Financial News

US 10-Year Auction High Yield Rises From Previous Auction, Demand Lower

The US Treasury's 10-year auction hit a high yield of 4.282% on Wednesday, up from the 4.217% high in the previous auction.The bid to cover ratio for the auction was 2.43, below the 2.45 ratio in the previous auction.Dealers represented 54.17% of the bids, with direct bidders at 11.93% and indirect bidders at 33.90%.For takedown, dealers took 10.80%, with direct bidders at 23.88% and indirect bidders at 65.32%.

US 10-Year High Yield 4.282% vs 4.217% Previous; Bid/Cover 2.43 vs 2.45 Previous

Hormuz Shipping Reportedly Halted Amid Lebanon Strikes

Oil tanker traffic through the Strait of Hormuz was halted after Israeli strikes on Lebanon, raising fresh risks to global energy flows, Fars News Agency reported Wednesday.The disruption came amid renewed strikes despite the recently announced ceasefire, halting tanker movements as military activity in Lebanon intensified, according to Fars News posts on X.Iran is reportedly weighing punitive action against Israel over alleged ceasefire breaches, with the IRGC-associated Tasnim News Agency reporting Tehran may even withdraw from the truce if strikes continue.Israel launched about 100 airstrikes in roughly 10 minutes, leaving at least 89 people dead and over 700 injured, media reports said, citing Lebanon's Health Ministry.US President Donald Trump reportedly said Lebanon is not part of the two-week ceasefire deal, describing Israel's actions there as a separate conflict, according to PBS.Trump reportedly said Lebanon was excluded due to Hezbollah and indicated the group would be "dealt with," reinforcing that the ceasefire framework does not apply to current hostilities there.Regional tensions also spread to Gulf states, with Kuwait reporting severe damage to oil facilities, power stations, and water plants following drone attacks, while Saudi Arabia, the UAE, and Bahrain also reported strikes, according to media reports.has separately reached out to Iran's Ministry of Foreign Affairs, the White House and Kuwait's Interior Ministry for any comments.Oil markets remain highly sensitive to developments around Hormuz, with prices initially falling after the ceasefire but then showing volatility as disruptions to shipping and renewed attacks cloud the supply outlook.Oil prices recovered losses in midday trading, with WTI rising to $95 per barrel after falling to a low of $91.05/bbl earlier in the session. Similarly, Brent climbed to $94.94/bbl after earlier declining to $90.40/bbl, while Murban rose to $96.96/bbl from $94.38/bbl.

US Markets2d ago

Weekly Mortgage Applications Decrease Amid Elevated Rates, Economic Uncertainty

Mortgage applications in the US fell last week amid elevated rates and continued macro uncertainty, the Mortgage Bankers Association said Wednesday.The market composite index, which measures loan application volume, dropped 0.8% for the week through Friday on a seasonally adjusted basis. Without adjustments, the index decreased 1% week over week."Higher mortgage rates and continued economic uncertainty weighed down on mortgage applications again last week," said Joel Kan, the MBA's deputy chief economist. "Many potential refinance borrowers have been frozen out by the sharp increase (in mortgage rates) over the past month."In late March, mortgage rates jumped to 6.38% from 5.98% at the end of the previous month, real estate marketplace Zillow Group (Z, ZG) said earlier this week, citing Freddie Mac data.Late Tuesday, the US and Iran agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.The average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less fell to 6.51% from 6.57% a week ago, the MBA reported Wednesday. For loan balances higher than that amount, the rate dropped to 6.54% from 6.59%. For 15-year loans, the rate edged higher to 5.90% from 5.89% week to week.The refinance index moved down 3% on a weekly basis, with the pace of refinance applications at its lowest level since December, according to Kan.The seasonally adjusted purchase index rose 1% from a week earlier. Without adjustments, the index increased 1% sequentially, and was 7% lower than a year earlier, representing its first annual decline since January 2025, Kan said."Overall purchase activity has also been adversely impacted by current conditions," Kan said. "However, certain loan types and geographic segments are faring better than others because of lower rates on (adjustable-rate mortgage) and (Federal Housing Administration) loans, as well as growing housing inventory in some local markets."Fixed-rate mortgages with 30-year terms backed by the FHA fell to 6.22% from 6.25% the week before. The share of FHA loans, which are often used by first-time home buyers and can involve smaller down payments, inched lower to 19.3% of total applications from 19.5%, according to the MBA.Price: $41.84, Change: $+1.05, Percent Change: +2.57%

