FINWIRES — Financial News

a2 Milk Co. Cuts Guidance on China Supply Issues; Shares Fall 13%

a2 Milk Co. (NZE:ATM, ASX:A2M) said its infant milk formula business in China is experiencing "temporary in-market product availability issues" that will likely impact the company's performance in fiscal 2026, resulting in a cut to guidance, according to a Monday filing with the New Zealand and Australian bourses.The issues primarily relate to shortfalls of China-label infant milk formula product at distributors and retailers for several reasons, including high demand for the company's imported products amid product recalls by international competitors, per the filing.At the same time, the Middle East conflict has had a direct impact on the availability and cost of air freight for product shipments to China, and inventory levels have been low through the fiscal year to date as a result of previous manufacturing challenges at Synlait's (NZE:SML, ASX:SM1) plant, where there remains "a significant backlog" of unfilled purchase orders, the company said.Additionally, new standards for related to enhanced cereulide testing are extending quality assurance release times, while higher inspection and sampling rates for the industry are extending clearance release times, per the filing.a2 Milk said these factors will have a material impact on China-label infant milk formula availability in the fiscal fourth quarter, mainly in April and May. The company now expects fiscal 2026 revenue growth in the low to mid double-digit range, compared with mid double-digits previously. Its earnings before interest, taxes, depreciation, and amortization percent margin is expected to be about 14% to roughly 15%, compared with 16% previously.The company also expects lower interest income for fiscal 2026 due to lower market rates and net transaction cash outflows.Its Kiwi shares were down 13% in recent Monday trading.

$ASX:A2M$ASX:SM1$NZE:ATM$NZE:SML

Fonterra Co-operative Group Names Richard Allen as Next CEO; Shares Tumble 30%

Fonterra Co-operative Group (NZE:FCG) named Richard Allen as its next chief executive, effective May 1, succeeding Miles Hurrell, according to a Monday filing with the New Zealand bourse.Allen most recently served as president of global ingredients at Fonterra, per the filing.Hurrell will stay with the company in an advisory role until September to facilitate the transition.Fonterra's shares were down 30% in recent Monday trading.

$NZE:FCG

Oil & Energy16d ago

Crude Benchmarks Log Weekly Decline Amid 2-Week Ceasefire Deal

Global oil benchmarks posted a weekly decline on Friday after prices fell below the $100 per barrel mark earlier this week following the US-Iran ceasefire agreement.West Texas Intermediate closed Friday at $95.63/bbl, down from $111.54/bbl the previous week, while Brent futures settled at $94.36/bbl, down from $109.24/bbl a week earlier."Saudi Arabia said its production capacity has been reduced due to attacks on energy infrastructure, though futures remain on track for their biggest weekly loss since June, down more than 10% this week after the US and Iran announced a ceasefire," Saxo Bank analysts noted.The week began with prices over $110/bbl on Monday as the conflict involving the US, Israel, and Iran intensified.However, the trajectory broke sharply on Wednesday following President Trump's announcement of a two-week "bombing suspension" and ceasefire mediated by Pakistan.This triggered a historic relief crash, with WTI May futures and Brent June futures both shedding nearly 16-20% in a single session, briefly touching lows near $93-$94 as traders priced in a potential reopening of the Strait of Hormuz.However, the risk premium began to seep back into the market as optimism over the ceasefire faded as Tehran accused Washington of breaching the truce's 10-point framework on Thursday, citing continued US drone incursions and strikes in Lebanon.Meanwhile, US President Donald Trump warned Iran on Thursday amid reports that Tehran has started charging transit fees on tankers navigating the Strait of Hormuz, as shipping through the key waterway remains largely restricted despite the ceasefire deal.Despite the diplomatic breakthrough, shipowners remain paralyzed by war-risk insurance premiums, disrupted tanker rotations, and the lingering threat of Iranian transit fees in the Strait of Hormuz.Maritime data showed that only a handful of non-Iranian tankers had successfully transited the Strait of Hormuz since the ceasefire began, as global shipping giants like Hapag-Lloyd refused to resume routes until security is guaranteed.Even with the ceasefire holding, ANZ analysts expect only a partial recovery of 2-3 million barrels per day in the near term, with a credible risk that 1-2 mb/d of capacity may be permanently lost due to infrastructure damage.J.P. Morgan analysts said that "in the nearly six weeks since the conflict began, more than 60 energy infrastructure assets in the Gulf have been affected by drone and missile strikes, with roughly 50 sustaining different degrees of damage."Over 80% of countries are net oil importers, leaving the majority of global economies exposed to rising energy costs and supply disruptions during the shock, the International Monetary Fund said Thursday.The drop in supply has also disrupted refining operations, as facilities struggle to maintain minimum throughput levels amid reduced crude availability, the IMF added.On the supply side, US crude stockpiles rose by 3.1 mmbbls to 464.7 mmbbls in the week ended Apr. 3, the Energy Information Administration said in its weekly report on Wednesday.The number of oil rigs in the US held steady at 411 from last week, in the week ending Apr. 10, according to data from Baker Hughes (BKR) released Friday. The US had 472 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by 10 to 680 from 690 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended Apr. 7, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released Friday.The data showed that money managers reported 223,091 long positions, up 8,334 from Mar. 31, while short positions were also up 1,213 to 85,253.

