US crude futures continued their slump, falling as low as $10.63 per barrel in intra-day trading on Tuesday as the biggest oil exchange traded fund sold its holdings in the current monthly contract.
West Texas Intermediate, the benchmark for US crude, was down 12.6 per cent trading at $11.17 per barrel at 3.42pm UAE time, reviving fears that it could plunge below sub-zero levels seen last week.
The United States Oil Fund, administered by the Bank of New York Mellon, which tracks near month front contracts, has changed its investment position multiple times over the past two weeks.
The spread between WTI's next monthly contract has widened, with futures for July trading at $18.34 per barrel.
Brent, the international oil benchmark, under which two-thirds of the world's physical oil is traded, was down 0.67 per cent at $19.87 per barrel.
The gauge, impacted by WTI's nosedive, slipped below $20 on Monday.
"Oil prices at a multi-year low are pushing the rebalancing of the oil market into the most painful phase for producers," said Giovanni Staunovo, commodity analyst at Swiss bank UBS.
The bank estimates on-land oil inventories have increased by nearly 132 million barrels over the past four weeks globally. Floating storage, meanwhile, has increased by 60m barrels. Storage space is already exhausted in some locations such as Estonia with WTI's physical delivery point at Cushing, Oklahoma set to reach its capacity limits in May.
"With limited storage buffers, forced production shut-ins are needed," said Mr Staunovo.
Production shut-ins amounting to 2.32 million barrels per day (m pbd) have already been brought into effect as of April 24, according to Wood Mackenzie. Total shut-ins are expected to exceed 5m bpd by the end of the second quarter.
Oil producers, as part of the Opec+ pact, have already begun cutting back output ahead of the May 1 kick-off. Saudi Arabia is rolling back production from a record 12.3m bpd to 8.5m bpd, while Kuwait has also started cutting back to rebalance inventories.
The producers agreed to trim 9.7m bpd of output for two months starting May, with tapered cuts in place until 2022.
Meanwhile, fund flows are likely to exert substantial pressures on nearby WTI oil prices, with the consequences likely to spillover onto the broader market, noted Julius Baer.
The ETF activity remains a "short-term distortion" with no lasting impact.
Speculative money has been a mover of prices, but also offers significant liquidity to the industry to hedge against risks, said Norbert Rücker, head economics and next generation research at the bank.
"Although the paper oil market has massively grown in value, it is still outsized by the physical oil market in terms of oil stored, produced and consumed," he added.
The bank maintains an optimistic outlook and expects a price recovery in the longer term from $20 per barrel.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
McIlroy's struggles in 2016/17
European Tour: 6 events, 16 rounds, 5 cuts, 0 wins, 3 top-10s, 4 top-25s, 72,5567 points, ranked 16th
PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st
Killing of Qassem Suleimani
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
More from Neighbourhood Watch:
UAE currency: the story behind the money in your pockets
More from Neighbourhood Watch:
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
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Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar
4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly
HAJJAN
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UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Everton%20Fixtures
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Look%20Both%20Ways
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More coverage from the Future Forum
Fixtures (all in UAE time)
Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
Huddersfield v Manchester United 5pm
Arsenal v Brighton 7.30pm
Monday
Manchester City v Leicester City 11pm
Company%20Profile
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The%20specs
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Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Afro%20salons
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