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Oil set for second weekly gain with market starting to rebalance

first_imgOil headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude.Futures in New York rose to around US$24 a barrel in Asian trading on Friday and are up 21 percent so far this week. Saudi Arabia, the world’s largest oil exporter, raised the cost of almost all grades for June, suggesting it’s more interested in supporting a recovery in prices than winning market share.There was also more evidence demand is starting to comeback in the US Gasoline supplied, an indicator of consumption, rose by the most in almost two years last week, while Genscape Inc. reported that stockpiles at the storage hub at Cushing, Oklahoma have fallen since last Friday, which would be the first contraction since late February if confirmed by government data. While there’s still a massive glut to clear, the encouraging numbers are prompting optimistic assessments from some of the top energy analysts. Global oil demand is on an “improving trajectory” and may exceed supply by the start of June, said Jeffrey Currie, head of commodities research at Goldman Sachs Group Inc. The market will return to balance in July before moving into excess consumption for the rest of the year, according to Standard Chartered Plc.West Texas Intermediate for June delivery rose 1.8 percent to $23.98 a barrel on the New York Mercantile Exchange as of 10.06 a.m. in Singapore after closing down 1.8 percent on Thursday. Brent for July settlement added 1.4 percent to $29.88, taking its advance so far this week to around 13 percent.While the Saudi pricing announcement brought relief to the market, a robust increase in demand will be needed to sustain higher prices. The kingdom began curbing production in late April as part of the OPEC+ deal, but still exported record amounts of crude last month. The level of excess global supply averaged 21.3 million barrels a day in April, according to Standard Chartered.US weekly gasoline supplied rose by 804,000 barrels a day last week, the biggest jump since June 2018, according the Energy Information Administration, while the fuel’s premium to diesel rose to the highest since 2017. Genscape reported on Thursday that stockpiles at Cushing have fallen by 350,000 barrels since last Friday, according to market participants.Topics :last_img read more

Cavani, Silva to leave, says PSG sporting director

first_imgParis St Germain’s record goalscorer Edinson Cavani and captain Thiago Silva will leave the club after the conclusion of the Champions League campaign, the Ligue 1 side’s sporting director has said.Both players’ contracts are due to expire in June and Leonardo told Le Journal du Dimanche that they would not be handed extensions.Cavani, who joined PSG from Napoli in 2013, is the club’s all-time top scorer with 200 goals in all competitions and has made over 300 appearances. After more than three months off during the COVID-19 crisis, the team will resume training on June 22, with Neymar expected to be on the ground after returning from Brazil on Saturday.Leonardo said he expected the Brazil forward to be at the club next season.”Nothing tells us otherwise,” said Leonardo when asked if Neymar and France striker Kylian Mbappe would still be there next season.”They still have two years on their contracts and we’re more thinking about the future with them. We want to go forward.”PSG were crowned champions on April 30 when the league brought the season to an end as part of the country’s efforts to contain the novel coronavirus.Topics : “It was a difficult decision to make, they are players who made their mark on the club’s history,” Leonardo said.”We had to make a decision based on logic.”Both players will be involved in the Champions League campaign, which is expected to be concluded in August.PSG qualified for the quarter-finals after eliminating Borussia Dortmund in the last 16.last_img read more

Cech: Title could be just the start

first_img Didier Drogba and John Terry scored goals, with both, like Cech, survivors from Chelsea’s first Premier League win in 2004-05. “It’s always nice to be there and make a contribution to the success,” Cech said. “We cannot deny that at certain stages of this season we all contributed with moments that help us to be in the position we are. “It’s been 10 years on and we’re still here. It is a great feeling to have another chance to win another title. “The last title we won in 2010 so it has been a long time. This one is hopefully the start of a new era, another generation of players. “There is only me, Didier and JT who have been here for the last decade. “You can say this is a new generation of Chelsea. Hopefully we will confirm the title on Sunday and this team will continue on.” Whether Cech will be part of the future remains to be seen. Petr Cech hopes a first Premier League title in five years for champions-elect Chelsea is just the start of greater things to come for the club’s younger generation of talent. The Czech Republic goalkeeper, who has a year left to run on his current contract, in March hinted he would seek a move from Stamford Bridge after being displaced as number one by Courtois. He expects the likes of Eden Hazard to take confidence from a first Premier League title, which appears imminent. “You can be a great player but this moments to play difficult games under pressure, being champion gives you another step, another dimension,” Cech added. “You can see in difficult moments this season this team has a lot of experience to overcome them, that is why we are in the position we are. “The new players came in already with experience, winning the title elsewhere, which is important and it’s why everything clicked quite quickly.” Cech hopes the title is wrapped up on Sunday. He added: “It is definitely better to win it at home, it is the icing on the cake. “If we win the title on Sunday it will be the perfect way. The best way to win a title is when you win your home game and after that you know you are done.” The 32-year-old goalkeeper made his fifth Premier League start of the season following a minor hip injury to Thibaut Courtois, who has replaced Cech as first choice this season, in Wednesday night’s 3-1 win at Leicester. Jose Mourinho’s Chelsea need three more points from their four remaining games and victory over Crystal Palace on Sunday would secure a fourth Premier League trophy in 11 seasons. Press Associationlast_img read more

