Oil’s apocalyptic April could reverberate for years to come

first_imgTopics : The demand slump is being exacerbated by former OPEC+ allies Saudi Arabia and Russia pumping as much crude as they can in a battle for market share, heaping additional pressure on shipping, tanks and pipelines. Goldman sees around 20 million barrels a day flowing into storage in April, while IHS Markit expects the world will run out of space to store oil by the middle of the year.Few in the industry will be spared. April is also set to be the worst ever month for global jet fuel demand, while industry consultant FGE forecasts American gasoline consumption will plunge by 50% from a year earlier. Energy Aspects Ltd. predicts global benchmark Brent crude may drop to near $10 a barrel, a level not seen in more than two decades.The April crash sets up a bleak second quarter for the market, potentially causing some producers to go to the wall and destabilizing governments in many OPEC nations. A near-term recovery in prices seems unlikely, with around 70% of 130 respondents to a Bloomberg Intelligence survey saying they see Brent still below $30 a barrel by June.About 70% of Bloomberg Intelligence’s 130 survey respondents see Brent below $30 by June, prior to OPEC’s next meeting. With the world’s biggest economies in lockdown due to Covid-19 and Brent at a 17-year low, a near-term recovery seems unlikely as demand remains in free-fall and Saudi Arabia and Russia entrench supply dominance.While the crisis will see the energy industry finally achieve the restructuring it so badly needs, according to Goldman, the push for de-carbonization could hinder its recovery when demand returns. Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come.Daily consumption will plummet by 15 million to 22 million barrels in April from a year earlier, according to estimates from some of the world’s most influential energy analysts. The crash has already led to refiners slashing processing, drillers halting output and storage tanks swelling across the world.“This will likely be a game-changer for the industry,” Goldman Sachs Group Inc. analysts including Jeffrey Currie and Damien Courvalin said in a March 30 note. “It is impossible to shut down that much demand without large and persistent ramifications to supply.”last_img read more

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NBA free agency rumors: Kings waiving guard Ben McLemore

first_imgThe Kings made multiple moves before the trade deadline, including acquiring guard Alec Burks from the Cavaliers and forward Harrison Barnes from the Mavericks.The Kings will enter play Thursday 1 1/2 games behind the Clippers for the eighth spot in the Western Conference standings with a 28-26 record. The Kings are waiving Ben McLemore, per source. The sixth-year guard who was drafted 7th overall by the Kings in 2013, then had a stop in Memphis in between, will be on to his next stop.— Sam Amick (@sam_amick) February 7, 2019McLemore is averaging career-lows in points (3.9), rebounds (.9) and assists (.2) this season. He’s shooting 39.1 percent from the field and 41.5 percent from 3-point range.McLemore was originally selected by Sacramento out of Kansas with the seventh pick of the 2013 draft. He spent his first four seasons with the franchise before playing with the Grizzlies in 2017-18. He was dealt back to the Kings in July. Ben McLemore is no longer a part of the Kings’ organization.Sacramento is waiving the 25-year-old guard, according to a report from The Athletic, which cites unidentified league sources. Lakers star LeBron James weighs in on Mavericks trading Harrison Barnes mid-game Related Newslast_img read more

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2019 Fiba World Cup: Philippines joins Serbia, Italy, Angola in Group D

first_imgDon’t miss out on the latest news and information. Ginebra beats Meralco again to capture PBA Governors’ Cup title Group C consists of Spain, Iran, Puerto Rico and Tunisia.Host China is in Group A along with Ivory Coast, Poland and Venezuela while Russia, Argentina, South Korea and Nigeria compose Group B.Defending champion USA was joined by streaking Japan, Turkey and Czech Republic in Group E.Giannis Antetokounmpo, one of the favorites to win the MVP award in the NBA, and the rest of the formidable Greeks lead Group F with New Zealand, Brazil and Montenegro.Lastly, Group F is made up of Dominican Republic, France, Germany and Jordan.ADVERTISEMENT Japeth Aguilar wins 1st PBA Finals MVP award for Ginebra Gilas Pilipinas, which needed to win its last two assignments and a Korea victory over Lebanon to push through, is making its second straight appearance in the World Cup.Sports Related Videospowered by AdSparcRead Next SEA Games 2019: No surprises as Gilas Pilipinas cruises to basketball gold PLAY LIST 06:27SEA Games 2019: No surprises as Gilas Pilipinas cruises to basketball gold00:50Trending Articles01:45Explosive Gilas Pilipinas not yet at its best, says Tim Cone02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Group D games will be staged at Foshan International Sports and Cultural Center in Foshan, China. Serbia, which was the losing finalist in the 2014 Fiba World Cup and is ranked fourth-best in the world, is the favorite to rule Group D.The Philippines is currently ranked 31st, 18 spots lower than Italy and eight slots higher than 39th Angola.FEATURED STORIESSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSPORTSCoronation night?SPORTSThirdy Ravena gets‍‍‍ offers from Asia, Australian ball clubsThe top two teams in each group move on to the second round where the two best squads advance to the quarterfinals.The two best finishers in Group D will join their counterparts in Group C for the second round. Phivolcs: Slim probability of Taal Volcano caldera eruption Ginebra beats Meralco again to capture PBA Governors’ Cup title Photo from Fiba.comThe Philippines was drawn into Group D along with European powerhouse Serbia, Italy and Angola.The 2019 Fiba World Cup draw was held Saturday night at Shenzhen Cultural Center in Shenzhen, China.ADVERTISEMENT LATEST STORIES Eugenie Bouchard’s bid for Australian Open spot ends in qualifying Tom Brady most dominant player in AFC championship history Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college View comments Rafael Nadal hopes to be ready for ‘special’ Roger Federer clash Rogue cops marked as Gamboa’s targets in his appointment as PNP chief MOST READ Will you be the first P16 Billion Powerball jackpot winner from the Philippines?last_img read more

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