Oil prices fell Monday on reports of rising production in Libya, where output rebounded to 1 million bpd after the nation’s largest oil field emerged from a three-week shutdown. Crude futures were higher in late morning trading, with WTI up 1.8% at $79.63/bbl and Brent up 1.7% at $82.23/bbl. U.S. natural gas was 0.8% lower at $4.05/MMBtu.
Rising fuel costs, especially for natural gas, drove up wholesale electricity prices in every U.S. region in 2021, the Energy Information Administration said.
The U.S. oil field services and equipment industry added 7,450 jobs in December, up 1% from the prior month, bucking trends of hiring slowdowns in many other industries.
Wholesale gas prices in Europe surged Monday as Russia continued reversing flows back to itself on the Yamal-Europe pipeline, hampering European supply. Germany is sending $147 million to households to help offset rising heating costs, lawmakers said.
Venezuela’s state-run oil company said it would resume exporting diluted crude for the first time in nine months on a build in condensate inventories. The nation has ramped up its gasoline output to 160,000 bpd following maintenance at aging plants.
U.S. pipeline operator Enterprise Products is set to buy Navitas Midstream for $3.25 billion, a move giving the firm access to about 1,750 miles of natural gas pipelines in the Permian Basin’s Midland section, a main thoroughfare of the U.S. shale market.
China tightened restrictions on vehicles entering Shenzhen, the world’s fourth largest port hub, after an outbreak of four COVID-19 cases was reported Monday.
Analysts fear Hong Kong logistics costs could rise 40% over the next three weeks on a severe shortage of freight space caused by tightened COVID-19 restrictions and the cancellation of flights from 150 countries, including the U.S., U.K. and Australia.
Chicago public schools will resume in-person learning tomorrow after the teachers’ union reached agreement with city leadership on new COVID-19 testing and safety measures.
COVID-19 infections in the U.S. military nearly tripled from Dec. 22 to Jan. 5.
Much of the White House’s COVID-19 vaccine mandate on large businesses went into effect yesterday despite pending legal challenges in the U.S. Supreme Court. The rule requires businesses with more than 100 employees to have a procedure to ensure employees are vaccinated and to keep track of their vaccination status.
Hungary’s COVID-19 vaccine rollout continues to lag despite the nation having one of the highest virus death rates in the world, as concerns mount over Chinese and Russian shots approved for the nation’s public.
New COVID-19 cases in the U.K. are down 10% week over week, the fifth straight day of declines.
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