Oil prices skidded on Monday after negotiations between Saudi Arabia and Russia to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.
Brent crude fell as much as $3 in early Asian trading after OPEC, a group of main oil-producing countries led by Saudi Arabia postponed a meeting over a potential pact to cut production to Thursday.
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The producers were initially set to meet on Monday, but that has now been pushed to April 9, after they blamed each other for the collapse of talks in March, with Saudi Arabia making a diplomatic attack on Russian President Vladimir Putin.
Investors previously hoped that the meeting would have resulted in cuts to oil production of about 10 million barrels per day.
“We continue to believe that it is going to be difficult for producers to agree on cuts, particularly in the region of 10 to 15 million barrels per day,” according to a commodities note from ING.
“Anything less than this would likely disappoint the market, given growing expectations last week, along with the deteriorating demand picture,” Warren Patterson, ING head of commodities strategy and Wenyu Yao, ING senior commodities strategist said.
“The deal really hinges on the United States though, with Russian participation dependent on the US contributing to cuts,” they said.
US President Donald Trump said he would impose tariffs on crude imports if that is needed to support the US oil sector.
Brent crude slipped close to $30 a barrel in early trade and was at $32.82 by 02:03 GMT, down $1.29, or 3.8 percent. West Texas Intermediate (WTI) crude fell $1.66, or 5.9 percent, to $26.68 a barrel, after earlier touching a low of $25.28.
Analysts said the news could lead to some sell-off in currency markets too, although movements are still being dictated by the spread of the coronavirus pandemic.
The United Kingdom’s pound sterling fell after Prime Minister Boris Johnson was admitted to the hospital following persistent coronavirus symptoms.
Also weighing on the pound were fears other senior government officials who were in the same briefing as Johnson could be affected by the virus, said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto, Canada.
The pound fell 0.4 percent in early trade on Monday in a knee-jerk reaction and was last down 0.3 percent at $1.2222.
Virus concerns
“It is stating the obvious to say the viral outbreak and the containment measures to fight it are central to market action,” said Michael McCarthy, chief market strategist at CMC Markets.
Indeed, equity investors looked at the positives with leading European nations including France and Italy reporting lower death rates.
US stock futures jumped more than 1.5 percent in early Asian trading on Monday after US President Donald Trump expressed hope the country was seeing a “levelling off” of the coronavirus crisis.
The gains came despite New York Governor Andrew Cuomo cautioning that it was not yet clear whether the crisis in the state had reached a plateau. Investors took solace from the fact that COVID-19 cases appeared to be reaching a peak in Europe with Italy seeing the number of patients in intensive care falling for the second consecutive day.
In Asia, Australia’s benchmark index added 0.5 percent, Japan’s Nikkei was up 0.2 percent while South Korea’s KOSPI index climbed 1.4 percent.
That left MSCI’s broadest index of Asian shares outside of Japan up 0.1 percent. China markets were closed for a public holiday.
“Focus in markets will now turn to the path out of lockdown and to what extent containment measures can be lifted without risking a second wave of infections,” National Australia Bank analyst Tapas Strickland wrote in a note.
“Key to a strong rebound in China will be the continuing lifting of containment measures with Wuhan – the epicentre of the outbreak – set to lift containment measures on April 8.”
Strickland, however, noted many in China were still subject to social distancing and isolation restrictions to prevent a resurgence in infections.
The pandemic has killed more than 64,000 deaths as it further exploded in the US and the death toll climbed in Spain and Italy, according to a Reuters news agency tally.
Concerns about heavy damage to the global economy have pushed investors into the perceived safety of government bonds where yields are at or near all-time lows.
Elsewhere in currencies, the US dollar was up a touch against the yen at 108.58.. The euro was barely moved at $1.0803 while the risk-sensitive Australian dollar was up 0.2 percent at $0.6004.
Spot gold was down 0.2 percent at $1,612.9 an ounce.
Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.
In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.
Your level of interest in the company and the role.
Contributing to your employer’s success is essential.
You desire a cultural fit.
Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:
“What are the key responsibilities of this position?”
Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”
“What does a typical day look like?”
Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.
“How would you describe the company culture?”
Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”
Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.
“What opportunities are there for professional development?”
When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.
Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.
Here are my four go-to questions—I have many more—to accomplish this:
“Describe your management style. How will you manage me?”
This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.
“What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”
This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”
“When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”
Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.
“If I wanted to sell you on an idea or suggestion, what do you need to know?”
Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.
Other questions I’ve asked:
“What keeps you up at night?”
“If you were to leave this company, who would follow?”
“How do you handle an employee making a mistake?”
“If you were to give a Ted Talk, what topic would you talk about?”
“What are three highly valued skills at [company] that I should master to advance?”
“What are the informal expectations of the role?”
“What is one misconception people have about you [or the company]?”
Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.
The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.
Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.
Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.
On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.
The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Oct. 31, 2024.
CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.
The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.
Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.
Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.
Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.
On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.
This report by The Canadian Press was first published Oct. 31, 2024.
