Financial News

US Natural Gas Stocks Rose by 50 Bln Cubic Feet in Week Ended April 3 Vs. Expected 48 Bln Increase; Prior Revised Gain of 32 Bln

UBS Adjusts Par Pacific Price Target to $60 From $40, Maintains Neutral Rating

Par Pacific Holdings Inc (PARR) has an average rating of overweight and mean price target of $67.13, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $61.28, Change: $+0.57, Percent Change: +0.94%

UBS Adjusts Price Target on Cenovus Energy to CA$41 From CA$36, Maintains Buy Rating

Cenovus Energy (CVE) has an average rating of buy and mean price target of CA$38.37, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $26.23, Change: $+0.25, Percent Change: +0.96%

February Wholesale Inventories Rises Unexpectedly, Sales Jump

Wholesale inventories rose by 0.8% in February, more than the 0.1% decrease expected in a survey compiled by Bloomberg and following a 0.3% decline in January.Durable wholesale inventories increased by 0.8%, while nondurables inventories were up by 1%.Wholesale sales increased by 2.7% in February after a 1.1% increase January, led by an 8.3% increase in electrical sales and a 3.9% increase in petroleum sales. Analysts expected a 0.6% overall increase. Automotive sales rose 0.7%

February US Wholesale Sales Rise 2.7% vs 0.6% Gain Expected, Prior 1.1% Increase

February US Wholesale Inventories Rise 0.8% Vs 0.1% Decline Expected, Prior 0.3% Decrease

Natural Gas Edges Up From an Eight-Month High on Warm Forecasts; Fresh Storage Data Awaited

Natural gas edged up from a near eight-month low early Thursday ahead of fresh storage data as demand remains light amid spring weather.Gas for May delivery was last seen up $0.01 to US$2.73 per million British thermal units after falling to the lowest since Aug. 25 a day earlier.Long-term forecasts from the National Weather Service see most states with warmer than seasonal temperatures over its six to 14 day outlook, offering some early cooling demand, with Southeast states likely to see the warmest temperatures over the period, though well below mid-summer heat.The Energy Information Administration will release its weekly survey of inventories of the fuel, the first since the April 1 start to the cooling season, Celsius Energy is expecting the agency to report stocks rose by 42-billion cubic feet last week.

BofA Securities Upgrades Canadian National Railway to Buy From Neutral, Lifts Price Target to $122 From $117

Canadian National Railway (CNI) has an average rating of overweight and mean price target of $114.45, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $110.22, Change: $+2.56, Percent Change: +2.38%

Gold Steady as U.S. Inflation Measure Rose in February, While U.S. and Iran Dispute Ceasefire Terms

Gold was steady early Thursday despite a weakening dollar, after the United States reported a key inflation measure rose, and while the U.S. and Iran argue over terms of their two-week ceasefire deal.Gold for May delivery was last seen up $2.40 to US$4,776.60 per ounce.The U.S. Bureau of Economic Analysis reported the February Personal Consumption Expenditures Index (PCE), the Federal Reserve's preferred inflation measure, rose by 0.4% from January, up from a 0.3% pace in the prior month, but matching the consensus estimate, according to Marketwatch. Core PCE, excluding volatile food and energy, also rose 0.4%, unchanged from January and matching the consensus estimate.The Bureau also released its second revision to third-quarter GDP, lowering its estimate to a rise of 0.5%, down from 0.7% in its first revision.The data pushed the dollar lower, usually bullish for gold. But investors continue to look at all safe haven options as Tuesday's ceasefire deal between Iran and the U.S. remains shaky. Oil prices rebounded from a day-prior plunge as the two sides dispute the terms of their agreement and tanker traffic out of the Persian Gulf remains mostly halted."The passage remains mostly blocked and tanker traffic suspended after renewed Israeli strikes on Lebanon. Iran says the terms of the truce have already been violated and disputes whether it covers Lebanon. US Vice President JD Vance, heading to Islamabad for talks with Iran, says there are signs the strait may begin to reopen," Saxo Bank wrote.The dollar weakened following the economic data, with the ICE dollar index last seen down 0.27 points to 98.86. Treasury yields were mostly steady, with the U.S. two-year note last seen paying 3.794%, down 0.6 basis points, while the yield on the 10-year note unchanged at 4.3%.