$Z$ZG

$^DJI$^IXIC$^SPX$CCL$CVX$FANG$LRCX$UAL

US Equity Indexes Surge, Crude Oil Plummets as Iran Ceasefire Deal Eases Geopolitical Risk

US equity indexes jumped while crude oil futures sank as a conditional two-week ceasefire agreement with Iran boosted investor confidence and eased geopolitical tensions.The Nasdaq Composite surged 2.9% to 22,654.4, the S&P 500 soared 2.4% to 6,775.6, and the Dow Jones Industrial Average catapulted 2.6% to 47,781.1. All sectors except energy rose intraday. Industrials, consumer discretionary, and technology led the gainers.Pakistan's prime minister invited delegations from Iran and the US to Islamabad for talks on Friday, CNN reported. Trump's special envoy Steve Witkoff, son-in-law Jared Kushner, and Vice President JD Vance are expected to attend to reach a final settlement with Tehran.Meanwhile, President Donald Trump suggested the US may be involved in securing the critical Strait of Hormuz waterway in a "joint venture" with Iran, the news report said. Tehran said its military will coordinate the passage of ships."With the Iran ceasefire news overnight this is a major positive development for overall markets with a risk-on appetite now set to return to the market," Wedbush Securities analysts, including Dan Ives, said in a note. "The nervous geopolitical backdrop over the past few months has created an oversold tech environment for Mag 7, software names, and many tech winners in the AI Revolution."West Texas Intermediate crude oil futures sank 16% to $94.63, and Brent crude futures plunged 15% to $94.42.The ceasefire announced overnight has taken the panic premium out of oil, but not the full risk premium, Rystad Energy said in a research note. "Prices are not snapping back to pre-war levels due to the scale of disruption and backlog-clearing mechanisms that will take some time to normalize."US Treasury yields fell, with the 10-year down 6.8 basis points to 4.28% and the two-year rate lower by 6.4 basis points to 3.77%.In precious metals, gold futures jumped 2.1% to $4,782.1 and silver futures advanced 5.2% to $75.69.Airline and cruise operator stocks surged following the ceasefire deal. Carnival (CCL) soared 10%, the top gainer on the S&P 500. United Airlines (UAL) advanced 10%, among the biggest outperformers on the index.On Nasdaq, Lam Research (LRCX) was among the top gainers, up 9%, while Diamondback Energy (FANG) was the steepest decliner, down 5.9%. The worst performer on the Dow was Chevron (CVX), with shares slumping 5.7%.In economic news, the minutes of the March 17-18 Federal Open Market Committee meeting are scheduled at 2:00 pm ET.

Gulf Countries Intercept Iranian Missiles Hours After Ceasefire Deal

Gulf countries intercepted dozens of Iranian missiles and drones on Wednesday, just hours after a Pakistan-mediated ceasefire was intended to pause weeks of intense regional hostilities that have roiled energy markets.Pakistan's Prime Minister Shehbaz Sharif said Wednesday that violations of the ceasefire were reported across the Middle East, which undermines the peace process."I earnestly and sincerely urge all parties to exercise restraint and respect the ceasefire for two weeks, as agreed upon, so that diplomacy can take a lead role towards peaceful settlement of the conflict," Sharif said in a social media post on X.The UAE on Wednesday said its air defenses "are actively engaging" incoming missiles and drones from Iran. The country intercepted 17 Iranian ballistic missiles and 35 unmanned aerial vehicles. Sources in the UAE toldthey received emergency alerts several hours after a ceasefire had been declared.Iran reportedly attacked Saudi Arabia's East-West Pipeline on Wednesday, hitting the OPEC+ producer's only crude oil export route since the outbreak of the Middle East conflict.Saudi Arabia's East-West Pipeline, the country's only outlet for exporting crude oil, was hit in an Iranian attack, while other facilities in the Gulf country were also targeted, according to media reports.The pipeline, which channels about 7 million barrels of oil per day from the eastern oil fields to the Red Sea port of Yanbu, has become a critical alternative following the effective closure of the Strait of Hormuz.Kuwait's army also said Iranian drones targeted vital oil facilities operated by Kuwait Petroleum Corporation as well as power stations and water desalination plants, causing serious infrastructure damage.Lebanon came under intense attack after Israel said it would continue its assault on the country, contradicting mediator Pakistan, prompting Iran to threaten to pull out from the ceasefire.On Wednesday, Israel Defense Forces posted on X that it completed the largest coordinated strike across Lebanon since the start of the Middle East conflict, targeting Beirut, Beqaa and southern Lebanon.Meanwhile, US President Donald Trump reportedly told PBS on Wednesday that Israel's strikes on Lebanon were a "separate skirmish" and not included in the ceasefire agreement because of Hezbollah. However, he reportedly said that this would "get taken care of."

