Gas prices in Europe could continue to rise as the continent braces itself for a shortage.
Prices of natural gas have increased by 36 per cent over the last month, with the fuel expected to continue to trade higher for the rest of the year as the Northern Hemisphere enters the winter.
Colder-than-expected weather could drive up requirements for heating, inflating prices.
Europe is facing a gas deficit after Russia, the biggest supplier to the region, began cutting supplies.
Prices in the UK grew by 560 per cent annually to reach £277 per megawatt on September 8.
Gas prices have also traded higher as inventories for the fuel in the US, the biggest producer, are at record lows. Natural gas prices were up by 2.7 per cent at $5.33 per million British thermal unit on Tuesday.
On Monday, Bank of America also said that prices for crude, a commodity closely linked to gas, could increase during the last quarter of the year, on the back of a cold winter.
Oil prices could hit $100 per barrel by the middle of next year if the Northern Hemisphere winter turns out to be colder than usual, the lender said.
“Global oil demand could surge by 1 million to 2 million bpd. Under this scenario, the oil market deficit this winter could easily exceed 2 million bpd and our $100 per barrel oil target for the middle of next year could quickly be rolled forward six months,” Bank of America said in a report on Monday.
The US bank expects Brent to remain “rangebound” in the second half of the year. The crude benchmark could hit $75 per barrel by the end of the year if the markets are not swayed by upside risks, it added.
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Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
