Oil Prices Rise On Inventory Draw
Oil prices rose on Wednesday after industry data showed U.S. crude inventories fell more than expected, highlighting the tightening supply-demand dynamic as travel picks up in in Europe and North America.
Brent crude futures for August delivery jumped a little over 1 percent to $75.57 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for July settlement were up 0.8 percent at $73.44 a barrel.
The American Petroleum Institute industry group reported late Tuesday that U.S. crude stocks fell by 7.2 million barrels for the week ending June 18, compared with expectations for a much smaller draw of 3.9 million barrels.
The API reported a build in gasoline stockpiles of 959,000 barrels for the week, while distillate inventories climbed by 992,000 barrels.
Inventory data from the Energy Information Administration will be released later in the day.
As the market continues to show tightness, the next OPEC+ meeting scheduled on July 1st remains under the spotlight.
OPEC+ is discussing a gradual increase in supply from August, but no decision has been made yet on the exact volumes, two OPEC+ sources were quoted as saying on Tuesday.
Gold Prices Inch Higher As Dollar Falls On Dovish Powell
Gold prices inched higher on Wednesday as the dollar eased amid Fed Chair Jerome Powell’s dovish comments.
Spot gold edged up 0.2 percent to $1,782.32 an ounce, while U.S. gold futures were up 0.3 percent at $1,782.65.
The U.S. dollar fell overnight following comments from Fed Chair Jerome Powell that an interest rate hike would not happen any time soon.
The currency fell along with yields after Powell said that the Fed would be patient in waiting to tighten monetary policy.
“We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before the House Select Subcommittee on Tuesday.
Powell’s comments calmed markets after the Fed’s shift in tone kept traders on the edge last week.
Investors digested mixed comments from Fed policymakers regarding scaling back of the stimulus measures.
San Francisco Fed President Mary Daly said on Tuesday that the economy is likely to meet the conditions for tapering later this year or early next year.
New York Fed President John Williams, however, argued that any discussion about a liftoff is still far away.
Earlier today, Eurozone PMIs indicated strong expansion in June, but at the same time revealed rising prices.
U.S. new home sales for May will be featured in the New York session.
Cities Where Home Values Are Rising the Fastest
In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back — and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.
According to estimates from Zillow, a Seattle-based real estate data company, between May 2020 and May 2021, the typical single-family American home appreciated in value from $253,773 to $287,148, a 13.2% increase. Of course, housing markets also respond to local forces, and in some parts of the country, home values have appreciated at more than double the national rate.
In 50 cities and towns with populations of 50,000 or more, home values have appreciated by at least 22.3% over the past year. In some of them, the value of a typical family home has surged by more than 37.6%. Though these communities span the country, they tend to be concentrated in the Western United States.
One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, 39 of the 50 cities and towns on this list reported population growth over the last one-year period.
Home prices are also largely dictated by what local residents can afford, and rising home values can often be the result of rising incomes. Of the 50 places on this list for which income data is available, 49 reported year-over-year growth in median household income, based on the most recent available data Census data.
Patterson Companies Inc. Q4 adjusted earnings Miss Estimates
Below are the earnings highlights for Patterson Companies Inc. (PDCO):
-Earnings: $28.76 million in Q4 vs. -$608.59 million in the same period last year.
-EPS: $0.30 in Q4 vs. -$6.44 in the same period last year.
-Excluding items, Patterson Companies Inc. reported adjusted earnings of $36.64 million or $0.38 per share for the period.
-Analysts projected $0.52 per share
-Revenue: $1.56 billion in Q4 vs. $1.29 billion in the same period last year.
Ian King Business Podcast: Who would buy Channel 4, leasehold market shake-up and global threat to cotton
As the government looks for buyers for Channel 4, we hear from a media analyst on who might be interested.
Plus the competitions regulator explains who will benefit from a clampdown on freeholder charges – and a cotton expert tells us how global heating is threatening the industry.
PTC Therapeutics Says Evrysdi Approved In Japan To Treat Spinal Muscular Atrophy – Quick Facts
PTC Therapeutics, Inc. (PTCT) announced Wednesday that Evrysdi(risdiplam) was approved in Japan by the Japanese Ministry of Health, Labor and Welfare for the treatment of spinal muscular atrophy (SMA).
The approval has been granted based on data from two pivotal studies evaluating Evrysdi in infants and adults living with type 1, 2 or 3 SMA. The first commercial sale will trigger a $10 million milestone payment to PTC from Roche under its License and Collaboration agreement.
Evrysdi is a survival motor neuron 2 (SMN2)-directed RNA splicing modifier designed to treat SMA by increasing and sustaining the production of SMN protein, which is found throughout the body and is critical for maintaining healthy motor neurons and movement.
Evrysdi has been approved for the treatment of patients with SMA, aged 2 months and older by the FDA and the EMA. Roche leads the clinical development of Evrysdi as part of a collaboration with the SMA Foundation and PTC Therapeutics. Evrysdi is marketed in the U.S. by Genentech, a member of the Roche Group.
SMA is a severe, progressive neuromuscular disease that can be fatal. It affects approximately 1 in 10,000 babies and when untreated is the leading genetic cause of infant mortality.