UBS Still Sees Bank of Canada on Hold This Year Despite Higher Inflation Forecasts

Despite marking up its inflation projections and keeping topline economic growth unchanged, UBS said it continues to expect the Bank of Canada to remain on hold this year.The latest signaling from the BoC is consistent with a cautious approach to changes in the policy rate in either direction, wrote the bank in a note to clients.The Summary of Deliberations from the March policy meeting was consistent with a cautious approach, pointed out UBS.Softer growth and a starting point of uncertainty already weighing on business and consumer confidence leave a dilemma for the BoC, stated the bank. The signaling at the March meeting suggested that the BoC would look through the immediate impact of higher energy costs on inflation but would be watching for signs of price pressures broadening when considering the appropriate policy stance.The Summary of Deliberations acknowledged the soft starting point for the economy: "The war in Iran had clearly added a new layer of uncertainty, but they agreed that they should not lose sight of the other risks already facing the economy: shifting US trade policy, the upcoming review of the Canada-United States-Mexico Agreement, and ongoing structural changes."The discussion at the March meeting also drew upon a recent speech by Deputy Governor Sharon Kozicki on how the BoC thinks about supply-side shocks: "Members considered the role of monetary policy when a supply shock hits the economy. They noted that inflationary pressures from higher energy prices were expected to push inflation above target with the economy in excess supply. This presents a difficult trade-off for monetary policy."

$$CXY

TSX Jumps 433 Points at Midday After U.S.-Iran Ceasefire Deal

The Toronto Stock Exchange has rallied sharply today, jumping over 433 points at midday, after Tuesday evening's news about a two-week ceasefire deal between the U.S. and Iran, brokered by Pakistan.The best performers are miners, up 5.8%, boosted by higher metals prices.Energy and telecoms are the sole decliner, down 5.3% and 0.2%, respectively. Oil prices plunged after the two-week ceasefire deal was announced, that possibly includes a re-opening of the Strait of Hormuz. Reuters reports shippers are "seeking clarity" from the U.S. and Iran about navigating the strait.In stocks, Blackline Safety (BLN.TO) is up 26% to $8.93 after Francisco Partners said it would acquire the company in a deal worth up to $850 million.

$^GSPTSE$.GSPTSE$BLN.TO

Share of Canada's Exports to The U.S. Is Gradually Trending Lower, Says Scotiabank

The share of Canadian exports bound for the United States is gradually trending lower, averaging 76% in 2024 and 72% last year, and coming in at 66% in February 2026, said Scotiabank.This has been driven by a decline in exports to the United States and increasing exports to other regions, mainly Europe, noted the bank in a note published last week.In February, exports to the U.S. rose 4.4% month over month but were down 10.4% compared with 2024. Exports to other countries rose 10.5% after a weak January and were up 42.4% from 2024, though much of this has been driven by elevated overseas exports of gold. On the import side, the share of Canadian imports from the U.S. was down slightly in February to 59% from 62% in 2024.Canada continues to benefit from a relatively low effective tariff rate on total exports. 3.1% is Scotiabank's latest estimate, based on pre-tariff trade flows, of the increase in tariffs since end 2024, thanks to most of Canada's trade with the U.S. continuing on a tariff-free basis under CUSMA. This is down from 4.5% in February due to the country-specific U.S. IEEPA tariffs being replaced by a 10% global tariff.The reported average actual duties paid on U.S. goods imports from Canada was slightly above 3% for the third month in a row, down from close to 4% six months ago. This could tick lower in March, given the tariff changes in late February. The proportion of Canadian goods imported into the U.S. facing tariffs has settled around 10%, pointed out the bank.The U.S. trade deficit is back close to its pre-tariff level. U.S. trade saw significant volatility early in 2025 in response to the tariffs, before stabilizing later in the year. In February, U.S. exports rose 4.2% and imports increased 4.3%, resulting in an increase in the trade deficit to US$57 billion, down from around US$70 billion in 2024.The U.S. import tariffs continue to create inflationary pressures in that country, with the latest estimate of the cumulative impact of the tariffs on the U.S. consumer price index reaching nearly a full percentage point and clouding the outlook for U.S. interest rate cuts, especially given recent increases in oil prices.Tariffs and uncertainty continue to be elevated and dynamic, according to Scotiabank. Although the replacement of the U.S. IEEPA tariffs with the temporary global tariff of 10% was positive for Canada, the vast majority of Canadian trade has been compliant and, as such, exempt from those tariffs. The sectoral tariffs are by far the most impactful for Canada, and haven't been affected by the recent changes.

