The Brent Alpha topside oil platform stands in the Able UK Ltd. yard as it undergoes decommissioning in Teesside, UK, on Wednesday, Nov. 11, 2020.(Bloomberg)
The Brent Alpha topside oil platform stands in the Able UK Ltd. yard as it undergoes decommissioning in Teesside, UK, on Wednesday, Nov. 11, 2020.(Bloomberg)

Oil highest since March on vaccine progress, Biden transition

Brent futures rose as much as 1.4% in London, accompanied by a sharp rally in the shape of the futures curve as physical markets in Asia showed signs of strength.
By Bloomberg | Posted by Arpan Rai
PUBLISHED ON NOV 24, 2020 03:09 PM IST

Oil traded at its highest level since March as markets broadly rallied on the start of the US presidential transition process and with the demand outlook strengthening after a string of positive vaccine breakthroughs.

Brent futures rose as much as 1.4% in London, accompanied by a sharp rally in the shape of the futures curve as physical markets in Asia showed signs of strength. The triggering of a formal transition process to US President-elect Joe Biden buoyed stock markets and pushed down the dollar on Tuesday.

With coronavirus vaccines appearing more likely in recent weeks and crude demand in Asia soaring, the gains in the shape of the oil futures curve have been even more stellar than the almost 24% rise in Brent prices so far this month. The international benchmark’s nearest contract moved to a premium to the next month on Monday for the first time since July -- a bullish structure known as backwardation that indicates tight supply.

Such is the strength of the recovery in Asia, it’s now pulling supplies from as far afield as the North Sea. A rebound in Chinese local flights is also aiding demand for jet fuel, the hardest-hit oil product. That broad recovery has helped drive the market’s return to backwardation, which is significant as it often attracts passive flows into the market, leading to further price rallies.

“There are a growing number of unequivocal signs that the developing positive confidence will keep growing,” said PVM Oil Associates analyst Tamas Varga. “The improvement in Brent spreads is also down to healthy demand from the Far East.”

WTI’s discount to Brent has widened sharply in recent days amid expectations for OPEC+ to extend current output cuts into next year. Some members of the group are showing signs of strain, however. Iraq is seeking upfront payments of about $2 billion in exchange for a long-term crude-supply contract, the latest sign of Baghdad’s growing desperation for cash.

Saudi Arabia, meanwhile, confirmed that Houthi rebels in Yemen targeted an oil facility in northern Jeddah province, a reminder of the ever-present risk of instability in the region. The attack on Monday caused a fire at an oil tank inside a fuel-distribution center, the kingdom’s energy ministry said.

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Gadkari said last year that the policy would also help recycle key raw material made available by scrapping vehicles, such as steel, aluminium and plastic, thereby lowering automobile prices.(PTI)
Gadkari said last year that the policy would also help recycle key raw material made available by scrapping vehicles, such as steel, aluminium and plastic, thereby lowering automobile prices.(PTI)

Fee waiver, road tax discount key features of Centre’s draft scrappage policy

By HT Correspondent, New Delhi
PUBLISHED ON JAN 24, 2021 05:17 AM IST
Features of the draft policy, one of whose caveats is that the vehicles that are sent to the scrapyard must be dismantled in an environment friendly way, were discussed by the ministry at the 40th meeting of the transport development council chaired by Union transport minister Nitin Gadkari on Tuesday.
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India has allowed local airlines to fly limited schedules since May after two months of a strict nationwide lockdown, gradually opening up the domestic market.(PTI)
India has allowed local airlines to fly limited schedules since May after two months of a strict nationwide lockdown, gradually opening up the domestic market.(PTI)

India’s domestic aviation operations nearing pre-pandemic levels

Bloomberg
UPDATED ON JAN 23, 2021 10:54 PM IST
As many as 257,613 passengers flew locally as on Jan. 22, compared with 30,000 passengers that traveled by air when such flights were restarted on May 25, Puri said in a Twitter post on Saturday.
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Washington : FILE - In this Jan. 21, 2021, file photo, President Joe Biden reacts to a reporters question after signing executive orders in the State Dinning Room of the White House, in Washington. Vice President Kamala Harris, left, and Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, right, look on. AP/PTI(AP01_23_2021_000009B)(AP)
Washington : FILE - In this Jan. 21, 2021, file photo, President Joe Biden reacts to a reporters question after signing executive orders in the State Dinning Room of the White House, in Washington. Vice President Kamala Harris, left, and Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, right, look on. AP/PTI(AP01_23_2021_000009B)(AP)

