Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil fell 3% Monday after data from the U.S. service sector bolstered the Federal Reserve’s aggressive course of monetary tightening, potentially hurting fuel demand.
Oil futures were down in mid-day trading today, with WTI down 4.0% at $73.83/bbl and Brent down 4.2% at $79.21/bbl. U.S. natural gas was down 2.6% at $5.43/MMBtu.
The average U.S. gasoline price fell to $3.403 per gallon Monday, down 43 cents the past month.
Saudi Arabia lowered most oil prices for its main market of Asia to a 10-month low, a sign that demand remains fragile due to lockdowns in China.
Venezuelan oil production rose 16% from September to October and will likely keep climbing once Chevron expands its operations there. The country’s oil exports are expected to finance 63% of its government budget next year.
U.S. jet fuel consumption remains below 2019 levels despite an almost complete rebound in passenger volumes, a sign that airlines are consolidating flights to save on labor and fuel costs:
More oil news related to the war in Europe:
Around 19 oil tankers were backed up off the coast of Turkey due to lengthy insurance verifications on Monday, the first day of a Western price cap on Russian crude.
European natural-gas demand fell 24% below average in November, largely due to reduced industrial demand amid high prices.
Britain is still sending natural gas to Europe at a time when the fuel would typically be kept at home, underlining the country’s key role in replacing lost European fuel imports.
Prices for some classes of used oil tankers are up almost 90% year to date as new companies leap into the shipping void left by Europe’s newest ban on Russian crude.
Rates for very large crude carriers have fallen by more than half the past two weeks while smaller tankers find better price stability.
The FBI is investigating firearm attacks that heavily damaged two power facilities and knocked out the lights for tens of thousands in North Carolina over the weekend.
The U.S. president signed legislation forcing freight railroad workers to accept the terms of a tentative contract agreement and halt a planned strike. The industry is expected to keep facing challenges, however, due to a massive shortage of workers.
Key Apple supplier Foxconn saw November sales drop 11.4% year over year after shipments were affected by a COVID-19 outbreak in the Chinese city of Zhengzhou.
Top U.S. and EU trade officials pledged to work closely to strengthen semiconductor supply chains at a meeting on Monday, but failed to resolve a dispute over U.S. electric vehicle subsidies.
TotalEnergies joined the Castor Initiative, a consortium aiming to develop ammonia-powered tankers to help decarbonize shipping, which accounts for 3% of global emissions.
The Federal Reserve is expected to raise its benchmark interest rate by 0.5 percentage points next week, while elevated wage pressures could lead to a larger terminal rate above 5% next year, analysts say.
A key index of activity in the U.S. service sector unexpectedly rose from 54.4 to 56.5 in November, the biggest gain in 11 months:
U.S. factory orders jumped by a larger-than-expected 1% from September to October, led by demand for transportation equipment, particularly aircraft.
The U.S. trade deficit rose 5.4% in October to a four-month high as exports fell for the second straight month due to falling energy prices and the effects of the strong U.S. dollar.
There are now 1.7 unfilled U.S. jobs for every job seeker, according to the latest data, a smaller proportion than in recent months:
Some 305,000 Americans lost their jobs at small businesses in October, about 137,000 higher than the previous month.
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