Hear from Jonathon Triest, Ludlow Ventures and Patti Glaza, Invest Detroit Ventures
Hear from Jonathon Triest, Ludlow Ventures and Patti Glaza, Invest Detroit Ventures
(Bloomberg) -- Oil in New York jumped the most intraday in over a week as prices garnered support from a recovery in equities and a softer dollar.West Texas Intermediate climbed as much as 2.4% above $65 a barrel, reversing a weekly loss as a weakening dollar boosted appeal for commodities priced in the currency. Still, further gains remain capped by concern over the spread of Covid-19 in Asia.Easing restrictions in the U.S point continue to support expectations for heavy summer travel, buttressing the market’s underlying structure from recent weakness. The premium of Brent’s nearest contract against the next month strengthened to its widest in a week. Growth in that structure, which is called backwardation, suggests the market is expecting tighter supplies.“The economy looks a lot better,” with the U.S. easing its mask mandate “suggesting that we’re going to be close to normal soon,” said Michael Lynch, president of Strategic Energy & Economic Research. Still, “demand and supply are still well below normal, putting a ceiling on prices. Any boost that happens with demand will likely be met by restored supply.”Despite Friday’s gains, prices remain rangebound with optimism around global inventories rebalancing offset by constant reminders that parts of the world remain far from a full recovery from the pandemic. The International Energy Agency said this week that the global glut that built up last year has cleared. However, the agency also lowered its demand estimates due to the virus resurgence in India.“So far, the demand recovery is still fairly uneven,” said Bob Ryan, commodity & energy strategist at BCA Research. “Covid has not yet been contained. But next year, prices more than likely drift up toward $70 a barrel, because of the synchronization of the global recovery from the pandemic.”Meanwhile, gasoline stations are still in the process of returning to normal following the restart of the Colonial Pipeline. Fuel supply disruptions in some places in the U.S. East and South may still be weeks out from returning to normal after a cyberattack last Friday halted the largest fuel pipeline in the U.S.See also: Gasoline Pinch to Grind on for Weeks With Truck ShortageOil demand looks set to continue rising into this summer with restrictions easing in many of the world’s largest economies. President Joe Biden’s administration announced Thursday that fully vaccinated Americans can ditch masks in most settings. Elsewhere, Italy is poised to lift quarantine restrictions for arrivals from the European Union, the U.K. and certain other countries starting this weekend.But India’s sustained struggle with the latest outbreak is continuing to weigh on markets. Some local ports have declared force majeure due to staffing shortages. Elsewhere in the region, Singapore will reimpose curbs, Japan plans to extend restrictions and China saw its first coronavirus infections in about a month.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Industrial materials from copper to iron ore are feeling the pain as China steps up efforts to cool a blistering rally in commodities that’s fanning fears over a global surge in inflation.Iron ore futures plunged as much as 11% in Singapore and steel rebar slid as Chinese officials rolled out fresh measures for steelmakers to take the steam out of markets. Base metals have also come under pressure in recent days, with copper down 4.7% from a record high set on Monday.The measures targeting China’s steel sector come after surging raw-material costs sparked the biggest jump in Chinese factory-gate prices in more than three years in April. A sharp jump in U.S. consumer prices has also sparked worries across financial markets that rising inflation will hamper a global recovery and force the Federal Reserve to tighten policy sooner than thought.“Many fear that high inflation will force the Fed to take away the punch bowl,” which acted as one of the forces in propelling a rally in commodities from their nadir in March last year, TD Securities analysts led by Bart Melek said in a note. “Ongoing deleveraging in China should take some wind out of the sails for commodity demand.”Copper and iron ore have been among the biggest gainers in a yearlong rally in commodities as Covid-19 upended supply while stimulus measures supported economies and sparked a surge in demand, particularly in China. An accelerating global decarbonization drive has also transformed the long-term outlook for metals like copper.But signs of easing short-term supplies and softening demand may be emerging in physical markets. LME metal has flipped into contango, a market structure in which spot prices trade below those three months out. That indicates loose supply or falling demand in the near term. Right now, it’s gapped out to the weakest since early January.