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Oil prices rose over 1% Monday after Libya declared force majeure at several oilfields, including its biggest, due to political protests.
In mid-morning trading today, WTI futures were down 4.7% at $103.10/bbl and Brent was down 4.5% at $108.10/bbl. U.S. natural gas was down 3.6% at $7.54/MMBtu, remaining near its highest in over a decade:
Yesterday’s national average price for a gallon of U.S. gas dropped to $4.08, roughly 19 cents lower than a month ago but $1.21 higher than a year ago:
Average heating oil prices in the U.S. ended the winter season at $5.13 per gallon, more than $2 higher than last year amid elevated demand and declining inventories:
U.S. shale production from major basins is set to rise 132,000 bpd in May to 8.648 million bpd, the largest monthly increase of the pandemic, according to the government.
The U.S. Energy Department will soon unveil plans for a $6 billion program aimed at keeping aging nuclear plants in service following a string of reactor retirements last year.
China’s plans for wind farms in Tibet could provide enough electricity to power the U.K., Germany and France combined, officials say. The nation is already on track to install 140 GW of clean energy capacity this year, the most in the world.
A merchant ship carrying up to 1,000 tonnes of oil sank off the northern coast of Africa Sunday, authorities said.
More supply chain news related to lockdowns in China:
At least 373 million people covering roughly 40% of the nation’s GDP are under lockdowns that started April 2.
More than 470 bulk cargo ships were queued up outside Chinese ports last week, according to Bloomberg.
It is increasingly likely that millions of COVID-19 vaccine doses that the U.S. planned to export to low-income countries will expire, barring new funding from Congress. At the same time, small businesses are criticizing a proposal that would redirect unused pandemic aid for the purpose.
Brazil’s government failed to publish a widely followed economic survey for the third consecutive week as striking public workers, including those at the Central Bank, demand wage increases of up to 26% to counter rampant inflation. Average real wages in the nation are down 8.8% during the pandemic.