Oil falls onto a filtering screen in a tank inside a processing facility. (Photographer: Brent Lewin/Bloomberg)
Oil Climbs With Economic Data Warding Off Gloomy Demand Signals
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(Bloomberg) -- Oil accelerated its rally, boosted by economic data from China to the U.S. that fueled optimism over an industrial recovery.
Futures gained as much as 2.7% in New York Tuesday, alongside a rally in U.S. and European equities. Chinese retail sales rose for the first time this year in August, while industrial production expanded more than expected. In the U.S., manufacturing in New York state expanded in September at the second-fastest pace since 2018.
Still, the International Energy Agency was the latest to join the chorus of bearish views on oil demand, following pessimistic calls this week from BP Plc, Trafigura Group and OPEC. The market outlook has grown “even more fragile” with a resurgence of the pandemic, the IEA said Tuesday.
Despite how “depressing the IEA report was, there’s hopeful signs this morning about positive sentiment in the manufacturing sector,” said John Kilduff, a partner at Again Capital LLC. “Beyond transportation, you really need industrial demand to kick in, factories to be hopping, for there to be a market increase in consumption.”
Oil is back to trading in a tight range following its swift descent in the first two weeks of September, which took global benchmark crude futures below $40 a barrel. Market participants are searching for signs of when consumption may return to normal, but the road to recovery has been spotty as the pandemic flares up around the world. In the meantime, fuel demand remains depressed, with U.S. gasoline demand tumbling in the first week of September and outpacing declines from the same time last year.
Oil is likely “to return to the price regime of June-August while waiting for stronger signs of oil demand recovery,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London. “Naturally, OPEC+ producers in this scenario must stay the course in terms of their voluntary supply cuts.”
Prices
West Texas Intermediate for October delivery rose 97 cents to $37.97 a barrel as of 12:49 p.m. in New York
Brent for November gained 91 cents to $40.52 a barrel
Still, offering a starkly more bullish outlook than some of its rivals, Vitol Group said inventories have been falling sharply and will continue to decline this year.
“You can’t lose sight of the fact that production has been curtailed,” Vitol Chief Executive Officer Russell Hardy said in an interview during the Platts APPEC 2020 conference. A lot of stock draws are expected to come from refineries digesting what they had amassed during the frenzied buying of cheap oil, he said.
Meanwhile, inventories in the world’s biggest consumer are expected to rise for a second week in a row, according to a Bloomberg survey before official U.S. government data on Wednesday. Figures from the industry-funded American Petroleum Institute are due later Tuesday.
POLICE killed a robbery suspect during a shootout in Princes Town on Monday. Officers seized guns and ammunition during the incident.
A police release stated that at around 9.10 am, two suspects wearing face coverings held up the owner of a jewellery store on Cacique Street. They smashed a glass case with a hammer causing an alarm to be triggered. Officers under Sgt Mohammed of the Princes Town CID responded and chased the suspects who fled without taking any items.
The suspects initially escaped in a silver AD Wagon driven by another man, however the vehicle was later intercepted by police in an area at Gajadhar Lands, where the suspects abandoned the car and ran off.
Officers searched the area and confronted two suspects hiding in bushes off Lothians Branch Road. It was at this point that one of the suspects shot at the officers who returned fire, hitting one while the other suspect managed to escape. The injured suspect was taken to the Princes Town District Hospital where he was treated but later died. He is yet to be identified.
Officers found a .38 revolver with one 'live' round of ammunition. No spent casings were found at the scene of the shooting. After searching the AD wagon, officers found a loaded Glock 17 pistol with a magazine which contained 17 rounds of nine-millimetre ammunition. Investigations are continuing.
Oil Climbs With Economic Data Warding Off Gloomy Demand Signals
Sushant Singh Rajput's Lonavala farmhouse ferryman reveals big names from B-town during NCB interrogation, admits to have ferried Shraddha Kapoor, Sara Ali Khan and Rhea Chakraborty | Hindi Movie News - Bollywood - Times of India
Sushant Singh Rajput's Lonavala farmhouse ferryman reveals big names from B-town during NCB interrogation, admits to have ferried Shraddha Kapoor, Sara Ali Khan and Rhea Chakraborty
Updated : Sep 15, 2020, 23:47 IST
The Narcotics Control Bureau recently raised Sushant Singh Rajput's Pavana Farmhouse where they recovered Hookah, Ashtrays and medicines. Now, according to a latest report, Sushant’s Lonavala Farmhouse, Ferryman made big revelations to NCB during interrogation where he went on to take big names from the industry. Reportedly, the boatman has named Shraddha Kapoor, Sara Ali Khan and Rhea Chakraborty and said he had ferried them to SSR’s island farmhouse. Allegedly he has told the NCB, Shraddha Kapoor and Rhea Chakraborty came with SSR while Sara, Shraddha, Rhea never came together and that Sushant and friends held drug parties at the same.
Coronavirus in the UK: How many confirmed cases are there in your area?
15 September 2020
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Image copyrightReuters
There have been more than 370,000 confirmed cases of coronavirus so far in the UK and 41,000 people have died, government figures show.
However, these figures include only people who have died within 28 days of testing positive for coronavirus and other measures suggest the number of deaths is higher.
Find out how the pandemic has affected your area and how it compares with the national average.
