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Oil falls as U.S. inventories rise but demand hopes stem bigger drop – CNBC

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Azeri oil workers operate a large field of drilling rigs on October 12, 2003 outside the capital city of Baku, Azerbaijan.

Oleg Nikishin | Getty Images

Oil prices fell on Wednesday after U.S. industry data showed a surprise build up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the U.S.-China trade row.

Brent dropped 30 cents to $65.80 a barrel. U.S. West Texas Intermediate fell 40 cents to $60.56 per barrel.

Prices had risen more than 1% in the previous session after the announcement last week of the so-called Phase One U.S.-China trade deal, which lifted global economic prospects and improved the outlook for energy demand.

“The sizzling oil market rally came to a grinding halt after an unexpected climb in the weekly U.S. crude inventory report,” said Stephen Innes, market strategist at AxiTrader, although he said figures for stocks were “unlikely to be a game-changer.”

“Investors have transcended the trade deal-inspired relief rally euphoria, and are now banking on a fundamental demand-driven shift that could quicken the pace of the oil market rebalancing in the first quarter of 2020,” he said.

U.S. crude inventories climbed 4.7 million barrels in the week to Dec. 13 to 452 million, compared with analysts’ expectations for a draw of 1.3 million barrels, data from industry group the American Petroleum Institute showed.

Data from the U.S. Energy Information Administration (EIA) is due later on Wednesday.

“As much as the API has taken the wind out of bulls’ sails, the lull in upside is expected to be short-lived. After all, recent positive developments have given oil fundamentals for next year a supportive shot in the arm,” said Stephen Brennock of oil broker PVM.

Deeper production cuts coming from the Organization of the Petroleum Exporting Countries and its allies, such as Russia, which make up a group known as OPEC+, continued to offer some support and prevented a further slide in prices.

OPEC+, which has cut production by 1.2 million barrels per day (bpd) since Jan. 1 this year, will make a further cut of 500,000 bpd from Jan. 1 to support the market.

RBC Capital Markets said prices could stagnate if trade progress did not translate into concrete economic growth.

“Economic green shoots will help sentiment”, the bank wrote. “But broad macro worries, oil demand softness and pent up producer hedging may continue to serve as near term headwinds for oil prices.”

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'A heartbreak': Ranchman's searching for new owner amid COVID-19 pandemic – Calgary Herald

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Article content continued

“With everything happening and the Calgary downtown being almost completely empty, it’s created sort of the perfect storm for restaurant killing and hospitality killing.”

Ranchman’s has been synonymous with Calgary cowboy culture for nearly 50 years after it first opened its doors April 27, 1972.

The country nightclub was a popular spot during the Calgary Stampede and throughout the rest of the year, being named the “Country Club of the Year” by the Canadian Country Music Association 11 times.

The venue temporarily shut its doors due to the COVID-19 pandemic on March 17, and it has remained closed since. Nightclubs such as Ranchman’s are not permitted to reopen until Stage 3 of Alberta’s relaunch, and public-health officials have said there is currently no timeline for when that might happen.

The bar was founded by Harris Dvorkin and Kevin Baker but ownership traded hands in 2017, following Dvorkin’s death. Calgary bar scene mainstay Doug Rasberry purchased the property alongside a group of local business owners.

Members of the Ranchman’s ownership group did not respond to numerous requests for comment from Postmedia.

Campbell said owners were only talking to “a select few people” about the situation.

“This was a heartbreak for him. Doug (Rasberry) was the first guy, when I took Ranchman’s to the market three and a half years ago, Doug lit up like a kid at Christmas. He was so excited to have an opportunity to take this history on,” he said.

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Calgary’s famous Ranchman’s country bar up for lease; iconic rafter saddles seized by bank – Global News

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Ranchman’s Cookhouse and Dancehall in Calgary, a country bar known for its rafter saddles and mechanical bull, is up for lease.

The building that hosts the bar, at 9615 Macleod Trail S.E, has been listed publicly for the first time in its history.

The real estate company running the lease told Global News that the building is available after the current owners terminated their lease due to COVID-19 economic struggles.

It had initially been taken over by new owners in 2017 — when the former owners sold the business, but kept ownership of the building itself.

Read more:
Ranchman’s new owners to preserve iconic Calgary restaurant, cowboy culture

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One concern is the iconic saddles that hang in the rafters have been seized by the bank, said realtor Rob Campbell.

Even though they don’t belong to the business owner, they’re being considered assets and are in the process of being seized.

Campbell said he’s received many calls with concerns from local members of the rodeo community over the loss of the history.


Ranchman’s Cookhouse & Dancehall.


Global News

Ranchman’s opened in 1972, nearly 50 years ago.

It closed due to the COVID-19 pandemic on March 17 and has not reopened.

Read more:
Consumers left with worthless passes and gift cards following COVID-19 business closures

Nightclubs are part of Stage 3 of Alberta’s relaunch and are not permitted to be open in the province yet.

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© 2020 Global News, a division of Corus Entertainment Inc.

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20 new cases of COVID-19 recorded in Saskatchewan push provincial total past 1,800 – CBC.ca

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The number of COVID-19 cases recorded in Saskatchewan continues to climb.

On Sunday, the province recorded 20 new cases, bringing the provincial total to 1,807. 

Of the new cases, 10 are in Regina, seven are in Saskatoon and two are located in the South East zones. The location of one more case is pending. 

The province indicated the seven new cases in Saskatoon are linked to the outbreak at Brandt Industries, where a total of 14 cases have been linked to the workplace. The Government of Saskatchewan indicates investigation has shown this outbreak may be linked to out-of-province travel.

This is the third day in a row the province has recorded double-digit increases. On Friday, the province recorded 19 new cases and 11 new cases on Saturday. 

Of the province’s 1,807 total cases, 140 are considered active and 1,642 are considered recovered. Twenty-seven of the 140 active cases are in communal living settings. 

The number of people in hospital has remained static at 10.

Active cases in Saskatchewan can be seen detailed in this graphic published by the Government of Saskatchewan as part of it’s daily COVID-19 updates. On Sunday, the province had annouced it recorded 20 new cases, bringing the provincial total to 1,807. (Supplied/Government of Saskatchewan)

According to the province’s daily update, nine people are receiving inpatient care and one is in intensive care. Seven of those patients are in Saskatoon, one is in Regina and another is in the South Central zone. The intensive care patient is currently receiving treatment in Saskatoon. 

Drive-thru testing in Regina will also be expanded and will now be available on Wednesdays from 4 p.m. to 8 p.m. When the drive-thru testing launched, it was originally open on Tuesday, Thursdays and Saturdays. 

Hours at the drive-thru testing site in Saskatoon have gone unchanged. 

So far, the province has conducted a total of 171,945 COVID-19 tests, with 2,426 conducted on Saturday alone. The province also announced it reached an important milestone when it comes to testing over the weekend, as it set a testing record with 2,873 tests conducted Friday.

That’s compared to the province’s previous record of 2,129 tests performed Aug. 6, 2020.

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