Asia's Middle East crude market will begin trading on a weak note, with some grades, such as Upper Zakum, expected to change hands at discounts to their official selling prices, say industry insiders.
Demand for March loading cargoes may weaken considerably, with refineries in Japan and South Korea kicking off planned maintenance, while the end of the winter season may also result in less demand for heating fuels.
"Overall sentiment is bearish, and I expect PG grades will trade at discounts," said a crude trader at a north Asian refiner. "Refiners are going in for turnarounds and the weather will turn warmer."
Buying by Japanese refiners as the country battled record snowfall and northern Asia reeled under the coldest weather in decades drove prices in Asia's spot Middle East crude market higher in the past few months.
Premiums on cargoes for grades such as Abu Dhabi's Murban and Upper Zakum rose sharply during the month, while Qatar Marine cargoes for next month were snapped up in the first day of trading by Japanese refiners, according to market sources.
Sentiment had weakened towards the end of last month when February cargoes of Murban were traded at a discount.
That might continue this month when cargoes for March will begin to be traded, say refiners and traders.
Refineries belonging to Japan's JX Nippon Oil & Energy, Kyokuto and Idemitsu, South Korea's SK Energy, GS Caltex and Hyundai Oilbank, as well as Petrochina and Sinopec, will shut for planned maintenance in March and April.
Others in the region, such as Malaysia's Petronas and Singapore's Shell refinery, will also be under maintenance, resulting in a drop in demand for crude.
Temperatures will also begin to rise as the spring season begins in March, traditionally a weak demand period for energy products, said traders.
"Sentiment itself is weak and refinery turnarounds will mean more grades will start at a discount," said a trader at another north Asian refiner.
Still, rising demand from China, the world's second biggest oil consumer, may offset some of that weakness, say traders.
* Reuters
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs: 2018 Dodge Durango SRT
Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
