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Analysts attended earnings calls in the third quarter armed with questions for healthcare and consumer companies about the potential effect on their sales from the growing popularity of these drugs, known as GLP-1 agonists. A Reuters analysis of earnings transcripts for the third quarter showed "GLP-1" or alternatives like "obesity" or "weight-loss medications" were mentioned 256 times across 29 U.S. and European healthcare and consumer companies. That's more than double the mentions for the second quarter, when those phrases came up 127 times. While some consumer companies have talked about factors such as fewer calories being consumed, "these kind of large extrapolations" seem to be a bit of a stretch, said BMO Capital analyst Evan Seigerman. For big pharma manufacturers like Pfizer (PFE.N) and Amgen (AMGN.O), analyst questions were aimed at their obesity drug candidates.
Persons: Lilly, George Frey, Jeff Jonas, it's, Eli Lilly's, John Furner, Mondelez, Eli Lilly, Evan Seigerman, LVMH, Rajesh Kumar, Jonas, Bhanvi Satija, Savyata Mishra, Arpan Varghese, David Gaffen, Shounak Organizations: Novo Nordisk, Pharmacy, REUTERS, Gabelli, Novo, Walmart, Walmart U.S, Hershey, Truist Securities, Krispy, BMO Capital, Danish, pharma, Pfizer, Devices, HSBC, Thomson Locations: Provo , Utah, U.S, United States, Novo, Bengaluru
Service centers - facilities that play a crucial role in supplying manufacturing companies nearly finished steel products - had paused purchases ahead of the United Auto Workers (UAW) union's coordinated strike against the Detroit automakers. However, many of them were soon forced to place large orders as stocks ran low and operations resumed at the carmakers. Reuters Graphics Reuters GraphicsThe automotive segment makes up about 25% of the total U.S. sheet demand, with about 65% of that attributable to the Big Three Detroit automakers in any given year, CRU data showed. Nucor Corp (NUE.N) has raised HRC prices to $950/st while U.S. Steel (X.N) recently announced a $100/st price increase, without specifying a final rate. Meanwhile, automakers stare at higher costs for a key raw material if prices extend their upward trajectory for longer.
Persons: union's, Ryan McKinley, Morgan, Philip Gibbs, Gordon Lee Johnson, Ananta Agarwal, Nathan Gomes, Arpan Varghese, Sriraj Organizations: Detroit Three, CRU Group . Service, United Auto Workers, UAW, Detroit, CRU, Reuters Graphics Reuters, Big Three Detroit, Cleveland Cliffs, HRC, Nucor Corp, U.S . Steel, KeyBanc, GLJ Research, Thomson Locations: Bengaluru
Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when the financial crash hit demand. Top producer Russia's Nornickel expects the palladium market to swing to a surplus of 300,000 ounces in 2024 from a 200,000-ounce deficit in 2023 due to supplies, boosted by recycling, outpacing demand. Consultancy Metals Focus forecasts above-ground palladium stocks of about 11.64 million ounces in 2023, compared with 12.35 million in 2022 and 12.89 million in 2021 - meaning ample supplies. In March 2022, palladium was trading at more than double the price of platinum, prompting a switch by automakers. However, longer-term Metals Focus is quite bearish on palladium," said Nikos Kavalis, managing director at Metals Focus.
Persons: Alexander Manzyuk, hastening, Russia's Nornickel, John Meyer, Edward Meir, Nikos Kavalis, Brijesh Patel, Harshit Verma, Ashitha, Anjana Anil, Anushree Mukherjee, Abhijith, Arpan Varghese, Pratima Desai, Hugh Lawson Organizations: REUTERS, Russia, ICE, International Energy, Consultancy, Metals, Thomson Locations: Siberian, Krasnoyarsk, Russia, Ukraine, Bengaluru
AI boom could feed precious metals' demand - Metals Focus
  + stars: | 2023-10-25 | by ( )   time to read: +2 min
Ingots of 99.99 percent pure silver are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File photo Acquire Licensing RightsOct 25 (Reuters) - The artificial intelligence (AI) boom could support industrial demand for precious metals next year, although high interest rates and economic concerns may be near-term headwinds, Metals Focus said on Wednesday. Since most components used in conjunction with AI devices are sophisticated, "we expect to see widespread support for a range of precious metals bearing components," Metals Focus said in a note to investors. To cope with the evolution of AI algorithms, shipping growth for AI servers and switches will rise by double digits over the next few years and stimulate precious metals demand, Metals Focus said. Spot gold prices have climbed about 9% in the past two weeks, mainly fueled by safe-haven inflows triggered by the Israel-Hamas conflict, providing a tailwind for other precious metals as well.
