Oil price in grip of the bears as it hits lowest level this year



Oil prices dropped to the lowest level this year as the market searches to find the bottom, while bearish sentiment will carry over throughout next year, according to analysts.

Brent crude, the international benchmark, this week dipped to its lowest level this year at US$43 per barrel amid fears of a rising over-supply from Opec and non-Opec members.

“The market is searching for a floor, which some thought would be $45 per barrel, but others would say that the next resistance point is $42.50,” said Eugene Lindell, an oil market analyst at JBC Energy consultants.

Just when speculators’ confidence over oil will return depends on what exactly they believe the bottom to be. JBC Energy, based in Austria, said the floating storage is actually increasing, which is causing concern. “When we discuss the market rebounding, we are no longer talking about recovering to $60 – we’re talking about hitting $50 or slightly above,” Mr Lindell said.

This period typically sees higher amount of stock, but currently there are about 10 to 15 very large crude carriers added to global storage of crude. Part of this is coming from Opec members, Nigeria and Libya, who are exempt from production cuts. Nigeria has added more than 600,000 barrels per day (bpd) to its output compared to last August. “That’s a big deal and the market has to somehow swallow that,” he said.

In addition, Libya is pushing producing around 900,000 bpd with aspirations to hit the 1 million bpd mark – which basically undermines the Opec production deal. This coupled with the ramp up in rigs to tap more shale oil in the United States is continuing bearish sentiments for the next year.

“Everyone in the market believes that next year is going to be tough, it’s just a question of how tough it is,” said Mr Lindell.

He said the fact that the forward curve had shifted into contango throughout next year is indicative that market prices have realised there is a longer-term problem.

Frankfurt-based Commerzbank said in a client report the depressed view of the market is a sign of relative weakness, which has set a downward spiral in motion. “Sentiment on the oil market has become so gloomy that even news that would normally support prices is unable to spark any noticeable recovery,” the bank said.

lgraves@thenational.ae​

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

THE SPECS

Cadillac XT6 2020 Premium Luxury

Engine:  3.6L V-6

Transmission: nine-speed automatic

Power: 310hp

Torque: 367Nm

Price: Dh280,000

‘White Elephant’

Director: Jesse V Johnson
Stars: Michael Rooker, Bruce Willis, John Malkovich, Olga Kurylenko
Rating: 3/5

SPEC SHEET: SAMSUNG GALAXY Z FOLD5

Main display: 7.6" QXGA+ Dynamic Amoled 2X, Infinity Flex, 2176 x 1812, 21.6:18, 374ppi, HDR10+, up to 120Hz

Cover display: 6.2" HD+ Dynamic Amoled 2X, 2316 x 904, 23.1:9, 402ppi, up to 120Hz

Processor: Qualcomm Snapdragon 8 Gen 2, 4nm, octa-core; Adreno 740 GPU

Memory: 12GB

Capacity: 256/512GB / 1TB (online exclusive)

Platform: Android 13, One UI 5.1.1

Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo

Video: 8K@24fps, 4K@60fps, full-HD@60/240fps, HD@960fps; slo-mo@60/240/960fps; HDR10+

Cover camera: 10MP (f/2.2)

Inner front camera: Under-display 4MP (f/1.8)

Battery: 4400mAh, 25W fast charging, 15W wireless, 4.5W reverse wireless

Connectivity: 5G; Wi-Fi, Bluetooth 5.3, NFC (Samsung Pay)

I/O: USB-C

Cards: Nano-SIM + eSIM; dual nano-SIMs + eSIM

Colours: Cream, icy blue, phantom black; online exclusives – blue, grey

In the box: Fold5, USB-C-to-USB-C cable

Price: Dh6,799 / Dh7,249 / Dh8,149

A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

The specs: 2024 Mercedes E200

Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
Transmission: 9-speed auto
Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)

TUESDAY'S ORDER OF PLAY

Centre Court

Starting at 2pm:

Elina Svitolina (UKR) [3] v Jennifer Brady (USA)

Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]

Not before 7pm:

Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)

Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]

 

Court One

Starting at midday:

Karolina Muchova (CZE) v Katerina Siniakova (CZE)

Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)

Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)

Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)

Sorana Cirstea (ROU) v Anett Kontaveit (EST)

ICC men's cricketer of the year

2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi

Haircare resolutions 2021

From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.

1. 'I will seek consultation from professionals'

You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.

2. 'I will tell my hairdresser when I’m not happy'

Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.

3. ‘I will treat my hair better out of the chair’

Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others