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Don’t Expect A Major Rally In Oil

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U.S. West Texas Intermediate crude oil futures rallied on Thursday, testing its high for the week amid optimism that that demand for fuel will grow in 2023. The move followed a more than 3% jump on Wednesday. Support was provided by concern over the impact of sanctions on Russian crude oil.

Providing a little resistance for buyers was a massive surprise build in U.S. crude stockpiles and caution over whether the Federal Reserve would use the slowdown in consumer inflation in December to slow the pace of interest rate hikes.

US Consumer Inflation Declines

U.S. consumer prices unexpectedly fell in December. The news pressured U.S. Treasuries and the U.S. Dollar, driving up demand by making dollar-denominated crude oil cheaper for foreign buyers.

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The greenback tumbled after inflation data lifted expectations that the Federal Reserve will be less aggressive going forward with rate hikes.

Traders Bracing for Additional Curb on Russian Oil Supply

Crude oil price were also underpinned by traders bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine.

The U.S. Energy Information Administration said the upcoming European Union ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022.

Gains Limited by Sizable Jump in US Crude Oil Inventories

Limiting oil’s…

U.S. West Texas Intermediate crude oil futures rallied on Thursday, testing its high for the week amid optimism that that demand for fuel will grow in 2023. The move followed a more than 3% jump on Wednesday. Support was provided by concern over the impact of sanctions on Russian crude oil.

Providing a little resistance for buyers was a massive surprise build in U.S. crude stockpiles and caution over whether the Federal Reserve would use the slowdown in consumer inflation in December to slow the pace of interest rate hikes.

US Consumer Inflation Declines

U.S. consumer prices unexpectedly fell in December. The news pressured U.S. Treasuries and the U.S. Dollar, driving up demand by making dollar-denominated crude oil cheaper for foreign buyers.

The greenback tumbled after inflation data lifted expectations that the Federal Reserve will be less aggressive going forward with rate hikes.

Traders Bracing for Additional Curb on Russian Oil Supply

Crude oil price were also underpinned by traders bracing for an additional curb on Russian oil supply due to sanctions over its invasion of Ukraine.

The U.S. Energy Information Administration said the upcoming European Union ban on seaborne imports of petroleum products from Russia on Feb. 5 could be more disruptive than the EU ban on seaborne imports of crude oil from Russia implemented in December 2022.

Gains Limited by Sizable Jump in US Crude Oil Inventories

Limiting oil’s gains was a hefty and unexpected jump in U.S. crude oil inventories. Crude inventories rose by 19 million barrels in the week-ended Jan. 6 to 439.6 million barrels. Analysts polled by Reuters had expected a 2.2 million-barrel drop.

Weekly Technical Analysis

Weekly February WTI Crude Oil

WTI

Trend Indicator Analysis             

The main trend is down according to the weekly swing chart. A move through $91.19 will change the main trend to up. A trade through $60.05 will reaffirm the downtrend.

The minor trend is also down. A trade through $81.50 will change the minor trend to up. This will also shift momentum to the upside.

Retracement Level Analysis

The contract range is $36.16 to $106.51. Its retracement zone at $71.34 to $63.03 is the next major downside target and value zone.

The short-term range is $91.19 to $70.31. Its retracement zone at $80.75 to $83.21 is resistance.  This zone helped stop the rally at $81.50 two weeks ago.

The minor range is $70.31 to $81.50. The market is currently trading on the strong side of its pivot at $76.79, making it support.

Weekly Technical Forecast

The direction of the February WTI crude oil market the week-ending January 20 is likely to be determined by trader reaction to the minor pivot at $76.79.

Bullish Scenario

A sustained move over $76.79 will signal the presence of buyers.  If this move creates enough upside momentum then look for a surge into the short-term retracement zone at $80.75 to $83.21.

Overtaking $83.27 will shift momentum to the upside and could trigger an acceleration to the upside with $91.19 the next major target price.

Bearish Scenario

A sustained move under $76.79 will indicate the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the support cluster at $71.34 to $70.31.

A failure to hold $70.31 could trigger an acceleration to the downside with $63.03 the next major target price.

