World’s first ‘zero energy’ green mosque all set for inauguration in Udupi’s Kodi

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.

Bengaluru, Mar 30: The coronavirus scare has taken a toll on the poultry industry in Karnataka with many poultry farm owners culling the birds, insiders in the poultry industry said.

At least one lakh birds have been culled in the last one week, the sources said.

Ever since the news spread about novel coronavirus spreading rapidly, the poultry industry started feeling the heat.

The lockdown spelt further trouble for the industry with reduced business compelling farm owners to go in for the culling.

According to Muddukrishna of C N Nischchith Enterprises, a live chicken dealer in Bengaluru, the culling had taken place in Shivamogga, Kolar and other places.

"There is a drastic decline in business. There are neither customers nor enough supply of birds for sale. We are badly hit. There are many poultry farm owners who have incurred tremendous loss due to the lockdown," Muddukrishna told news agency.

Another major poultry industry owner, having his farms in Channapatna, Ramanagar, Anekal and surrounding places, said he had to get rid of at least 4,000 birds in each of these farms.

"This is not restricted to me alone. There are about 64 major poultry industries who have gone for the drastic measure of culling," said the farm owner.

He said in the last one week, at least one lakh birds have been culled as it was hard for them to maintain them.

"Each bird needs at least a kilogram of grains in three days to eat whereas each kg of poultry food costs about Rs 32. We have about two lakh birds in our farm. How can we maintain if there is no business," rued the poultry farm owner.

The industry has suffered a double whammy.

People gave up eating chicken following rumours that the novel coronavirus COVID-19 is similar to SARS, another virus.

Further, the lockdown has blocked the transportation of these birds, he added.

According to the farm owner, in the last one month, he had suffered a loss of around Rs 15 lakh and if the situation continues for the next three months, his condition would be beyond imagination.

Muddukrishna said the poultry farm association had given a memorandum to the animal husbandry and fisheries department seeking direction on the transportation of these birds.

Accordingly, the secretary in the department of Animal Husbandry and Fisheries A B Ibrahim issued a circular to all the city police commissioners, deputy commissioners of the district, superintendent of police and the CEO of Zilla Panchayath on Friday that the animal husbandry services have been declared as essential services.

Ibrahim said in his circular that the production of chicken birds, sheep, goat, pigs, etc in the farm and their transportation, manufacturing feed, liquid nitrogen meant for veterinary use and other items related to the Animal Husbandry should be permitted.

"Despite the order, our vehicles are stopped and drivers are harassed," alleged Muddukrishna.

Mysuru, Mar 18: Even though the migration season is coming to end and the winged visitors are set to fly back, the water bodies where most birds nest and breed are under close surveillance with the report about spread of bird flu in Mysuru as unusual death of birds can be a cause for worry and hence the authorities are on high alert.

At Karanji Lake, the birds are watched in detail twice – morning and evening. If any sick bird or dead bird is noticed, the Zoo Vets are alerted. So far, no such birds had been sighted. The surveillance data is maintained every day. Intensive surveillance and passive surveillance is done.

Zoo Authority of Karnataka (ZAK) Member Secretary B P Ravi said the birds are doing well and there is no cause for worry with their health monitored constantly along with tests on the bird droppings done every month at the National Institute of High-Security Animal Diseases in Bhopal.