(Bloomberg) -- China’s overseas energy purchases weakened in March as demand from the top importer took a hit from the coronavirus pandemic.Crude oil imports fell to the equivalent of about 9.72 million barrels a day, the least since July, according to customs data released Tuesday.Natural gas shipments were little changed from a year ago at 6.92 million tons in March. That compares with a growth of about 18% in the same month last year.Coal imports fell from the first two months to 27.8 million tons in March, but were still almost 19% higher than a year ago.Key InsightsCrude oil imports shrank as lofty stockpiles at both ports and refineries restricted new purchases. Fuel demand was also lower amid travel bans, work-from-home, canceled vacations and disrupted supply chains.The high inventory situation was mirrored in natural gas and coal, while rising temperatures curbed demand for heating.Some ports in southern China have cut coal...
(Bloomberg) -- Gold extended a rally to hit the highest level in more than seven years on concern that the coronavirus pandemic will have a devastating effect on the global economy, hammering corporate earnings while supercharging demand for havens.Bullion has soared as the outbreak tipped economies into recession and spurred central banks to launch huge stimulus. Since getting caught up in a wave of forced selling last month as equities sank, gold has staged a powerful recovery. That means futures are now nearing $1,800 an ounce after trading in the $1,400s less than four weeks ago. Spreads over spot prices remain wide.“Risk sentiment is turning toward the cautious side, and investors are fleeing into the perceived safe-haven in view of the virus situation and massive money-printing activities,” Margaret Yang, an analyst at CMC Markets Singapore Pte, said in a note.Gold traded on the Comex in New York is up 17% this...
(Bloomberg) -- On Sunday, one of America’s largest pork slaughterhouses shut down after more than 200 workers tested positive for the coronavirus. A day later, a massive beef-processing plant in Colorado announced it’s winding down operations.In Canada at least five meat plants have halted operations since the end of March. And most companies haven’t said exactly when they’ll reopen.To be clear: Nobody is saying North America is running out of meat yet. In fact, refrigerated inventories remain robust across the U.S. and most plants remain open. But the virus, which has now infected hundreds of meat-plant workers in the region, is spreading -- and the prospect of prolonged shutdowns has the boss of Smithfield, the world’s top pork producer, warning America is “perilously close” to a shortfall.What makes meat supplies especially vulnerable is the fact that they need to be refrigerated. And there’s only so much fridge space, said Krista Foster,...
(Bloomberg) -- After a week-long marathon of calls between world leaders and video conferences featuring dozens of energy ministers, it was the moment the 2020 oil price war finally ended.From Villahermosa, a city near Mexico’s largest crude terminal, Energy Minister Rocio Nahle raised her voice. “Your Royal Highness, Mexico has already agreed. And now I would like to ask you: ‘Do you agree with these terms?’”In Riyadh, Saudi Energy Minister Prince Abdulaziz bin Salman nearly chuckled as he looked at a wall of video feeds showing his counterparts around the world. “I go with the consensus. I agree,” he replied.At that moment, the OPEC+ alliance sealed the largest ever coordinated production cut, removing about a 10th of global supply. The historic deal had almost been derailed by a fight between Saudi Arabia and Mexico’s populist government, forcing President Donald Trump to step in and broker a face-saving solution.Prince Abdulaziz declared himself...
Tesla Inc. (NASDAQ: TSLA) shares added 17% in the regular session and the after-hours session on Monday to trade significantly above the $600 mark.Automaker Outperforms Wider Market The sharp surge came as the wider market saw a slump. The S&P 500 Index closed 1% lower at 2761.6, Dow Jones closed 1.4% lower at 23390.77, and Nasdaq 100, of which Tesla is a part, closed 0.5% higher at 8192.42.At a time when a majority of automakers are struggling, Tesla has been beating analyst expectations. The Ford Motor Company (NYSE: F) closed 3.91% lower on Monday as it warned of the first-quarter losses due to the novel coronavirus (COVID-19) pandemic. General Motors Company (NYSE: GM) closed 4.36% lower the same day.Analysts Maintain Price Target Analysts at Oppenheimer, over the long weekend, dubbed Tesla stock a bullish "Triple Play," as reported by MarketWatch.Fundamental analyst Colin Rusch maintained his "overperform" rating on the automaker, with...
Oil prices edged lower on Tuesday, with investors apparently unconvinced that record supply cuts could soon balance markets pummeled by the coronavirus pandemic, though a predicted plunge in U.S. shale output provided some support. U.S. West Texas Intermediate (WTI) crude was down 22 cents, or 1%, at $22.19, having dropped 1.5% in the previous session. The Organization of the Petroleum Exporting Countries (OPEC), along with Russia and other producing countries - a grouping known as OPEC+ - agreed over Easter to cut output by 9.7 million barrels per day (bpd) in May and June, equating to about 10% of global supply before the coronavirus outbreak....
