SlavkoSereda/iStock via Getty Images U.S. crude oil futures soared more than 12% on Friday to their highest in two-and-a-half years, as the conflict in the Persian Gulf continues with no sign of the critical Strait of Hormuz being reopened to shipping. The strait remains effectively closed, trapping ships and supplies in the Persian Gulf, and the Middle East has limited rerouting and storage capac...
SlavkoSereda/iStock via Getty Images U.S. crude oil futures soared more than 12% on Friday to their highest in two-and-a-half years, as the conflict in the Persian Gulf continues with no sign of the critical Strait of Hormuz being reopened to shipping. The strait remains effectively closed, trapping ships and supplies in the Persian Gulf, and the Middle East has limited rerouting and storage capacities, which means supply concerns will continue to dominate market dynamics, analysts said. Citi estimated the market is losing 7M-11M bbl/day of crude oil and 4M-5M bbl/day of oil products, largely due to lack of flows through Hormuz. " We are growing more confident that without an agreement and a fast cessation of all kinetic activity, the crude market will begin to break in days, and not in weeks or months," Macquarie global energy strategist Vikas Dwivedi said. Goldman Sachs said crude likely will exceed $100/bbl next week if no signs of a solution emerge and warned that upside risks to its base‑case forecast are rapidly increasing. "We're in a situation where the lack of clarity on the timing of what happens in the Strait of Hormuz is stoking a tremendous amount of fear in the market," CIBC Private Wealth's Rebecca Babin said in a note. Production shut-ins by Iraq and Kuwait as their storage capacity fills up are fairly small but may have taken the market by surprise coming so soon, Babin said, adding that similar closures are "down the road for the larger producers, but this was a big thing." The U.S. Treasury issued a 30-day sanctions waiver for Indian refiners to buy Russian crude and products that were loaded onto vessels before March 5, and Treasury Secretary Bessent said the U.S. may lift sanctions on additional Russian oil supply. There are "hundreds of millions of sanctioned barrels" of crude on the water now, Bessent said in an interview with Fox Business. " In essence, by unsanctioning them, Treasury can create supply." The U.S. International Development Fin...
REVIEW PREVIEW NEWSLETTER Jobs Alert. Stock markets this week largely made peace with war in the Middle East. Economic problems on the home front may be a different story. Major indexes fell sharply on Friday after the February payrolls report from the U.
REVIEW PREVIEW NEWSLETTER Jobs Alert. Stock markets this week largely made peace with war in the Middle East. Economic problems on the home front may be a different story. Major indexes fell sharply on Friday after the February payrolls report from the U.
It seemed as if someone had switched off the power supplying Algonquin Power & Utilities (AQN 10.68%) stock on the last trading day of the week. Investors aggressively sold out of the veteran utility's equity that day, as they were clearly disappointed by the company's 2027 guidance miss in its latest earnings report. The stock closed that trading session down more than 12%. Twin increases Well be...
It seemed as if someone had switched off the power supplying Algonquin Power & Utilities (AQN 10.68%) stock on the last trading day of the week. Investors aggressively sold out of the veteran utility's equity that day, as they were clearly disappointed by the company's 2027 guidance miss in its latest earnings report. The stock closed that trading session down more than 12%. Twin increases Well before market open on Friday, Algonquin took the wraps off its fourth-quarter and full-year 2025 results. For the three-month stretch, the utility's revenue was $630.7 million, representing year-over-year growth of almost 8%. Net income not under generally accepted accounting principles (GAAP) rose more steeply, increasing by 11% to $47.2 million ($0.06 per share). That meant a pair of beats for Algonquin, since analysts tracking the stock were averaging estimates of $616.6 million for revenue, and $0.05 per share for non-GAAP (adjusted) net income. Algonquin has slimmed down, from a sprawling business straddling both traditional and next-generation renewable utility services to a more pure-play business focusing on the former. It cited this "back to basics" strategy as a factor in its growth during the quarter. The company quoted CEO Rod West as saying that "During the year, we made substantial regulatory progress across our electric, gas and water utilities, began realizing the benefits of a more disciplined operating model." Expand NYSE : AQN Algonquin Power & Utilities Today's Change ( -10.68 %) $ -0.73 Current Price $ 6.14 Key Data Points Market Cap $5.4B Day's Range $ 5.96 - $ 6.52 52wk Range $ 4.29 - $ 7.11 Volume 1.1M Avg Vol 4.8M Gross Margin 23.82 % Dividend Yield 3.78 % Power shortage West and his team reaffirmed the company's full-year 2026 profitability guidance, maintaining its adjusted net income forecast of $0.35 to $0.37 per share. They also set a forecast for the following year of $0.38 to $0.42 per share. The per-share consensus analyst estimates for the tw...
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Two former top executives at Twitter Inc. sought to beat back Elon Musk ’s narrative at a jury trial that they lied to him about the makeup of the platform’s user base when he was purchasing the company in 2022. Parag Agrawal , who was chief executive officer, and Ned Segal , the chief financial officer, took the witness stand Friday in an investor trial over Musk’s tumultuous $44 billion buyout o...
