Oil slumped along with equity markets as US consumer confidence tumbled adding to mounting concerns that US President Donald Trump’s policies will hamper economic growth and sap energy demand West Texas Intermediate fell 2.5% to settle below $69 a barrel at the lowest closing price this year US consumer confidence dropped the most since 2021 and missed analysts’ estimates Trump’s tariffs and recent moves to further decouple economic ties with China which spurred a drop in the Asian country’s stock markets Tuesday are worsening the already-gloomy outlook for energy demand in the world’s largest oil consumer the trade turmoil is raising Americans’ inflation expectations amid a cooling labor market “Crude markets are seeing another layer of bearish pressure from a continued string of misses in economic data,” said Frank Monkam head of macro trading at Buffalo Bayou Commodities “Such a rollover in economic data bodes ill for crude demand.” Crude has now broken below the roughly $5 range it had wandered in for February Oil had initially spiked above $80 early this year before fading amid persistent expectations of lackluster Chinese demand the potential for additional barrels on the market and the prospect that tariffs will weigh on global growth vessels and individuals that it said were linked to illicit shipments of Iranian crude Markets had a muted reaction to the additional sanctions on expectations that the trade would adapt quickly by ramping up ship-to-ship transfers or switching off geo-locating signals for longer The shifts would resemble Russia’s steps to keep crude exports flowing in the face of restrictions “Sanctions are not the bullish factor many are expecting unless we see true attempts at locating and blockading tankers with naval forces — an unprecedented level of escalation,” said Joe DeLaura a former trader and global energy strategist with Rabobank Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information While bigger tops worked with skinny jeans shoppers are now gravitating to smaller ones to balance out the wider pants Brands are enjoying an extra benefit that comes with the popularity of a new silhouette: Shoppers are buying other items to go with their new pants XLinkedInEmailLinkGiftFacebookXLinkedInEmailLinkGiftBy and September 26 2024 at 9:56 AM EDTBookmarkSaveBig pants are driving big changes across the entire wardrobe A shift in fashion toward wide-leg jeans has driven the likes of Gap Inc. J Crew Group’s Madewell and even Lululemon Athletica Inc Now the brands are enjoying an extra benefit that comes with the popularity of the new silhouette: Consumers are buying a host of other items to go with the pants you accept all cookies and can browse the site with a more personalized experience Palaeopteridium andrenelii is the second representative of the Noeggerathiales to be discovered in the Portuguese Carboniferous following the description of the Noeggerathialean Rhacopteris gomesiana by the geologist Carlos Teixeira in the 1940s in the Douro Carboniferous Basin Fossils of plants from the extinct Noeggerathiales are rare in Europe and America primarily due to their distinctive ecological traits they lived in different habitats and generally did not fossilise alongside the typical plants of the Carboniferous fossil record this new species confirms what was already known: the palaeobotanical record of the Portuguese Carboniferous exhibits a high degree of endemism of international relevance," concludes Carlos Góis-Marques The new species is dedicated to André Nel of the National Museum of Natural History in Paris a world-renowned expert in palaeoentomology who collaborated with Portuguese palaeontologists on the taxonomic study of new insect fossils recently discovered in the Douro and Buçaco Carboniferous basins The scientific article, "Palaeopteridium andrenelii sp. nov., a new Noeggerathialean species from the Middle Pennsylvanian of Portugal with new insights on the Noeggerathiales," is available here Oil edged higher in a largely aimless session amid a slew of geopolitical uncertainties including Russia-Ukraine peace talks and a possible increase in Iraqi crude production West Texas Intermediate rose to $70.70 after changing direction multiple times throughout the day Iraq may restart exports as early as this week should a pipeline to Turkey resume operations Iraqi Oil Minister Hayyan Abdul Ghani said Monday Markets could see as much as an additional 185,000 barrels a day but the ministry said exports will remain within OPEC limits Crude wandered in a roughly $5 range for February after spiking above $80 a barrel at the beginning of the year Prices have slid from those highs amid persistent expectations of lackluster Chinese demand the potential for additional barrels on the market and the prospect that multiple tariff actions will weigh on global growth Markets are keeping a close eye on negotiations to end the three-year war in Ukraine A settlement with Russia may pave the way for sanctions to be eased Ukrainian President Volodymyr Zelenskiy said he would be ready to step down in order to guarantee peace in his