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Supply
Oil prices rose 2.5% Friday on signals that Saudi Arabia will do little to boost output in the short term.
In mid-morning trading today, WTI futures were up 4.1% at $101.60/bbl, Brent was up 4.4% at $105.60/bbl, and U.S. natural gas up 7.4% at $7.53/MMBtu.
Active U.S. oil rigs rose by two to 599 last week, the most since March 2020, according to Baker Hughes.
Libya is expected to boost crude output following a series of meetings between the government and protesters who have blockaded the nation’s oil facilities for months.
China’s June refinery throughput shrank by 10% from a year ago, capping the nation’s first half-year output decline in over a decade.
TotalEnergies says it is preparing to release “exceptional” earnings after European refining margins tripled from the first to the second quarter.
Nuclear now makes up more than 50% of electricity generation in four European nations and could play a significant role in the continent’s transition to cleaner energy.
Consumers are pivoting back to remote work to blunt the impact of high gasoline prices. The average price fell to $4.52 over the weekend, down 16 cents in the past week.
More oil news related to the war in Europe:
European LNG prices are now 1,900% higher than two years ago at the trough of the pandemic and roughly equal to buying oil at $230/bbl.
High demand for oil has pushed freight rates for medium-sized tankers to $40,000, up four-fold since January, brokers say.
German power supplier Uniper SE, the nation’s largest purchaser of Russian gas, says it is “days away” from insolvency.
S&P Global predicts Germany will only be able to access 65% of its coal supply in the coming months as drought lowers water levels of major transport rivers.
British chemical firm Ineos Group predicts Europe will be forced to ration natural gas this winter if Russia abruptly halts deliveries in the coming weeks.
Europe may ban the import and transit of some fuel oil from Russia six months ahead of plans, officials signaled.
Algeria is turning into a major source of gas for European countries looking to replace Russian supplies.
The Japanese government plans to support Mitsui and Mitsubishi in their attempts to stay in Russia’s massive Sakhalin-2 oil and gas project under development, which Moscow is attempting to nationalize.
The New York and New Jersey port authority ended talks with Amazon over a deal to develop air cargo facilities at Newark Liberty International Airport.
South Korean shipbuilder Daewoo is in severe financial difficulties partly due to rising labor issues with subcontractors.
China’s Cosco Shipping expects its earnings to grow 74% to $9.6 billion in the first half of the year.
The average price of DRAM memory chips, one of the most common types, fell 10.6% in the latest quarter from a year ago, suggesting the computer-chip boom period may be ending.
Industrial supplier Fastenal slightly missed Q2 forecasts while warning that demand could soften after it hiked prices to manage inflation.
Abbott Laboratories, a major cause of the recent U.S. baby-formula shortage, will soon resume product shipments from its long-shuttered factory in Sturgis, Michigan, the firm said.
Most of the past decade’s 3.3 million “park-outside” car recalls occurred in the past two years due to problems with emerging battery technology, especially in electric vehicles.
China’s steelmaking hub of Wugang imposed a three-day lockdown over a single COVID-19 case last week.
The White House pledged to boost involvement in emissions policy on news that Congressional lawmakers are stalling on climate-related tax and incentive bills.
International Markets
Over 3.5 million people contracted COVID-19 in the U.K. last week, a 30% increase from the week prior.
China reported 450 COVID-19 infections Saturday, the most since May, with fresh lockdowns imposed on millions of people in the country’s northwest and south.
The European Commission, executive branch of the EU, formally proposed its seventh package of sanctions against Russia Friday, including an import ban on gold and updated measures to free up food shipments.
Russia’s war in Ukraine could cost the global economy up to $1 trillion in output this year, with the largest losses in Italy, Germany and France.
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