$BKR

Oil & Energy16d ago

US Natural Gas Posts Weekly Decline on Iran Ceasefire, Bearish Weather Forecasts

US natural gas futures settled lower over the week, amid the ceasefire between the US, Israel and Iran, along with bearish weather forecasts.The front-month contract price fell over the week to $2.65 per million British thermal units, from $$2.80/MMBtu on Apr. 2.The markets were off to a strong start this week but trended lower after Iran announced ceasefire negotiations, hinting at a quick resolution of hostilities in the Middle East.While the truce is temporary, set to last only for two weeks, and already showing its fragility, it did manage to calm the markets over the week.For the week ended Apr. 8, the May 2026 Nymex contract was down $0.09 at $2.72/MMBtu, compared with $2.81/MMBtu the prior week, the Energy Information Administration's Weekly Gas Storage Supplement said.Natural gas spot prices fell by $0.19 to $2.80/MMBtu during the week ended Apr. 8, according to the EIA, from $2.99/MMBtu last week. Price changes were mixed across most regional hubs, from a $0.56/MMBtu decrease at the Waha Hub to a $0.20 gain at the SoCal border.Prices across the Gulf Coast and Southeast regions were similarly mixed, with a $0.21 decline at the Florida Gas Zone 3 to $2.83/MMBtu and a $0.06 rise at the Houston Ship Channel to $2.44/MMBtu.Natural gas consumption in the Southeast electric power sector rose 3%, or 0.2 billion cubic feet per day, according to the EIA, citing LSEG data.The EIA reported a net injection of 50 Bcf into storage for the week ended Apr. 3, up from a net injection of 36 Bcf last week, and bringing total gas inventories to 1,911 Bcf.During the same week last year, the EIA reported a net injection of 53 Bcf, while the five-year average for this period was an injection of 13 Bcf. This week's figures were also above the 41 Bcf forecast, according to data compiled by Investing.com.The total gas inventories at 1,911 Bcf are now 89 Bcf, or 5% above the corresponding period a year ago, and 87 Bcf, which is again 5% higher than the five-year average for this period.Working gas in storage rose across all regions, except the Mountain, with South Central posting the largest gain of 32 Bcf, bringing its balances to 1.2% above its five-year average.Meanwhile, inventories across the East and Midwest have narrowed their working gas deficits to just 11% relative to their respective five-year averages.According to Pinebrook Energy Advisors, the EIA weekly report offered little new direction for the market. Demand is expected to continue its seasonal decline amid above-normal temperatures across most of the country, which is expected to hit cooling gas demand.A total of 37 liquefied natural gas carrying vessels left US ports during the week, down from 39 vessels last week. The total capacity of these vessels stood at 141 Bcf, down 8 Bcf from the prior week.Weather forecasts continued to turn bearish, with almost the entire country expected to see above-normal temperatures from Apr. 17 to Apr. 23, according to the National Weather Service.The number of gas rigs dropped by three from 130 the previous week to 127, in the week ending Apr. 10, according to data from Baker Hughes (BKR) released Friday. The US had 105 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, dropped by 10 to 680 from 690 the previous week.In international markets, European TTF gas prices averaged $16.88/MMBtu for the week ended Apr. 8, $0.86/MMBtu lower compared to the previous week. The Japan-Korea Marker averaged $19.85/MMBtu, about $0.43/MMBtu lower than the prior week.

$BKR

Financial News · Live Terminal

a2 Milk Co. Cuts Guidance on China Supply Issues; Shares Fall 13%

Fonterra Co-operative Group Names Richard Allen as Next CEO; Shares Tumble 30%

a2 Milk Co. Cuts Guidance on China Supply Issues; Shares Fall 13%

Fonterra Co-operative Group Names Richard Allen as Next CEO; Shares Tumble 30%

Fonterra Co-operative Group Implements Over NZ$3 Billion Capital Return; Shares Dive 30%

Tadawul Shares Start Week Lower Amid Failed US-Iran Negotiations

Saudi Energy Facilities Ramp Up Production Post Iranian Strikes

Advanced Petrochemical Co. Posts Lower Q1 Estimated Profit; Revenue Up

Ades Holding Lands One-year Extension for Drilling Services in Nigeria

Crude Benchmarks Log Weekly Decline Amid 2-Week Ceasefire Deal

US Natural Gas Posts Weekly Decline on Iran Ceasefire, Bearish Weather Forecasts

US Awards Contracts for 8.5 Million Barrels from SPR, DOE Says

Porch Group Insider Sold Shares Worth $449,314, According to a Recent SEC Filing

US Oil Update: Futures Settle Lower With Iran-US Talks in Focus

Carvana Insider Sold Shares Worth $1,285,570, According to a Recent SEC Filing

India Reportedly Allows Iranian Oil Tankers to Dock Amid Supply Disruptions

Outside Investors Add to Bullish Stance in Soybean Oil Futures, Options Markets, CFTC COT Says

Research Alert: CFRA Keeps Buy Rating On Shares Of Abbvie Inc.

Research Alert: CFRA Upgrades View On Pnr Shares From Buy To Strong Buy

US Natural Gas Update: Futures Ease on Mild Weather Outlook, Softer Demand

TerraVest Industries Announcing Automatic Purchase Plan For Common Shares

Airbnb Insider Sold Shares Worth $491,213, According to a Recent SEC Filing