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Update: WTI Oil Closes Higher As Details Of Iran-U.S. Peace Deal Emerge; IEA Expects Production To Surge In 2027

West Texas Intermediate (WTI) crude oil closed higher Wednesday, rising off the lowest in more than three months as details of the peace deal between Iran and the United States emerge, while the International Energy Agency sees inventories depleted by the closure of the Strait of Hormuz to return to surplus next year.WTI oil for July delivery closed up US$0.74 to settle at US$76.79 per barrel, rising off the lowest since March 4, while August Brent oil was last seen up US$0.41 to US$79.37.Oil markets are settling as the memorandum of understanding reached by the United States and Iran to end their war looks to allow shipping through the Strait of Hormuz, the chokepoint for oil shipment from the Persian Gulf nations that supplied a fifth of daily oil demand.CNN said it obtained a copy of the deal, reporting the two countries agreed to restore normal shipping through the Strait within 30 days, while Iran will be allowed to resume exporting oil to global markets amid other concessions to Islamic Republic."The MoU declares an immediate ceasefire and reopens the Strait of Hormuz, but front-loads concrete economic benefits to Iran - oil export waivers, frozen asset releases, and naval blockade removal - while deferring all hard nuclear questions to a final agreement," Erik Meyersson, chief EM Strategist at SEB Research, wrote.Since the war began on Feb.28, oil-importing countries have depleted inventories amid the loss of most Persian Gulf supply. In its influential monthly Oil Market Report, the International Energy Agency said global oil inventories fell by an average 3.8-million barrels per day since the start of the conflict, while it expects stocks to fall to record lows in coming months before the market returns to surplus late this year.The agency said it sees global demand down 1.1-million barrels per day this year, down 700,000 bpd from its May report, with 2026 annual supply down by an average 3.0-million bpd due to closure of the Strait. However the market is expected to return to a significant surplus in 2027, with the IEA seeing demand in the year to rebound by two-million bpd while global production surges."Our first look at 2027 balances shows a significant overhang emerging next year. Global oil demand is projected to rise by a relatively modest 2 mb/d to 105.3 mb/d. By contrast, oil supplies look set to surge by around 8 mb/d to 110 mb/d. This may provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to build new strategic reserves," the agency said.

$CLN6$LCOQ6$USO

US Markets42d ago

Fed Leaves Rates Steady, Removes Language Around Easing Bias

The Federal Reserve kept its benchmark lending rate steady Wednesday, leaving the so-called easing bias out of its policy statement.The central bank's Federal Open Market Committee maintained its interest rates at 3.50% to 3.75%, in line with Wall Street's expectations and marking its fourth consecutive pause.Last year, the FOMC delivered three back-to-back 25-basis-point cuts amid concerns about the labor market.The latest policy statement excluded language that suggested a lingering bias toward rate cuts."Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," the FOMC statement said. "Job gains have kept pace with the workforce, and the unemployment rate has changed little."The decision was unanimous, according to the statement.The Fed's April decision to hold rates drew opposition from then-Governor Stephen Miran, who favored a rate cut, while three other officials wanted the easing bias removed."Inflation remains elevated relative to the committee's 2% goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy," it said Wednesday. "The committee will deliver price stability."Earlier this month, official data showed US annual inflation accelerated to the highest in about three years.The US and Iran have agreed to end their war and reopen the Strait of Hormuz.Fed officials' next monetary policy meeting is scheduled for July 28-29.

International42d ago

Fed Chair Warsh Says He Did Not Submit Projections for SEP

Sectors42d ago

July WTI Crude Oil Contract Closes Up US$0.74; Settles at US$76.69 per Barrel

$CLN6$LCOQ6$USO

Wire42d ago

Broadcom Sets Pricing for Tender Offers on Notes With $2.5 Billion Cap

Broadcom (AVGO) set pricing Wednesday for its cash tender offers covering six series of outstanding senior notes, with a consideration cap of $2.5 billion.The tender applies to notes due from 2030 to 2038, with acceptance priority levels outlined in the offer to purchase, the company said Wednesday in a statement. Total consideration ranges from $970.29 to $1,023.23 per $1,000 principal amount, depending on the series.The tender offers are scheduled to expire at 5 p.m. Wednesday with the initial settlement expected on Thursday.Price: $393.80, Change: $+17.09, Percent Change: +4.54%

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Wire42d ago

Figma Shares Rise After Citigroup Initiates Coverage at Buy, Sets Price Target at $36

Figma (FIG) shares were up 9.1% in afternoon trading on Wednesday after Citigroup initiated coverage of the company's stock at buy with a price target of $36.Trading volume stood at nearly 19.3 million shares against a daily average of about 18.5 million.Price: $19.62, Change: $+1.64, Percent Change: +9.12%