US Oil Update: Crude Rebounds as Ceasefire Fails to Unlock Hormuz

Crude oil prices surged on Thursday, reclaiming ground after dropping below the $100-per-barrel mark in the previous session.The front-month West Texas Intermediate crude contract gained over 6% at $100.11 per barrel. Brent futures contract added 3.9% to $98.41/bbl."Ceasefire-driven sell-off proves short-lived as restricted Strait traffic continues to constrain supply, driving WTI and Brent back towards [$]100," Ole Hansen, head of commodity strategy at Saxo Bank noted."[T]he market has quickly refocused on the underlying reality: the Strait of Hormuz remains effectively constrained, and the global oil system is operating far from normal," he added.Data from ship trackers showed that only one oil products tanker and five dry bulk carriers transitioned the waterway in the last 24 hours-a fraction of normal volumes, according to a Reuters' report.Despite the two-week truce, traffic through the Strait remains at a virtual standstill."While the ceasefire creates a window for transit, flows remain conditional and operationally constrained," Kpler noted.Sparta Commodities' head of research, Neil Crosby said in a note on Thursday that clearing the Strait of naval mines is a long-term endeavor that could take at least four weeks, even under peaceful conditions.Analysts said that the market's rapid pivot suggests that the initial relief sparked by US-Iran ceasefire is being overshadowed by the grim operational reality of restricted shipping and mounting diplomatic tension."Iran has made clear - through both its statements and actions - that passage is subject to permission, conditions and political leverage. That is not freedom of navigation. That is coercion," said UAE Minister of Industry and Advanced Technology and Adnoc Group CEO, Dr. Sultan Al Jaber.Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf, said on social media that the US has already violated the 10-point framework proposed by Tehran.In a Wednesday post on X, Ghalibaf said Washington had breached three clauses of a 10-point proposal put forward by Iran.On the supply side US crude stockpiles rose by 3.1 million barrels to 464.7 mmbbls in the week ended Apr. 3, the Energy Information Administration said in its weekly report.

Global Manufacturing PMI Dropped In March On Middle East War, notes ABN Amro

After having risen to a 44-month high of 51.8 in February, the global manufacturing PMI dropped back to 51.3 in March, notes ABN Amro.In a note to clients the bank said this seems to be, to a large extent, related to the escalation of the conflict between the United States/Israel and Iran, which started on Feb. 28Accoring to ABN Amro, the deterioration in March was led by emerging markets (EM), with the EM aggregate falling back to 50.7 from February's 52.0.The bank said this was partly driven by China's manufacturing PMI from RatingDog (included in the global index), which fell back to 50.8 following a one-month surge to 52.1 in February. This largely reflects a weakening of export prospects due to the Iran conflict, with China's export subindex dropping sharply again following a spike in February, it added.ABN Amro noted the manufacturing PMI for India dropped even more sharply, reflecting the country's large dependence on oil imports coming from the Middle East.The agreed ceasefire between the U.S./Israel and Iran could mean that the impact from the conflict ultimately proves temporary, although the agreement still looks fragile and it is too early for strong conclusions on this point, noted the bank.

Research Alert: CFRA Drops Coverage On Shares Of Eagle Materials Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We are dropping STARS coverage on shares of Eagle Materials Inc. due to a change in investor interest. In conjunction with this decision, we have moved our rating to Hold from Sell as a procedural step prior to coverage termination; this change does not reflect a revision to our analytical view. Our last recommendation on the shares was Hold.

TSX Now Up Near 60 Pts After Opening Down Near 30 Pts Early Thursday; Comes After Six Successive Win Days

EMEA Natural Gas Update: Futures Rise as Fragile US-Iran Ceasefire Keeps Risk Premium Elevated

European natural gas futures were up on Thursday, rebounding from their five-week low the day before, after Israeli strikes in Lebanon added to uncertainties surrounding the ceasefire.The front-month Dutch TTF contract was up 1.25% at 45.86 euros ($53.59) per megawatt-hour, while UK NBP futures were up 1.65% to 116.13 pence ($1.54) per therm.The two-week ceasefire agreed upon by the US, Israel, and Iran came under strain over Israeli strikes on Lebanon which the BBC reported killed at least 203. Tehran has called the strikes a breach of the truce.On Wednesday, Iran's Foreign Minister Seyed Abbas Araghchi said in a post on X that the ceasefire terms were "clear and explicit," and included a halt to hostilities between Israel and Lebanon.Meanwhile, in a Truth Social post on Wednesday, US President Donald Trump said that US forces will "remain in place in, and around, Iran," until a complete agreement is reached.Trump also warned that if an agreement is not reached within these two weeks, then the US will restart its offensive against Tehran, "bigger, and better, and stronger than anyone has ever seen before."This highlights the fragility of the truce, with lingering uncertainties continuing to keep global energy and equity markets on edge, even as it marked a major de-escalation.Despite Trump's statements, the Strait of Hormuz remained effectively shut for the sixth-week running, with just 11 vessels transiting through it over the past 24 hours, according to the Hormuz Strait Monitor.This is in stark contrast to the typical daily average of 138 vessels moving through the Strait during normal times, according to the UK's Joint Maritime Information Center.US Centcom Commander, Admiral Brad Cooper provided an update on Operation Epic Fury on Thursday, saying that joint efforts by US and Israeli forces had led to a "generational military defeat" for Iran, which he said has left the country unable to "project power beyond its own borders".According to Daniel Hynes, a senior commodity strategist at ANZ, even with the Straits reopening, the markets will face "higher prices, inventory drawdowns and demand rationing," as it would take time for major production and export facilities to come online.Analysts at Wood Mackenzie shared similar concerns, noting that even with the Strait open, it would take weeks or even months before the Middle East's shut-in capacity starts to come online.The firm estimated that even if Qatar begins to restart its Ras Laffan LNG facilities on Thursday, the full restoration of all 12 of its trains could take until the end of August. At the same time, its damaged capacity at the South site might remain offline for several years.This comes at a time when European markets are stepping into refilling season, with significantly depleted inventories, at just 28.77%, compared to 35% last year, according to Gas Infrastructure Europe.

