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.
Comments
RIP ...plis some one filled the on naga devata ... I think he retrun to naga loka ....
Yaar please call the creator as god....not creation....koi bhi jaati ho...don't take the characters of valmiki tales and call all the characters in it as GOD....keep it device...not every Pathar kutta billli saamp GO ect
Hinduism is commonly perceived as a polytheistic religion, Indeed most hindus would attest to this, by professing belief in multiple gods. while some hindus believe in the existence of 3 gods. some believe in thousands of gods and some other in thirty three crore i.e 330 million gods how ever learned hindus who is well versed in scriptures insist that a hindu should believe in one god.
The major difference between hindu and muslim is perception of god is common. Hindu belief in philosophy of pantheism. pantheism considers everything living and non living. to be divine and sacred.the common hindu therefore consider everything as god.he consider sun moon snake monkey etc and even human being as manifestations of god!
Islam on the contrary, exhorts man to consider himself and his surroundings as example divine creation rather then as divinity itself. Muslim therefore believe that everything is God's i.e the word god with an apostrophe 's'. In other words muslim believe that everything belong to god. The tree snake monkey etcin the universe belong to god.
Thus the major difference between the Hindu and Muslim Beliefs is the difference of apostrophe 's'. The Hindu says everything is god. The Muslim says everything is God's. Therefore 'WORSHIP THE CREATOR NOT HIS CREATIONS.
How can a god bite and kill his creations?
Yeh Wrong No. hai, Read your authentic scriptures and ponder on it.
RIP!
Superstition belief....snake does not spare anyone....but it should have...cant play with it....
we cannot blame the snake here because
girls know that is god as per hindhu culture but
snake dont know that it is god
Cow, buffalo, Rat, Elephant, Crow, Monkey, Donkey, Snake.. What next? Mooka praani galella dewara? worship the creator not creations! and specially not animals..
Indians are foolish, this happens only in India they do not know what to worship linga, snake, monkey, donkey, pig etc.....
Yes to cover their cunning and so called deva bhakti, some will start to blame that lady. Punishment from Naag devtha and they will continue these bling practice.
karana rao, Where is naga loka?
Whatever may be the reason, we lost a precious life. Pray for God's mercy on the poor family.
Snake is not God or it will not take you to God. Worship the creator and not his creation.
this is called mooda nambike and she deserve for it.
she will directly go to nagaloka, lucky girl.
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