Oil prices dropped Friday to close the week about 13% lower, the steepest weekly fall in two years, after members of the International Energy Agency agreed to join in the largest-ever release of emergency oil reserves. Details of the agreement, which includes Canada, Mexico, Japan, South Korea and most of Europe, will be released early this week.
In late-morning trading today, WTI futures were up 2.3% at $101.60/bbl, Brent was up 1.8% at $106.20/bbl, and U.S. natural gas was up 0.3% at $5.74/MMBtu.
OPEC raised production by just 90,000 bpd in March, well short of a planned 253,000-bpd increase. Separately, the oil-producing cartel will stop using International Energy Agency data to assess compliance with production quotas.
U.S. energy firms added three oil and gas rigs last week, the second week of gains, although growth remains slow as drillers continue returning cash to shareholders rather than boosting production.
The average U.S. gasoline price dropped to $4.19 a gallon Sunday, a decline of 14 cents since hitting an all-time high of $4.33 three weeks ago.
The U.S. administration unveiled new fuel economy rules late last week, including a stepping scale that will require automakers to raise their average fleet miles per gallon to 49 by 2026.
Wounded by commercial customer closures during the pandemic, natural gas and electricity retailer Volunteer Energy Services filed for bankruptcy and intends to wind down its business. Based in Ohio, the company provides natural gas and electricity to 212,000 homes and businesses in Ohio, Michigan, Kentucky and Pennsylvania.
Hundreds of climate activists blocked oil terminals across Britain Friday, forcing Exxon Mobil to temporarily suspend operations at four locations.
Asia-Pacific LNG imports fell 10% in the first quarter as more cargoes were redirected to the high-paying European market, causing LNG prices in Asia to rise sharply in response to the lower supply.
Russia’s Friday threat to cut off gas supplies to Europe unless buyers paid with rubles was averted, with Moscow saying it will not halt supplies until new payments are due later in April.
Slovakia announced that it will stand with Europe against Russia’s demands for foreign countries to pay for gas in rubles.
U.S. diesel exports are at the highest level since August 2019 as buyers in Europe and Latin America look to replace Russian supplies.
Chinese LNG importers are reportedly looking to purchase additional Russian fuel shipments to take advantage of steep discounts resulting from a boycott from Western nations.
Vietnamese utilities warned of electricity shortages starting next month due to tight coal supplies with officials looking to raise imports from Australia.
American Airlines canceled nearly 300 flights over the weekend due to staffing shortages.
Service disruptions are plaguing some American Express customers, who are struggling to access products and services on both web and mobile apps as the firm works to get its systems back online.
The U.S. trucking industry lost 4,900 jobs in February, the first decline in 21 months.
Airfreight prices from China to the U.S. hit $8.54/kilogram for the week ended March 28, up 22% over the previous three weeks after more than 1,800 flights at Shanghai’s two airports were canceled due to lockdowns.
Sanctions are crippling China’s ambitions to send more exports to Europe on a 7,500-mile rail corridor through Russia, a key part of the nation’s years-long Belt and Road program.
Mexico is gaining ground as firms reset their supply chains from China, with procurement bids from large American manufacturers rising sixfold in the nation in 2020, compared to a 9% decline in bids to suppliers based in China.
The U.S. Senate passed a law Thursday that would strengthen the power of the Federal Maritime Commission to impose greater transparency on ocean carriers and expedite exports. Lawmakers from each chamber will now work on merging two versions of the bill to send to the White House.
The White House is set to unveil new details later today about plans to help solve challenges in the trucking industry, including hiring more women and veterans, as part of an ongoing effort to bolster U.S. supply chains against climate and geopolitical issues.
The ports of Long Beach and Los Angeles will add a fee of $10 per 20-foot container to fund a clean-trucks initiative.
A second P&O ferry ship in London failed safety inspections and was detained, just weeks after the firm abruptly replaced hundreds of staff with agency workers paid less than minimum wage.
The U.S. reported 4,586 new COVID-19 infections and 32 virus fatalities Sunday.
Total COVID-19 hospitalizations in the U.S. dropped 90% over the past two months to the lowest level since the start of the pandemic.
New COVID-19 cases rose 16% in Florida and 77% in Massachusetts last week.
Cases of the BA.2 “stealth” subvariant of Omicron doubled in Los Angeles County last month, raising fears that overall infections could soon plateau and start rising again.
The percentage of Los Angeles children who are chronically absent from school, defined as missing at least 9% of the school year, is nearing 50%, more than twice as high as it was before the pandemic.
The share of U.S. employees telecommuting dropped to 10% in March, down from 22% last year and 35% two years ago.
Average U.S. hourly earnings were up 0.4% in March, a level slightly below the half-year average in a sign that employers are feeling less pressure to offer pay increases to keep up with inflation. Compensation for chief executives has risen sharply.
College enrollment nationwide is down 5% since 2019 as schools grapple to overcome pandemic disruption and the lure of a robust job market for prospective students.
The average nightly hotel rate in the U.S. hit $149.38 last week, the third highest ever recorded, as hoteliers seize on a rise in travel after two years of pandemic restrictions.
Mortgage delinquencies rose for the first time in nine months in February as pandemic relief programs began expiring. The delinquency rate is now near its pre-pandemic levels.
GM’s U.S. sales slid over 20% in the first quarter, one of the largest drops amid an industry-wide slump, even as sales of electric vehicles surged.
While 68% higher than last year, Tesla delivered a lower-than-expected 310,000 vehicles across the globe last quarter due to supply disruptions and COVID-induced lockdowns in China.
Washington is the first state to strike a deal on the budding question of ride-hailing worker status, with a new law imposing minimum per-mile pay and other worker benefits while decisively stating that drivers are not employees.
The “XE” strain of COVID-19 — a hybrid of Omicron and its BA.2 subvariant — could be the most transmissible yet, officials say. The strain was first discovered in the U.K. in January and has been detected 600 times since.
Powered by a 7,500 KWh marine battery made by China’s CATL, the world’s largest electric cruise ship completed its maiden voyage last week with some 1,300 passengers on board.
At M. Holland
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