Oil prices fell roughly 13% Wednesday, the biggest one-day slide in two years, after Iraq and the UAE signaled support for higher production from OPEC. Prices also were pressured after the International Energy Agency said it could release more oil from strategic reserves.
Energy futures were higher in late-morning trading today, with WTI up 1.1% at $109.90/bbl, Brent up 2.0% at $113.30/bbl and U.S. natural gas up 1.8% at $4.61/MMBtu.
The U.S. government raised its forecast for the average price of Brent crude this year from $82.87/bbl to $105.22/bbl.
Oil futures contracts for longer-term delivery have not risen nearly as much as short-term contracts.
The average price for a gallon of gas in the U.S. rose to $4.25 Wednesday, topping the previous day’s all-time high of $4.17. Gas prices are up 15% since last week and 21% since last month.
European gas futures plunged 43% Wednesday, tracking a widespread drop in prices for commodities.
European gas prices have surged to new heights between $50-60/MMBtu just as LNG exporters in the U.S. complete several projects to deliver more supplies internationally. Over 160 cargoes were sent to Europe in the first two months of 2022, topping the previous record of 125 in 2020, as the U.S. government predicts exports to continue rising in the years ahead:
European governments are scrambling to source thermal coal shipments from around the world to replace Russian gas, sending benchmark prices to all-time highs as countries reconsider policies that phased out the fuel.
The White House is considering sanctions on Rosatom Corp., Russia’s state-owned atomic energy company and a major supplier of fuel and technology to power plants around the world.
An influential House committee is seeking information from the world’s largest shipping lines to explain exorbitant rate hikes over the last two years.
The Federal Motor Carrier Safety Administration scrapped a rule requiring truck drivers to provide employers with a list of traffic violations each year.
Kodiak Robotics and third-party logistics firm Ceva added a second fully autonomous truck route from Dallas to Oklahoma City. Its first route started last November from Dallas to Austin.
The U.S. reported 37,595 new COVID-19 infections and 1,976 virus fatalities Wednesday. Daily cases are down over 50% the past two weeks, while fatalities are down by one-third.
The year-over-year inflation rate hit a 40-year high of 7.9% last month.
First-time jobless claims rose by 11,000 to 227,000 last week.
U.S. lawmakers yesterday evening passed a $1.5 trillion package to fund the federal government after billions of dollars of COVID-19 aid were stripped from the bill.
The budget bill passed by the House includes a provision to ensure the orderly transition of LIBOR-based contracts that extend beyond the expiration date for the discredited interest-rate benchmark in the summer of 2023.
There were 1.7 job openings in January for each of the nation’s 6.5 million active job seekers, according to the latest data.
Some retailers on Twitter will be able to advertise a 50-product digital catalog on the site, part of the social media giant’s new effort to expand into shopping and e-commerce.
Consumer prices for things like cars (+17%), TVs (+15%), and medicines and vegetables (+5-7%) are soaring in Russia since last week.
Russia’s central bank continued to tighten capital controls yesterday, putting limits on foreign-currency withdrawals and barring banks from selling foreign currencies for the next six months.
Despite Russia’s attack, Ukraine continues to gather COVID-19 data, reporting 40,265 infections and 758 deaths last week, down significantly from the prior week. Health officials worry the mass migration from the invasion could prompt a spike in infections.
Confirmed COVID-19 cases across the globe surpassed 450 million yesterday, even as new cases fall in most parts of the world, the World Health Organization said.
Shell and Scottish Power are putting a combined $99 million into infrastructure and facilities to help boost offshore wind development in Scotland.
Colombia signed an agreement to develop its first offshore wind project and expects the industry to bring in nearly $30 billion of investment by 2050.
Global CO2 emissions rebounded 6% last year to the highest level in history, new data shows.
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