Business

Oil up ahead of US inflation data, set for third weekly gain By Reuters

Published

3 months ago

June 28, 2024

BENGALURU (Reuters) – Oil prices rose on Friday and were on course for a third straight weekly jump, buoyed by growing expectations that the U.S. Federal Reserve will soon start cutting interest rates and in anticipation of U.S. inflation data due later in the day.

futures for August settlement, which expire on Friday, were up 64 cents, or 0.74%, to $87.03 a barrel by 1105 GMT. The more liquid September Brent contract was up 0.67% at $85.83 a barrel.

U.S. West Texas Intermediate crude futures for August delivery rose 68 cents, or 0.83%, to $82.42 a barrel.

Brent and WTI futures have gained nearly 2% this week, with both benchmarks on track for gains of slightly more than 6% month on month.

U.S. personal consumption inflation data, the Fed’s preferred measure of inflation, is due to be released at 1230 GMT.

“With the rates market looking for two rate cuts from the Fed by the end of this year, the price data will serve as validation for whether expectations are being overly dovish,” said Yeap Jun Rong, a market strategist with IG.

Growing expectations of an imminent Fed easing cycle have sparked a risk rally across stock markets. Traders are now pricing in a 64% chance of a first Fed cut in September, up from 50% a month ago, according to the CME FedWatch tool.

“Increasing bets about a September rate cut, and two by December, are likely to weigh on Treasury yields and the U.S. dollar, thereby allowing oil prices to continue marching north,” said Charalampos Pissouros, senior investment analyst at brokerage XM.

Easing interest rates could be a boon for oil as it could increase demand from consumers.

A recovery in physical refining margins also buoyed markets, with the Singapore complex refining margins on average $1 higher in June than in May at around $3.60 a barrel.

Capping gains was political uncertainty in France that have a knock-on effect on oil demand.

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Suncor Energy pleads guilty to charges for 2019 injury on oil vessel off Newfoundland

Published

2 days ago

September 27, 2024

Anne Joseph

ST. JOHN’S, N.L. – Suncor Energy has been fined $90,000 after pleading guilty to two charges stemming from a worker injury in 2019 aboard its production vessel in an oilfield off the coast of Newfoundland.

In a news release Thursday, the province’s offshore oil regular said the company must also give $20,000 to the College of the North Atlantic’s health and safety management program.

The Canada-Newfoundland and Labrador Offshore Petroleum Board says Calgary-based Suncor pleaded guilty on Sept. 5 for failing to ensure the safety of its employees and failing to ensure its employees wore a safety harness attached to a lifeline while inside a confined space.

The board says a worker fell 7.6 metres from a safety ladder while testing for hydrogen sulfide in a ballast tank on the floating production and storage vessel in the Terra Nova offshore oilfield.

An agreed statement of facts says two emergency response workers then went into the tank to tend to the fallen man, and they were not wearing gas masks.

Suncor Energy is the majority owner of the Terra Nova oilfield, and it reported net earnings of $1.57 billion in the second quarter of this year.

This report by The Canadian Press was first published Sept. 17, 2024.

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TD Bank announces new co-heads of U.S. commercial banking business

Published

3 days ago

September 26, 2024

Anne Joseph

Toronto-Dominion Bank has named new co-heads of its U.S. commercial banking business.

TD says Andy Bregenzer and Jill Gateman will jointly lead the operations.

The bank says the appointments follow the announcement earlier this year of Chris Giamo’s retirement.

Bregenzer will focus on leading all aspects of the regional commercial bank, including small business.

Gateman will lead TD’s national commercial banking effort in the U.S., including middle market, sponsor-backed finance and TD’s other specialty lending lines of business.

TD, which is working to resolve investigations into failures in its anti-money laundering program in the U.S., announced last week that chief executive Bharat Masrani would retire next year and be replaced by Raymond Chun.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:TD)

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Payments tech company Lightspeed Commerce conducting strategic review of business

Published

3 days ago

September 26, 2024

Anne Joseph

MONTREAL – Lightspeed Commerce Inc. says it is conducting a review of its business and operations including talks relating to a range of potential strategic alternatives.

The Montreal-based payments technology company made the comments after reports concerning a potential transaction involving the company.

Lightspeed says it periodically undertakes a review of its business and operations with a view of realizing its full potential.

A strategic review is often seen by investors as a prelude to a sale by a company.

Lightspeed says its board of directors is committed to acting in the best interests of the company and its stakeholders.

Company founder Dax Dasilva returned to the role of chief executive officer earlier this year and has been working to return the company to profitability.

This report by The Canadian Press was first published Sept. 26, 2024.

Companies in this story: (TSX:LSPD)

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