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Monday, February 24, 2020
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Commodity

Commodity company and market news.

U.S. crude stocks climbed to their highest levels since September 2017 on Wednesday, owing to record-high production. Crude inventories in the U.S. rose to just over 470 million barrels. Last week, U.S. crude inventories surpassed expectation when the supply increased by 9.9 million barrels....
Commodities were the hottest asset class traded during the first quarter of this year and investors took note. This is because commodities didn’t fare well towards the end of last year when the energy market collapsed amongst the escalated China and U.S. trade war.
Top global banking, investment, and securities management firm, Goldman Sachs, recommends caution when investing in commodities. The company says the recent rally surrounding commodities is likely near an end. The financial services group says data from long oil and metals should be carefully analyzed before investors make...
The U.S. Energy Information Administration (EIA) released its weekly report showing higher crude oil prices, but lower crude inventories. Crude oil supplies fell by 8.6 million barrels last week. While the drop was surprising to some, the numbers are still higher than the month-to-month five-year average. It...
Pan American Silver Corp. (NASDAQ: PAAS) announced on November 14 that it has entered into a definitive with Tahoe Resources Inc. (NYSE: TAHO) under which Pan American will acquire Tahoe in a cash and stock deal worth approximately $1 billion. Tahoe shareholders may receive $3.40 in cash...
An oil pump, credit: wikimedia commons Encana Corporation (NYSE: ECA) and Newfield Exploration Company (NYSE: NFX) revealed on November 1 that they have entered into a definitive agreement under which Encana will acquire Newfield in an all-stock deal worth approximately $5.5 billion. This...
Antero Midstream GP LP (NYSE: AMGP) announced on October 9 its plans to acquire Antero Midstream Partners (NYSE: AM) in a deal worth $3b. Morgan Stanley/Tudor Pickering, along with Goldman Sachs, will act as financial advisors for AMGP. Paul Rady, Chairman and CEO of Antero Resources and...
Key Energy Services, Inc. (NYSE: KEG) announced on September 24 an all-stock merger with Basic Energy Services, Inc. (NYSE: BAS) as part of a deal worth approximately $500 million. Key Energy Services believes this merger would generate incredible cost synergies including estimated annual run rate synergies of...
On March 22, 2018, Starboard and Scopia reached an agreement with Forest City to a standstill provided the company appoint Starboard's nominee as well as Scopia's five nominees to the board of directors. The company had rejected a proposed...
Enbridge Inc (NYSE: ENB) announced on August 24 its plans to purchase all outstanding shares of Spectra Energy Partners LP (NYSE: SEP) in a transaction valued at $2.8b. This deal will give Spectra investors 1.11 shares of Enbridge stock for every share of Spectra that they...