Global oil markets remained under intense pressure on Tuesday, with Brent crude dropping below $20 per barrel for the first time in 18 years while other major benchmarks across the world tumbled.
Brent, the international crude marker, slipped to $18.10, indicating that markets see no immediate let-up to the collapse in oil demand that sent some US oil benchmarks plunging under $0 for the first time on Monday, leaving producers paying for buyers to take their oil away while available storage is scarce.
Coronavirus has sent the oil sector into a state of crisis, with lockdowns implemented by authorities to smother the outbreak slashing demand for crude by as much as a third.
Contracts for the US benchmark West Texas Intermediate for delivery next month tumbled as low as minus $40 a barrel on Monday. Analysts at Citi warned that “if global storage worsens more quickly, Brent could chase WTI down to the bottom”.
The collapse in the May WTI contract was partly a technical product of the fact that it expires on Tuesday, meaning trading volumes were low and making the contract for June delivery more noteworthy, analysts said. That contract held above $20 a barrel on Monday but slid as much as 42 per cent on Tuesday to trade at lows of $11.79, suggesting the blowout in the May contract was more than a blip and that the entire global oil market faced challenges.
Goldman Sachs analysts said the June contact was likely to face downward pressure in the coming weeks, pointing to the “still unresolved market surplus”.
“As storage becomes saturated, price volatility will remain exceptionally high in coming weeks,” they said. “But with ultimately a finite amount of storage left to fill, production will soon need to fall sizeably to bring the market into balance, finally setting the stage for higher prices once demand gradually recovers.”
Warren Patterson, head of commodities strategy at ING, said it was likely that “storage this time next month will be even more of an issue, given the surplus environment”.
“And so in the absence of a meaningful demand recovery, negative prices could return for June,” he added.
European equities traded lower, partly dragged down by weaker energy stocks. The continent-wide Stoxx 600 was down 1.9 per cent, with its oil and gas sub-index dropping 3.3 per cent. In London the FTSE shed 1.7 per cent, while Frankfurt’s Dax slid 2.3 per cent.
Equities were also broadly lower in Asia, with futures tipping US stocks to fall 1 per cent when trading in New York begins later.
On Wall Street overnight, the S&P 500 closed down 1.8 per cent, partly because of weakness in energy shares, but also due to increased pessimism over the time it will take for countries to emerge from lockdowns.
In fixed income, the yield on the 10-year US Treasury fell 0.03 percentage points to 0.585 per cent as investors retreated to the safety of the debt.
The ‘case’, filed in the court of the chief judicial magistrate (CJM), sought to be made out against Ram is that his conduct showed him wanting in the treatment of women.
Comments
Dear Sameer,
What can i say, if a Bat hung upside down and laughs at the topsy turvy world. The Bat is also right in its point of view.
I do not benefit from what others have to believe.
So let him follow what he feels right.
Dear Suresh, Its not matter of brilliant or stupid Mr. Kiran Kumar has logically explained the fact and reality, which being hindu I do 100% agree.
Sameer,
Regarding Kiran kumar's comments, i can only say \If we all were so brilliant like him, then today everyone of us would have been Scientist \"
one of his point I agree, real religion is Humanity, love and compassion towards fellow being and all living being on earth.
God is great.. Jai shri Ram, Jai shri krishna,"
Suresh, what you say about Mr. Kiran Kumar comment!!!
Wake up man!!!
Dear Ahmed Ali K.
Yes just by looking at the story isn't it true that at a point of time even you felt that Narada is more powerful than Lord Vishnu himself. This greatness Lord vishnu.
God will never want his devotees, his saints, to be humbled or humiliated, insulted at anytime.
Its is Lord vishnus way of telling we people what is the importance the value, dignity of a revered saint, devotee, guru in his eyes.
The story of how Lord vishnu disguises himself for his devotees
for Sena barber, Lord vishu/hari takes form of Barber and cuts hair of the Sultan.
for Bhakta Kumbhar, Lord hari comes down as a servant and does all pottery work.
for Bhaka Sakubhai, Lord vishnu comes down as daughter-in-law and does all household work and take care of her in-laws till she returns from pilgrimage from Pandarpur.
