The Daily Chase: Oil stalls, gas skyrockets; Trudeau expected to detail vaccine mandates
BNN Bloomberg
West Texas Intermediate crude has gone flat this morning after rallying to fresh seven-year highs in recent days. It’s incredible to think that just two years ago, Eric Nuttall was telling us the job of being an energy portfolio manager had become “a game of survivor.”
West Texas Intermediate crude has gone flat this morning after rallying to fresh seven-year highs in recent days. It’s incredible to think that just two years ago, Eric Nuttall was telling us the job of being an energy portfolio manager had become “a game of survivor.” Now, the energy subgroup is Bay Street’s star, with a gain of 39 per cent so far this year. One nugget that really caught my eye yesterday: Canadian Natural Resources has strung together 11 straight gains – its longest winning streak in half a century. Putting aside crude, how about natural gas? U.K. futures have been up as much as 39 per cent this morning. All of this plays into inflation fears rippling across the world, and which are sending U.S. futures lower this morning.
VACCINE MANDATES
Prime Minister Justin Trudeau and Deputy Prime Minister/Finance Minister Chrystia Freeland are holding a news conference this morning, where they’ll reportedly announce details about the government’s plan to mandate COVID-19 vaccines in the federal public service and for travelers. We may also learn more about the Liberals’ expectations for employers and staff in federally regulated industries more broadly.
ZUCKERBERG FIRES BACK
After three days of being in the news for all the wrong reasons, Facebook Founder and Chief Executive Mark Zuckerberg late yesterday addressed the outage (saying he’s not consumed by worries about people switching to other platforms or “how much money we lose") and the upbraiding he and his company faced by whistleblower Frances Haugen. He said many of the claims “don’t make any sense” and argued any thought that Facebook deliberately pushes content that makes people angry is “deeply illogical.” He also refuted the theory that Facebook prioritizes profit over safety and well-being. Plenty here to consider in the context of regulatory risk for Big Tech and Zuckerberg’s iron grip on Facebook.
OTHER NOTABLE STORIES
Asset management giant BlackRock’s CEO Larry Fink urged clients to stay invested despite ongoing market volatility, and highlighted that artificial intelligence is reshaping investment strategies and the broader economy.
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Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
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Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Jurors wade through daunting evidence in high-stakes Meta trial about social media risks to children
A stream of testimony and evidence has been presented in a New Mexico case exploring what Meta knew about the effects of its platforms on children.
Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.