country as Trump has called for Ukraine to hold elections OPEC and its allies are expected to again delay plans to revive production as the market faces a potential surplus More than 70% of traders and analysts surveyed anticipate that the group will postpone the first in a series of monthly increases scheduled for April there have been flickers of strength in some parts of the market a measure of the relative value of European and Middle Eastern crude That indicates refiners are still eager to get their hands on the kind of heavy-sour crude barrels the region produces and supply of which has been curtailed due to the OPEC+ cuts BusinessSchool Bans of Crocs Threaten Dominance of Kids’ Favorite ShoesBy Julia FanzeresPublished: October 28, 2024 at 8:00AM EDT (Bloomberg) -- Crocs Inc. grew into an $8 billion company and rose to Justin Bieber-level fame by providing a quick, comfortable option for kids and teens to slip on and dash to school. But now, an increasing number of schools are banning the clogs due to what they say are safety hazards and distractions. “Whenever someone mentions a foot injury, the first thing everyone says is, ‘I bet you they were wearing Crocs,’” said Oswaldo Luciano, who has two kids and works as a school nurse in New York, referring to his group chats with other nurses across the state. He added he agrees with the bans, citing safety concerns.  Dozens of schools in at least 12 US states have forbidden students from wearing Crocs in day-to-day use, citing the propensity of some students to trip and fall while wearing the colorful clogs without their so-called safety straps behind the heel. Other schools say the shoes have led to a rise in accidents and distractions, including students playing with the little charms that go with the shoes in class and throwing the shoes at their schoolmates. “All students must wear closed toe shoes for safety (No Crocs),” reads the school uniform policy at Lake City Elementary, which is south of Atlanta. LaBelle Middle School in LaBelle, Florida, says in its dress code for the current school year that “safe footwear shall be worn at all times,” specifying “NO CROCS allowed.”  Anne Mehlman, president of the Crocs brand and an executive vice president, said that the company isn’t aware “of any substantiated data that bans have been increasing.” Still, there are signs the company’s resurgence may be slowing. Sales growth in the third quarter, which includes the crucial back-to-school shopping period, is expected to be a meager 0.4%, according to the average of estimates compiled by Bloomberg. That would be the lowest level since 2020. And the economic backdrop for consumer spending is darkening as shoppers seek out deals ahead of the all-important holiday shopping season and higher prices across the economy dent brand loyalty.  “Buying the products for back-to-school, or for use at school, is important for the brand,” said Neil Saunders, retail managing director at GlobalData. And while Saunders says there are no signs that bans are impacting sales yet, “it’s certainly very unhelpful.” Siobhan Joshua, a pharmacy technician in Yonkers, New York, said she recently bought her 10-year-old daughter a pair of slip-on sneakers to replace Crocs at school, which recently banned the clogs during recess for safety reasons. Joshua’s daughter got eight stitches on her shin after one of her Crocs got caught in an escalator, leading to a fall. “I actually thought that it was crazy how we bought them for safety and that they were banning them because of safety,” Joshua said, noting that her daughter still loves her Crocs and wears them outside of school. Crocs said the school restrictions are “baffling” and maintained that even if certain schools were banning them, they are still an “everyday shoe.” Twitter feed ©2025 BellMedia All Rights Reserved please click the box below to let us know you're not a robot Get the most important global markets news at your fingertips with a Bloomberg.com subscription BusinessIkea’s Sales Slip Following Furniture Seller’s Price CutsBy Julia Fanzeres and Rafaela LindebergPublished: October 10, 2024 at 7:00AM EDT (Bloomberg) -- Ikea’s sales took a hit in 2024 as the flat-pack furniture seller lowered prices in a bid to remain affordable for its customers.  The Swedish company’s currency-adjusted sales fell 4% to €45.1 billion ($49.3 billion) for fiscal 2024, after hitting a record the year before when it pushed prices up as inflation soared.  While revenue declined in the year through August, Ikea said the move to shave the prices of its most popular products resulted in higher market share, more store visits and a rise in web traffic.  “When we lower the prices, the business model works,” said Jon Abrahamsson Ring, chief executive officer of Inter Ikea Group, worldwide franchiser for the brand. “It’s when we increase prices that there’s a risk for the business model.” Speaking in an interview at an Ikea store in Brooklyn, New York, he added that volumes have also climbed.  