Crude has fallen to its lowest level in two months on the back of brimming US fuel stockpiles. Following the US government's release yesterday of its latest weekly figures on oil inventories held by the world's biggest energy consumer, New York crude futures tumbled 5 per cent, dipping to as low as $70.44.
Crude later rebounded above $71 after the regular trading session opened on the New York Mercantile Exchange (NYMEX) as investors sought bargains. Crude's earlier slide followed a similar decline in the (NYMEX) January futures contract for heating oil. Though a massive winter storm swept across the central US, killing at least 17 people and stranding motorists, the furnace fuel dropped to a two-month low of $1.9093 per gallon.
Hope was fading for any recovery in heating oil futures this winter, said Carl Larry, the president of the Houston consultancy Oil Outlooks and Opinions. "About the only thing that everyone holding length can hope for is hell freezing over," he said. The US energy department said inventories of diesel and heating oil, a group of oil products collectively known as distillates, rose by an unexpected 1.6 million barrels in the week ended December 4 and were 22 per cent higher than in the same period a year earlier. Petrol stockpiles grew by 2.2 million barrels, which was also above most analyst predictions.
"One thing is for sure: the market's attention is back to fundamentals," said Andrey Kryuchenkov, the vice president of commodities research at VTB Capital in London. "Elevated distillate inventories remain a major concern with seasonal demand still very weak." The recession has cut deeply into US demand for transportation fuel, especially diesel, which powers lorries and trains. The weak US demand for oil products, however, was just one of several factors that drove crude lower in the past six trading sessions, analysts said.
"It has been a difficult week thus far for oil, given the strengthening of the US dollar and little fundamental support," said David Hart at Westhouse Securities in London. Further pressure on crude prices may be coming from China, the country in which oil demand has been growing the fastest, offsetting falling fuel consumption in the developed world. Fuel stocks held by China's two biggest oil firms, China National Petroleum Corp and Sinopec, increased last month after falling in each of the previous three months, Reuters reported yesterday, citing an industry official.
The Chinese government stopped publishing data on national oil inventories as of last month. However, Beijing lifted petrol and diesel prices by roughly 7 per cent last month, which may have curbed Chinese demand for transportation fuel. In another blow to market fundamentals, refiners in Japan, South Korea and China have said that Saudi Arabia will supply them with full volumes of crude under term contracts. That follows months of pared deliveries as the OPEC kingpin idled about a third of its oil production capacity in an effort to stabilise the glutted global market.
Investors have shown less appetite for risk in recent days as new signs suggest that a global economic recovery could be delayed and as concerns have intensified over the creditworthiness of several countries including Spain and Greece, as well as Dubai. In general, the risk aversion has favoured capital flows out of commodities and into the US dollar, analysts said. @Email:tcarlisle@thenational.ae
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
DUBAI%20BLING%3A%20EPISODE%201
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Company%20Profile
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England squads for Test and T20 series against New Zealand
Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes
T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Company%20profile
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A Long Way Home by Peter Carey
Faber & Faber
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now