$$CXY

German DAX Surges 5% After Middle East Ceasefire Deal

German equities joined a global market rally, with the DAX climbing 5.06% by the end of Wednesday trade, on news of a two-week ceasefire agreement between the US and Iran.The deal, which was secured just two hours before US President Donald Trump's ultimatum against Iran, centers on the reopening of the Strait of Hormuz under Iranian military oversight and a halt to US and Israeli strikes as negotiations proceed in Pakistan. German Chancellor Friedrich Merz said in a statement that they are in "close coordination" with the US and other partners to negotiate a "lasting end to the war."Oil prices dropped on hopes that the flow of oil and gas through the vital waterway will resume. Danske Bank noted that the news sent Brent crude tumbling toward $92 per barrel of oil, though this price relief depends entirely on the reopening of the strait."For prices to stabilise at lower levels, oil and gas flows through the strait must pick up again, which remains uncertain. The deal looks fragile, particularly as Iran is allowed to charge fees on ships passing through," Danske Bank said. "The war is now in its sixth week, and scepticism remains about whether the ceasefire will hold, as many view it as a trust-building exercise. Significant uncertainties persist, and the oil market and broader markets are likely to stay volatile as they monitor activity from the Gulf."Back in Europe, the contraction in the euro area's construction segment extended for the 47th straight month in March 2026, amid the sharpest downturn in new business since October 2025, due to energy and material inflation linked to the Middle East conflict. According to S&P Global, the S&P Global Eurozone Construction PMI Total Activity Index was down to 44.6 from 46 a month ago.On the flip side, Germany's construction slump eased in March, with the downward trend in output slowing after the previous month was characterized by "particularly severe wintry conditions" that triggered "widespread disruption." Based on the latest S&P Global survey, the Construction PMI Total Activity rose to 48 from 43.7 in February, marking the highest reading in 2026 so far.In corporate news, Heidelberg Materials (HEI.F) gained 9.57%, as BofA Global Research sees positive earnings momentum for the building materials company even as analysts project that "bad weather" in Europe and the US would affect its first-quarter results."Q1 typically accounts for c12-13% of FY EBITDA and c7-8% of FY EBIT for Heidelberg Materials due to seasonality, implying that a strong/weak first quarter typically has limited implications for FY estimates," BofA wrote. "Despite a weak start to the year, we remain confident that Heidelberg Materials can deliver on its FY-26 EBIT guidance of cEUR3.58bn at the mid-point (BofA forecast EUR3.7bn), reflecting normalised volume trends from March and a positive price/costs outlook. This will include energy surcharges implemented now to offset the recent spike in fuel and logistic costs."