The company, not traditionally associated with e-commerce, has been investing to improve its online capabilities. Web sales represented 26% of Ikea’s sales in 2024, up from 5% in 2019, which Abrahamsson Ring attributed to an increase in pick-up locations.  Ikea opened three full-size stores, 8 smaller stores and 44 new specialized pick-up locations during the year.  Ikea, which operates in 63 countries and employs more than 200,000 workers, boosted prices in 2022 after reporting a billion euros of inflationary costs. Abrahamsson Ring said at the time that the increases “hurt my soul.” The company has cut prices about 10% this past fiscal year, Abrahamsson Ring said, adding the company hopes to be able to continue to cut costs going forward.  “IKEA always has to lower the prices every year with a few percentage points,” he said. “That has been the model for us to grow.” Low prices are a central part of the big-box retailer’s appeal, and it’s able to undercut competitors in part due to its practice of selling its furniture disassembled, with the pieces coming stacked in flat boxes, which saves costs on shipping.  Heading into 2025, Ikea is betting consumers will spend on improving their bedrooms and upgrade their apparel storage. With inflationary pressure expected to ease in 2026 and residential construction seen increasing, the company is preparing to push its kitchen business, Abrahamsson Ring said.  Oil settled at a three-month high as the US ratcheted up sanctions against Russia adding to a run of bullish developments that have propelled crude to a strong start to 2025 Brent futures rose 3.7% to settle above $79 a barrel while West Texas Intermediate closed above $76 The sweeping sanctions target two firms that handle more than a quarter of Russia’s seaborne oil exports as well as vital insurers and a vast fleet of tankers Brent earlier surged 5% to top $80 as speculation about the measures rippled through the market “President Biden opted to go big on energy sanctions his team has been considering over the past several weeks which caught traders largely complacent about sanctions-related disruption risks,” said Bob McNally founder of the Rapidan Energy Group and a former White House official a robust start that has taken some market participants by surprise as many banks and agencies had forecast a significant supply glut that would weigh on prices Citigroup and Morgan Stanley have been among the first to increase price forecasts Hedge funds have been getting increasingly bullish on crude in recent weeks with money managers’ net-long positions in Brent at the highest in almost eight months While the market had been anticipating additional sanctions on Russia the potential scope of the restrictions was unclear and targeting a large number of tankers threatens to significantly constrain the nation’s ability to access vessels Traders had also been bracing for tougher sanctions on Iranian oil which would tighten a market already facing dwindling US stockpiles alongside the cold weather and lower Russian seaborne exports “no one wants to be short here,” said Dennis Kissler senior vice president for trading at BOK Financial Securities Brent’s prompt spread — the price difference between its two nearest contracts — widened to as much as $1.02 in backwardation WTI’s prompt spread rallied to 85 cents helping propel a measure of market volatility to the highest in more than a month market participants caution the rally may be short-lived and some traders warn the sanctions could be reversed once Trump takes office Oil edged lower after President Donald Trump threatened tariffs on China and the European Union while traders continued to assess the fallout from unprecedented US sanctions on Russia West Texas Intermediate settled below $76 a barrel after swinging between gains and losses for much of Wednesday’s session Crude’s recent run of declines has been partly spurred by the bearish implications of a renewed global trade conflict that poses risks to consumption and growth Trump on Wednesday widened his threats to include a 10% tariff on China and the EU two of the world’s largest energy markets The new threats follow Trump’s plans to impose tariffs as high as 25% on goods from Canada and Mexico The possibility of tariffs on Canadian oil already is pushing a flood of crude out of the country to the US to beat potential levies the Canada tariffs would result in higher gasoline costs for American consumers Oil traders also are still digesting the most comprehensive set of sanctions on Russian oil to date said it sees a supply hit of up to 2 million barrels a day from the measures The value of Dubai crude has soared relative to other benchmarks as traders scramble for alternative supplies Trump said he’s likely to impose more penalties on Moscow if President Vladimir Putin doesn’t negotiate on Ukraine helped by the Russia sanctions and frigid weather in the northern hemisphere A historic winter storm caused bitter cold from Texas to North Carolina Wednesday “Oil’s 2025 uptrend reflects unsustainable bullish momentum primarily fueled by transient factors: winter demand a short-term Chinese export boost ahead of US tariff risks and hedging against upside