Sector Update: Energy Stocks Advance Pre-Bell Thursday

Energy stocks were advancing pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.6%.The United States Oil Fund (USO) was 2.4% higher and The United States Natural Gas Fund (UNG) was down 0.1%.Front-month US West Texas Intermediate crude oil was 5.9% higher at $100.02 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.9% to $98.45 per barrel, and natural gas futures were down 0.6% at $2.71 per 1 million British Thermal Units.Chevron (CVX) said it has fully resumed domestic gas supply to Western Australian customers following damage caused by a tropical cyclone in March, Reuters reported. Shares of Chevron were up 1% premarket.Occidental Petroleum (OXY) stock was up more than 1% after the company said it has discovered oil at the Bandit prospect about 125 miles south of the Louisiana coast.Exxon Mobil (XOM) Chief Executive Darren Woods' 2025 pay fell by a quarter though his salary increased, the company said in a regulatory filing. Exxon Mobil shares were 0.6% higher premarket.

Sector Update: Financial Stocks Decline Premarket Thursday

Financial stocks were declining premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) down 0.5%.The Direxion Daily Financial Bull 3X Shares (FAS) was 1.8% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 1.8%.Whitestone REIT (WSR) said it has agreed to be acquired by Ares Management (ARES) for $19 per common share or operating partnership unit in an all-cash deal valued at about $1.7 billion. Shares of Ares Management were down more than 1% pre-bell.BMO Financial Group (BMO) said it has established the BMO Institute for Applied Artificial Intelligence & Quantum. The company's stock was 0.4% lower premarket.TPG (TPG) has hired UBS Group (UBS) and Malayan Banking to help weigh options for Malaysian medical services provider Asia OneHealthcare, Bloomberg News reported, citing people familiar with the matter. TPG shares were up 0.5% pre-bell.

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Thursday as Fragile Middle East Ceasefire Lifts Oil Prices

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4% and the actively traded Invesco QQQ Trust (QQQ) was 0.3% lower in Thursday's premarket activity as doubts over the durability of a Middle East ceasefire lift oil prices.US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 0.4% before the start of regular trading.US initial jobless claims rose to a level of 219,000 in the week ended April 4 from an upwardly revised 203,000 level in the previous week, compared with expectations for a smaller increase to 210,000 in survey of analysts compiled by Bloomberg.Personal income declined 0.1% in February following January's 0.4% gain, compared with the expected 0.3% gain in a survey conducted by Bloomberg as of 7:35 am ET.US economic growth, measured by gross domestic product, was revised lower to a 0.5% increase in Q4 from a 0.7% gain in the second estimate, compared with estimates for no revision in a survey compiled by Bloomberg as of 7:35 am ET.Wholesale inventory data for February are due to be released at 10 am ET, followed by weekly natural gas stocks data at 10:30 am ET.In premarket activity, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% lower, Ether ETF (EETH) fell 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) retreated marginally by 0.01%, while the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.01% higher, and the iShares US Consumer Staples ETF (IYK) was up 0.5%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.3% lower.Simply Good Foods (SMPL) shares were down more than 19% pre-bell after the company posted lower fiscal Q2 adjusted earnings and net sales.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.7%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.9% higher.Whitestone REIT (WSR) shares were up more than 11% pre-bell after the company said it has agreed to be acquired by Ares Management (ARES) for $19 per common share or operating partnership unit in an all-cash deal valued at about $1.70 billion. Ares stock was 1.5% higher.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.2%, and the iShares US Technology ETF (IYW) was 0.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was down 0.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) declined by 0.3%.Aehr Test Systems (AEHR) shares were down more than 2% in premarket activity, a day after the company said it plans to sell up to $60 million of its common shares via an at-the-market offering.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 0.7% lower.Novartis (NVS) stock was down more than 1% premarket after closing the prior session with a 2% gain. The company said Thursday it will expand its programs to find and treat patients with heart disease and cancer in "hard-to-reach" communities worldwide.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) declined by 0.7%, while the Vanguard Industrials Index Fund (VIS) gained 0.4% and the iShares US Industrials ETF (IYJ) was down 0.8%.American Airlines Group (AAL) stock was down more than 1% before the opening bell, a day after the Federal Aviation Administration said the airline should pay a $255,000 civil penalty for allegedly breaching drug and alcohol regulations.EnergyThe iShares US Energy ETF (IYE) was up 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) advanced by 0.5%.Occidental Petroleum (OXY) stock was up more than 1% before Thursday's opening bell after the company said it had discovered oil at the Bandit prospect, co-owned by Chevron (CVX) and Woodside Energy (WDS), in the Gulf of Mexico. Chevron stock was 0.8% higher, while Woodside advanced 0.5%.CommoditiesFront-month US West Texas Intermediate crude oil rose by 4.4% to $98.57 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.2% to $2.72 per 1 million British Thermal Units. The United States Oil Fund (USO) was up by 2%, while the United States Natural Gas Fund (UNG) was 0.3% lower.Gold futures for May were up by 0.1% at $4,781.00 an ounce on the Comex. Silver futures declined by 1% to $74.60 an ounce. SPDR Gold Shares (GLD) was 0.4% higher, and the iShares Silver Trust (SLV) advanced by 0.03%.