$^DAX$HEI.F

UK Shares Surge on US-Iran Ceasefire; Shell Falls

London's FTSE 100 climbed 2.51% on Wednesday's close as British Prime Minister Keir Starmer welcomed the two-week ceasefire agreement between the US and Iran ahead of US President Donald Trump's deadline for a deal.Starmer is traveling to the Gulf on Wednesday to meet with leaders and discuss his government's commitment to de-escalation of the war, as well as efforts to uphold the truce. The ceasefire, mediated by Pakistan, includes the "complete, immediate, and safe opening" of the Strait of Hormuz, Trump said on the Truth Social platform.In economic news, Britain's average house prices fell 0.5% month over month in March, after a 0.3% increase in February, according to data from Halifax. The consensus estimate for the month was a 0.1% gain."The recent slowdown in the housing market reflects the wide uncertainty regarding the conflict in the Middle East. Concerns about higher energy prices have pushed up inflation expectations, which in turn led to a rise in mortgage rates, reducing confidence that interest rates will be cut this year and dampening the initial momentum in the market seen at the start of the year," according to Halifax Head of Mortgages Amanda Bryden."The two-week ceasefire announced this morning gives us hope that the war in Iran will be short-lived, but for now it is causing the UK housing market to slow and some of the UK housebuilders to stumble," RBC Capital Markets said regarding the Halifax data. "Share prices are likely to be up today, but peace in Iran will not alone fix the problems facing the UK housing market."In corporate news, Shell (SHEL.L) dropped 4.68% to become one of the blue-chip index's worst performers after guiding first-quarter adjusted loss in the range of $800 million to $1 billion. The oil and gas giant previously forecast an adjusted loss between $400 million and $600 million."Outside of the Qatari outage, which was known, operational guidance today looks resilient relative to our expectations. From a headline perspective, Shell is expected to report a monster working capital build of $10-15bn, highlighting how unprecedented the current commodity price environment is. Given its strong balance sheet, we expect investors to look through this," RBC said in another note.GSK (GSK.L), up 1.38%, secured approval from China's National Medical Products Administration for Exdensur, or depemokimab, as an add-on treatment with intranasal corticosteroids for chronic rhinosinusitis with nasal polyps in adult patients.

$^FTSE$GSK.L$SHEL.L

$^SSMI$BCVN.SW$UBSG.SW$ZURN.SW

Swiss Market Index Joins European Rally Amid US-Iran Ceasefire Deal

The Swiss Market Index was up 2.53% on Wednesday's close, joining a regional rally in Europe, as investors sighed in relief after the US and Iran reached a conditional two-week ceasefire agreement.In a social media post on Truth Social, President Donald Trump said the US received a "workable" 10-point proposal from Iran that could serve as a basis for negotiations to potentially end the war. The Iranian government said in an official release that it will cease its defensive operations and allow safe passage through the Strait of Hormuz if attacks against the country are halted.Leaders from around the globe expressed support for the ceasefire and diplomatic efforts in achieving an end to the conflict in the Middle East."We strongly encourage quick progress towards a substantive negotiated settlement. This will be crucial to protect the civilian population of Iran and ensure security in the region. It can avert a severe global energy crisis," the leaders of the UK, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, the European Commission and the European Council said in a joint statement. "We call upon all sides to implement the ceasefire, including in Lebanon. Our Governments will contribute to ensuring freedom of navigation in the Strait of Hormuz."As of press time, London's Financial Times reported that Iran threatened to withdraw from the deal due to Israel's continued attacks in Lebanon.Back home and on the labor market front, Switzerland's unemployment rate in March edged down to 3.1% from 3.2% in the previous month, government data showed. The number of unemployed people declined by 4,821 month over month to 146,255 in March.Over to corporates, UBS Group (UBSG.SW) and fellow Swiss banks Banque Cantonale Vaudoise (BCVN.SW), Raiffeisen, PostFinance, Sygnum and Zürcher Kantonalbank are working together with Swiss Stablecoin AG for a new joint initiative to test potential use cases for a local currency stablecoin in Switzerland. A sandbox for a Swiss franc stablecoin is set to be launched in 2026 as part of the initiative, which is aimed at supporting the development of a local digital money ecosystem, among other objectives. UBS shares gained 3.98% at closing, while those of Banque Cantonale Vaudoise were down 0.77%.Meanwhile, Zurich Insurance Group (ZURN.SW) shareholders approved a dividend of 30 francs per share for full-year 2025 at its annual general meeting, to be paid out April 14, 2026. The Swiss insurer paid 28 francs per share a year ago. The stock closed the session 0.74% higher.

UBS Updates Its Canada Macroeconomic Forecasts Amid High Oil Prices

UBS said it is taking on board the latest moves in oil prices into its Canadian inflation projections with the latest path implied by oil futures, with Brent reaching US$118 per barrel in the May contract before settling at around US$78/barrel by the end of the year and US$73/barrel by end 2027.With this, the bank now expects annual headline inflation of 2.9% this year and 2.4% in 2027. UBS estimates a strong 1.3% non-seasonally adjusted rise in headline inflation in March, carrying the year-over-year rate one percentage point higher to 2.8% in March.UBS predicts headline inflation will peak at 3.4% year over year in April before moderating from there.In the bank's growth projections, it expects a stronger pace of exports, but marked down business fixed investment and consumption.Overall, the bank's annual projections are little changed, with annual growth of 1.6% this year and 1.7% in 2027.The latest monthly gross domestic product data suggests an "okay" start to the year, with monthly GDP up 0.1% in January, a little better than the flat print in the flash estimate, and the flash estimate for February was a 0.2% month-over-month rise.After a strong broad-based decline in employment in February, UBS forecasts a "mild" 16,000 rise in employment in March, with the unemployment rate holding steady at 6.7% in the employment data to be published on Friday.

