adplus-dvertising
Connect with us

Economy

Oil Climbs Ahead of Data on Global Demand and U.S. Economy – Bloomberg

Published

 on


Oil Spirals Below Zero In 'Devastating Day' For Global Industry

Oil climbed following a sustained slide that dragged prices below $65 a barrel, with investors waiting for reports that will provide a snapshot on global demand and the health of the U.S. economy.

Futures in New York added 0.7% after losing 1.9% over the past three sessions. A monthly report from the International Energy Agency and a Federal Reserve policy statement are due Wednesday and will follow industry data that showed a drop in U.S. crude stockpiles last week. If confirmed by government figures, it would be the first draw since mid-February.

The market will also be looking for clues on the state of the U.S.-China relationship after high level talks in Alaska later this week.

#lazy-img-370069430:beforepadding-top:56.25%;Oil climbs ahead of the IEA report and Fed policy statement

Despite the recent retreat, oil is still up almost 34% this year as output cuts from OPEC+ members tighten supply and as the demand outlook improves with the rollout of Covid-19 vaccines. Consumption is roaring back in some regions including the U.S., although parts of Europe are struggling to rebound.

“After the run oil has had so far this year, it’s unsurprising to see profit taking on upticks,” said Stephen Innes, chief global market strategist at Axi. “Still, the much improving economic outlook amid OPEC’s determination to have inventories draw is far from over.”

See also: Traders Snap Up Europe’s Gasoline After U.S. Stockpiles Collapse

Prices
  • West Texas Intermediate crude for April delivery rose 42 cents to $65.22 a barrel on the New York Mercantile Exchange at 1:45 p.m. Singapore time after falling 0.9% on Tuesday.
  • Brent for May settlement gained 0.4% to $68.67 on the ICE Futures Europe exchange after losing 0.7% in the previous session.

The prompt timespread for WTI flipped into contango last week and was 6 cents a barrel in the bearish market structure on Wednesday — where near-dated prices are cheaper than later-dated ones. U.S. producers have bounced back after the cold blast last month, although some refiners are yet to fully resume normal operations, leading to excess crude supplies.

The American Petroleum Institute reported U.S. crude stockpiles fell by 1.05 million barrels last week, while gasoline inventories dropped by 926,000 barrels, according to people familiar with the figures. Supplies at the storage hub of Cushing declined.

Other oil-market news:
  • The first initial public offering for a shale driller in almost half a decade will test investors’ desire for an industry that’s still dusting off from last year’s historic energy-market bust.
  • The market for moving oil across the world’s oceans is currently so bad that owners of the industry’s biggest supertankers are actually subsidizing the delivery of cargoes.
  • Vitol Group reaped record profits of around $3 billion last year as the world’s largest independent oil trader surfed the dramatic moves in energy markets, according to people familiar.

— With assistance by Anna Kitanaka

    Let’s block ads! (Why?)

    728x90x4

    Source link

    Continue Reading

    Business

    A timeline of events in the bread price-fixing scandal

    Published

     on

     

    Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

    Here’s a timeline of key events in the bread price-fixing case.

    Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

    Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

    Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

    Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

    Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

    June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

    Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

    Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

    July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

    Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

    This report by The Canadian Press was first published Sept. 19, 2024.

    Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

    The Canadian Press. All rights reserved.

    Source link

    Continue Reading

    Economy

    S&P/TSX composite up more than 250 points, U.S. stock markets also higher

    Published

     on

     

    TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

    The S&P/TSX composite index was up 254.62 points at 23,847.22.

    In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

    The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

    The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

    The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

    This report by The Canadian Press was first published Sept. 19, 2024.

    Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

    The Canadian Press. All rights reserved.

    Source link

    Continue Reading

    Economy

    Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

    Published

     on

     

    VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

    Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

    The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

    “If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

    “Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

    Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

    The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

    The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

    Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

    More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

    Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

    “This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

    Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

    “We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

    Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

    Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

    Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

    “We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

    This report by The Canadian Press was first published Sept. 18, 2024.

    The Canadian Press. All rights reserved.

    Source link

    Continue Reading

    Trending