For Saint Namdev, he comes down to eat prasad at the famous Pandarpur vithala temple.
And the List is endless.
There are more knowledgeable people than me who can explain better.
Jai shri Krishna, Jai Sri Ram.
@Irfan - As of now there are many many good peoples like you living on earth. He will certainly come, when there is not a single good person like you left on earth, then god will manifest himself in some form.
Hope you got it. Jai shri Ram.
Oyee Naren you should look at this now.... This is funny really! Where are you guys why no protest now??
Ramayana, Mahabharata both were frictions/scripts like movie stories written by normal human being Valkimi & Vyasa. Unfortunate that we blindly believe/follow such frictions and ignore the real religion that is called Humanity!!
In reality there is only one super power that's called GOD, who is controlling this entire universe!!
@ Suresh,
present scenario Adharma is increasing why your God is not coming in any form, he is tired or in deep sleep.
Hey Ram, Kya kaliyug agaya !
Dear Suresh
For Clarification only
If Vishnu is a \LORD\" and how can Narada curse a lord?
In this cases Narada is powerful and he should be given higher position"
'He does not have a material form'(na tasya pratima asti).He is transcendental.However matter too comes from God. It is God's energy/potency. He being all powerful can choose to manifest Himself in a material form. That is called a deity not idol. Hence it is deity worship not idol worship. Also idol is a imaginary form, however the material image created is based on detailed description of Sri Krsna. Therefore it is not imaginary.
Islam is not revealed scripture. It provides no clear conception of God. It has created an imaginary personality called Satan and yet blame others for 'idolatry'!!
Dear SURESH,
Ekam evadvitiyam - He is ONE only without a Second.(Chandogya Upanishad 6:2:1)1
Na Casya Kasc ij Janita na Cadhipah - Of him there are neither parents nor Lord. (Svetasvatar Upanishad 6:9)2
What U are telling is stories made by some people who deviated U guys from the true one God..
How can U believe such ill made up Gods who are falling for curses & monkey... .Please use your god given intellectual. & identify what QURAN says about GOD and compare it with what U claim to be God.
Lord Vishnu's incarnation as Sri Rama, was becoz of curse of Narada.
When Narda once insisted Lord vishnu, what is \Maya\", then the next moment Narada was in Maya. He fell in love with beautiful princess whom he wished to marry. So Narada prayed to Lord vishnu that he get the face of \"HARI\" Lord vishnu's face and lord vishnu granted him the wish. But the other meaning of HARI is monkey. So narada got the face of Monkey. Thus Narada Cursed Lord Vishnu, that he may be born as Human being, undergo pain suffering of separations from wife and children. Thus lord Vishnu took 7th incarnation as Sri Rama and this was all pre destined. Infact the purpose of curse of narada was also pre destined. The whole purpose was to anihiliate the Demon King Ravana, and cleansing the earth of evils.
Nothing new. \"Whenever there is decline of dharma and increase of Adharma, then the lord manifest himself for protection of the pious, the destruction of the evil doers and establishing virtue. Thus the Lord manifest himself in every age in one form or the other.\"
Nothing new, people please stop -(being silly, talk silly and doing silly things around). Please read Ramayana, Chant Lord Rama's name and and be happy. In the end only this name will liberate your soul.
Jai Sri Ram."
Put rape and cheating case against Lord Krishna as he raped lot of Hindu girls...what a shame God
Dear Manohar,
Ur divine book also mentioned that GOD is one & Na tasya pratima asti...There is no image of God -
Then How come some people made the pious human being as GOD. as there is no image of God..
We request honestly to look & research your divine book & find the TRUTH behind worshiping the idols...
Suppose Ram found guilty, what type of punishment the Honarable Judge will deliver and how he will be punished??
For sure, He is not God
He was Born & He died same like WE people.. So he is a human just like us... People who are smart will know the reality behind such deception of making human god and collecting money... God doesnt need money... But God ask people to give money to the POOR and not himself..
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