Business
Gold prices edge up as U.S. pending home sales see a record 44.3% jump in May – Kitco NEWS
(Kitco News) Gold prices saw a small uptick as U.S. pending home sales surprised on the upside, spiking 44.3% in May.
U.S. housing data showed that more consumers than expected committed to buying a home in May, according to the National Association of Realtors (NAR).
The U.S. pending home sales were up 44.3% in May, marking the largest one-month jump on record, the association said on Monday. Consensus forecasts were calling for an increase of 18.9%.
The pending home sales index came in at 99.6 in May, up from April’s reading of 69.0.
“This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership,” said NAR chief economist Lawrence Yun. “This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery.”
Yun also pointed out that more new home construction will be needed going forward.
“More listings are continuously appearing as the economy reopens, helping with inventory choices,” Yun said. “Still, more home construction is needed to counter the persistent underproduction of homes over the past decade.”
Economists pay close attention to the pending home sales numbers because the index is seen as a forward-looking barometer for the housing market. A lag of a month or two usually exists between a contract and a completed sale.
Gold prices edged up slightly following the publication of the report. August Comex gold futures were last trading at $1,782.20, up 0.11% on the day.
Business
Rupture on TC Energy's NGTL gas pipeline sparks wildfire in Alberta – The Globe and Mail
A section of TC Energy’s TRP-T NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday, sparking a wildfire in a remote area, the company said.
“An initial ignition of natural gas at the rupture site is now extinguished. We are working to support Alberta Wildfire in their response to contain a secondary fire,” the company said in a statement on its website.
TC said there were no injuries and it was working closely with first responders in the region.
How fire broke out at the TC gas pipeline near Edson, Alberta
The fire broke out about 40 km (25 miles) northwest of Edson, Alberta, in Yellowhead County. Canadian broadcaster Global News said there was a plume of flames and smoke visible from many kilometres away.
The Canada Energy Regulator (CER) said initial investigations indicated a rupture in a gas pipeline caused the fire, which was under control.
TC Energy said it has isolated and shut down the affected section of the NGTL system, and the remainder of the system is operating normally with no commercial impact.
The CER said it is sending inspectors to the area to monitor and oversee the company’s response and determine the impact of the incident.
NGTL is TC Energy’s natural gas gathering and transportation system that transports gas produced in Western Canadian Sedimentary Basin (WCSB) to markets in Canada and United States.
Business
Gas prices in GTA expected to rise 14 cents on Thursday – CityNews Toronto
Drivers in the GTA are bracing for a double-digit spike at the gas pumps on Thursday, as the price is expected to rise 14 cents at midnight.
Roger McKnight, chief petroleum analyst with En-Pro International Inc., tells CityNews the price at gas pumps is set to rise to 178.9 cents/litre at local stations. The price as of Wednesday is 164.9 cents/litre.
The last time gas prices were this high was back in August 2022.
McKnight says the spike is due to price increases for wholesale gas and only applies to gasoline. He adds the price for diesel will increase by 0.4 cents.
Earlier this month, the price rose to its highest levels in six months following the implementation of the federal carbon price, also referred to as the carbon tax.
That saw the carbon tax on gasoline go up by 3.3 cents per litre, while diesel increased by 4.1 cents per litre.
With files from John Marchesan of CityNews
Business
TC Energy responds to incident in Yellowhead County – TC Energy
Update #1
Media statement – April 16, 2024, 1:30 p.m. MDT
We can confirm that we are actively responding to an incident involving the NGTL natural gas system approximately 40 kilometres northwest of Edson, Alta in Yellowhead County.
TC Energy received notification about this incident at approximately 11 a.m. MT and immediately activated our emergency response procedures. We are coordinating with emergency first responders. The affected section of the pipeline has been isolated and shut down. There are no reported injuries. Our primary focus right now is the health and safety of responding personnel, surrounding communities and mitigating risk to the environment.
We are making all appropriate notifications to regulators, customers, stakeholders and Indigenous communities.
We will provide more information as soon as it becomes available.
Further inquiries can be sent to TC Energy media relations at media@tcenergy.com
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