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Oil Surges on Iran Retaliation Reports
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Oil Surges on Iran Retaliation Reports
Crude oil markets experienced a sharp upswing in late trading Thursday as intelligence reports emerged suggesting potential military action between Iran and Israel. Trading data showed petroleum prices climbing more than $2 per barrel, with benchmark WTI reaching $70.76 and Brent touching $74.26 in post-settlement activity.
Intelligence reports point to Iranian military preparations involving Iraqi territory. Axios reported on Thursday that sources familiar with Israeli intelligence assessments indicate Tehran might orchestrate an attack through allied militias based in Iraq, employing both unmanned aerial vehicles and missile systems.
You can read more on the matter here.
Power Nickel is a Canadian junior exploration company focusing on developing the High Grade Nisk project into Canada's first Carbon Neutral Nickel mine. The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts, including a recent intercept of 1.01% nickel over 14.4 metres, and a resource estimate of over 5.4 million indicates tonnes at 1.05% nickel equivalent.
What’s going on?
US Labor Market Adds Just 12,000 Jobs In October, Revises Down August And September Numbers (theDeepDive)
Federal immigration cuts mean temporary foreign residents have little chance to secure permanent residence and stay in Canada legally (Globe)
Oil Jumps Amid Reports of Iran Preparing for Retaliation (theDeepDive)
10-year Treasury yield rises above 4.3% as traders ignore noisy jobs report (CNBC)
Despite Climate Pledges, Data Centers Set to Drive Natural Gas Boom (theDeepDive)
Fed seen on track for 25-basis-point rate cuts next week and in December (Reuters)
Is Super Micro Cooking the Books or Caught in a Cultural Clash? (theDeepDive)
Betting Markets Tend to Get Elections Right—With Some Notable Exceptions (WSJ)
Bitfarms Produces 236 BTC in October (theDeepDive)
GFL office hit with 10 bullets in overnight shooting, extending string of violent acts (Globe)
Air Canada’s $2 Billion Profit Boosted by Tax Gains, Revenue Weakness Exposed (theDeepDive)
What’s the latest?
Exxon Mobil: Exxon Mobil’s Q3 earnings beat expectations with an adjusted EPS of $1.92 vs. $1.88 forecasted, though revenue fell slightly short at $90 billion against the $93.94 billion expected. The company reported net income of $8.61 billion, down 5% from last year, as refining margins and natural gas prices dropped. Exxon achieved its highest liquids production in over 40 years, reaching 3.2 million barrels per day, and returned $9.8 billion to shareholders while raising its Q4 dividend to 99 cents per share.
Strike: Dock foremen in British Columbia plan to strike on November 4, prompting the BC Maritime Employers Association to announce a defensive lockout. The action could halt C$800 million in daily trade at Vancouver and Prince Rupert ports, Canada’s largest. The union intended only an overtime ban, while BCMEA cited potential escalation. This adds to recent labor disruptions across North American logistics.
Imperial Oil: Imperial Oil reported a third-quarter profit of $1.24 billion ($2.33 per share), down from $1.60 billion ($2.76 per share) last year. Revenue dropped to $13.26 billion from $13.92 billion. Upstream production averaged 447,000 barrels per day, the highest for a third quarter in over 30 years, while downstream throughput was 389,000 barrels per day with 90% refinery capacity utilization, down from 416,000 barrels and 96% last year.
Enbridge: Enbridge reported a third-quarter profit of $1.29 billion (59 cents per share), up from $532 million (26 cents per share) last year, boosted by a $112 million unrealized derivative gain. Adjusted earnings per share were 55 cents, slightly below analyst expectations of 56 cents. CEO Greg Ebel noted strong asset utilization contributed to the solid financial results.
Craig Wright: The Australian computer scientist who claims to have invented Bitcoin, faces a contempt of court charge after filing a £911 million ($1.18 billion) lawsuit against Block, a company co-founded by Jack Dorsey. Previously, a UK judge ruled that Wright had lied and forged documents regarding his claim to be Bitcoin’s creator, Satoshi Nakamoto, and issued an injunction preventing him from pursuing related litigation. Wright disputes the contempt allegation, insisting his case against Block does not involve Bitcoin ownership. The contempt hearing is scheduled for December, and the lawsuit is paused.
Silver surge with David Morgan
The stock market and stuff
Enbridge’s Q3 2024: Strong Revenue Growth Overshadowed by Mounting Acquisition and Financing Costs (theDeepDive)
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Canadian Drug Maker Apotex Hires Banks to Prepare for IPO (Bloomberg)
Cenovus Returns $1.1 Billion to Shareholders Despite Decline in Free Cash Flow and Earnings (theDeepDive)
Amazon Posts 11% Revenue Growth but Cautious Q4 Outlook Leaves Wall Street Wary (theDeepDive)
In the juniors
FuboTV Sees 20% Revenue Growth But $54.7 Million Net Loss And Global Subscriber Drop Raise Concerns (theDeepDive)
Silver Tiger PFS: $222M NPV at $26/oz Silver | Glenn Jessome (theDeepDive)
The Next Big Uranium District Like Athabasca | Forum Energy with Rick Mazur (theDeepDive)
FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.