$FIG

Wire42d ago

Top Midday Decliners

CarMax's (KMX) fiscal Q1 earnings fell year over year on Wednesday as comparable used vehicle sales swung negative.Shares dropped 8%, with intraday trading volume rising to more than 6 million from the stock's daily average of about 3.4 million.EchoStar (SATS) Chief Legal Officer Dean Manson sold 10,000 shares of the company for about $1.30 million on June 12, according to a Securities and Exchange Commission filing.Shares were down more than 6% as intraday trading volume climbed to over 9.6 million from a daily average of about 8.4 million.Carvana (CVNA) Director Ira Platt sold 15,000 shares of the company for about $1.01 million, according to a Securities and Exchange Commission filing.Shares traded lower by 8.6%, with intraday volume at about 10.1 million, versus the stock's daily average of roughly 12.5 million.Price: $47.83, Change: $-4.28, Percent Change: -8.21%

$CVNA$KMX$SATS

Mining & Metals42d ago

Exchange Income Announces June 2026 Dividend

Exchange Income's (EIF.TO) directors declared a dividend of $0.23 per share for the month ending June 30, unchanged from the prior month.It is payable on July 15 to shareholders of record at the close of business on June 30.Price: $129.45, Change: $-0.79, Percent Change: -0.61%

$EIF.TO

Wire42d ago

IceCure Medical Shares Jump After Update on Commercial Adoption of Breast Cancer Cryoablation Procedures

IceCure Medical (ICCM) shares rose over 230% on Wednesday after the company provided an update on commercial adoption of its ProSense procedures for breast cancer cryoablation following US Food and Drug Administration marketing authorization in October 2025.The company said US active commercial install base of its ProSense systems has grown 70%, reflecting accelerating physician adoption across major markets including New York, Los Angeles, Dallas and Atlanta.Separately, IceCure said it has agreed to sell shares and warrants to a single healthcare-focused institutional investor in a private placement expected to raise approximately $5.5 million in gross proceeds.The deal is expected to close on or about Thursday, with proceeds earmarked for working capital and general corporate purposes, the company added.Price: $7.95, Change: $+5.82, Percent Change: +273.24%

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Commodities42d ago

US Natural Gas Update: Futures Weaken on Cooler Forecasts

US natural gas futures recovered some losses in midday trading Wednesday after an earlier sharp drop, as weaker weather forecasts reduced expected demand.The front-month Henry Hub contract and the continuous contract were both down 2.81% at $3.148 per million British thermal units.Liquidity Energy said natural gas opened the US session lower after posting a new weekly high overnight, noting that despite early strength, the market was showing signs of a possible reversal as prices pulled back from recent highs.Aegis Hedging said that updated forecasts for late June and early July reduced expectations for Midwest temperatures by over 12 degrees Fahrenheit, contributing to softer demand expectations.Gelber & Associates said the market is turning more cautious, with strong export demand being offset by a less supportive weather outlook. It noted fundamentals still show solid LNG strength, with net LNG exports at 19.1 Bcf/d and steady demand from Mexico.Aegis Hedging said feedgas demand rose to its highest level since April, adding that Golden Pass LNG recorded 425 million cubic feet per day of feedgas demand on Tuesday and nominated 480 MMcf/d on Wednesday.On supply, production remains the main limit on further price gains, Gelber said. Output is holding near 110.3 Bcf/d, keeping the market well supplied as Canadian imports have eased.Attention now shifts to Thursday's Energy Information Administration's storage report. Gelber expects a 74 Bcf injection, smaller than the 95-Bcf build seen in the same week last year, although inventories remain above the five-year average.The report is expected to be a key factor in determining whether LNG strength and weather-driven demand can support further price gains, Gelber said.

International42d ago

FOMC SEP Shows Drastically Higher Inflation Forecasts for 2026, Lower Growth, Unemployment Forecasts

International42d ago

FOMC SEP Now Shows 3.4% End-of-2028 Fed Funds Rate Vs. 3.1% Previously Reported

International42d ago

FOMC SEP Now Shows 3.6% End-of-2027 Fed Funds Rate Vs. 3.1% Previously Reported

International42d ago

FOMC SEP Now Shows 3.8% End-of-2026 Fed Funds Rate Vs. 3.4% Previously Reported

International42d ago

FOMC Holds Federal Funds Rate Steady at Range of 3.50% to 3.75%

Sectors42d ago

Update: Gold Edges Down As Dollar Steadies On Strong U.S. Retail Sales Report Ahead Of Fed's Rate Decision