Persons: Alexander Manzyuk, ChatGPT, Ashitha Shivaprasad, Arpan Varghese, Richard Chang Organizations: REUTERS, Metals, Nvidia, Thomson Locations: Novosibirsk, Siberian, Russia, Israel, Bengaluru
India, the world's third biggest oil importer and consumer, also raised imports from Iraq while taking less Saudi oil, the data showed. India imported about 1.55 million barrels per day (bpd) of Russian oil in September, 16% more than in August, while imports from Iraq increased by 17% to about 1.1 million bpd, LSEG data showed. Vortexa pegged imports of Russian oil at 1.52 million bpd, compared with 1.44 million bpd in August. India's Saudi Oil Imports surged in Aug, Russia fell to 7-mth lowAccording to Kpler data, India's imports of Russian crude jumped back to 1.8 million bpd in September from less than 1.5 million bpd in August. They mostly purchase Russian oil on the spot market, while largely relying on term contracts for Middle Eastern crude.
Persons: Viktor Katona, Kpler's Katona, Nidhi Verma, Mohi Narayan, Arpan Varghese, Simon Cameron, Moore Organizations: Saudi Oil Imports, Thomson Locations: DELHI, Russia, LSEG, India, Iraq, Kpler, Saudi Arabia, Ukraine
On Tuesday, New Delhi dismissed the allegations as "absurd", and asked Canada instead to crack down on anti-India elements operating in its territory. Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. Pharmaceutical products, worth about $418 million, made up the bulk of Indian exports last year, followed by iron and steel products worth about $328 million and machinery, nuclear reactors and boilers worth about $287 million. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.
Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, Justin Trudeau, Canpotex, Manoj Kumar, Arpan Varghese, Jaiveer, Clarence Fernandez, Anil D'Silva Organizations: REUTERS, Trading Economics, UN, Canpotex, Pharmaceutical, Caisse, Ontario Teachers, Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: Surrey, British Columbia, Canada, DELHI, India, New Delhi, India's, Punjab, Bengaluru
Tesla, Saudi Arabia in early talks for EV factory - WSJ
  + stars: | 2023-09-18 | by ( )   time to read: +2 min
The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. One of the proposals the kingdom is considering involves extending financing to commodities trader Trafigura for a flailing Congo cobalt and copper project, which could help provide a Tesla factory with supplies, the WSJ report said. Tesla did not immediately respond to Reuters requests for comment, while Saudi Arabia's sovereign fund, the Public Investment Fund, declined to comment. Musk said in May Tesla would probably pick a location for a new factory by the end of 2023. Tesla has a goal to sell 20 million vehicles a year by 2030, up from around 1.3 million in 2022.
Persons: Matthew Childs, Tayyip Erdogan, Tesla, Elon Musk, Benjamin Netanyahu, Musk, Samrhitha Arunasalam, Arpan Varghese, Arun Koyyur Organizations: REUTERS, U.S, Tesla, Wall Street, Democratic, Lucid, Public Investment Fund, Thomson Locations: London, Britain, Saudi Arabia, Turkey, California, Democratic Republic of Congo, Congo, Saudi, Mexico, Nuevo Leon, Bengaluru, Rachna, Dubai
REUTERS/Gaby Oraa/File Photo Acquire Licensing RightsHOUSTON, Aug 29 (Reuters) - U.S. oil producer Chevron (CVX.N) on Tuesday said it evacuated staff from three U.S. Gulf of Mexico oil production platforms while Kinder Morgan (KMI.N) planned to shut a petroleum pipeline, as the energy companies braced for Hurricane Idalia. Blind Faith and Petronius are up to 160 miles (257 km) southeast of New Orleans in the central Gulf of Mexico. Production was continuing at Chevron-operated Gulf of Mexico oil and gas facilities. Meanwhile, Kinder Morgan shut its Port Manatee, Port Sutton and Tampaplex terminals, which handle commodities such as fertilizers, scrap metal, pet coke and coal. "Our Orlando refined products facility remains operational at this time, but we are closely monitoring the storm’s progress to prepare for any impacts," Kinder Morgan said.