Conte on Hazard and Terry’s future, injury concerns and facing Allardyce

first_imgChelsea boss Antonio Conte spoke about a number of issues at his news conference ahead of this weekend’s game against Crystal Palace. Here’s some of what the Italian had to say. Injury update“It’s important to check two or three situations and make the best decisions. This week easy wasn’t easy after the international break. Someone has come back with some problems and it is important to check and wait. I have two or three situations to evaluate.“John [Terry ]is good and has trained all the week. For the others it is important to check their situations.“[On Eden Hazard] I am confident, but not only to play but to play really good.” Speculation linking Hazard with Real MadridEmbed from Getty Images“Is it true? I don’t know, but I am repeating always the same thing: now it is very important to be focused for my players on the present and don’t look too far forward, because that is very dangerous.“The only thing I can say is that Eden is a Chelsea player and our player and we are happy with him and he is happy with us. I don’t see any problems about him.“I think that this [speculation] is part of football, to put these rumours to try to create a bit of difficulty in the mind of the players. But I think we have great experience to face these situations and also my players have this experience.“It is normal and logical in this part of the season to start rumours about our players and I am very happy because it means we are doing a great job with my players. If Chelsea players are requested by the other teams it means we are doing well.“I don’t see any problems about our players. We all know we are in a great club with great ambition. There is a great will to do great things in the future but I hope to do great things in the present.” Hazard’s future“I don’t think it is important to talk about it. I like to talk with him about this season and the importance of the game. He missed the last game against Stoke and we have to check his form. I hope he stays very well and shows great things tomorrow and plays great football. I like to talk about this.” Terry’s futureEmbed from Getty Images“For every situation there will be the right moment to face it. The club is working very well to solve many situations that we have to face. I like to talk John for this season because he is helping me a lot. He is doing a great job in and out of the pitch.“John knows my thoughts about him and I think the most important thing is this.” The title race“There are 10 games to play and we hope to finish the season with great success for us, for the club and for our fans. Our hope is to build a great team.“In my past I had two experiences, one positive and one negative, and for this reason I like to repeat that we need 21 points to be champions. Tomorrow we play a game very tough for us because after the international break is not easy.“I think it [the Palace game] is very difficult for many reasons. We have to pay great attention. It is a game of fundamental importance.” On facing Sam Allardyce“I had the opportunity to speak with him and I think he is a top coach. For sure it’s a pity for him to have been sacked from the national team after one game, because I know the importance to be the coach of your national team.“It is great pleasure tomorrow to see him and chat with him before and after the game.”See also:Conte on Pedro, Morata, Wenger’s comments and Chelsea’s search for playersConte on Bakayoko, Hazard, Pedro’s setback and facing Spurs   Ads by Revcontent Trending Articles Urologists: Men, Forget the Blue Pill! This “Destroys” ED x ‘Genius Pill’ Used By Rich Americans Now Available In Netherlands! x What She Did to Lose Weight Stuns Doctors: Do This Daily Before Bed! x Men, You Don’t Need the Blue Pill if You Do This x One Cup of This (Before Bed) Burns Belly Fat Like Crazy! x Drink This Before Bed, Watch Your Body Fat Melt Like Crazy x Follow West London Sport on TwitterFind us on Facebooklast_img read more

