News for Goldman Sachs Group Inc (GOS.BE)

Oil rallied to the highest in nearly two years in New York.

(Bloomberg) -- Goldman Sachs Group Inc. traders are poised for significant profits from the freeze that roiled energy markets and left swaths of the U.S. without electricity last month. That is, if they can collect.

Saudi Arabia just made a high-stakes wager against "drill, baby, drill."

Oil moved above $65 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump.

(Bloomberg) -- Major oil sands producers in Western Canada will idle almost half a million barrels a day of production next month, helping tighten global supplies as oil prices surge.Canadian Natural Resources Ltd.’s plans to conduct 30 days of maintenance at its Horizon oil sands upgrader in April will curtail roughly 250,000 barrels a day of light synthetic crude output, company President Tim McKay said in an interview Thursday. Work on the Horizon upgrader coincides with maintenance at other cites.Suncor Energy Inc. plans a major overhaul of its U2 crude upgrader, cutting output by 130,000 barrels a day over the entire second quarter. Syncrude Canada Ltd. will curb 70,000 barrels a day during the quarter because of maintenance in a unit.The supply cuts out of Northern Alberta, following a surprise OPEC+ decision to not increase output next month, could add more support to the recent rally in crude prices. OPEC+ had been debating whether to restore as much as 1.5 million barrels a day of output in April but decided to wait.The Saudi-led alliance closely monitors other major oil producers as it seeks to manage the entire global market, and surging production in North America was its biggest headache in recent years -- especially from U.S. shale but also from Canada.“The U.S., Saudi Arabia, Russia, Canada, Brazil and other well endowed countries with hydrocarbon reserves -- we need to work with each other, collaboratively,” Saudi Energy Minister Prince Abdulaziz bin Salman said after the group’s meeting on Thursday.Read More: Saudis Bet ‘Drill, Baby, Drill’ Is Over in Push for Pricier OilCanada’s contribution to balancing the market with less production, much like slowing output in the U.S., is not a deliberate market-management strategy but significant nonetheless.Even though the output cuts are short-term, the battered oil-sands industry shouldn’t be a concern for the Saudis in the long run either, judging from McKay’s outlook for the industry.“I can’t see much growth in the oil sands happening because there is going to be less demand in the future,” he said. “The first step is we have to get our carbon footprint down.”After years of rising output turned Canada into the world’s fourth-largest crude producer, expansion projects have nearly halted on the heels of two market crashes since 2014.Adding to its struggles, Canada’s oil industry is being shunned by some investors such as Norway’s $1.3 trillion wealth fund amid concern that the higher carbon emissions associated with oil sands extraction will worsen climate change. These forces help make future growth in the oil sands unlikely, said McKay, whose company is among the largest producers in the country.Oil sands upgraders turn the heavy bitumen produced in oil sands mines into light synthetic crude that’s similar to benchmarks West Texas Intermediate and Brent. Syncrude Sweet Premium for April gained 60 cents on Thursday to $1.50 a barrel premium to WTI, the strongest price since May, NE2 Group data show.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

Gold Bulls Lose Steam for Now as Yields Trump Inflation Bet

By keeping a tight grip on supply at OPEC+ meet, Saudi energy minister Prince Abdulaziz bin Salman showed he’s focused on boosting prices -- and confident that this time around it won’t encourage American producers to surge back and steal market share

SPAC Froth Turns on Itself With Stocks Plunging 20% in Two Weeks

Its increasing influence means carrying out objectives becoming more fraught with political, public-relation pitfalls

The annual gathering of the National People’s Congress carries an added significance this year with the Communist Party’s unveiling of its new five-year plan

Prosecutors accused Robert Brockman, a litigious, sometimes penny-pinching software entrepreneur, of hiding $2 billion from the Internal Revenue Service.

Prosecutors accused Robert Brockman, a litigious, sometimes penny-pinching software entrepreneur, of hiding $2 billion from the Internal Revenue Service.

A tech-market boom has yielded huge gains for Tencent, which has invested in hundreds of up-and-coming businesses and is now sitting on a portfolio worth roughly a quarter of a trillion dollars.

A tech-market boom has yielded huge gains for Tencent, which has invested in hundreds of up-and-coming businesses and is now sitting on a portfolio worth roughly a quarter of a trillion dollars.

Citigroup has some of the deepest business relationships with the Kingdom and its massive business empire.

Compass Inc., a SoftBank-backed company that’s among the largest real estate brokerages in the U.S., filed for an initial public offering, disclosing growing revenue and shrinking losses. The New York-based startup in its filing Monday listed the size of the offering as $500 million, a…

Macy’s Inc. is tapping the junk-bond market to capitalize on record-low borrowing costs after reporting better-than-expected holiday sales and predicting that pandemic pressures will ease later this year. The department store chain is selling $500 million of senior notes due 2029 to help fund a…

Compass, the eight-year-old real estate brokerage company filed for a listing on the New York Stock Exchange this week

There’s a saying about the weather in March: It comes in like a lion and goes out like a lamb. While we don’t know how the market will end the ...