Persons: Gaby Oraa, Kinder Morgan, Idalia, Petronius, Faith, Gary McWilliams, Arpan Varghese, Chizu Nomiyama, Cynthia Osterman Organizations: Chevron, U.S, REUTERS, Rights, Idalia, Gulf, Central Florida Pipeline, Florida Pipeline, Thomson Locations: Venezuela, Caracas, U.S, Gulf, Mexico, New Orleans, Port Manatee, Port Sutton, Tampa, Morgan's
Three months ago, a Reuters poll predicted prices would average $1,950 in 2023. Standard Chartered analyst Suki Cooper said gold is "more likely to test the downside until rate cuts materialise unless a new catalyst emerges". For silver , the poll forecast average prices of $23.52 an ounce in 2023 and $25.00 in 2024. "Anaemic performance from gold and concerns over economic outlook especially in China" have weighed on silver, O'Connell added. But silver could still find support from solar panels demand, analysts said.
Persons: Ross Norman, Carsten Menke, Julius Baer, Suki Cooper, Rhona O'Connell, Silver, O'Connell, Ashitha Shivaprasad, Harshit Verma, Arpan Varghese, Barbara Lewis Organizations: Federal Reserve, U.S, Thomson Locations: China, Bengaluru
Goldman Sachs said this week that rising interest rates would remain a "persistent drag" on oil. "There's been little sign of weakness in China's oil demand even if the general reopening boost has disappointed some investors. Global oil demand is forecast to grow between 1 to 2 million barrels per day (bpd), as per the poll. "Once these deficits become visible in on-land oil inventories, we expect prices to trend higher," said UBS analyst Giovanni Staunovo. Respondents also largely agreed that the Organisation of the Petroleum Exporting Countries would take measures to keep the floor for oil prices at $80.
Persons: Brent, Ole Hansen, Saxo, Goldman Sachs, There's, Ian Moore, Bernstein, Giovanni Staunovo, Seher, Arpan Varghese, Noah Browning, Elaine Hardcastle Organizations: bbl, International Energy Agency, Saudi, of, Petroleum, Thomson Locations: China, Saudi, OPEC, Saudi Arabia, Saudi Aramco, India, Moscow, Turkey, Bengaluru
SP Angel analyst John Meyer said that with global EV sales expected to reach around 15 million vehicles this year, sales of palladium, chiefly used to neutralise harmful car emissions, could be impaired by 1.5 million-2.25 million ounces. While there are still few battery-powered vehicles in the heavy-duty market, exhaust-free electric vehicles are eating into the palladium-focused light vehicle market, Johnson Matthey said. Palladium prices could fall to the $1,250 level, Edward Moya, senior market analyst at OANDA, said. "The reason why people are more pessimistic about palladium than platinum is due to adoption of EVs," he said. "There's a lack of interest in the palladium market.
Persons: John Meyer, Johnson, Wilma Swarts, PGMs, Johnson Matthey, Edward Moya, palladium's bearishness, Tai Wong, Bart Melek, Ashitha, Seher Dareen, Arundhati Sarkar, Brijesh Patel, Arpan Varghese, Jan Harvey Organizations: Palladium, SP, Metals, TD Securities, Thomson Locations: Ukraine, New York, China, Bengaluru
Will OPEC+ announce more output cuts? Analysts have their say
  + stars: | 2023-05-31 | by ( )   time to read: +2 min
May 31 (Reuters) - The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, meet on June 4 to discuss whether additional oil production cuts should be implemented. But going into the meeting this weekend, OPEC+ has given mixed signals on whether further cuts are likely, keeping oil prices volatile recently. HSBC:* "We think OPEC+ will wait to see the impact of the latest series of cuts before making any further changes to supply." Viktor Katona, lead crude analyst at Kpler:* "We think OPEC+ is forced to react and one way or another will be inclined to cut." "A second cut would display their fears more openly and indicates greater weakness; we construe a second cut as a bearish signal unless the cuts are extremely substantive."