$$CXY

European Stocks Rise Sharply in Wednesday Trading After Two-Week Ceasefire of Middle East War

The European stock markets were surging higher in Wednesday trading after the US announced a two-week ceasefire in its war against Iran. The announcement sent energy stocks sharply lower, while mining and transportation sector stocks climbed significantly higher.The Stoxx Europe was rising 3.6%, Germany's DAX was advancing 4.8%, the FTSE 100 was climbing 2.5% higher, France's CAC was increasing 4.3%, and the Swiss Market Index was up 2.5%.And in corporate news, Telefonica said Tuesday its Hispanoamerica unit agreed to sell its entire stake in its Mexican operations to Melisa Acquisition for $450 million, subject to adjustments.The regional operations are comprised of the Pegaso PCS and Celular de Telefonia units, and the purchasing entity is a consortium led by OXIO and Newfoundland Capital Management, the company said.Shares of the Spanish telecommunications operator were up 0.6% in Madrid.GSK said Wednesday the Chinese National Medical Products Administration approved its biologic medication Exdensur as a supplemental therapy for adult patients suffering from chronic rhinosinusitis with nasal polyps.The medication is the first ultra-long-acting biologic approved for the condition in the country and follows a recent domestic authorization for severe asthma, the company said.Shares of the British pharmaceutical company are gaining 1.2% in London.Shell said Wednesday it expects Q1 upstream production of 1.76 million to 1.86 million barrels of oil equivalent per day, compared with 1.89 million in Q4.Integrated gas production for the quarter is expected at 880,000 to 920,000 barrels of oil equivalent per day, compared with 948,000 barrels in the prior quarter, according to the company.Shares of Shell were falling 5% in London.Stellantis is in advanced talks to co-develop an Opel-branded electric sport utility vehicle with its Chinese partner Leapmotor to cut costs and speed up EV development, Reuters reported Wednesday, citing sources familiar with the matter.The SUV would be made at Stellantis' Zaragoza plant in Spain using Leapmotor's technology, while Opel would handle the exterior design, according to the report.Shares of the automaker surged 6.1% in Paris.

Russia Earnings from Oil Rebound as Flows Recover, Bloomberg Analysis Says

Russia's oil export value climbed to about $2.1 billion per week, the highest since June 2022, driven by higher prices and recovering shipment volumes, according to a Bloomberg analysis on Wednesday.Global crude benchmarks surged amid Middle East tensions and restricted flows through the Strait of Hormuz, boosting demand for Russian barrels as refiners sought alternative supplies, the analysis said.The disruption stranded over 12 million barrels per day of Middle Eastern exports, speeding up the release of Russian oil from floating storage as cargoes were redirected to buyers, according to the analysis.Despite stronger prices, Moscow's revenue gains were partly limited by Ukrainian drone strikes that damaged key export infrastructure, including the Baltic port of Ust-Luga, the analysis said.Loadings from Ust-Luga remained halted after repeated attacks, while shipments from Primorsk recovered, helping offset some losses in Russia's overall export flows.Russia's weekly crude shipments regained only a fraction of earlier declines, holding under 3 million b/d for a second straight week to April 5, while the four-week average inched up 20,000 b/d to 3.35 million barrels, the analysis said.At the same time, previously stranded cargoes were delivered, sharply reducing floating storage by about 26 million barrels over two weeks to April 5, with volumes dropping to 105 million barrels from around 140 million in mid-January.India lifted Russian crude imports to 1.9 million b/d last month, while China-bound shipments eased to around 1.9 million b/d from 2.1 million b/d in February, the analysis said.A total of 28 tankers loaded about 20.88 million barrels of Russian crude in the week to April 5, up from 16.62 million barrels on 22 vessels the previous week.Daily shipments averaged 2.98 million b/d, rising by about 610,000 barrels, driven by a rebound at Primorsk and Kozmino, while Ust-Luga remained offline; flows were also influenced by weather, sanctions, and included two Kebco cargoes.Urals crude export prices climbed about $12.50 to $85.73/bbl in the Baltic and rose similarly to $84.07/bbl in the Black Sea, while ESPO crude gained $7.90 to $79.00/bbl, averaging $92.11/bbl.Delivered prices into India also increased by $16.10 to $113.76/bbl, the analysis said, citing pricing data from Argus Media.Weekly export revenues averaged about $2.1 billion in the seven days to April 5, up $630 million, as Urals jumped $18.50 week-over-week to $106.05/bbl, a 13-year high, while ESPO rose $2.60, the analysis said.Flows to Asian buyers, including undisclosed destinations, edged up to about 3.09 million b/d, even as shipments to China and India declined, with a rising share of cargoes still in transit without final destinations, according to the analysis.Flows to China averaged about 1.07 million b/d in the four weeks to April 5, down from 1.2 million b/d previously, while India-bound shipments fell to 680,000 b/d from 750,000 b/d, the analysis said.Unallocated cargoes rose to about 1.26 million b/d, including roughly 1.13 million b/d routed via Port Said, Suez, or without clear Pacific destinations, plus 130,000 b/d with no signals, the analysis said.Shipments to Turkey increased to around 210,000 b/d from about 160,000 b/d in the prior week, reflecting shifting trade flows, according to the analysis.Flows to Syria dropped to zero from about 130,000 b/d in mid-January, with cargo tracking limited as tankers often go dark near Crete before reaching Baniyas, according to the analysis.

