Canadian oil sector cautiously optimistic on Trump
US refiners' heavy reliance on Canadian crude make tariffs on oil imports...
US refiners' heavy reliance on Canadian crude make tariffs on oil imports from the north unlikely, although President-elect Donald Trump's pro-oil policies might intensify competition for global market share, industry insiders say. Looser regulations in the US could inspire Canada to streamline its own policies and boost investments to keep pace with American productivity, according to Explorers and Producers Association of Canada CEO Tristan Goodman.
N.D. seeks to defend Dakota Access Pipeline in lawsuit
A potential shutdown of the Dakota Access Pipeline would hurt North Dakota's...
A potential shutdown of the Dakota Access Pipeline would hurt North Dakota's economy, state officials argued in a request to intervene in a Standing Rock Sioux Tribe lawsuit challenging the US Army Corps of Engineers' approval of the pipeline. The state estimates a revenue decline of $900 million within the first year of closure and up to 11,000 lost energy jobs.
Inflation ticks up, but no alarm bells set off. US...
Inflation ticks up, but no alarm bells set off. US consumer prices rose at a 2.6% annual pace in October, up from 2.4% the month prior, according to yesterday’s inflation report. Time to panic? No. In fact, investors saw this as good news: The inflation rate for October matched expectations and appears to be on a long-term downward trend, setting the stage for the Fed to cut rates again at its next meeting in December. Prices for airfare, medical care, and used vehicles all rose on a monthly basis, but online grocery prices posted their first annual decline since Covid began more than four years ago, a separate report from Adobe found.
The FBI reportedly raided the NYC apartment of Shayne Coplan, the founder and CEO of Polymarket, the prediction betting platform that rose to prominence during the recent election. It’s not clear what the FBI was looking for.
Spotify is going all-in on video podcasts to dethrone YouTube. The company said yesterday it will start paying creators who hit certain engagement levels on their videos and will remove automated ad breaks in videos for premium subscribers.
Kraft Heinz will no longer offer Lunchables to schools this year, blaming low demand.
Klarna, the Swedish buy now, pay later giant, filed IPO docs to go public in the US. It’s currently valued at around $15 billion.
Stock Futures are Little Changed as Post Election Rally Shows Signs of Wavering
U.S. stock futures were little changed Wednesday night, as the major...
U.S. stock futures were little changed Wednesday night, as the major averages’ postelection run began to show signs of stalling.
On Wednesday, the 30-stock Dow and S&P 500 closed out the regular session near the flatline, with the former rising 47.21 points, or 0.11%, and the latter eking out a 0.02% gain. The Nasdaq Composite ended the session down by 0.26%.
Those moves come after the October consumer price index came in as expected, but nevertheless signaled the Federal Reserve’s fight against inflation is yet to be won. Core CPI rose by 0.3% for a third straight month, with the 12-month rate at 3.3%.
Oil Rebounds Slightly on Short-Covering as Stong Dollar Caps Gains
(Reuters) - Oil prices rebounded slightly on Wednesday...
(Reuters) - Oil prices rebounded slightly on Wednesday on short-covering a day after they fell near a two-week low on OPEC's reduced demand forecast, but gains were limited as the dollar hit a seven-month high.
Brent crude futures settled up 39 cents, or 0.5%, to $72.28 a barrel. U.S. West Texas Intermediate crude(WTI) futures gained 31 cents, or 0.5%, to $68.43.
On Tuesday, the benchmarks closed at their lowest level in nearly two weeks after the Organization of the Petroleum Exporting Countries lowered its global oil demand growth forecasts for 2024 and 2025, citing weak demand in China, India, and other regions. It was the producer group's fourth straight downward revision for 2024.
"The forecast is no doubt bearish and the market is still digesting it," said Bob Yawger, director of energy futures at Mizuho, adding the market bounced back as some speculative investors tried to recoup losses.
Both U.S. and global oil production are set to rise to slightly larger record highs this year than prior forecasts, the U.S. Energy Information Administration said.
U.S. oil output is now expected to average 13.23 million barrels per day (bpd) this year and global production is set to reach 102.6 million bpd.
