Oil prices tumble as world’s storage tanks fill up amid demand shock

first_imgStrategists said part of the WTI decline is due to retail investment vehicles like exchange-traded funds selling out of the front-month June contract and buying into months later in the year to avert massive losses like last week, when WTI plummeted below zero.“Clearly everything’s getting dragged down by the machinations in the WTI futures market,” said Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group (ANZ) in Sydney.The main concern is that there is nowhere to store all the oil that is not being consumed due to the drop in global economic activity amid restrictions imposed around the world to curb the spread of the new coronavirus.Even with the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia having agreed record output cuts of nearly 10 million barrels per day (bpd) from May 1, that volume is not nearly enough to offset a drop in demand of around 30 million bpd due to COVID-19 restrictions. Oil prices slumped on Tuesday, extending the previous session’s slide, on worries about limited capacity to store crude worldwide and expectations that fuel demand may only recover slowly as coronavirus pandemic restrictions are gradually eased.United States West Texas Intermediate (WTI) crude futures skidded by as much as 16 percent and were off 14.7 percent, or US$1.88 cents, at $10.90 a barrel as of 0158 GMT. WTI plunged 25 percent on Monday.Brent crude futures fell to a low of $18.97 and were last down 4.1 percent, or 82 cents, at $19.17 a barrel. The benchmark slid 6.8 percent on Monday, and the contract for June delivery expires on April 30. “While we’re starting to see COVID-19 cases ease and some countries ease restrictions, those initial moves look fairly tentative. The market’s coming round to the view there’s going to be no quick recovery in demand,” Hynes said.As a result of the collapse in demand, global storage onshore is estimated to be about 85 percent full as of last week, according to data from consultancy Kpler.In a sign of the energy industry’s desperation for places to store petroleum, oil traders are resorting to hiring expensive US vessels to store gasoline or ship fuel overseas, shipping sources said.“It is hard to see sentiment turning convincingly positive for oil until there’s evidence of OPEC cuts and demand improvement slowing or reversing the global inventory build,” said AxiCorp’s chief global market strategist, Stephen Innes.Topics :last_img read more

Activist Joshua Wong says he plans to run for Hong Kong legislature

first_imgHe was disqualified from running for the less important district council elections last year on grounds that advocacy of Hong Kong’s self-determination violates electoral law, which he described at the time as political censorship.Read also: Nintendo game pulled from Chinese platforms after Hong Kong protestHe intends to run in a primary for the pro-democracy camp that will choose candidates for the Legislative Council vote on Sept. 6.”If more people vote for us … it could generate more pressure and more hesitation for Beijing,” Wong said, in front of campaign posters with the slogan “Ballot, or bullet.” Prominent Hong Kong democracy activist Joshua Wong said on Friday he planned to run for a seat in the Chinese-ruled city’s legislature, setting up a new battle with authorities after being barred from running in previous polls.Wong, who was 17 when he became the face of the 2014 student-led Umbrella Movement, has not been a leading figure of the often-violent protests that have shaken the semi-autonomous financial hub for the past 12 months.However, he has drummed up support for the pro-democracy movement overseas, meeting with politicians from the United States, Europe and elsewhere, drawing the wrath of Beijing, which says he is a “black hand” of foreign forces. Wong has said he supports the idea of a non-binding referendum for people to have a say over Hong Kong’s future but that he is against independence.Electoral rules after Hong Kong’s 1997 return to China from Britain effectively guarantee that the legislature is stacked in Beijing’s favor, with only half the seats directly elected.The rest are picked by business and professional groups called “functional constituencies,” which are dominated by pro-establishment figures.In 2016, the pan-democratic camp won 29 seats, but then lost six when candidates were disqualified after China’s national parliament ruled their oaths of office were invalid. Topics :last_img read more