Persons: Goldman Sachs, Viktor Katona, Arpan Varghese, Ashitha, Matthew Lewis Organizations: of, Petroleum, bbl, HSBC, RaboBank, Thomson Locations: Russia, OPEC, China, Bengaluru
Valero responds to fire at Corpus Christi, Texas, refinery
  + stars: | 2023-05-17 | by ( )   time to read: +1 min
Companies Valero Energy Corp FollowMay 17 (Reuters) - Valero Energy Corp (VLO.N) said crews are responding to a fire on Wednesday within its 290,000 barrel-per-day Corpus Christi West refinery in Texas. "This morning, a fire occurred at Valero's West Plant refinery. Most of the motor fuels made at the refinery comes from the West Plant. The Bill Greehey refinery East and West plants are located along the Corpus Christi ship channel and the East refinery processes sour crude, while the West plant processes sweet and sour crude and residual fuel oil, according to the refinery website. Community air monitoring indicated there were no offsite concerns, Valero's Schroeder said and the City of Corpus Christi posted on its website.
One worker dies after fire at Marathon's Texas refinery
  + stars: | 2023-05-15 | by ( )   time to read: +1 min
Companies Marathon Petroleum Corp FollowMay 15 (Reuters) - A Marathon Petroleum <MPC.N> worker has died from injuries suffered in a fire that broke out on Monday at the company's giant Galveston Bay Refinery in Texas City, Texas, the company said. "A Marathon employee has passed away as a result of the fire today at Marathon Petroleum's Galveston Bay refinery," company spokesperson Jamal Kheiry said in an emailed response to Reuters. The Texas City Emergency Management Department said on Twitter earlier that a shelter-in-place order was not needed. A contract worker died in March after receiving an electric shock at the refinery. Texas City is located 42 miles (68 km) southeast of Houston.
2 JPMorgan buys First Republic Bank's assets
  + stars: | 2023-05-01 | by ( )   time to read: +6 min
May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. low single digits), strategically consistent (US wealth expansion), and system friendly - FDIC loss of only $13B (<est. "First, as with the GFC (Global Financial Crisis,) this once again shows the value of a fortress balance sheet. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.
JPMorgan buys First Republic Bank's assets
  + stars: | 2023-05-01 | by ( )   time to read: +4 min
May 1 (Reuters) - JPMorgan Chase & Co (JPM.N), the biggest U.S. bank by assets, said on Monday it will buy most of First Republic Bank's (FRC.N) assets after U.S. regulators seized the troubled bank. The collapse marks the third major U.S. lender to fail in less than two months, after a week of panic which saw First Republic lose 75% of its market value as its future turned murkier. "Assets such as the U.S. dollar and Japanese yen will be on the radar as traders look for an asset of safety. "This development will most likely not prevent the Fed from raising U.S. interest rates this week as largely expected. Still, unlike Silicon Valley Bank and Signature Bank, the FDIC had a buy waiting in the wings.
Feb 1 (Reuters) - Airlines canceled over 1,400 flights in the United States on Wednesday, after an ice storm hit states from Texas to West Virginia. A total of 1,467 flights within, into or out of the United States were canceled, while 527 flights were delayed as of 6.48 a.m. The Federal Aviation Administration (FAA) on Tuesday warned in a tweet that travelers could expect to see some snowy conditions in certain areas including Dallas, Fort Worth and Memphis, which could delay certain flights. loadingAirlines canceled nearly 1,400 flights in the United States on Wednesday, after a severe winter storm hit their operations in certain regions. Low-cost carrier Southwest Airlines Co (LUV.N) led cancellations with 487 flights, while Fort Worth, Texas-based peer American Airlines Group Inc (AAL.O) closely followed, canceling nearly 480 flights.
