In late-morning trading today, WTI futures were down 0.3% at $99.96/bbl and Brent was up 0.2% at $104.90/bbl, with each benchmark down about 11% for the week. U.S. natural gas was up 1.7% at $5.74/MMBtu.
Orders for new ships at Chinese shipyards fell 17% in January and February.
Labor negotiations between 22,000 West Coast dockworkers and their employers will begin May 12 ahead of contract expirations on July 1.
The Supreme Court temporarily blocked New Jersey from leaving the two-state agency that fights crime at the Port of New York and New Jersey.
Apple is exploring alternative chip suppliers, including its first potential supplier from China, after a batch of output from Japan’s Kioxia Holdings Corp. was contaminated last month and exposed weaknesses in the tech giant’s supply chain.
The U.S. Senate reached tentative agreement on a $10 billion package of additional pandemic relief funding.
A Fed-preferred gauge of U.S. inflation rose 5.4% in March from a year ago, the biggest jump in 40 years. Meanwhile, growth in consumer spending slowed to a sluggish 0.2% pace in February, down from 2.7% the previous month.
A new survey suggests New York City employees will spend 49% less time in the office post-pandemic and spend far less money in the city.
In a rare move, officials in Shanghai acknowledged that the city was not adequately prepared for its most recent surge of Omicron, as yesterday’s cases declined slightly from a mid-week high and officials locked down the remainder of the city this morning.
Despite a recent rise in COVID-19 infections, Germany plans to scale back its quarantine mandate for those infected, while the German parliament failed to pass a government proposal to impose a vaccine mandate.
Euro-area inflation surged past market expectations to 7.5% in March, the fifth straight monthly record driven by higher energy costs:
A purchasing managers index of eurozone manufacturing activity also was down in March, signaling slowing growth:
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