Short-Term Outlook

WTI was edging higher ahead of Thursday’s CPI report as traders anticipated a weak number would spawn a slide in the dollar, with the reverse correlation driving up the bid in crude oil. Thursday’s strong rally proved they were right in their assumption. Essentially, crude oil is benefitting from the prospect of a slowdown in Fed rate hikes and a weaker U.S. Dollar.

Furthermore, the market appears to be underpinned by expectations of a softer landing for the U.S. or no hard recession. This, combined with a strong economic rebound in China following the current COVID wave, could make for a better year for prices than previously predicted by stimulating an unexpected surge in demand.

Although it is easy to get bullish on crude oil because of expectations of renewed demand in China, rising equities and a weaker U.S. Dollar, one has to strongly consider the odds of a meaningful rally, given the size of U.S. crude oil and refined products inventories. Unless U.S. supply tightens considerably, gains are likely to be limited, which means more rangebound trading over the near-term.

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Home Depot investigation: Data shared without consent

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OTTAWA –

Retailer Home Depot shared details from electronic receipts with Meta, which operates the Facebook social media platform, without the knowledge or consent of customers, the federal privacy watchdog has found.

In a report released Thursday, privacy commissioner Philippe Dufresne said the data included encoded email addresses and in-store purchase information.

The commissioner’s investigation discovered that the information sent to Meta was used to see whether a customer had a Facebook account.

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If they did have an account, Meta compared what the customer bought at Home Depot to advertisements sent over the platform to measure and report on the effectiveness of the ads.

Meta was also able to use the customer information for its own business purposes, including user profiling and targeted advertising, unrelated to Home Depot, the commissioner found.

It is unlikely that Home Depot customers would have expected their personal information to be shared with a social media platform simply because they opted for an electronic receipt, Dufresne said in a statement.

He reminded companies that they must obtain valid consent at the point of sale to engage in this type of activity.

“As businesses increasingly look to deliver services electronically, they must carefully consider any consequential uses of personal information, which may require additional consent.”

Home Depot told the privacy commissioner it relied on implied consent and that its privacy statement, available through its website and in print upon request at retail outlets, adequately explained the company’s use of information. The retailer also cited Facebook’s privacy statement.

The commissioner rejected Home Depot’s argument, saying the privacy statements were not readily available to customers at the checkout counter, adding shoppers would have no reason to seek them out.

“The explanations provided in its policies were ultimately insufficient to support meaningful consent,” Dufresne said.

He recommended that Home Depot stop disclosing the personal information of customers who request an electronic receipt to Meta until it is able to put in place measures to ensure valid consent.

Home Depot fully co-operated with the investigation, agreed to implement the recommendations and stopped sharing customer information with Meta in October, the commissioner said.

This report by The Canadian Press was first published Jan. 26, 2023.

 

——

Meta funds a limited number of fellowships that support emerging journalists at The Canadian Press.

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Rent increased more than 18% last year for new tenants, new numbers show – CBC News

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A surge in demand pushed Canada’s rental market to its tightest level in two decades last year, with the vacancy rate in purpose-built apartments dipping below two per cent and rent for new tenants going up by 18 per cent.

Those were some of the main takeaways from the Canada Mortgage and Housing Corporation’s annual report on the state of Canada’s rental market.

The figures cited above were for purpose-built rental apartments, so they don’t include what’s happening in condos, or in apartments built out of occupied family homes.

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For purpose-built rentals, the national vacancy rate fell to 1.9 per cent last year, its lowest level since 2001. 

Booming demand for apartments pushed up the price to get one, too, with the average rent hitting $1,258 a month. That was up by 5.6 per cent from the previous year’s level, and roughly twice the annual average seen for the past 30 years.

But rent didn’t go up at the same pace for every unit.

Apartments where there was a change in tenants saw the rent go up by 18.9 per cent. Those where there was no change in tenancy saw rents go up by only 2.9 per cent, on average. “This reflects the fact that, once a tenant vacates a unit, landlords are generally free to increase asking rents to current market levels,” the CMHC said.

That gap was even more stark in two of Canada’s biggest cities, Toronto and Vancouver, where average rents for a unit that saw a tenant change went up by 29 and 24 per cent, respectively.

