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Oil Prices Rise As Supply Shrinks – OilPrice.com

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Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Oil prices rose early on Tuesday as market participants believed that improving demand and more supply coming off would ease the glut faster than expected.

As of 10:37 a.m. EDT on Tuesday, WTI Crude was up 2.44 percent at $34.08, and Brent Crude was trading at $35.77, up by 0.90 percent on the day. By afternoon, prices had slipped back, with Brent trading down on the day at $35.49.

The more bullish market sentiment of the past few weeks has been supported by the production cuts from the OPEC+ group and from economics-driven curtailments, especially in North America. OPEC’s heavyweights, including Saudi Arabia, the United Arab Emirates (UAE), and Kuwait, have pledged more cuts on top of those they have promised in the deal, and even Russia is said to have been really trying to comply with the OPEC+ agreement this time, unlike in previous pacts.

A comment from Russia’s Energy Minister Alexander Novak on Monday also lent support to oil prices, as the minister said he sees the oil market rebalancing by July.

On the demand side, eased lockdowns in the U.S., Europe, and India also point to improving demand for oil, at least for road transportation.

India’s fuel demand, which had crashed by 60 percent during the early days of its two-month lockdown, is set to reach pre-coronavirus levels in June, Indian Oil Minister Dharmendra Pradhan told Times of India over the weekend.  Related: Putin To Bail Out Russian Oil Industry

The litmus test for demand recovery after a lockdown—China—is showing signs of a rebound, according to IHS Markit. In April, China’s oil demand reached 89 percent of the demand from April last year, while oil demand is expected to reach 92 percent of the prior-year level in May, the consultancy said. 

In the week to May 19, hedge funds and other money managers kept strong buying interest in WTI Crude, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said on Monday, commenting on the latest weekly Commitments of Traders report.

“Seven consecutive weeks of buying has resulted in bullish WTI bets rising almost three-fold to 348k, a 20-month high, while Brent buyers have only added 102k lots to 158k. While not yet overly stretched, the amount of buying has left the market exposed should the technical and/or fundamental outlook turn less friendly,” Hansen said.  

By Tsvetana Paraskova for Oilprice.com

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Voluntary recall issued for Frank’s RedHot Buffalo Ranch Seasoning – Global News

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A voluntary recall has been issued for Frank’s RedHot Buffalo Ranch Seasoning over a possible Salmonella contamination.

McCormick & Company, Inc. says the recall covers 153g bottles with a best before date of September 6, 2022.

Read more:
18 more hand sanitizers added to Health Canada’s growing recall list

The bottles were shipped to British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec.

No illnesses have been reported, and McCormick says the potential risk was brought to their attention by the FDA during routine testing.

Read more:
Health Canada recalls children’s jewellery over lead, cadmium levels

Salmonella poisoning can result in a wide range of symptoms, from short-term fever, headache and nausea to more serious issues including severe arthritis and, in rare cases, even death.

© 2021 The Canadian Press

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Pfizer sells $7.8 billion in Covid shots in the second quarter, raises 2021 guidance on vaccine sales – CNBC

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A person walks past the Pfizer building in New York City, March 2, 2021.
Carlo Allegri | Reuters

Pfizer said Wednesday it sold $7.8 billion in Covid-19 shots in the second quarter and raised its 2021 sales forecast for the vaccine to $33.5 billion from $26 billion, as the delta variant spreads and scientists debate whether people will need booster shots.

The company’s second-quarter financial results also beat Wall Street expectations on earnings and revenue. Here’s how Pfizer did compared with what Wall Street expected, according to average estimates compiled by Refinitiv:

  • Adjusted earnings per share: $1.07 per share vs. 97 cents per share expected
  • Revenue: $18.98 billion vs. $18.74 billion forecast

Pfizer expects an adjusted pretax profit in the high 20% range of revenue for the vaccine.

The company now expects full-year earnings in the range of $3.95 to $4.05 per share. That’s up from its prior range of $3.55 to $3.65 per share. It expects revenue in the range of $78 billion to $80 billion, up from its previous estimate of $70.5 billion to $72.5 billion.

Shares of Pfizer dipped 0.4% in premarket trading.

“The second quarter was remarkable in a number of ways,” Pfizer CEO Albert Bourla said in a statement. “Most visibly, the speed and efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented, with now more than a billion doses of BNT162b2 having been delivered globally.”

Pfizer’s other business units also saw strong sales growth. Revenue from its oncology unit rose by 19% year over year to $3.1 billion. The company’s hospital unit generated $2.2 billion in revenue, up 21% from the prior year. Its internal medicine unit grew by 5% from a year ago to $2.4 billion.

Pfizer said earlier this month it was seeing signs of waning immunity induced by its Covid vaccine with German drugmaker BioNTech, and planned to ask the Food and Drug Administration to authorize a booster dose. It also said it is developing a booster shot to target the delta variant.

In slides posted Wednesday alongside its earnings report, Pfizer said it could potentially file for an emergency use authorization for a booster dose with the FDA as early as August. It expects to begin clinical studies testing its delta variant vaccine in the same month.

It expects full approval for its two-dose vaccine by January 2022.

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Pearson airport won’t sort arriving passengers based on COVID-19 vaccination status – CityNews Toronto

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Canada’s largest airport is no longer splitting arriving international passengers into different customs lines based on their vaccination status.

Toronto’s Pearson International Airport announced last week it may be sorting travellers arriving from the U.S. or other international locations into vaccinated and partially or non-vaccinated queues.

But a spokesperson for the Greater Toronto Airports Authority says the practice has been discontinued as of Monday.

Beverly MacDonald says in a statement that the airport has determined separating vaccinated and partially or non-vaccinated travellers into different customs lines “results in minimal operational efficiencies.”

She says entry requirements related to vaccination status will now be enforced once a passenger reaches a customs officer.

Fully vaccinated Canadian citizens and permanent residents are now able to forgo a 14-day quarantine when arriving in Canada from abroad.

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