R9.5bn to grow business competitiveness

first_img23 February 2012 Finance Minister Pravin Gordhan has allocated R9.5-billion over the next three years to boost South African businesses through competitiveness incentives and investment in technology, enterprise development and agriculture. The bulk of this – R5.75-billion – has been allocated to the Department of Trade and Industry as part of a manufacturing competitiveness enhancement programme which will kick off in April.Special economic zones Added to this, R2.25-billion has been set aside in incentives over the next three years for businesses that invest in special economic zones. The remaining R1.5-billion has been allocated to provincial and rural agricultural colleges (R150-million), the Agricultural Research Council (R400-million), the Council for Geoscience (R200-million) and the Council for Mineral Technology (R150-million). The Department of Science and Technology has also been allocated R350-million of the R9.5-billion to fund technology manufacturers, place graduates in small businesses, and commercialise new technology in nanotechnology, renewable energy and waste, titanium and satellite development.Manufacturing competitiveness The manufacturing competitiveness enhancement programme will provide production and distressed funding support to boost productivity and competitiveness, raise investment and create jobs. Businesses that invest in new machinery, plant and equipment, as well as in product development, process redesign, standards accreditation, and feasibility and marketing studies, will qualify for the incentive. The programme is aimed at labour-intensive sectors already covered by incentives – including the clothing, textiles, leather and footwear and automotive sectors. Incentives will target improvements to business conditions and productivity through skills development, business incubation, reducing red tape, technology transfers and adaptation, and providing access to markets and logistics. Last month, Trade and Industry Minister Rob Davies unveiled a new bill for special economic zones – which are an extension and improvement of the current industrial development zones. Source: BuaNewslast_img read more

a month agoLiverpool boss Klopp happy with form going to Chelsea

first_imgAbout the authorPaul VegasShare the loveHave your say Liverpool boss Klopp happy with form going to Chelseaby Paul Vegasa month agoSend to a friendShare the loveLiverpool boss Jurgen Klopp is happy with their form going to Chelsea on Sunday.Klopp has reiterated he was largely happy with Liverpool’s performance in the 2-0 Champions League loss to Napoli in midweek.“We are working on a response. Performance-wise, the more I think about it, it was not a game we would usually lose,” the Liverpool boss said.“It was a difficult game against Napoli. People expect us to dominate a game like this more, but that is actually not possible. The quality of Napoli is too big for that.”I was happy with a lot of parts of the game. Of course, not with our creating chances and finishing. But, again, they’re a very good side. “It’s not a team you play against and score easily two, three or four goals. We could have had a few better chances with a few better decisions. We are in a good shape and we have to keep going.” last_img read more

8 days agoSouthampton boss Hasenhuttl: International break came at right time

first_imgAbout the authorPaul VegasShare the loveHave your say Southampton boss Hasenhuttl: International break came at right timeby Paul Vegas8 days agoSend to a friendShare the loveSouthampton manager Ralph Hasenhuttl says the international break came at the right time.Hasenhuttl admits it has helped him to refocus a side that lost three consecutive Premier League matches.”The good thing was we had a lot of players here and not too many away on international duty over the two weeks,” he said.”That gave me the chance to work on a few weaknesses in our game that we have seen in our last two games.”Against the big teams, they show you immediately the lack of quality you have in some situations of your game.”The biggest issue we have had is after losing the ball, the transition to defence was not quick enough and not committed enough and that’s the reason why we conceded more goals than normal.”On facing Wolves, Hasenhuttl added: “I think it will be a good game because both sides like to have a good offensive transition and we will have to pay attention if we lose the ball when you have possession, because that is the most dangerous moment against that opposition.” last_img read more

Video: Jim Larranaga Broke Out An Extremely Joyful Rendition Of The Whip/Nae Nae After Miami Beat Florida

first_imgJim Larranaga htis the nae nae after beating Florida.YouTube/CanesAllAccessMiami hoops is off to a fast start, sitting at 8-1 after Tuesday night’s 66-55 win over in-state rival Miami. After the game, Larranaga joined the extensive list of college coaches who have broken out The Whip/Nae Nae dance to celebrate a win.Larranaga is a full dance craze behind, so expect him to Dab at some point soon. If you’re going to be a post-game dancer, you need to be up on your fads, Jim. Really, this responsibility is on his players.last_img