risks driven by U.S sanctions on Russian oil,” said Razan Hilal The recent run of declines has been limited by WTI’s 200-day moving average This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page with traders weighing short-term supply risks against further signs of Chinese economic weakness West Texas Intermediate rose 0.8% to settle near $74 a barrel tacking on its seventh gain in the last nine sessions Oil prices fell more than 1% on Wednesday after futures failed to breach a key technical level Crude’s strong start to 2025 has been supported by continued US inventory drawdowns and potential risks to Iranian supply in a second Donald Trump presidency Cold weather is expected to boost demand for heating fuels this month and Russia’s seaborne crude exports recently slumped to their lowest since August 2023 Cold weather will boost first-quarter demand for heating oil kerosene and liquefied petroleum gas by 500,000 to 700,000 barrels a day that’s more than 40% of the 1.6 million barrel-a-day increase in total oil demand the bank expects for the period “Winter comprises a sizable chunk of energy demand but the swings from normal to deep-freeze conditions will have effects on both supply and demand for oil,” analysts including Natasha Kaneva said in the note consumer inflation in China fell further toward zero a setback for government efforts to revive demand Recent strength in the US dollar has also made commodities priced in the currency — including oil — less attractive to some buyers Concerns also persist that supplies may exceed demand Many banks have retained their bearish outlooks and Standard Chartered Plc cut its 2025 Brent crude forecast by $5 and lowered its first-quarter estimate by $7 “The outlook is slightly bearish,” Viktor Katona said at the online Gulf Intelligence Outlook Forum “We’re not going to see demand growth above 1 million barrels a day at any point in the future 2021 ahead of UMD Percussion Ensemble's upcoming performance BusinessSignet Falls After Announcing PetSmart CEO to Succeed DrososBy Jonathan RoederPublished: October 01, 2024 at 9:00AM EDT (Bloomberg) -- Zales and Kay Jewelers owner Signet Jewelers Ltd. is bringing on J.K. Symancyk, the chief executive officer of PetSmart Inc., to replace the retailer’s retiring head Gina Drosos.  Drosos will retire as CEO and board member on Nov. 4 following 12 years with the company, Signet said in a statement. She will continue as an adviser until the end of the company’s current fiscal year.  Signet stock fell 7.8% at 10:19 a.m. in New York trading on Tuesday, bring their year-to-date to decline to about 11%. The shares had risen 68% since she took over in August 2017 through Monday’s close.  Symancyk’s departure from PetSmart, which he led for six years, was announced on Monday. He’ll face the challenge of recapturing growth at Signet amid a sales slump that’s persisted in recent quarters. The company last month said that sales of engagement jewelry have rebounded, sending the stock surging. Signet is also expanding Joan Hilson’s responsibilities, making her head of operations in addition to being chief financial officer.  Workers remove impurities from cotton fibers in the Xinjiang region of China 2021 at 12:16 PM ESTUpdated on January 14 2021 at 4:51 AM ESTBookmarkSaveLock This article is for subscribers only.The U.S will bar entry of all cotton products and tomatoes from China’s Xinjiang region a sweeping move that prompted protests from Beijing and fresh vows to defend its companies ban is the latest in a series of actions where the U.S is raising pressure on China over alleged ill-treatment of its ethnic Uighur Muslim minority says the Chinese government has detained more than 1 million Uighurs and other ethnic and religious minorities in “re-education” camps BusinessAbercrombie & Fitch ‘Disgusted’ by Alleged Sex Crimes of Former CEOBy Julia FanzeresPublished: October 23, 2024 at 2:39PM EDT (Bloomberg) -- Abercrombie & Fitch Co. said it is “appalled and disgusted” by the alleged behavior of former Chief Executive Officer Mike Jeffries, further distancing itself from him after his arrest on Tuesday in a sex-trafficking case.  The New Albany, Ohio-based company reiterated an earlier statement released when the claims were first made public, in a new comment shared on Wednesday. The company added that Jeffries’ tenure at Abercrombie ended nearly 10 years ago and that it is “fully cooperating with law enforcement.” Jeffries, who ran the company from 1992 to 2014, was charged with one count of sex trafficking and 15 counts of interstate prostitution.  