Mangaluru: Westline and MFAR together set a history in construction fraternity

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.

Mangaluru, Jul 4: In the wake of mounting coronavirus cases in Dakshina Kannada, all jewellery shops district will be closed for five days from July 5 to July 9.

The decision was taken by the Dakshina Kannada district unit of Jewellers’ Association.

All the jewellery shops including corporate jewellery shops in Manglauru and other parts of district will remain closed for five days, a media release said.

Bengaluru, Jan 7: Slogans of ‘Inquilab Zindabad’ rent the air at Town Hall on Monday evening as thousands of students, social activists, lawyers, doctors and theatrepersons among others staged a protest to denounce Sunday’s attack on the students and faculty of New Delhi’s Jawaharlal Nehru University (JNU).

“This is unacceptable. As students living in hostels, we are now worried about our safety,” said Prakruthi Kishore, a student of National Law School of India University (NLSIU), Bengaluru.

Rishi Kumar, a student of Indian Institute of Science, pitched in. “JNU is an extremely protected university located in the national capital. It’s surprising that such an incident occurred amid tight security.”

Delhi police and the government need to wake up and take stringent action against the goons, Kumar said, adding: “Students can’t be treated like puppets. The government needs to act immediately.”

“The government is behaving shamelessly by sending goons to threaten students and professors of JNU,” said Alokanath Pandit, a lawyer.

With “Zor se bolo-azadi, tum din me maaro-azadi, hum raat me ayenge-azadi,” drowning the cacophony of traffic at the intersection, the sloganeering reached a crescendo around 6pm as the protesters raised their hands in a show of solidarity with the beleaguered JNU community.

Theatrepersons Prasanna and Arundathi Nag, farmer leader Kodihalli Chandrashekar and social activists Tara Krishnaswamy and Srinivas Alavilli were present at the protest venue. “It is not fair that educational institutions are now becoming the target. First, they hiked fees and now they are attacking students. What is the government doing,” Arundathi asked.

“JNU has always been an institution which has raised its voice against atrocities across the country as its students harbour no fear. This is an alarm bell for the country and the government to wake up. Students are the future and can’t be targeted,” she added.

Chandrashekar said Narendra Modi is unfit to be the Prime Minister as he doesn’t keep his word. “Modi said he will help farmers but has done nothing for them. He said he will provide employment to students but is now making them furious,” he said.