(Updates prices.)Gold was higher midafternoon Wednesday even as the dollar rose after a report showed U.S. retail sales rose more than expected last month ahead of the latest interest rate decision coming from the Federal Reserve.Gold for July delivery was last seen up US$37.10 to US$4.391.50 per ounce.The U.S. Census Bureau reported May retail sales rose by 0.9% in May, up from a revised 0.4% in April and topping expectations for a rise of 0.5%, according to Marketwatch.The bullish data comes ahead of the latest interest-rate decision from the Federal Reserve's policy committee coming later this afternoon, the first under new Fed Chair Kevin Warsh. The Federal Open Market Committee is expected to leave rates unchanged despite the higher inflation that followed high oil prices due to the Iran-U.S. war."Traders will be watching closely for any guidance from Chair Kevin Warsh on the inflation outlook, as well as clues on how the Federal Reserve balances still-elevated price pressures against signs of slowing economic momentum," Saxo Bank noted.The dollar also moved higher, with the ICE dollar index last seen up 0.14 points to 99.68. Treasury yields were mostly steady, with the U.S. two-year note last seen paying 4.071%, up 0.3 basis points, while the 10-year note was down 1.1 points to 4.434%.

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Sectors42d ago

Sector Update: Energy Stocks Lower Wednesday Afternoon

Energy stocks declined Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index fell 1.4%, and the Dow Jones US Utilities Index was down 0.7%.Front-month West Texas Intermediate crude oil increased 0.4% to $76.38 a barrel, and the global benchmark Brent crude contract added 0.3% to $79.18 a barrel. Henry Hub natural gas futures fell 2.9% to $3.15 per 1 million BTU.In sector news, the US, Iran and mediators are in talks over holding the signing of the memorandum of understanding remotely as early as Wednesday, instead of in-person on Friday, Axios reported. A diplomat from one of the mediating countries told Axios that discussions to speed up the deal are intended to reopen the Strait of Hormuz sooner, since the parties agreed that the strait's opening and the lifting of the US blockade would only take effect after the formal signing scheduled for Friday.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 17.2 million barrels in the week ended June 12 following a decrease of 15.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 8.3 million barrels after a 7.2-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Exxon Mobil (XOM) has a preliminary deal to supply liquefied natural gas to South Africa, Bloomberg reported. Exxon shares were down 0.7%.Western Midstream Partners (WES) said the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas, in the Permian Basin. Its shares declined 0.7%.ConocoPhillips (COP) confirmed that it has signed a development agreement with Syria's new government, after an earlier Financial Times report said the company was poised to become the first major US oil and gas producer to do so. ConocoPhillips shares were shedding 0.4%.

$COP$WES$XOM

Commodities42d ago

Western Canada Rig Count Climbs to 200, Tops 5-Year Average by 31 Rigs, RBC Says

The WCSB rig count climbed to 200, its highest level this year, as drilling activity across Western Canada continued to outpace expectations, RBC Capital Markets said in a Tuesday note.Canadian oilfield services stocks declined 5% over the week, although the group remained up 34% year to date, compared with a 35.4% gain for the S&P/TSX Capped Energy Index, RBC said.Calfrac Well Services led weekly performance with a 5.0% gain, while Enerflex (EFXT) declined 3.7% and Pason Systems fell 4.4% over the same period, according to RBC.The rig count increased by 11 from the prior week to 200, standing 50 above year-ago levels. Activity also remained well above historical trends, with the count 31 rigs above the five-year average.RBC said drilling activity has exceeded expectations this quarter, with the quarter-to-date average rig count reaching 157 compared with its second-quarter forecast of 143.Private operators added four rigs over the week, while large producers with output above 75,000 barrels of oil equivalent per day increased activity by six rigs.Montney and Duvernay activity eased slightly over the week, with each region losing one rig to end at 35 and 16 active rigs, respectively. ARC Resources operated eight rigs in Montney, while Ovintiv (OVV) ran six and Tourmaline Oil managed four, RBC said.In Duvernay, Canadian Natural Resources (CNQ), Paramount Resources and Whitecap Resources each operated two rigs. Ensign Energy Services remained the largest drilling contractor in the play with five rigs, accounting for 31% of activity, according to RBC.Heavy oil activity strengthened over the week as the rig count increased by two to 47, while Cardium added one rig to six. Canadian Natural Resources led heavy oil drilling with 12 rigs, followed by Spur Petroleum with six and Tamarack Valley Energy with four.Canadian exploration and production companies under RBC coverage are expected to generate CA$8.4 billion ($5.99 billion) in pre-dividend free cash flow in 2026 and CA$8.8 billion in 2027. RBC expects operators to reinvest 60% of cash flow in both years, below the five-year average reinvestment rate of 64%.Commodity prices weakened during the period as the balance-of-2026 West Texas Intermediate strip fell 12.8% over the week to $74 per barrel and 22.1% over the month, while Brent declined 10.5% over the week to $78/bbl and 21.3% over the month, RBC said.Natural gas moved higher, with the balance-of-2026 Henry Hub strip gaining 1.7% over the week and 3.2% over the month to $3.57 per thousand cubic feet. However, the benchmark remained 15.1% below levels seen a year earlier, according to RBC.Provincial drilling activity continued to improve on an over-the-year basis. Alberta added 35 rigs and Saskatchewan gained 14, while British Columbia's rig count remained flat from a year earlier, RBC said.Price: $53.63, Change: $+0.13, Percent Change: +0.24%