In its statement, Abercrombie said it has “successfully transformed” its brands and culture and has “zero tolerance for abuse, harassment or discrimination of any kind.” Brian Bieber, a lawyer for Jeffries, said in a statement on Tuesday: “We will respond in detail to the allegations after the indictment is unsealed, and when appropriate, but plan to do so in the courthouse – not the media.” The case is US v. Jeffries, 24-cr-00423, US District Court, Eastern District of New York (Central Islip). BusinessCrocs Shares Sink After Shoemaker Pares Back Sales OutlookBy Julia FanzeresPublished: October 29, 2024 at 7:45AM EDT (Bloomberg) -- Crocs Inc.’s shares fell the most in more than a year after the seller of brightly colored plastic clogs tempered growth expectations and warned of sales declines for its casual HeyDude brand. The company now expects 2024 sales growth of 3% — the low end of its prior guidance of 3% to 5%. Crocs’ casual sneaker and loafer brand, HeyDude, is hurting performance, with full-year sales seen falling nearly 15% from a year ago. That compares with previous guidance of a drop of 8% to 10%.   The stock declined as much as 19%, the biggest drop intraday since April 2023, in New York trading Tuesday. Crocs shares had gained 47% this year through Monday’s close, more than double the gain of the S&P 500 Index over the same period. “HeyDude’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner,” said Chief Executive Officer Andrew Rees in a press release.  After a decade-long fallow period during the 2010s, Crocs regained relevance following a strategic move to target teens with endorsements from celebrities like Justin Bieber and Post Malone. Annual sales more than tripled over the last four years. The shoemaker has run into trouble among schools across the US that are banning Crocs due to safety concerns and distractions. The company has said the school restrictions are “baffling.” Croc’s overall sales in the third quarter, which includes the crucial back-to-school shopping period, rose 1.6% to $1.06 billion.  InvestingHedge Funds boost bearish oil bets as trade war threatens demandBy Julia Fanzeres and Jacob WendlerPublished: February 09, 2025 at 8:03AM EST Hedge funds increased bearish bets against oil by the most in three months on the prospect that dueling tariffs between the U.S. and China would reduce energy demand. Money managers increased their short-only positions on West Texas Intermediate by 15,774 lots to 57,441 lots in the week that ended Feb. 4, the biggest jump since October, according to Commodity Futures Trading Commission data. U.S. President Donald Trump placed a 10 per cent tariff on goods from China earlier in the week, and the country immediately announced countermeasures set to take effect next week. While the U.S. only imports a small volume of crude from China, a trade dispute between the world’s two largest economies threatens to weigh on global consumption. Since Trump’s return to office last month, crude markets have experienced volatile swings, causing investors to flee markets. WTI futures traded in a $4.75 range this week, buffeted by the president’s various pronouncements and actions, before ultimately posting their third straight weekly decline. To be sure, some concerns about supply shortages remain amid the possibility of further sanctions on Iran and Russia, as well as potential tariffs on crude from Canada and Mexico. 2023 at 3:06 PM ESTBookmarkSaveLock This article is for subscribers only.The US climate law will spur a wave of clean energy development and new technology critical to constraining global warming intensifying the pressure for Europe to keep pace the head of the International Energy Agency said Friday “We are entering a new industrial age — an age of clean energy technology manufacturing,” Fatih Birol said at an event hosted by the Council on Foreign Relations in New York BusinessUrban Outfitters Up on Anthropologie Sales, Defying Retail WoesBy Julia FanzeresPublished: November 26, 2024 at 4:19PM EST (Bloomberg) -- Urban Outfitters Inc. reported stronger-than-expected sales growth in the third quarter, led by its Anthropologie brand. Shares of Urban Outfitters rose 12% as of 9:34 a.m. New York time, the biggest intraday jump since May 2023. The stock had gained 12% this year to date through Tuesday’s close. Sales at stores open at least 12 months rose 1.5% in the quarter ended Oct. 31, beating analysts’ expectations for 1.3% growth. Anthropologie sales were up 5.8%, the company said Tuesday in a statement. The results suggest that Urban Outfitters is faring better than other apparel retailers that are vying to attract increasingly budget-conscious consumers into their stores. Many companies have called out softer spending heading into the key holiday shopping season. Excluding some items, earnings in the quarter were $1.10 per share, topping the 86-cent average estimate of analysts surveyed by Bloomberg. Gross margin also beat expectations. Urban Outfitters’ Nuuly, Free People and Anthropologie brands have been gaining traction on social media in recent years, helping to offset a slump in the company’s namesake brand. Notably, Free People’s athleisure line, FP Movement, has been a significant growth driver. (Updates with share moves in second paragraph.) Oil continued its retreat into a second session as galloping U.S inflation fueled concerns it would force moves that risk pushing the economy into a recession West Texas Intermediate fell 3.2% to settle below $100 a barrel for the first time since late April The dollar advanced amid worries over tighter monetary policy making commodities priced in