Procter & Gamble Co. warns investors that the COVID-19 outbreak will materially impact earnings for the January to March quarter. China is the company’s second largest market. The number of new COVID-19 cases appeared to taper off on Thursday morning; however, that may be due to another change in how China’s Hubei Province is counting …
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 400 thousand barrels from the previous week. At 442.9 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of the year. U.S. crude oil refinery inputs averaged 16.2 million barrels per day during …
Continue reading “API Weekly Petroleum Data for the week ending February 14, 2020”
Offloading operations for fuel vessels in a port in Tripoli have been halted, Libya’s National Oil Corporation (NOC) announced on Tuesday, according to Reuters, as military forces led by Khalifa Haftar were responsible for projectiles striking near a highly explosive LPG tanker. “Fuel vessels have evacuated urgently from Tripoli port today after projectiles struck meters …
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Berlin Germany (Reuters) – German sportswear makers Adidas (ADSGn.DE) and Puma (PUMG.DE) both said on Wednesday that the coronavirus outbreak was hurting their business in China due to store closures and fewer Chinese tourists traveling and shopping in other markets. Adidas and Puma make almost a third of their sales in Asia, which has been …
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Prices of oil increased on Wednesday to reach its highest level since January 31 as the Organization of Petroleum Exporting Nations (OPEC) and allied countries led by Russia known as OPEC+ decided to drop plans on meeting in February to discuss further output cuts. The cartel is set to hold a meeting in March with …
Continue reading “Oil gains as OPEC+ skips potential meeting plans”
TOKYO (Reuters) – Asian shares and U.S. stock futures rose on Wednesday, as investors tried to shake off worries about the coronavirus epidemic after a slight decline in the number of new cases. Chinese shares erased early declines to trade 0.6% higher. Australian shares were up 0.37%, while Japan’s Nikkei stock index rose 0.95%. …
Continue reading “Asia stocks rise on lull in virus worry, euro still weak”
(Reuters) – Apple Inc (AAPL.O) warned on Monday it was unlikely to meet its March quarter sales guidance set just three weeks ago as the world’s most valuable technology firm became one of the biggest corporate casualties of China’s coronavirus epidemic. The rapidly spreading virus has killed nearly 1,900 in China and stricken some 72,000 …
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NEW YORK/LONDON (Reuters) – Oil prices inched up on Monday as concerns over the economic fallout from the coronavirus outbreak in China were offset by expectations that potential production cuts from major producers could tighten global crude supply. “Nothing goes down forever, as they say, and oil appears to have finally shaken off its bearish …
Continue reading “Oil edges up as output cut hopes offset coronavirus concern”
Here’s a look at the decline in cases, according to WHO data. These numbers may differ from those reported by national health authorities, who report updated totals at different times than the WHO. Recent data from around the world — and in particular from China — appear to show a decline in new cases. The …
Continue reading “It’s too soon to tell if decline in new cases will continue, health expert says”
BOSTON (Reuters) – Activist hedge fund Marcato Capital Management, backed by Blackstone Group and billionaire William Ackman, is shutting down as assets have shriveled after two years of poor returns, sources said on Sunday. Richard McGuire, the firm’s founder and portfolio manager, began telling investors of his decision to return outside capital late last week, …
Continue reading “Activist hedge fund Marcato Capital to shut down after drop in assets”