demand

Oil slips below $44, heads for weekly drop on demand concerns

A man walks on a path in front of an oil derrick near the Huntington Beach Oil Fields on April 20, 2020 in Huntington Beach, California.

Michael Heiman | Getty Images

Oil slipped below $44 a barrel on Friday and was on course for its biggest weekly decline since June as weak demand figures added to concern over a slow recovery from the COVID-19 pandemic.

A U.S. government report showed that domestic gasoline demand fell in the latest week. Middle distillates inventories at Asia’s Singapore oil hub have soared above a nine-year high, official data showed..

Brent crude, the international benchmark, fell 41 cents, or 0.9%, to $43.66, heading for a 3% drop this week. West Texas Intermediate slipped 41 cents, or 1%, to $40.96, set for its first weekly drop in five.

“The bigger market picture is overall bearish sentiment that kicked off with lower gasoline demand reports

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J.M. Smucker lifts annual forecast on strong demand for coffee, frozen foods

(Reuters) – J.M. Smucker Co (SJM.N) on Tuesday raised its full-year targets after beating Wall Street estimates for first-quarter earnings and revenue on strong demand for its coffee, frozen sandwiches and peanut butter from stuck-at-home consumers.

FILE PHOTO: Containers of Smuckers’s Jam are displayed in a supermarket in New York City, U.S. February 15, 2017. REUTERS/Brendan McDermid

Shares rose as much as 9% as the Jif peanut butter maker posted a 23% jump in sales at its U.S. retail coffee business.

“It has been a long time since Smucker did anything but lower its revenue outlook after reporting fiscal Q1; so, today’s raise is rare,” J.P. Morgan analyst Ken Goldman wrote in a note.

Demand for packaged foods and coffee has remained strong, with extended work-from-home policies and the closure of schools as the COVID-19 pandemic prompted people to stick to eating at home rather than dining out.

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6 Technical Skills In Demand For Future Of Enterprise & Finance

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6 Technical Expertise In Demand For Future Of Business & Finance

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6 Technical Abilities In Demand For Future Of Business & Finance

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