Alexandre Lacazette promises a big improvement at Arsenal under MIkel Arteta

first_imgAlexandre Lacazette has promised big things at Arsenal (Picture: Getty Images)Arsenal striker Alexandre Lacazette insists that the Gunners are about to find their form under Mikel Arteta and there will be ‘big improvements’ in the coming weeks.It has been an underwhelming start to Arteta’s reign at the Emirates, with just one Premier League win under the Spaniard since he replaced Unai Emery in December.It has not been disastrous, with the last four league contests ending in draws, but Arsenal are 11th in the top flight going into Sunday’s clash with Newcastle, a long way from where they want to be.Lacazette himself has been going through a poor run of goal-scoring form, without finding the back of the net in any of the last 11 games.AdvertisementAdvertisementADVERTISEMENTHowever, the Frenchman insists that he and his team-mates are about to turn a corner as they get to grips with life under Arteta.‘There is a lot of change we are more together,’ Lacazette said on The Football Report. ‘The way we think on the pitch and outside the pitch tactically I think we are better.‘You are going to see a big improvement in the next few weeks.’ Comment Alexandre Lacazette promises a big improvement at Arsenal under MIkel Arteta Metro Sport ReporterSaturday 15 Feb 2020 4:07 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link Advertisement Mikel Arteta is working hard to make some big changes at Arsenal (Picture: Getty Images)The Gunners are returning from their winter break at the Emirates against the Magpies on Sunday and will be expecting to pick up a much needed three points after winning just six of their first 25 league matches this season.Arteta’s side go into the game level on points with Steve Bruce’s and will drop below them if they suffer a surprise defeat at home.The manager has gone into some detail of how he plans to improve his side’s fortunes, starting with at the back and how he plans to turn defence into attack.‘I think we have to generate some defensive stability, but not by defending deep. I don’t like that,’ said the former Arsenal captain.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘It’s by defending high and pressing the opponent as much as possible. But the process – together as many times as possible in the most efficient way – has to be done properly from here.‘If not, in two passes when you arrive there, that transition is impossible to control because you are too far from the opponent.‘So we need to do that well first to be able to generate and sustain our attacks as many times as possible during the games.’MORE: Mikel Arteta warns Arsenal sensation Gabriel Martinelli ahead of Newcastle clashMORE: Paul Merson spots possible problem for William Saliba ahead of Arsenal summer switch Advertisementlast_img read more

Batesville Casket to pay $18 million in lawsuit settlement

first_imgBATESVILLE, Ind. – Batesville Casket Co. has agreed to pay more than $18 million in a lawsuit settlement claiming it stole employees and customers from a competitor.The casket maker will pay Pittsburgh-based Matthews International Corporation $17 million upfront and an additional $1.75 million in attorney fees.The lawsuit filed in federal court alleged Batesville interfered with business operations of Matthews.Thomas Pontone, President of Matthews Funeral Home Products Division, said in a statement he was “pleased the defendants have agreed to settle the case for a significant amount.”last_img read more

