Kashmir’s harsh winter period ‘Chillai Kalan’ begins; records coldest night of the season – See PHOTOS1/4 ‘Chillai Kalan’, the coldest and harshest winter period in the Kashmir valley begins today. During this 40-day period, the Himalayan valley remains under the grip of intense cold wave conditions. This is also the time when Kashmir receives the highest snowfall. The valley is enveloped in a blanket of snow, and and the partially frozen pine trees add to the surreal beauty of the place. (Image: PTI)2/4 At minus 3.4 degrees Celsius, Srinagar on Tuesday recorded the coldest night of the season so far as the mercury settled below the freezing point across Kashmir Valley. (PTI Image) During this 40-day period in Kashmir, nights are chilly with temperatures reaching below-freezing points and day temperatures thrive in the single digits. (PTI Image) The snow that falls during this time period freezes and lasts longer and adds to the glaciers of the Valley and replenishes the perennial reservoirs that feed the rivers, streams and lakes in Kashmir during the months of summer. (PTI Image)
Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China’s recovery remains a key driver for oil prices.
“If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies,” Birol told Reuters on the sidelines of a conference in India.Price caps on Russian products took effect on Sunday, with the Group of Seven (G7), the European Union and Australia agreeing on caps of $100 per barrel on diesel and other products that trade at a premium to crude, and $45 per barrel for products that trade at a discount, such as fuel oil.
“For the moment, the market expects non-EU countries will increase imports of refined Russian crude, thus creating little disruption to overall supplies,” ANZ analysts said in a client note. “Nevertheless, OPEC’s continued constraint on supply should keep the market tight,” they said.
Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China’s recovery remains a key driver for oil prices.
“If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies,” Birol told Reuters on the sidelines of a conference in India.Price caps on Russian products took effect on Sunday, with the Group of Seven (G7), the European Union and Australia agreeing on caps of $100 per barrel on diesel and other products that trade at a premium to crude, and $45 per barrel for products that trade at a discount, such as fuel oil.
“For the moment, the market expects non-EU countries will increase imports of refined Russian crude, thus creating little disruption to overall supplies,” ANZ analysts said in a client note. “Nevertheless, OPEC’s continued constraint on supply should keep the market tight,” they said.