Jet fuel this year will be the largest source of oil demand growth, says the International Energy Agency, which monitors energy consumption. In Singapore, jet fuel is trading around $122.30 per barrel, up 14% in the last two weeks. "Overall, we expect jet demand to increase significantly this year," he told an earnings call on Thursday, as air travel continues to rise. U.S. jet fuel inventories ended last year at 34 million barrels, the lowest since 1990, according to U.S. government data. Total jet fuel supplied, a proxy for demand, stood at 1.56 million barrels per day in 2022, the highest since 2019.
Companies TC Energy Corp FollowBENGALURU/WINNIPEG, Dec 8 (Reuters) - Canada's TC Energy on Thursday said it shut its giant Keystone pipeline due to an oil spill into a Kansas creek, and it is unclear how long the line will be closed. The 622,000 barrel-per-day Keystone line is the primary artery shipping heavy Canadian crude from Alberta to refiners in the U.S. Midwest and the Gulf Coast. Keystone shut the line at about 8 p.m. CT on Wednesday (2 a.m. Thursday GMT) after alarms went off and system pressure dropped, the company said in a release. "The system remains shut down as our crews actively respond and work to contain and recover the oil," the release said. Two Keystone shippers said TC had not yet notified them how long the pipeline may be shut down.
Fire breaks out at Chevron's El Segundo, California refinery
  + stars: | 2022-11-09 | by ( )   time to read: +1 min
Nov 8 (Reuters) - Chevron (CVX.N) said fire crews were responding to an isolated fire inside its 269,000-barrel-per-day El Segundo refinery in California on Tuesday, with no injuries due to the incident. The time of dispatch was 6:13 pm, with a response at the two-alarm level from El Segundo, Manhattan Beach, Redondo Beach and La County Fire, El Segundo fire chief Deena Lee said, adding it was unclear whether the material involved is jet fuel or diesel. Local media reports said the fire had occurred in a particular section in the refinery. read moreCalifornian fuel markets are known for rapidly moving price increases, as they rely on production from West Coast refineries and imports from Asia. Reporting by Arpan Varghese and Ashitha Shivaprasad in Bengaluru; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
A strong dollar is dragging down oil, with some market participants also likely booking profits following recent gains, CMC Markets analyst Tina Teng said. read more"With the Fed confirming a higher peak in rates, a darkened global economic outlook could continue to pressure the oil's futures markets," Teng added. But global supply risks still loom large. The European Union's embargo on Russian oil for its invasion of Ukraine is set to start on Dec. 5 and will be followed by a halt on oil product imports in February. Also likely to keep supply tight in coming months, OPEC producers may struggle to hit previously set output quotas, ANZ analysts said in a note.
A strong dollar is dragging down oil, with some market participants also likely booking profits following recent gains, CMC Markets analyst Tina Teng said. read moreA strong dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. "With the Fed confirming a higher peak in rates, a darkened global economic outlook could continue to pressure the oil futures markets," Teng added. The European Union's embargo on Russian oil for its invasion of Ukraine is set to start on Dec. 5 and will be followed by a halt on oil product imports in February. Reporting by Arpan Varghese and Muyu Xu; Editing by Himani Sarkar and Richard PullinOur Standards: The Thomson Reuters Trust Principles.
Saudi Arabia's July crude oil exports rise to over 2-year peak
  + stars: | 2022-09-19 | by ( )   time to read: +2 min
Register now for FREE unlimited access to RegisterGeneral view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed JadallahSept 19 (Reuters) - Top oil exporter Saudi Arabia's July crude oil exports gained for a second-straight month to their highest in more than two years, data from the Joint Organisation Data Initiative (JODI) showed on Monday. Saudi Arabia's exports rose 2.5% to 7.38 million barrels per day (bpd) in July - highest since April 2020 - from 7.20 million bpd in June. read moreSaudi production also climbed to its highest in more than two years to 10.815 million bpd from 10.646 million bpd in the previous month. Saudi's domestic crude refinery throughput fell about 3% to 2.763 mln bpd in July, while oil products exports stood at 1.429 mln bpd.
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