The energy sector drove Canada's main stock index higher on Monday, as more signs of progress in developing a COVID-19 vaccine bolstered hopes of an economic revival and lifted oil prices.
Canada's main stock index rose on Monday, as energy stocks jumped 3% tracking oil prices, after U.S. drugmaker Moderna Inc (MRNA) said its experimental vaccine was 94.5% effective in preventing COVID-19. * Moderna Inc (MRNA) became the second U.S. company in a week to report positive results from its COVID-19 vaccine trial, which raised hopes of a quicker economic recovery from a pandemic-led recession.
Moody's: * MOODY'S SAYS OUTLOOK ON GLOBAL MIDSTREAM ENERGY INDUSTRY REVERTS TO STABLE AS E&P PRODUCTION STEADIES AFTER RECENT DECLINES. * MOODY'S SAYS CUTS IN OPERATING COSTS HAVE HELPED ENHANCE GLOBAL MIDSTREAM EBITDA AMID MODESTLY IMPROVED UPSTREAM BUSINESS CONDITIONS. * MOODY'S SAYS GLOBAL MIDSTREAM GROWTH CAPITAL SPENDING WILL DECLINE IN 2021, MAKING FUTURE EBITDA GROWTH MORE CHALLENGING.
Economic activity in Venezuela fell by 50.4% in the third quarter from the same period last year, the opposition-held Congress said on Monday, due to a collapse in the OPEC nation's oil sector and the coronavirus pandemic.
Alexander Novak is set to remain Moscow's main representative at OPEC and provide stability during oil market volatility, even though he has been promoted to deputy prime minister from energy minister, three industry sources said on Monday.
Italian gas group Snam (SNMRF) has signed an agreement with truck maker IVECO and power train manufacturer FPT Industrial to develop gas and hydrogen infrastructure in the transport sector at home and abroad.
Cenovus Energy Inc (CVE) reported its third straight quarterly loss on Thursday, just days after announcing a buyout of rival Husky Energy Inc (HUSKF), as the pandemic-driven oil crash continues to weigh on the oil industry. Cenovus kicked off consolidation in the Canadian energy patch with a $3.6 billion deal to buy Husky, and said it plans to cut up to a quarter of the combined workforce.
Canada's main stock index fell on Wednesday, dragged by energy stocks, as oil prices fell after a surprise build-up in U.S. crude stockpiles stoked concerns of a supply glut and a spike in global COVID-19 cases fueled demand worries.
The U.S. shale industry will continue to shrink, but energy companies will emerge from the COVID-19 pandemic downturn stronger, Halliburton's Chief Executive Jeff Miller told investors on Monday.
- The U.S. shale industry will continue to shrink, but energy companies will emerge from the COVID-19 pandemic downturn stronger, Halliburton's Chief Executive Jeff Miller told investors on Monday.
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