Public hearing scheduled for State Road 46 bridge replacement

first_imgBatesville, In. — The Indiana Department of Transportation will hold a public hearing on Thursday, October 18, 2018 at 5:30 p.m. in the Batesville Memorial Public Library about the proposed bridge replacement on State Road 46 over Little Laughery Creek.The Indiana Bridge No. 046-24-03124A (NBI No. 17430) on State Road 46 over Little Laughery Creek is eligible for inclusion in the National Register of Historic Places under Criterion C because of its engineering significance as an exceptionally long example of a state-designed T-beam structure. As part of the Historic Bridge Inventory, initially the bridge was determined “Select” for preservation per the Programmatic Agreement Regarding Management and Preservation of Indiana’s Historic Bridges. Subsequent to the determination, the bridge’s condition, and the ability to rehabilitate the structure to meet current standards questioned the rationale for the “Select” designation and spurred a new alternative analysis. It was then determined to change the designation to “Non Select” and not suitable for preservation. The bridge has been marketed for re-use for over six months. Here is the information from the INDOT Historic Bridge Marketing website:This bridge has been previously listed or determined eligible for listing in the National Register or is a contributing resource within a historic district listed in the National Register. Therefore, this bridge was not reevaluated as part of this inventory project.The purpose of the public hearing is to offer all interested persons an opportunity to comment on current design plans for a proposed State Road 46 bridge replacement over Little Laughery Creek. The public comment period will end on Friday, November 2.The project will require SR 46 to be closed during construction while using the official detour on state maintained routes of SR 3, I-74, and SR 229, however local routes may be used by local traffic. Access to all businesses and residences shall be maintained and school corporations and emergency services will be notified prior to any construction in regard to the closure or delays prior to any construction. The project will also include, but not limited to, transitional construction at the approaches along with placement of rip rap for scour protection and guardrail as needed. The project will not require new permanent right of way.Prior to the public hearing date, the environmental findings, and preliminary design plans for the project are available for viewing at the following locations:Batesville Memorial Public Library, 131 N. Walnut St., Batesville, IN 47006 Phone# 812-934-4706INDOT Seymour District Office, 185 Agrico Ln. Seymour, IN 47591 Phone# 855-463-6848INDOT Hearings Examiner, Indiana Government Center North, 100 N. Senate Ave. N642, Indianapolis, IN 46204, Phone# 317-234-0796last_img read more

Fairfield Causeway Road closure now in place

first_imgBrookville, In. — Fairfield Causeway Road is now closed for bridge construction until October of this year. Access to Mounds State Recreation Area is available from State Road 101 and the Quakertown State Recreation Area is available via State Road 101 from Dunlapsville Road. One pier of the bridge will remain open to accommodate boat traffic.last_img

Barton defends dismissal

first_img Furlong was eventually booked but Barton, who also raised his arm to push Alex Bruce, felt Hull’s players were attempting to have the 19-year-old sent off. “I’m gutted I got sent off. I’ve let my team-mates down today and being someone who puts the team above everything else I’m gutted about that,” he posted on Twitter shortly after full-time. “Young kid making his debut has made a good tackle. Couple of Hull players trying to get him sent off. My job as captain is to protect him. “I’ve tried to prevent Hull’s players influencing referee as u can see by me pushing Bruce away. “I’ve apologised to the lads and would like to apologise to all QPR fans who travelled today. “My actions towards Huddlestone were certainly not malicious, it was a stupid reaction to being barged but I can appreciate it wasn’t right.” Prior to the latest installment in Barton’s hall of shame, he had been booked in his seven previous matches – a Premier League record. But new manager Chris Ramsey declined to hang his skipper out to dry. Press Association It was the ninth sending off of the controversial midfielder’s career – with referee Anthony Taylor having little option but to show red when Barton struck Tom Huddlestone with a cheap shot below the belt. Barton apologised to his team-mates and the travelling Rangers fans following the 2-1 defeat but insisted he was attempting to support Furlong, whose full-blooded challenge on Nikica Jelavic set events in motion. Ramsey will discuss the issue with Barton, but only once he has a chance re-watch the moment with fresh eyes. “It’s an incident we probably wouldn’t want to happen,” he said. “It’s always difficult when you have players who have that bit of edge, and trying to get their emotional control is the thing we need to get under wraps. “I’m sure if the incident isn’t a good one when we review it, Joey will be the first one to put his hand up and admit that he probably should have acted in a different manner. “I would rather look at it in the cold light of day when tempers and emotions have calmed down, then discuss it with the player at that point.” Asked if Barton’s suitability to wear the armband was now in doubt, Ramsey was unequivocal. “No. There’s no question over it,” he said. Bruce offered a colourful take on Barton’s indiscretion, stating: “You can’t go punching people in the knackers, can you? “Unfortunately when the red mist comes we’ve all done stupid things. It was one of those silly moments unfortunately.” Bruce was magnanimous to QPR striker Charlie Austin, who cancelled out Jelavic’s opener with a fine header then celebrated by clutching his knee. That was a clear reminder to the Tigers of their questionable decision to pull out a deal for Austin in 2013 due to a failed medical. But Bruce, buoyed by Dame N’Doye’s 89th-minute winner, was full of praise for the one that got away. “I congratulated Charlie for the way he’s handled himself after what happened here because it wasn’t easy,” he said. “He showed the manner and dignity of a proper man because it couldn’t have been easy. He didn’t even know he had a bad knee at the time. “But he’s certainly a proper centre-forward and our loss is definitely QPR’s gain.” QPR captain Joey Barton has defended his senseless sending off against Hull, suggesting he was standing up for teenage debutant Darnell Furlong.last_img read more

