Oil Nears $70 On Fuel Demand Optimism

Oil prices rose for a third day on Wednesday amid expectations of strong demand as western economies reopen.

Brent crude futures for July settlement rose 92 cents, or 1.3 percent, to $69.80 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for June delivery were up 85 cents, or 1.3 percent, at $66.54. Both contracts hit the highest level since mid-March earlier in the day.

Investors bet that easing lockdown restrictions in the United States and parts of Europe on the back of vaccination campaigns could further boost a rebound in fuel demand over the summer months.

The improving demand outlook offset concerns about higher OPEC+ supply and demand in India, the world’s third-largest oil consumer, which is battling a surge in COVID-19 infections.

Crude prices were also supported by industry data showing a large fall in U.S. inventories.

The American Petroleum Institute (API) reported late Tuesday that U.S. crude stockpiles fell by 7.7 million barrels in the week ended April 30. That was more than triple the drawdown expected by analysts polled by Reuters.

Traders await data from the U.S. Energy Information Administration later in the day for further direction.

The ODP Corporation Q1 adjusted earnings Beat Estimates

The ODP Corporation (ODP) released a profit for its first quarter that rose from last year.

The company’s bottom line came in at $53 million, or $0.95 per share. This compares with $45 million, or $0.84 per share, in last year’s first quarter.

Excluding items, The ODP Corporation reported adjusted earnings of $68 million or $1.21 per share for the period.

Analysts had expected the company to earn $0.72 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 13.2% to $2.37 billion from $2.73 billion last year.

The ODP Corporation earnings at a glance:

-Earnings (Q1): $68 Mln. vs. $66 Mln. last year.
-EPS (Q1): $1.21 vs. $1.21 last year.
-Analysts Estimate: $0.72
-Revenue (Q1): $2.37 Bln vs. $2.73 Bln last year.

Bankers, Please Return to Your Desks

Goldman Sachs is the latest to call an end to remote work.

By Andrew Ross Sorkin, Jason Karaian, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni

Manhattan calling

U.S. Factory Orders Rebound 1.1% In March, Slightly Less Than Expected

New orders for U.S. manufactured goods showed a notable rebound in the month of March, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said factory orders jumped by 1.1 percent in March after falling by a revised 0.5 percent in February.

Economists had expected factory orders to surge up by 1.3 percent compared to the 0.8 percent drop originally reported for the previous month.

The rebound by factory orders came as orders for durable goods increased by 0.8 percent in March following a 0.9 percent slump in February.

Orders for non-durable goods also shot up by 1.5 percent in March after edging down by 0.1 percent in the previous month.

The report also showed shipments of manufactured goods spiked by 2.1 percent in March after tumbling by 1.9 percent in February.

Inventories of manufactured goods also advanced by 0.7 percent in March following a 0.8 percent increase in the previous month.

With shipments jumping more than inventories, the inventories-to-shipments ratio fell to 1.38 in March from 1.40 in February.

India says UK COVID-19 variant cases declining, local variant up in some states

NEW DELHI (Reuters) – India has seen fewer cases of infections by the coronavirus variant first spotted in Britain in recent weeks but more by a local variant in some states, Sujeet Kumar, the director of the National Centre for Disease Control, said on Wednesday.

The New York Times Tops 7.8 Million Subscribers as Growth Slows

The publisher added 301,000 digital subscribers for the first quarter, the slowest gain in over a year. Profits jumped, beating Wall Street expectations.

By Edmund Lee

Pinnacle West Capital Corp. Reveals Increase In Q1 Bottom Line

Pinnacle West Capital Corp. (PNW) reported earnings for its first quarter that climbed from last year.

The company’s profit totaled $35.64 million, or $0.32 per share. This compares with $29.99 million, or $0.27 per share, in last year’s first quarter.

Analysts had expected the company to earn $0.25 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 5.2% to $696.48 million from $661.93 million last year.

Pinnacle West Capital Corp. earnings at a glance:

-Earnings (Q1): $35.64 Mln. vs. $29.99 Mln. last year.
-EPS (Q1): $0.32 vs. $0.27 last year.
-Analysts Estimate: $0.25
-Revenue (Q1): $696.48 Mln vs. $661.93 Mln last year.