“Copper will still trade at a very good price, but I do think it will come under pressure,” Colin Hamilton, managing director for commodities research at BMO Capital Markets, said by phone from London. “There are some headwinds coming.”Still, U.S. retail sales stalled in April following a sharp advance in the prior month when pandemic-relief checks provided millions of Americans with increased spending power. This could help the narrative by Fed officials this week that inflation numbers this week were an aberration and were transitory.Copper fell 1% to settle at $10,240.50 a ton at 5:53 p.m. on the London Metal Exchange, after peaking Monday at $10,747.50. Other base metals fared better on Friday, though aluminum still had a 3% weekly drop.In ferrous markets, iron ore fell 4.3% in Singapore on Friday, while futures in Dalian dropped the daily limit. Iron ore had surged to record highs recently amid the broad commodities boom.Prices slumped as Tangshan’s local government vowed to punish violations including price manipulation, and steelmakers were told that they may be suspended from doing business or have their licenses revoked if they break the law. The city, which accounts for 14% of China’s steel output, has been at the center of an industry overhaul as authorities unveiled a slew of output restrictions to control emissions.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Browns rookie linebacker Jeremiah Owusu-Koramoah said he's medically cleared and not concerned about a heart condition that may have caused some teams to pass on him in the NFL draft. Cleveland traded up in the second round to select the versatile Owusu-Koramoah, an AP first-team All-American from Notre Dame who was projected to be taken in the first round. Following the draft, a report surfaced saying numerous teams were scared off by a heart condition detected in medical testing.
Although it had been in the works for a while, today’s virtual upfront presentation by Fox Sports packed some extra wallop after Thursday’s big mask news. The Centers for Disease Control dramatically shifted its guidance, saying those vaccinated against Covid-19 could ditch their masks in most situations. Fox’s 45-minute pitch almost completely avoided any mention […]
Unions welcomed the salary boost, which will benefit around 154,000 healthcare staff.
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The Olympics were postponed in March last year following the start of the pandemic but Coe said he believes athletes are in a different frame of mind heading into the July 23-Aug. 8 Games. Coe said the Games would have a different feel with fans not allowed in from abroad, while a decision on Japanese-based spectators has yet to be made.
Edwin Poots elected DUP leader to succeed Arlene FosterNorthern Ireland agriculture minister and young Earth creationist says someone else will be first minister Edwin Poots at the DUP headquarters after his election as the new leader of the party. Photograph: Kelvin Boyes/Press Eye/PA
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Dr. Tiffany Moon, a new addition to Bravo’s “The Real Housewives of Dallas” in its recently completed fifth season, had to deal with a lot of difficult things on camera, especially as a working doctor during the COVID-19 pandemic and as an Asian American woman during this year of hate crimes and violence toward the […]
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Earlier, the three major indexes rebounded after declining sharply earlier this week.
Lawmakers are looking for quick action to improve an existing forgiveness program.
AMC last traded at $13.28 after rising as high as $14.34 earlier in the session, with volume 2.5 times the 10-day moving average and the stock the most-heavily traded on all exchanges. While the extra capital should help support the company, MKM Partners analyst Eric Handler called it a "double-edged sword" as the issuance of new shares dilutes equity value. "Retail investors have got behind this stock and have created a huge frenzy," said Handler.
Variant could also make it “more difficult” for England to move to step four of road map out of lockdown in June, Boris Johnson warns
A Lebanese man was shot and killed by Israeli troops after he and others protesting in support of Palestinians tried to cross a security fence on the border with Israel, Lebanon's state news agency NNA reported. NNA said another youth had been wounded after protesters gathered along the border in a show of solidarity with Palestinians as the conflict between Israel and the Islamist group Hamas in Gaza intensified. Earlier, the Israeli military said a number of people in Lebanon had damaged the border fence and set fire to a field.
Grossly excessive force led to the 'Ballymurphy massacre' in Belfast, while civilians in Gaza pay a similar price in an intractable Middle East conflict
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“Dealing with Dave had become bothersome and draining,” the former NBC Vice President said of David Letterman in CNN’s docuseries, The Story of Late Night