The Latest: Diamond League track meet in London canceled

first_imgBangladesh, Ireland, the Netherlands, Pakistan, Papua New Guinea, Sri Lanka, Thailand, the United States, the West Indies and Zimbabwe were to play in the tournament in Sri Lanka from July 3-19 and three were to qualify.The International Cricket Council has not set new dates.The Women’s World Cup is in New Zealand in February and March.___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 May 12, 2020 He adds in an Instagram chat that he felt constantly weak.The 56-year-old Bergomi says he has recovered.Bergomi played for Inter Milan and is now an analyst for soccer matches on Italy’s Sky TV. He helped Italy to the 1982 World Cup title.___The qualifying tournament for the 2021 Women’s Cricket World Cup has been postponed because of the coronavirus pandemic. Associated Press The Latest: Diamond League track meet in London canceled Share This StoryFacebookTwitteremailPrintLinkedinReddit The Latest on the effects of the coronavirus outbreak on sports around the world:___The Diamond League event in London is the latest track meet to be canceled because of the coronavirus pandemic. The meet had been scheduled for July 4-5 at the Olympic Stadium.British Athletics says “the decision has been made in light of the ongoing global pandemic.”___World Cup winner Giuseppe Bergomi says he had COVID-19.The former Italy defender says that for 20-25 days beginning in early March his back was in so much pain that he couldn’t sit down.last_img read more

Klose to Present World Cup Trophy for Draw

first_imgAfter carrying the FIFA World Cup trophy on to the stage, Klose will have very good reason to follow the results of the draw closely: the 39-year-old has been a member of the German national team’s coaching staff since announcing his retirement in November 2016.“The draw is one of those moments when you know that, for a few minutes, the eyes of the whole football world are on the same place. The expectation it creates is simply incredible. I was in Russia for the Confederations Cup earlier this year and I have no doubt that the country will deliver another beautiful event as it prepares to host the World Cup in 2018,” he says.The Final Draw for the 2018 FIFA World Cup Russia will split the 32 qualified teams into eight groups according to procedures approved in September. The allocation of teams to the four pots will be based on the October 2017 edition of the FIFA/Coca-Cola World Ranking. Among the eight draw assistants will be Russian football legend Nikita Simonyan, with the other seven names to be announced in the weeks to come.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Excitement ahead of the 2018 FIFA World Cup is continuing to build, with matches over the next two weeks set to decide the remaining nine teams who will join hosts Russia and the 22 that have already qualified. At the same time, the Final Draw for the 2018 FIFA World Cup is also starting to take shape. Yesterday, the top goal scorer in the history of the tournament, Miroslav Klose, confirmed that he will be taking part in the draw show scheduled to take place in Moscow on December 1.The former Germany striker has been invited to bring the FIFA World Cup trophy on to the stage at the State Kremlin Palace.“For very obvious reasons, the World Cup holds very special memories for me,” says Klose, who played in four editions of the tournament between 2002 and 2014 and scored 16 goals – more than any other player in the history of the game. “I feel very honoured to somehow still be a part of the World Cup, even after my retirement, and particularly to present to Russia and to the world this trophy that we fought so hard to win in Brazil in 2014.”last_img read more