Oil industry reels as Joe Biden targets fossil fuels in first days

Bloomberg
PUBLISHED ON JAN 23, 2021 06:25 PM IST
  • Officials are worried that technical permitting decisions are being placed in the hands of political appointees, rather than expert regulators in the field. And they’re concerned permits -- or simply changes to them -- will be delayed for existing drilling operations.
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Called the US Citizenship Act of 2021, the legislation modernises the immigration system, and also proposes to eliminate the per country cap for employment-based green cards, a move that would benefit thousands of Indian IT professionals.(AFP)
Called the US Citizenship Act of 2021, the legislation modernises the immigration system, and also proposes to eliminate the per country cap for employment-based green cards, a move that would benefit thousands of Indian IT professionals.(AFP)

IT giants Apple, Google welcome Joe Biden's new immigration reforms

PTI, Washington
PUBLISHED ON JAN 23, 2021 05:14 PM IST
On the day one of his presidency on Wednesday, Biden sent a comprehensive immigration bill to Congress which proposes major overhauls to the system.
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The ED found that Wadhawans laundered more than <span class='webrupee'>₹</span>2500 crore out of a total <span class='webrupee'>₹</span>6600 crore the company - HDIL - had taken from PMC Bank between 2007 and 2013.(Twitter/@dir_ed)
The ED found that Wadhawans laundered more than 2500 crore out of a total 6600 crore the company - HDIL - had taken from PMC Bank between 2007 and 2013.(Twitter/@dir_ed)

PMC Bank fraud: ED arrests Viva group MD, consultant

By Vijay Kumar Yadav | Edited by Abhinav Sahay, Mumbai
PUBLISHED ON JAN 23, 2021 03:31 PM IST
  • ED's money laundering probe in the PMC Bank case began after the Mumbai police registered a criminal case in September 2019 against HDIL, its promoters Rakesh Wadhawan and Sarang Wadhawan among others.
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A salesman shows gold necklaces to a customer at a jewellery showroom in Kolkata in this file photo. (Reuters Photo)
A salesman shows gold necklaces to a customer at a jewellery showroom in Kolkata in this file photo. (Reuters Photo)

Gold prices start the week at 48,332 per 10 gram, fall to 48,861

By hindustantimes.com | Written by Meenakshi Ray, New Delhi
PUBLISHED ON JAN 23, 2021 11:19 AM IST
Gold price was up in the national capital on Monday with a recovery in international prices and rupee depreciation, according to HDFC Securities.
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The record rise in prices has led to demands for a cut in excise duty to allow customers to buy fuel at lesser prices.(Satyabrata Tripathy/Hindustan Times)
The record rise in prices has led to demands for a cut in excise duty to allow customers to buy fuel at lesser prices.(Satyabrata Tripathy/Hindustan Times)

Fuel prices surge once more. Check what people will have to pay in major cities

By hindustantimes.com | Edited by Shankhyaneel Sarkar, Hindustan Times, New Delhi
PUBLISHED ON JAN 23, 2021 11:11 AM IST
Petrol prices in Delhi rose to 85.70 and diesel prices were up by 15 paise to rise to 75.88 per litre.
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While the RBI has sought to increase scrutiny on shadow banks, it has also assured them that the proposed changes will continue to allow those engaged in niche sectors and markets to have flexibility in terms of business operations.
While the RBI has sought to increase scrutiny on shadow banks, it has also assured them that the proposed changes will continue to allow those engaged in niche sectors and markets to have flexibility in terms of business operations.