$CNQ$EFXT$OVV

US Markets42d ago

Update: Equity Markets Mixed Ahead of Fed Decision

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday ahead of the Federal Reserve's latest monetary policy decision and new central bank chair, Kevin Warsh's, press conference.The Dow Jones Industrial Average was up 0.4% at 52,202.7 after midday Wednesday, after closing at a record high in the previous session. The Nasdaq Composite and the S&P 500 were little changed at 26,367.7 and 7,511, respectively, intraday Wednesday.Among sectors, communication services saw the steepest decline, while industrials paced the gainers.The Fed is scheduled to announce its interest rate decision at 2 pm ET. Markets widely expect the central bank to keep rates unchanged for a fourth consecutive time, according to the CME FedWatch tool.Warsh, who assumed the Fed chair role last month, is expected to hold a press conference at 2:30 pm."I would expect the balance of the dots projection to remove the median participants call for a rate cut this year, but for Warsh's press conference to sound more neutral-dovish than the dots, which he'll likely boycott," Derek Holt, head of capital markets economics at Scotiabank, said in a note.West Texas Intermediate crude oil was up 0.8% at $76.68 a barrel intraday, while Brent rose 0.7% to $79.49.A draft agreement between the US and Iran includes a mechanism for Tehran to gain access to at least $300 billion in financing, as well as a commitment from the Islamic Republic that it will never produce nuclear weapons, news outlets reported.A formal signing ceremony is scheduled to take place in Switzerland Friday, which would kick off a 60-day period of further talks.US President Donald Trump said Wednesday that the proposed memorandum of understanding with Iran is "not final" and that Washington will "go right back to dropping bombs" if he doesn't like the Tehran deal, CNBC reported.The International Energy Agency lowered its global oil demand forecast for 2026 amid war-driven headwinds while projecting a rebound next year."While the US-Iran interim agreement paves the way for a rebound in Middle East (oil) exports, operational and political constraints, including prolonged demining and unresolved transit arrangements, leave downside risks to the outlook," the agency said.US Treasury yields were mixed intraday, with the two-year rate increasing 2.1 basis points to 4.07% and the 10-year rate little changed at 4.43%.In economic news, US retail sales rose more than expected in May as consumers kept spending despite higher prices, official data showed.In company news, CarMax's (KMX) fiscal first-quarter earnings fell year over year as comparable used vehicle sales swung negative. The used-vehicle retailer's shares were down 8.1% intraday.Carvana (CVNA) shares sank 7.1%, the steepest decline on the S&P 500.La-Z-Boy (LZB) shares surged nearly 20%. Late Tuesday, the furniture manufacturer reported a year-over-year gain in fiscal fourth-quarter earnings and said it expected sales to outperform the industry in the ongoing quarter.Gold was up 0.6% at $4,381.60 per troy ounce, while silver rose 0.9% to $70.64 per ounce.

Dow JonesNasdaq CompositeS&P 500$CVNA$KMX$LZB

Mining & Metals42d ago

Thiogenesis Therapeutics Appoints Gilad Aharon to its Board

Thiogenesis Therapeutics (TTI.V) on Wednesday said it appointed of Gilad Aharon to its board of directors.Aharon is a co-founder and portfolio manager at Rosalind Advisors, a Toronto-based life-sciences institutional investor.The appointment follows Rosalind Advisors' investment in Thiogenesis' recently completed, non-brokered private placement."Gil brings significant experience and depth of insight in the life sciences sector, and we look forward to working together in advancing TTI-0102," said chief executive Patrice Rioux.The company's shares were last seen unchanged at $0.57 on the TSX Venture Exchange.

$TTI.V

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US Markets42d ago

Update: Equity Markets Mixed Ahead of Fed Decision

Dow JonesNasdaq CompositeS&P 500$CVNA$KMX$LZB