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Supply
Oil fell 2.5% Friday, capping a substantial weekly decline on worries that the U.S. will hike interest rates more than expected.
In mid-morning trading today, WTI futures were up 0.9% at $77.03/bbl, Brent was up 1.1% at $83.95/bbl, and U.S. natural gas was down 0.2% at $2.27/MMBtu.
Global oil demand hit a record high of 1.3 million bpd in December.
Active U.S. drilling rigs fell by one last week to a total of 760, according to Baker Hughes.
U.S. crude shipments to Europe were 70% higher in 2022 from the prior year and are expected to continue growing.
China’s reopening is expected to raise its crude imports to a record-high nearing 11.8 million bpd this year, industry experts say. The nation overtook the U.S. in 2022 as the world’s largest refiner.
European natural gas prices fell to an 18-month low last week amid mild weather and large inventories.
More than one-fifth of U.S. warehouse operators have invested in automation to help address labor shortages during the pandemic, but efforts to achieve full automation have stalled due to limitations on robotic technology.
Spending on new cars in Russia fell by more than 50% last year as a result of Western sanctions.
Top U.S. auto retailer AutoNation posted better-than-expected quarterly profit as the industry starts to show signs of a gradual recovery from pandemic supply-chain issues.
High-end automakers are looking at ways to create authentic electric-motor noises in a bid to accommodate consumer preferences for loud combustion engines.
Over 9% of subprime auto loans were past due at the end of 2022, the highest level in over a decade.
Michigan is becoming a technology hub as automakers divert tech investments from Silicon Valley to closer to home.
The price of eggs rose 8.5% in January compared with the month before.
Shares of publicly listed travel companies are surging amid signs for another bustling year of travel.
Deere & Co. raised its annual profit forecast after beating quarterly estimates, led by an increase in spending from construction customers.
U.S. initial public offerings hit a 15-month high last week, signaling expectations of a more stable market.
International Markets
The death toll from recent earthquakes in Turkey and Syria topped 46,000.
Workers in advanced economies had less purchasing power last year than in 2019 as inflation continued to rise faster than wages.
German producer prices rose a higher-than-expected 17.8% year over year in January, although the pace of gains declined for the fourth month in a row.
Russia’s invasion of Ukraine will have cost the German economy $171 billion, or 4% of its GDP, in lost value creation by the end of the year, analysts say.
Economists expect Japanese inflation will have hit a 41-year high in January.
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