Oil posts biggest weekly gain since March on supply fears
BNN Bloomberg
Oil posted its biggest weekly gain since early March as an increasingly negative supply outlook offset nagging macroeconomic concerns.
West Texas Intermediate futures settled close to US$93 a barrel on Friday after rallying more than 16 per cent for the week. Time spreads had been signaling supply scarcity even before the OPEC+ alliance announced its biggest output cut since the start of the pandemic. The move accelerated oil’s rally despite crashing equities, a rising dollar, and a U.S. jobs report that reignited concerns about rising interest rates.
“Supply fears seem to be the driving force behind the market action this week, putting demand fears back on the back burner for petroleum prices, even though they remain front and center in equity markets,” analysts at wholesale-fuel distributor TACenergy wrote in a note to clients.
Two Canadian institutional giants are buying renewable power producer Boralex Inc. in a deal that they say will provide the scale and resources needed to accelerate growth.
Canada’s main stock index was up nearly 300 points in late-morning trading, helped by strength in the base metals and utilities sectors, while U.S. stock markets also climbed.
Muted reaction to U.S.-Iran talks reflects fragile sentiment as recession risks rise and bond yields climb amid ongoing geopolitical uncertainty.
Aecon Group Inc. says a joint venture has finalized a US$691-million contract with the U.S. Army Corps of Engineers for a project in Washington state.
U.S. corporate finance chiefs’ outlook for the economy improved over the first months of the year, at least until the outbreak of the U.S.-Israeli war on Iran, with executives expecting to increase employment amid solid revenue growth, though with continued pressure as well to raise prices, according to a Federal Reserve survey.
U.S. suppliers have shipped approximately 30,000 barrels of fuel to Cuba’s private sector this year to date, according to documents and shipping data viewed by Reuters, suggesting a Trump administration plan to give private business a leg up over state-run enterprise is well underway.
Mining analyst sees copper, gold and lithium stocks benefiting from supply constraints, electrification and long-term demand trends.
An oil refinery fire near the Texas coast was put out Tuesday and a shelter-in-place order was lifted following air-quality testing, hours after a large explosion at the complex shot plumes of smoke into the air, officials said.
A U.N. Security Council resolution calling for countries to use “all necessary means” to keep the Strait of Hormuz open is facing some opposition for raising the possibility of U.N.-backed military action against Iran, according to three council diplomats.
The Trump administration is working with Canada on permits required for a proposed revival of part of the Keystone XL oil pipeline, a White House official said on Tuesday.
Google is arguing it shouldn’t have to pay about $370,000 in legal fees and other costs the Competition Commissioner is seeking after the tech giant lost a constitutional challenge.
Canadian officials spoke to Trump administration representatives about a proposed revival of part of the canceled Keystone XL oil pipeline in a meeting in Houston this week, Canada’s Natural Resources Minister Tim Hodgson said Tuesday.
Oil above US$100 is adding pressure on equities as geopolitical risks and uncertainty over inflation and growth cloud the outlook.