Geordie Dent, the executive director of the Federation of Metro Tenants Association, has spent more than a decade as a watchdog for the rental market in Toronto. He says the situation is as dire as he’s ever seen, with a surge in so-called “renovictions,” where landlords are eager to take advantage of higher market rents by evicting tenants and raising rents to someone new

“There’s an incentive for them to try to illegally evict people and raise the rent,” he told CBC News in an interview. He says he hears stories every day of people staying in unsuitable housing situations because of desperation. “They’re afraid that if they get kicked out of their current place for a new one, rent’s going to be like $1,000 higher.”

WATCH | ‘Renovictions’ becoming common, tenant advocate says: 

Toronto tenant advocate says market is dire

6 hours ago

Duration 6:07

Geordie Dent, the executive director of the Federation of Metro Tenants’ Association, says the situation in Toronto’s rental market is the worst he’s ever seen.

Things aren’t much better across the country in Vancouver, either. The vacancy rate fell to just 0.9 per cent, with the average price for a two-bedroom hitting $2,002 a month. That’s up by 5.7 per cent from last year, but it’s up by 24 per cent among units that have seen a tenancy change.

Some of those in the lower mainland’s rental market fear the system is irreparably broken.

Vinny Cid was working and living in Victoria, but when his job allowed him to work remotely in 2021, he made the decision to move home with his parents. 

He, his sibling and his two parents share a rental home in Richmond, B.C. for $2,800 a month which suits their needs, but he says they are only able to get that because his parents have lived in the unit since 2016.

“The rental situation has devolved quickly,” he told CBC News in an interview Thursday. “I check rental listings almost daily, and something similar today would cost $4,000 or more.”

“It’s depressing to see how prices have spiraled out of control very quickly,” he said.

While his situation works for him for now, should his employment or needs change, he suspects he would have to leave the province, or even the country. And he says he worries for those who don’t have the income and family support he has.

“Everybody is being told to either improvise or get pushed out,” he said. “In terms of outlook, it doesn’t look good.”

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School with campuses in Oakville, Mississauga, Brampton tops on Forbes' list of best employers | inHalton – insauga.com

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Published January 25, 2023 at 2:14 pm

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Sheridan College, with campuses in Oakville, Mississauga and Brampton, is the No. 1 ranked employer in Canada according to Forbes’ annual list of Canada’s Best Employers. SHERIDAN COLLEGE IMAGE

When it comes to the best place to work in the country, Sheridan College, with campuses in Oakville, Brampton and Mississauga, tops the list.

That’s according to a Forbes’ annual list of Canada’s Best  Employers released on Thursday (Jan. 25).

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Forbes partnered with the market research firm Statista to compile the list of the top 300 employers using ranking based on a survey of more than 12,000 Canadians working for companies and institutions with at least 500 employees.

Participants were asked to rate how likely they were to recommend their current employer, and could recommend employers other than their own.

Founded in 1967, Sheridan College has over 3,380 employees and educates nearly 40,000 students from across the country and world.

The educational facility offers over 130 academic programs and also includes the Sheridan Centre for Elder Research, focused on developing and testing quality of life improvements for senior citizens and their families.

Carlton University, at No. 6, was the only other post-secondary institution to place in the Top 10 on the 2023 Forbes list.

“This is an incredible achievement for Sheridan. We’ve always been proud to be recognized by Forbes as an employer of choice,” said Dr. Janet Morrison, President and Vice Chancellor of Sheridan College. “To finish at the top of the list, in only our second top 10 ranking, confirms that our commitment to developing a work culture where innovative risk-taking, collaboration and life-long learning thrive is the right path forward.

“This honour belongs to our dedicated employees who are one of Sheridan’s greatest assets.”

This is the second time recently the local college was recognized by Forbes.

In 2022, Sheridan was named to the Forbes’ list of Canada’s Best Employers For Diversity. It ranked No. 10, highest of any Canadian college.

Placing second behind Sheridan College on the list of Canada’s Best Employers was the Canadian Mental Health Association in Toronto with 5,000 employees, while the Keg Steakhouse & Bar, with 10,400 employees and based out of Richmond, British Columbia, was third.

To see the complete Top 300 list of Canada’s Best Employers, visit here.


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