RBI proposes stricter norms for non-banks

By Gopika Gopakumar, Livemint, Mumbai
PUBLISHED ON JAN 23, 2021 07:39 AM IST
The regulator proposed to classify the shadow banks into four categories, depending on their systemic importance and potential risk to the stability of financial system stability.
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The India volatility index, or the VIX, which indicates a rise in fear and anxiety among investors, rose 1% to end at 22.42 on Friday.(PTI)
The India volatility index, or the VIX, which indicates a rise in fear and anxiety among investors, rose 1% to end at 22.42 on Friday.(PTI)

Markets skid amid weak global cues

By Nasrin Sultana, Livemint, Mumbai
PUBLISHED ON JAN 23, 2021 07:37 AM IST
Stocks in the Asia-Pacific also traded lower, with Hong Kong’s Hang Seng falling 1.6%, China’s Shanghai Composite 0.4%, Japan’s Nikkei 0.44% and South Korea’s Kospi 0.64%.
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After the move was opposed by industry, finance minister Nirmala Sitharaman said on August 23, 2019 that violations of CSR norms under the Companies Act would be treated as a civil liability and not as a criminal offence.(HT file photo. Representative image)
After the move was opposed by industry, finance minister Nirmala Sitharaman said on August 23, 2019 that violations of CSR norms under the Companies Act would be treated as a civil liability and not as a criminal offence.(HT file photo. Representative image)

CSR offences by firms now a ‘civil wrong’, not a crime

By Rajeev Jayaswal
PUBLISHED ON JAN 23, 2021 05:25 AM IST
In line with a commitment made by the finance minister, the government formally notified that non-compliance with CSR provisions would be a “civil wrong,” not a crime, and shifted such violations to a penalty regime, two officials said, requesting anonymity.
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Intel shares fell 4.6% in early trading in New York.(Bloomberg)
Intel shares fell 4.6% in early trading in New York.(Bloomberg)

Intel tumbles after new CEO recommits to chip manufacturing

Bloomberg
PUBLISHED ON JAN 22, 2021 08:00 PM IST
  • Keeping chip production in-house may be bad for Intel because its manufacturing technology has fallen behind Taiwan Semiconductor Manufacturing Co., which makes chips for many of Intel’s rivals. If the US company can’t catch up, its products will become less competitive, lose sales and market share.
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The IPO has received bids for 64.58 crore shares against an offer size of 55.18 lakh shares.(AP Representative image)
The IPO has received bids for 64.58 crore shares against an offer size of 55.18 lakh shares.(AP Representative image)

Indigo Paints IPO garners robust response; subscribed 117 times on final day

PTI, New Delhi
PUBLISHED ON JAN 22, 2021 06:34 PM IST
The price band was fixed at 1,488-1,490 a share for the initial share-sale, which was open for public subscription during January 20-22.
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The Infosys co-founder also noted that the pandemic has brought changes in consumer behaviour
The Infosys co-founder also noted that the pandemic has brought changes in consumer behaviour

India will be role model on how to vaccinate billion people at scale: Nilekani

PTI, New Delhi
PUBLISHED ON JAN 22, 2021 06:02 PM IST
Speaking at Redseer's Ground Zero 4.0 event, Nilekani spoke on how to build for scale in India that presents a massive opportunity with a booming internet penetration and rising adoption of digital services.
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Amazon and Flipkart together control 81% of India’s online market share, while RIL’s online services are estimated at 1% market share in 2020.mint(MINT_PRINT)
Amazon and Flipkart together control 81% of India’s online market share, while RIL’s online services are estimated at 1% market share in 2020.mint(MINT_PRINT)

Govt has pledged strict foreign investment rules for e-commerce, says CAIT

Reuters, New Delhi
PUBLISHED ON JAN 22, 2021 05:34 PM IST
India's e-commerce retail market is seen growing to $200 billion a year by 2026, from $30 billion in 2019.
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The oil market will be able to accommodate Iran’s maximum oil output of around 3.9 million to 4 million barrels a day.(Reuters/ File photo)
The oil market will be able to accommodate Iran’s maximum oil output of around 3.9 million to 4 million barrels a day.(Reuters/ File photo)

Iran starts ramping up oil production to pre-sanctions levels

Bloomberg, Tehran
PUBLISHED ON JAN 22, 2021 04:47 PM IST
  • Iran has been subject to tough US sanctions since 2018, when the administration of then-President Donald Trump unilaterally withdrew from an international deal that restricted the Middle Eastern country’s nuclear activities. Its crude production was below 2 million barrels a day for most of 2020.
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