NNPC Begins Export of New Cawthorne Crude Grade

The Nigerian National Petroleum Company said Wednesday that it has started exports of a new crude grade, Cawthorne.Cawthorne, the latest addition to Nigeria's crude slate, has an API gravity of 36.4, classifying it as a light, sweet grade comparable with Bonny Light grade, which has an API gravity value of 34.9, according to data from TotalEnergies (TTE).NNPC said the first shipment of the new grade was loaded on Apr. 5 onto the MT Eburones for delivery to the Netherlands and onward distribution to international markets. The maiden cargo of 950,000 barrels was exported via the Cawthorne floating storage and offloading vessel, located offshore Bonny in Rivers State. The facility is designed to improve crude evacuation from Oil Mining Lease 18.The company said the introduction of the Cawthorne grade aligns with a federal target to increase crude production to three million barrels per day and gas output to 12 billion cubic feet per day by 2030.The new grade follows recent additions such as Nembe and Utapate crude grades.Price: $89.70, Change: $-1.67, Percent Change: -1.83%

$TTE

US Markets2d ago

Exxon Mobil Flags First-Quarter Output Hit Due to Middle East Conflict

Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict.Production at certain upstream assets in Qatar and the United Arab Emirates was impacted beginning in March, according to an Exxon regulatory filing. The attacks included those on two liquefied natural gas trains in Qatar.These disruptions could lower Exxon's global oil-equivalent output by roughly 6% on a sequential basis in the first quarter, the company said Wednesday."Public reports indicate the (train) damage will take a prolonged period to repair," Exxon said. "Pending an on-site evaluation, we are unable to comment on the length of time before the two trains return to normal operations."The Middle East assets represent some 20% of the company's oil-equivalent production across the world, but a smaller percentage of upstream earnings, according to the filing.Including the impact of reduced crude availability at its Asia Pacific operations, Exxon said it expects a 2% sequential drop in its global energy products throughput in the first quarter.Shares of the US oil giant were down 5.8% in Wednesday trade. Smaller rival Chevron's (CVX) stock fell 5.6%. Crude oil prices tumbled following a two-week ceasefire between the US and Iran.Exxon expects a surge in energy prices following the 39-day long US-Israel war with Tehran to boost its first-quarter upstream earnings. The company is scheduled to release its first-quarter results on May 1."First-quarter earnings per share are expected to be higher than the fourth quarter of 2025, excluding unfavorable timing effects that will reverse over time," the company said.Exxon said that it normally sees negative timing effects during times of rising prices.The company said timing effects could result in a $3.3 billion to $4.1 billion hit to first-quarter energy products earnings related to transactions for crude and finished products.Price: $154.13, Change: $-9.78, Percent Change: -5.97%

$CVX$XOM

With Two of Three Byelections Considered 'Safe' Wins For Liberals Next Week, and With Latest Conservative MP Defection, PM Carney May Be Set To Head Majority Govt

$^GSPTSE$.GSPTSE$$CXY