Sector Update: Health Care Stocks Fall Premarket Thursday

Health care stocks were falling premarket Thursday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.2% and the iShares Biotechnology ETF (IBB) 0.7% lower.Neogen (NEOG) shares were down more than 5% after the company reported lower fiscal Q3 adjusted earnings and revenue.Novartis (NVS) said it will expand its programs to find and treat patients with heart disease and cancer in "hard-to-reach" communities worldwide. Novartis stock was down more than 1% pre-bell.GoodRx (GDRX) shares were up more than 2% after the company said it partnered with Eli Lilly (LLY) to expand self-pay purchasing options for two weight management medications, Foundayo and Zepbound KwikPen.

Oil Prices Rise as Strait of Hormuz Remains Closed Amid Disputes Over Terms of U.S. and Iran Ceasefire Deal

Oil prices rose early Thursday as Iran continues to block the Strait of Hormuz while maintaining the two-week ceasefire agreement reached on Tuesday with the United States included a pledge to halt Israeli attacks on Lebanon. This is disputed by both Israel, which continues to bomb its northern neighbor, as well as the United States.West Texas Intermediate (WTI) crude oil for May delivery was last seen up $4.77 to US$99.18 per barrel, while June Brent oil was up $3.15 to US$97.90.WTI plunged 16% on Wednesday following the ceasefire agreement, pushing back below US$100 per barrel on hopes the deal would reopen tanker shipments from the Persian Gulf, a region that supplied 20% of daily oil demand prior to the Feb. 21 start to the war.However the ceasefire appears to be fragile as Iran continued attacks on Persian Gulf countries on Tuesday in response to Israel's bombing of Lebanon. Tankers trapped in the Gulf since the start of the war remain mostly unable to move through the Strait as Iran said it will continue to limit traffic and demand a toll for passage."Crude prices rebounded following their biggest one-day drop since April 2020, with Brent challenging resistance ahead of US$100. The Strait of Hormuz remains effectively closed after Israeli attacks on Lebanon -- seen by Iran as a breach of the fragile ceasefire. According to the WSJ, Iran has told mediators it will limit traffic through the Strait to around 12 ships per day and impose tolls under the ceasefire. That is a sharp reduction from the 100+ daily transits before the war, effectively leaving most of the 1,000+ commercial vessels inside the Persian Gulf stranded," Saxo Bank noted.The Wall Street Journal reported Iran has now stopped its regional strikes, with no attacks reported for 24 hours, raising some hopes the ceasefire will hold ahead of negotiations over a permanent deal that will begin this weekend in Pakistan. U.S. Vice-President JD. Vance will lead the American side in the talks with Iranian officials.

Sector Update: Tech Stocks Lean Lower Premarket Thursday

Technology stocks were leaning lower premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.2% and State Street SPDR S&P Semiconductor ETF (XSD) declining by 0.3%.CoreWeave (CRWV) shares were up more than 2% after the company said it has signed an agreement with Meta Platforms (META) to provide artificial intelligence cloud capacity through December 2032 for about $21 billion.BlackBerry (BB) stock was up more than 6% after the company reported higher fiscal Q4 adjusted earnings and revenue.Commerce.com (CMRC) said its board rejected a revised unsolicited takeover proposal from Rezolve AI (RZLV), as it "significantly undervalues" the company and is not in shareholders' interest. Rezolve AI shares were down more than 1% pre-bell.