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Oil was flat Wednesday on worries that rising interest rates will slow the U.S. economy and cut fuel demand.
In mid-morning trading today, WTI futures were up 0.2% at $78.72/bbl, Brent was up 0.1% at $85.45/bbl, and U.S. natural gas was up 0.5% at $2.48/MMBtu.
U.S. crude stockpiles jumped by 16.3 million barrels last week to a total of 471.4 million barrels, their highest since June 2021.
Global oil demand is set to increase by 2 million bpd this year, led by growth in Chinese consumption, the International Energy Agency said.
Glencore will pay $7.1 billion to investors after high oil and coal prices last year helped adjusted earnings grow 60% to $34.1 billion, a record.
Pemex, Mexico’s state owned petroleum company and the world’s most leveraged producer with $105 billion in debt, will attempt to pay down its debts after finance markets imposed punishing rates on a bond issue in January.
Nova Chemicals introduced a new business line – Nova Circular Solutions – and branding – Syndigo – for its sustainable products portfolio.
Exxon Mobil is partnering with Honeywell to capture CO2 at a proposed hydrogen production facility in Texas, set to start operating by 2028.
Supply Chain
The Port of Oakland is planning infrastructure investments and better data intelligence to lure back business after volume in 2022 stood 200,000 TEUs below pre-pandemic levels.
Boeing’s finance chief says the plane-maker continues to face parts shortages due to an unstable supply chain.
Amazon warned distributors in Europe that it will stop ordering from them next year in favor of buying products directly from brands, a bid to stem losses by cutting out some middlemen.
Fertilizer companies including Nutrien, Mosaic and CF Industries are expected to take a sales hit in the fourth quarter as farmers cut back on purchases to offset high energy costs.
The White House issued long-awaited rules for the national electric-vehicle charger network that requires chargers to be built in the U.S., with 55% of their content coming from U.S.-made components by 2024.
Tesla will suspend some China production until the end of February as it upgrades its facilities to make a refreshed version of the Model 3.
Tesla will open part of its U.S. charging network to electric vehicles (EVs) made by rivals as part of a $7.5 billion federal program to expand the use of EVs and cut carbon emissions.
Auto supplier Magna International will invest over $470 million to expand operations in Ontario, Canada.
Ford, struggling under an $8 billion cost disadvantage compared with major competitors, plans to cost-cut its way to 8% margins on its next-generation electric vehicles due at mid-decade.
Global demand for lithium batteries is expected to surge more than fivefold by the end of the decade.
Domestic Markets
Producer prices jumped 0.7% in January from the prior month, though annual inflation eased to 6% from 6.5% in December. Economists were expecting a 0.4% month over month increase and a year over year inflation rate of 5.4%.
First-time unemployment claims unexpectedly fell last week by 1,000 to 194,000, the fifth straight week below 200,000. Economists had expected 200,000.
Traders see about a 50-50 chance of a quarter-point interest-rate hike in June following expected increases of the same magnitude at its next scheduled meetings in March and May, with interest rates peaking around 5.3% in July.
U.S. business inventories rose a moderate 0.3% in December as companies carefully navigated slowing demand.
The New York Fed saw its barometer of regional manufacturing activity contract for a third month in February but at a much slower pace than in previous months.
Confidence among single-family homebuilders improved for a second month in February with one of its largest gains in nearly a decade, according to an index from the National Association of Home Builders.
Discount retailer Tuesday Morning filed for bankruptcy for a second time in less than three years.
AIG, one of the world’s biggest insurers, posted a 92% decline in quarterly profit due to volatile markets and impacts from severe winter weather.
Cisco Systems raised its outlook for the year after posting a better-than-expected 7% gain in quarterly revenue.
The U.S. Justice Department is reportedly ramping up efforts in a years-long antitrust complaint against Apple.
Fidelity Investments plans to onboard 4,000 new employees by midyear even as rival asset managers slash staffing levels.
KPMG announced plans to cut 2% of its U.S. workforce, becoming the first of the world’s four major accountancy firms to slash jobs.
Business is booming for aircraft leasing companies as international passenger traffic in December recovered to 77% of pre-pandemic levels.
Airbus is raising production of its widebody jets, heating up its rivalry with Boeing as the two global giants seek to take advantage of a surge in international travel.
The wait time for Mexicans seeking tourist visas to the U.S. is averaging 450 days.
Mexican airline Aeromar announced the “definitive end” of operations this week after the heavily indebted airline failed to reach agreements with investors.
Sales at French luxury group Kering fell 7% last quarter, dragged down by a slump in revenue at its biggest brand, Gucci.
Walmart’s Mexico unit saw net profit rise 12% last quarter as it opened 69 new stores in the country.
Canadian e-commerce firm Shopify forecast slowing revenue growth for the current quarter, signaling economic challenges are weighing on its merchants’ online businesses.
Avian flu has reached new corners of the globe while becoming endemic for the first time in some wild birds that transmit the virus to poultry, researchers say.
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