Two former top executives at Twitter Inc. sought to beat back Elon Musk ’s narrative at a jury trial that they lied to him about the makeup of the platform’s user base when he was purchasing the company in 2022. Parag Agrawal , who was chief executive officer, and Ned Segal , the chief financial officer, took the witness stand Friday in an investor trial over Musk’s tumultuous $44 billion buyout of the company. But the two men, both of whom were fired right as Musk took control of the social networking platform, offered few detailed recollections of the chaotic weeks surrounding his attempt to back out of the deal and stopped short of criticizing his behavior. Agrawal was asked for his reaction to Musk’s May 13, 2022, tweet at the heart of the case stating the purchase agreement was “temporarily on hold.” Testifying Friday in jeans and a t-shirt, Agrawal was brief, saying, “It did not make sense to me.” Segal, who testified most of Thursday, also was concise. “I was displeased,” was his only reaction to another tweet from Musk blasting Twitter’s methodology for counting how much of its user base was fake accounts, or bots. The investors claim Musk’s public bashing of the company was actually an effort to drive down the stock price and gain himself a better bargaining position. The two days of testimony from Agrawal and Segal pushed back on Musk’s own recollection that he was always committed to the deal, but genuinely believed that Twitter had lied to him about the percentage of spam accounts. Musk told the jury he was “stunned” that Agrawal, Segal and other Twitter executives could not provide more details about the bot count methodology during their first meeting on May 6 after signing the acquisition agreement. Musk said the bot issue was important, likening it to investigating a termite infestation while purchasing a house. Agrawal and Segal both testified that the bots were one of close to 20 topics discussed at the meeting, and didn’t stand out as a particular...
New Gold's (NGD +0.27%) stock was hardly golden on the market this week. As one of the many pure-play precious metals mining companies on the scene, its equity took a hit as the prices of such goods declined over the past few days. Ultimately, its shares fell by 17% over the week, according to data compiled by S&P Global Market Intelligence. A pure-play at heart Precious metals had been on a tear ...
New Gold's (NGD +0.27%) stock was hardly golden on the market this week. As one of the many pure-play precious metals mining companies on the scene, its equity took a hit as the prices of such goods declined over the past few days. Ultimately, its shares fell by 17% over the week, according to data compiled by S&P Global Market Intelligence. A pure-play at heart Precious metals had been on a tear for months, culminating in an all-time high spot price for gold of almost $5,600 per ounce in late January. That was due to something of a perfect storm, with growing worries about inflation, and developments in the geopolitical sphere driving investors into investments traditionally considered to be safe; for many, gold is considered to be such an asset. Yet developments in recent weeks dampened the rally, prompting people to sell precious metals. One major factor in this is the strengthening of the U.S. dollar, a dynamic that makes primarily dollar-denominated assets more expensive for investors holding other currencies. Another is profit-taking; many gold holders clearly saw an opportunity to book handsome gains by selling at those historic prices. Meanwhile, New Gold's status is somewhat in limbo, which doesn't help with market sentiment. Last November the company agreed to be acquired by peer Coeur Mining. So far, the deal has surmounted several hurdles, but some -- like approval under the Investment Canada Act -- are still pending. Expand NYSEMKT : NGD New Gold Today's Change ( 0.27 %) $ 0.03 Current Price $ 11.20 Key Data Points Market Cap $8.8B Day's Range $ 10.71 - $ 11.36 52wk Range $ 2.73 - $ 13.63 Volume 924K Avg Vol 19M Gross Margin 39.40 % New life for New Gold In a world that has recently seen an uptick in uncertainty, not least because of the war with Iran, I feel gold and other precious metals have a better-than-average chance of rising in the proximate future. And while a merger in the industry is never easy or quick, I think the Coeur Mining/New Gold deal...
Key Points Its No. 1 product was enduring price declines. The precious metal is now notably lower than its historic peak in late January. 10 stocks we like better than New Gold › New Gold's (NYSEMKT: NGD) stock was hardly golden on the market this week. As one of the many pure-play precious metals mining companies on the scene, its equity took a hit as the prices of such goods declined over the pa...
Key Points Its No. 1 product was enduring price declines. The precious metal is now notably lower than its historic peak in late January. 10 stocks we like better than New Gold › New Gold's (NYSEMKT: NGD) stock was hardly golden on the market this week. As one of the many pure-play precious metals mining companies on the scene, its equity took a hit as the prices of such goods declined over the past few days. Ultimately, its shares fell by 17% over the week, according to data compiled by S&P Global Market Intelligence. A pure-play at heart Precious metals had been on a tear for months, culminating in an all-time high spot price for gold of almost $5,600 per ounce in late January. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » That was due to something of a perfect storm, with growing worries about inflation, and developments in the geopolitical sphere driving investors into investments traditionally considered to be safe; for many, gold is considered to be such an asset. Yet developments in recent weeks dampened the rally, prompting people to sell precious metals. One major factor in this is the strengthening of the U.S. dollar, a dynamic that makes primarily dollar-denominated assets more expensive for investors holding other currencies. Another is profit-taking; many gold holders clearly saw an opportunity to book handsome gains by selling at those historic prices. Meanwhile, New Gold's status is somewhat in limbo, which doesn't help with market sentiment. Last November the company agreed to be acquired by peer Coeur Mining. So far, the deal has surmounted several hurdles, but some -- like approval under the Investment Canada Act -- are still pending. New life for New Gold In a world that has recently seen an uptick in uncertainty, not least because of the war with Iran, I feel gold and other p...