "The cold weather in the U.S. could lead to a significant drop in oil inventories in the coming weeks, especially if the weather persists." Ship tracking service Vortexa reported that crude oil and liquefied natural gas exports from U.S. Gulf Coast ports fell to zero on Sunday due to the cold weather. The companys head of analysis stated that exports rebounded on Monday with ports reopening, reaching above seasonal levels. Furthermore, two informed sources previously indicated that Kazakhstans largest oil field, Tengiz, may recover to less than half of its normal production by February 7th, as it slowly recovers from fires and power outages. However, CPC, the company that operates Kazakhstans main export pipeline, said that the terminals loading capacity has been restored to full capacity after maintenance was completed at one of its three mooring points on Russias Black Sea coast.U.S. API crude oil production for the week ending January 23 was down 15,000 barrels per day, compared to a previous weeks down 176,000 barrels per day.U.S. refined product imports for the week ending January 23 were -190,000 barrels per day, compared to -8,000 barrels per day in the previous week.U.S. crude oil imports for the week ending January 23 were -803,000 barrels, compared to 101,000 barrels in the previous week.U.S. heating oil inventories for the week ending January 23 were 388,000 barrels, compared to a previous weeks decrease of 327,000 barrels.

Nasdaq-listed 26 Capital Will Seek A $2.5 Billion SPAC Transaction With A Casino in Manila

Haiden Holmes

Jun 16, 2022 10:50

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Wednesday, the CEO of 26 Capital Acquisition Corp said that the company remained dedicated to its $2.5 billion acquisition of the Philippines' largest integrated casino-resort, despite a control dispute involving the present owners.


Okada Manila, a 44-hectare (108-acre) property owned by companies of Japan's Universal Entertainment Corp, decided in October to combine with 26 Capital and go public in the United States.


However, the transaction has been involved in a protracted battle between Universal and its former chairman and founder, Kazuo Okada.


This conflict took a dramatic turn on May 31, when Okada's Filipino partners, aided by private security guards and local police, gained physical possession of the $3.3 billion casino in the Philippine capital.


"I anticipate Universal will regain control of Okada Manila in the near future," Jason Ader, chairman and chief executive officer of Nasdaq-listed 26 Capital, told Reuters. Both sides want to finalize the deal.


After the Philippine Supreme Court declared in April that Okada should be reinstalled as chairman of the casino's owner and operator, the casino was seized.


Tiger Resorts, the domestic subsidiary of Universal, has challenged the verdict and what it called a "illegal and brutal" acquisition.


A U.S. listing would provide Okada Manila with access to a variety of finances, clients, and lenders, according to Ader, who added that investors believe the Philippines has the potential to become one of the world's top gaming markets.


In a statement, Vincent Lim, a spokesman for Okada Manila's current administration, denied any violent takeover and said that since Okada's return, hotel occupancy rates and casino gaming activity had increased. "His reappearance has restored and revitalized consumer and shareholder trust."


The Philippines' casino industry has begun to recover from the epidemic, with total gaming revenues increasing 14 percent to 113 billion pesos ($2.12 billion) in 2021, albeit still below the record-breaking 256 billion pesos in 2019.


In contrast, Macau, the largest gambling hotspot in the world, continues to suffer under Beijing's "zero-COVID" policy.


Okada was removed from the boards of Universal and its Philippine subsidiary in 2017 on suspicion of misappropriating corporate cash, which he denies.


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