Oil prices fell roughly 2% Thursday ahead of much-awaited U.S. inflation data to be released today. Energy futures were higher in morning trading, with WTI up 1.2% at $71.80/bbl and Brent up 1.0% at $75.13/bbl. U.S. natural gas was 1.2% higher at $3.86/MMBtu.
Average U.S. gasoline prices have fallen to $3.34 per gallon from $3.42 a month ago, with oil prices 16% lower than late October peaks.
Canada’s energy regulator forecasts the nation’s oil output to rise over the next decade to a peak of 5.8 million bpd in 2032, up from 5 million bpd in 2021.
The European Commission expects the EU’s shift away from fossil fuels will cause palm oil imports to plunge and its biofuel consumption to fall 24% by 2031.
A large Pacific storm is forecast to hit California this weekend, bringing a foot of snow to the Sierra Nevada mountains and two inches of rain to the Sacramento region. The precipitation would be much-needed relief in the drought-stricken state.
GM has inked supply deals with U.S.-based MP Materials and Vacuumschmelze to source rare earth magnets for its future electric vehicles.
COVID-19 cases rose 255% in South Africa the past week, with concerning increases among children under 12. Less than one-third of the nation’s hospital patients with the Omicron variant are suffering from severe illness, however.
The emergence of the COVID-19 Omicron variant has crushed South Africa’s hopes for a tourism revival after visitors to the nation fell 71% last year.
More than 1.6 billion children were locked out of schools across 188 nations during the first year of the pandemic, data show. The United Nations Children’s Fund says it is the biggest threat to economic and social gains for children in 75 years.
The inflation rate in Mexico jumped over 1.1% month over month in November to 7.4% annualized, the highest rate in 20 years.
German exports rose 4.1% in October, the strongest rate of increase in a year, while imports also jumped a surprising 5% for the month.
China’s exports rose 22% in November from a year ago, while shipments to the U.S. were up 5.3%.
Just 14% of European workers want to return to a pre-pandemic 9-to-5 office routine, with more than half of survey respondents saying they are more productive working from home.
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