Wisconsin takes care of business

first_imgPATRICK STATZ-BOYER/Herald photoAnother game, another win for the University of Wisconsin women’s basketball team, as the Badgers defeated the University of Illinois-Chicago Flames 75-53 Thursday night.The win puts the Badgers at 9-1 (0-0 Big Ten) on the season, and they remain undefeated at the Kohl Center, winning their first six games. In what seems to be characteristic of this year’s team, Wisconsin got off to a fast start, leading 7-0 right away. UIC (3-5, 0-0 Horizon League) would rally with a run of its own to bring the game within one point, but the Badgers would eventually pull away. “It’s tough to compete in a game when you give easy opportunities away,” UIC head coach Lisa Ryckbosch said. “That’s really been the strength of this [Wisconsin] team.”UW junior guard Janese Banks helped propel the Badgers to a big halftime lead, with eight first-half points. Banks finished with 12 on the night.Badger forward Danielle Ward led the team in scoring with a 13-point effort. Ward was also one rebound shy of a double-double.Freshman Mariah Dunham and junior Jolene Anderson, who was battling the flu, also scored in double figures for UW. Anderson, despite a slow start in the first half and a cold shooting night, ended up with 10 points on just 4-of-13 shooting. She also finished with five assists. Dunham added 12 on a solid shooting night, which included two three-pointers.”[Jolene] was sick all day yesterday,” Stone said. “It was questionable if she was going to play the game, and I thought she played courageously.”With Anderson having an off night, Stone was able to go to her bench and utilize the team’s depth at guard. Freshmen guards Sarah Ingison and Teah Gant each saw an increase in playing time.”The fact that they have that many weapons, certainly we’re outmanned in terms of our size … we’re not going to really see that again this year,” Ryckbosch said. “That makes it that much tougher to stop any one individual if you have that many people that can go score for you.””It’s very pleasing to know that we have some depth,” Stone said. “If someone is down, someone else will pick it up.”Leading the way for the Flames was senior guard LaShonda Grant, who put on a shooting clinic on her way to a game-high 20 points. The only other player for UIC to reach double-digit scoring was senior guard Krystal Hugelier. Hugelier made 3-of-5 shots from beyond the three-point arc and finished with 11 points. Jacquay Holmes, UIC’s leading scorer this season, was shut out by the stingy Badger defense, missing all five of her shots.”Our post players worked very hard on defending her drive,” UW head coach Lisa Stone said. “Eventually, they had to go big to match with us.”Wisconsin dominated the battle on the glass, outrebounding UIC 41-23. The Badgers took advantage of their size, as only one of the Flame’s starters was over 5-foot-8 tall. UW was able to work the ball down low and create second-chance scoring opportunities off offensive rebounds.However, the Badgers played somewhat sloppily on the offensive end of the court. The team committed 19 turnovers in the game, including many ill-advised passes.”I give UIC a lot of credit,” Stone said. “They came and really drove hard at us, pressured us a little bit, and we threw the ball away. It just wasn’t the balanced attack we were looking for.”Despite failing to run on all cylinders offensively and looking rather lethargic at times, Wisconsin was able to do enough with the ball to control the ball game.”I personally thought we lacked a bit of energy,” Stone said. “I give our team a lot of credit. The bottom line is, I reminded our players, we’re off to a nice start and this is a great opportunity to learn from this game and get better and hopefully tune that defense back up for Sunday.”All around, we were just kind of dead out there,” Banks said. “We know this crowd will get behind us when we play great defense, but I don’t think we gave them much to cheer about tonight.”While the victory may not have been picture-perfect, the team is happy with where it is at this season and will look to continue the strong play Sunday when Albany (2-6, 0-0 America East) comes to the Kohl Center.”We know that when we’re at our best, we play even better,” Banks said. “It’s just going to fuel our fire to practice harder and then come in and get ready for Albany. That’s our next opponent. We can’t look to anybody else.”last_img read more