US crude futures hovered above $32 per barrel on Tuesday, ahead of the June contract expiry, allaying fears of the benchmark plunging below zero again.
West Texas Intermediate, the main US gauge, was up 1.79 per cent trading at $32.39 per barrel, while Brent, the international crude benchmark, was up 0.43 per cent at $34.96 per barrel at 4.29pm UAE time.
WTI's July and August contracts meanwhile traded at $31.84 per barrel and $32.39 per barrel.
Analysts remain optimistic with WTI's front-month contract up for expiry, a repeat of the benchmark's crash into sub-zero levels is unlikely.
US crude futures plummeted to as low as -$40 towards the expiry of the May contract last month, as storage capacity at the benchmark's physical delivery point, Cushing, Oklahoma neared saturation.
"With declining concerns of hitting tank tops, the likelihood of going below zero in the near term is close to zero," said Giovanni Staunovo, commodity analyst at Swiss bank UBS.
Inventories at the landlocked physical delivery point fell 3 million barrels last week, according to the US Energy Information Administration, easing concerns of storage capacity.
"Lower imports from Canada and likely more outflows towards the Gulf region (which has more storage capacity) but also falling US crude production have helped in seeing those inventory draws," said Mr Staunovo.
WTI's latest rally, which comes on the back of output cuts implemented by the oil exporting countries of Opec+ alliance and production shut-ins in North America, has narrowed the spread between the world's two most widely used benchmarks.
UBS expects the spread of Brent and WTI to average around $3 per barrel over the coming months.
"With the spread back around the fair level, a narrow spread could happen if US production falls much faster going forward and demand recovers quicker than we expect. A narrow spread would result in higher US crude imports and weigh on US crude exports," said Mr Staunovo.
Global equity markets also rallied yesterday as news of a possible vaccine lifted sentiments. The gradual easing of lockdown measures in several worst-hit parts of Europe such as Italy and Spain could boost the consumption of fuel as people take to the roads. Meanwhile, China- a major oil consumer - saw activity pick up as well.
"The fears about exhausted storage and an overflowing oil market made way to expectations about a soon ebbing of the supply glut. Travel activity and thus road fuel demand is recovering swiftly as countries ease lockdown measures," said Norbert Rücker, head economics and next generation research at Julius Baer
"China, the first country sucked into and reeling out of the corona crisis, is experiencing excessive traffic congestion again, in part because public mass transport remains out of favour," he added.
Global energy organisations have softened their outlooks for demand drop in 2020. The IEA revised its annual demand forecast up by 700,000 barrels per day, bringing the decline to 8.6 million bpd. The IEA had previously forecast a decline of 9.3m bpd for 2020.
Squads
India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.
Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.
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Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
Sri Lanka v England
First Test, at Galle
England won by 211
Second Test, at Kandy
England won by 57 runs
Third Test, at Colombo
From Nov 23-27
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
MATCH INFO
Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
More from Rashmee Roshan Lall
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