the currency less attractive French President Emmanuel Macron and Hungarian Prime Minister Viktor Orban discussed energy security Tuesday as the European Union seeks to persuade Budapest to drop its opposition to proposed sanctions on Russian oil imports “Crude oil may have finally topped out,” said Fawad Razaqzada, a market analyst with City Index and FOREX.com “I know that is a brave call to make and shorting oil is playing with fire given geopolitical risks.” However the recent pullback should have spurred another round of buying but so far hasn’t lower price range at which crude meets resistance based on chart technicals The market has swayed in recent weeks as interest rates rise and China’s fight against COVID-19 threatens demand Saudi Arabia’s oil minister warned that the entire energy market is running out of capacity a concern that could potentially drive prices higher His United Arab Emirates counterpart added that without more global investments OPEC+ wouldn’t be able to guarantee sufficient oil supplies when demand fully recovers from the pandemic retail gasoline and diesel prices rallied to a record just ahead of the nation’s summer driving season leading the Energy Information Administration to cut its forecast for domestic oil production to 11.9 million barrels a day this year compared with a previous estimate of 12.01 million A broader market sell-off on Monday pushed oil down by the most since the end of March Oil options markets were also caught up in the downturn with bearish put options fetching a premium to bullish calls for the first time since the outbreak of the war in Ukraine in late February China’s COVID-19 resurgence has further added to volatility while Chinese Premier Li Keqiang warned of a “complicated and grave” employment situation as Beijing and Shanghai tightened curbs in a bid to contain outbreaks Poll results are published every Monday in The Guam Daily Post Your browser is out of date and potentially vulnerable to security risks.We recommend switching to one of the following browsers: BusinessGap Jumps After Lifting Outlook Ahead of Key Shopping SeasonBy Julia Fanzeres, Bloomberg NewsPublished: November 21, 2024 at 4:19PM EST (Bloomberg) -- Gap Inc. stock soared after it raised its full-year outlook as the apparel retailer attracts wealthier shoppers seeking value.  Gap shares increased as much as 17% in Friday trading in New York, the stock’s biggest gain intraday since May 31. The stock has risen 5.4% this year through Thursday’s close, below the gain of the S&P 400 Midcap Index. Other apparel retailers also jumped on Friday, with Abercrombie & Fitch Co. gaining as much as 9.1% and Urban Outfitters Inc. climbing as much as 4.5%. The owner of Old Navy and Athleta now sees sales up 1.5% to 2% this fiscal year, versus a previous view that the measure would climb less than 1%. Gap also increased its forecast for gross margin, a gauge of profitability, and operating income.  “We’re running a fundamentally better business than we did last year,” Chief Executive Officer Richard Dickson said in an interview. He added the company’s brands are capturing market share “across categories” and said it was the seventh straight quarter of gains.   During a call with analysts, Dickson said the company continues “to see share gains from our middle- and higher-income cohorts,” specifically mentioning consumers who earn more than $100,000 a year. Old Navy, known for its lower prices, has drawn shoppers looking for value, he added.  In the third quarter ended Nov. 2, Gap saw a 1% increase in sales across all brands for stores open at least a year, lower than the 1.7% average estimate of analysts surveyed by Bloomberg. Looking at specific chains, Old Navy and Banana Republic also missed Wall Street expectations, while Gap brand stores and Athleta performed better than projected. After years of price increases, retailers are contending with consumers who are now spending a bigger portion of their paychecks on groceries and essential goods. At the same time, warmer-than-normal temperatures in recent months also eroded apparel sales as shoppers refrained from buying cold-weather garments.  Executives confirmed that the weather was an issue at Old Navy, which is Gap’s biggest revenue generator among its brands. While women’s and men’s performed well, the warmer weather led to fewer sales of coats and outerwear for kids.  Across brands, third-quarter sales rose 2% to $3.8 billion, in line with analyst estimates. Sales at physical stores fell 2% in the period from a year earlier, while online sales increased 7%. Inventory ended the period down 2%, with the company citing better management for improved merchandise margin.  Dickson said the company is monitoring potential tariffs on Chinese goods under a new Trump administration and is well positioned with less than 10% of merchandise coming from China. That’s down from 22% in 2018.  Chief Financial Officer Katrina O’Connell said that August “was really strong for us because the customer was responding very well to our back-to-school assortment,” which was followed by a dip in September due to warm weather and hurricanes. Performance then improved in October, and Gap is “pleased with the start to the holiday season,” she said.  