A modern browser with JavaScript and a stable internet connection are required to view this interactive.
How many cases and deaths in your area?
Enter a full UK postcode or council name to find out
Deaths are death registrations where COVID-19 was mentioned on the death certificate. Source: ONS, NRS and NISRA – England, Wales and Northern Ireland updated weekly. Scotland updated monthly.
Cases include positive tests of people in hospital and healthcare workers (Pillar 1) and people tested in the wider population (Pillar 2). Public health bodies may occasionally revise their case numbers. Average is a median average of rates per area in each UK nation. Source: UK public health bodies - updated weekdays.
The postcode search has been updated to replace data for health boards in Scotland with data for local councils. In England, data for county councils has been replaced with data for district councils. Figures for boroughs and unitary authorities remain unchanged.
Cases rise amid concern over hotspots
The government announced 3,105 new cases on Tuesday, continuing the trend of newly-reported cases hovering around 3,000 each day. Recent days have seen the highest daily cases since mid-May.
The rise has prompted the government to reintroduce new restrictions on social gatherings in England. Groups of more than six people are now banned from meeting anywhere socially indoors or outdoors. with some exceptions.
Daily confirmed cases began edging up again in July - after falling significantly from their April peak - as lockdown restrictions imposed in March were eased.
The official number of cases during the peak in the UK underestimated the true level of infection at the time, as widespread testing was not as available until mid-May. Before then, testing was targeted - mainly being used in hospitals and other care settings.
The rise in cases since July can be partly explained by increase in testing - if you are testing more, particularly in hotspots, you are likely to find more cases.
But the most recent estimate from the Office for National Statistics (ONS) suggests that the number of infections has increased in recent weeks.
The latest survey from the ONS, released last Friday, estimates that one in 1,400 people in England had coronavirus. The figure for the previous week was one in 2,000.
The apparent rise in cases since July has not, so far, translated into a significant increase in people being admitted to hospital.
Which areas are on the watchlist?
There are several local hotspots in the UK which have seen a spike in cases since the nationwide lockdown ended.
Public Health England produces a weekly watchlist of areas of concern, based on an assessment of incidence rates, and other indicators such as trends in testing, healthcare activity and deaths.
Birmingham, Sandwell and Solihull are the latest areas to be designated areas of intervention.
A ban on households mixing was in all three areas came into force on Tuesday affecting around 1.6 million people.
Rossendale, Burnley and South Tyneside are among the areas designated as "areas of enhanced support", meaning the government will work with local authorities to provide additional resources - such as testing or contact tracing - to help bring the numbers of infections down.
In Scotland, restrictions on households mixing have been expanded from Glasgow, West Dunbartonshire and East Renfrewshire to Renfrewshire, East Dunbartonshire and North and South Lanarkshire.
In Wales, the county borough of Caerphilly has been placed under local lockdown and in Northern Ireland restrictions on visiting other households are to be re-introduced in Ballymena and Belfast.
Daily deaths not changing
While the number of new confirmed cases of coronavirus has been rising again recently, government-announced deaths have continued to fall since a peak in mid-April.
On Tuesday, PHE announced 27 further UK deaths - 25 in England, one in Northern Ireland and one in Scotland. No new deaths were reported in Wales.
In August, the government's death toll in England was reduced by 5,340 following a review of the way coronavirus deaths are counted.
New rules mean deaths anywhere in the UK are included in the coronavirus total only if they occurred within 28 days of a positive test. Previously in England, all deaths after a positive test were included.
England has seen the majority of UK deaths from Covid-19. Using the 28-day cut-off, there have been just under 37,000.
Overall death toll could be more than 60,000
When looking at the overall death toll from coronavirus, official figures count deaths in three different ways.
Government figures count people who tested positive for coronavirus and died within 28 days.
But there are two other measures.
The first includes all deaths where coronavirus was mentioned on the death certificate, even if the person had not been tested for the virus. The most recent figures suggest there had been nearly 57,000 deaths by 4 September.
The third method looks at all UK deaths over and above the number usually expected for the time of year - known as excess deaths. This measure shows the death toll was above 64,000 by 4 September.
There were just under 9,000 deaths registered in the UK in the week ending 4 September, 1,400 fewer than the five-year average.
These figures from the ONS also show that, for the first time since March, there were fewer than 100 deaths in a week in the UK mentioning Covid-19 on the death certificate.
The government has argued it is too soon to make definitive international comparisons but, as the impact of the first wave becomes clear, analysis is beginning to suggest the UK has been one of the hardest hit countries.
Some areas of Spain and Italy were harder hit than UK cities. But the analysis shows the epidemic in the UK was more widespread than in other countries. Scotland saw the third highest death rate in Europe - behind England and Spain. Wales was in fifth place and Northern Ireland in eighth.
What is the R number in the UK?
The "R number" is the average number of people an infected person will pass the disease on to.
If R is below one, then the number of people contracting the disease will fall; if it is above one, the number will grow.
On Friday, the government raised its estimate for the R number across the whole of the UK to between 1.0 and 1.2.
The estimate for England is between 1.0 and 1.2, while for Scotland it is between 1.1 and 1.5. The estimate for Wales is 0.5-1.0 and in Northern Ireland it is 0.5-1.4.
The government has said in the past that the R number is one of the most important factors in making policy decisions.