Jefferies analysts led by Corey Tarlowe credited Dickson with “implementing a strategy that has improved business operations across all banners” in a note published Friday. Third-quarter results demonstrate “consistency in the business and highlights how Gap is evolving into a better operator, giving us more confidence in sales growth and margin expansion in fiscal 2025,” wrote Citi analysts led by Paul Lejuez. (Updates share trading and adds analyst comment.) InvestingGlobal Oil Glut Seen Expanding on Stronger Production GrowthBy Julia Fanzeres and Alex LongleyUpdated: February 11, 2025 at 4:32PM EST Published: February 11, 2025 at 4:32PM EST (Bloomberg) -- The US expects bigger oil surpluses than it previously projected for this year and in 2026, driven by continued growth in American and non-OPEC production and projections that sanctions won’t likely dent Russian output. World oil markets are expected to average a surplus of 1 million barrels a day in 2026, the Energy Information Administration said Tuesday, up from the 800,000 barrel-a-day surplus it projected in last month’s report. The forecast is twice as big as the glut the EIA expects this year, which also was revised up from its previous report. Driving the projections for the gluts are forecasts that non-OPEC and US oil production will be stronger than previously expected. That growing output may complicate plans by OPEC+ to bring back idled production this year, and the agency expects oil inventories to start significantly increasing if OPEC+ raises production in April 2025 as projected.  Adding to the surplus expectations, the EIA forecast that the Biden administration’s sanctions on Russian crude imposed in January won’t “significantly” affect the country’s oil production. Russian flows have only just started to show signs of slowing.  “Although the latest sanctions on Russia will slightly reduce Russia’s oil production compared with what we forecast last month, they will mostly result in shifts in global oil trade flows, which we do not forecast in our outlook,” the EIA said in its report.  Still, the agency notes the possibility of future tariffs and additional Russian sanctions are “sources of uncertainty” for oil prices.   OilOil Steadies as Timespreads Signal Tight Short-Term SuppliesBy Julia Fanzeres and Alex LongleyUpdated: July 18, 2024 at 3:09PM EDT (Bloomberg) -- Oil held steady after the biggest daily gain in a month as US crude’s prompt spread strengthened and stockpiles logged their third consecutive weekly decline. West Texas Intermediate edged down below $83 after advancing 2.6% on Wednesday. Nationwide inventories shrank by 4.87 million barrels last week to the lowest level since February. The data strengthened WTI’s prompt spread — the price difference between its two nearest contracts — to $1.52 in backwardation. The bullish pattern signals demand is outweighing supplies in the short term.  Meanwhile in Canada, wildfires once again threatened 400,000 barrels a day of oil production, putting piped shipments to the US at risk. The fires helped boost Canadian heavy crude prices.  Oil has risen about 15% this year on OPEC+ production cutbacks, which have offset increased volumes from nations outside the cartel. The group will hold a market monitoring meeting next month, at which no changes to its fourth-quarter output plans are expected. In recent days, US prices have gained at a faster pace than the global Brent benchmark. That has left WTI with its smallest discount relative to Brent since October. To get Bloomberg’s Energy Daily newsletter in your inbox, click here. OilOil Glut Will Expand in 2026 as OPEC Output Rebounds, EIA SaysBy Julia FanzeresPublished: January 14, 2025 at 2:41PM EST (Bloomberg) -- Global oil markets will face a widening glut in 2026 as OPEC brings back production and output from the US, Canada and Guyana continues to grow, the US government said in its first set of forecasts for next year.  World oil markets are expected to average a surplus of 800,000 barrels a day in 2026, the Energy Information Administration said Tuesday. That’s more than twice as large as the 300,000 barrel-a-day surplus the agency projects for this year. The EIA had forecast a small supply deficit this year in last month’s report.   Driving the glut, output from both inside an outside the cartel is expected to grow this year and next, while consumption from countries in the OECD sees a slight decrease in 2026, the EIA said. Demand from China and India will continue to increase next year, the agency projected.  US oil output is projected to grow more slowly next year as lower prices put a damper on drilling activity and producers prioritize value over volume. Production in the US will increase only 0.6% in 2026, less than a quarter of the 2.5% growth rate projected for this year, the EIA said. US production is estimated to peak in the second quarter of 2026 at 13.67 million barrels a day before decreasing by the end of the year.