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- Oil prices fell 5% Tuesday after the IMF cut its forecast for global economic growth by nearly a percent on inflation worries.
- In mid-morning trading today, WTI futures were down 0.3% at $102.30/bbl, Brent was down 0.4% at $106.90/bbl, and U.S. natural gas was off 3.2% at $6.95/bbl.
- U.S. natural gas prices dipped as much as 11.1% yesterday, nearly reversing Monday’s surge to a 13-year high.
- The U.S. government expects summer gasoline prices to hit an eight-year high of $3.84 a gallon, up from $3.06 last year. Diesel prices will hit similar highs:
- Halliburton, the world’s second-largest oilfield-services company, expects North American drillers to boost spending on production by 35% this year.
- The U.S. government will hold oil and gas lease sales in at least eight states in June, the first announced after a federal court overturned the White House’s moratorium on drilling on federal lands.
- The U.S. government opened bidding yesterday for $6 billion in rescue dollars for the nation’s aging nuclear facilities.
- The attorneys general of 16 states wrote to the White House urging a renewal of permits for construction of the Keystone XL pipeline, which was effectively shut down in 2020.
- Libya’s oil production is down 500,000 bpd since last Friday, as political protests continue shutting oilfields and ports.
- Fuel demand in China, the world’s largest oil importer, could pick up as manufacturing plants prepare to reopen in Shanghai.
- The IMF raised its growth forecast for Saudi Arabia by three percentage points this year to 7.6%, boosted by higher oil prices.
- More oil news related to the war in Europe:
- Hundreds of thousands in the U.S. Northeast lost power Tuesday after an April nor’easter brought heavy snow and gusty winds to the region.
- Over 16,000 containers were waiting to be loaded onto trains at the Port of Los Angeles last week, more than twice the number at the height of last year’s congestion.
- U.S. regulators approved plans for a $1.5 billion on-dock rail facility at the Port of Long Beach, with Phase I to be completed by 2025.
- Officials at the U.S.’s busiest southeastern ports believe import volumes will rise through the summer while vessel backups expand.
- South Africa’s port of Durban, the largest in sub-Saharan Africa, expects to clear a backlog of thousands of containers within six days after severe flooding shut down the port last week.
- Used Class 8 truck prices with low mileage are up 72.9% since the same time last year and continue to set records at auction.
- J.B. Hunt’s revenue per loaded mile rose 33% in the first quarter on a 6% gain in total loads.
- Red Dog Equity, an Atlanta holding company, snatched up regional parcel carriers Capital Express and ADL Delivery as it builds a nationwide last-mile network.
- About 8,000 employees are back at work at Tesla’s factory in Shanghai, closed for the last three weeks due to lockdowns. Credit Suisse expects a 90,000-vehicle production loss for the automaker this quarter.
- Toyota plans to cut global vehicle production by 10% to around 700,000 units in May due to supply chain disruptions.
- ASML Holding, the world’s largest semiconductor equipment maker by market value, raised long-term forecasts on signs that demand for its machines continues to outstrip supply.
- Mineral-rich Australia is expected to export a record $425 billion of resources and energy commodities in the financial year ending in June, a boon to the dry bulk market.
- More supply chain news related to the war in Europe:
- Almost 10,000 Walmart lift trucks will soon be powered by green hydrogen produced by New York-based Plug Power.
- Container ship owner Danaos ordered four 7,200-TEU midsize vessels with methanol fuel capability to be built in South Korea and put into service by 2024.
- The CDC launched a new center likened to a “National Weather Service” for infectious diseases yesterday, which aims to provide early warnings for outbreaks of COVID-19 and other illnesses.
- Moderna’s updated version of its COVID-19 vaccine provided better protection against Omicron and Delta strains in clinical trials, the firm said.
- Corporate executives are returning to the office at a much slower pace than non-executive employees, new data shows.
- Chicago Federal Reserve officials predict a round of interest rate hikes this year that would include two 50-basis-point increases.
- First-quarter earnings per share for S&P 500 companies are running 8.7% higher than expected on average, according to Credit Suisse. Stocks saw broad-based gains on the news Tuesday.
- Amsterdam-based Just Eats, parent of Grubhub, said it may divest the U.S. subsidiary after suffering a 5% decline in North American orders as consumers return to eating out.
- U.S.-sponsored mortgager Fannie Mae expects the U.S. to fall into a modest recession next year due to rising inflation, among other factors.
- U.S. companies borrowed a record $1.8 trillion in junk-rated loans in 2021, raising fears about what will happen when inflation kicks in higher rates on the instruments.
- U.S. employers are poised to hire at least 30% more new graduates this year than in 2021, while starting salaries hit new highs in tech, finance and consulting.
- A new plan from the White House would give around 3.6 million student-loan borrowers — some 10% of the total — three years of credit toward eventual debt forgiveness.
- New U.S. home construction unexpectedly rose 0.3% in March to the highest level since 2006, fueled by multifamily projects from large builders looking to replenish inventory.
- U.S. budget carrier Spirit Airlines is the latest in a string of airlines to throttle back its summer schedule amid continued staff shortages, weather disruption and surging demand.
- Over 100 Delta pilots began picketing in Seattle yesterday over the disruption and fatigue caused by staffing and scheduling issues.
- Regional U.S. airline Sun Country ended service to Hawaii over staffing shortages.
- Boeing’s commercial deliveries rose 23.4% in the first quarter to 95, excluding its 787 Dreamliner jets whose production has been hampered by supply issues.
- The White House reimposed stricter environmental standards for approving new pipelines, highways, power plants and other construction projects that were dropped under the previous administration.
- Toyota announced over $380 million of investments in several southern states to build hybrid vehicles.
- Shanghai began its first easing of stay-at-home orders for 4 million residents Wednesday, even as new virus cases remained in the tens of thousands. Officials are urging increasingly skeptical residents to comply with a new round of mass testing.
- One in 10 people tested for COVID-19 in South Africa are coming back positive, the highest rate in over a year.
- The Canadian government says it has no plans to stop requiring masks on planes and other transit after the U.S. government said it would stop enforcing mask mandates yesterday.
- Australia’s two most populous states are scrapping longstanding pandemic rules this week, including isolation requirements and proof-of-vaccination screening for indoor businesses.
- More news related to the war in Europe:
- The IMF lowered its 2022 economic growth forecast for Mexico to 2.0% from 2.8%.
- Global sales of hotels reached a six-year high in the first quarter as investors seek to capitalize on rebounding travel demand.
- Britain will likely see the worst inflation shock of any advanced economy over the next two years, the IMF warned.
- Surging home sales in Canada cooled in March, down 16% from a year ago amid rising borrowing costs.
- Sales at L’Oréal climbed 13.5% in the first quarter to almost $10 billion amid strong U.S., European and Chinese demand for luxury body care products.
- Corporate spending on cloud computing is rising at double-digit rates, with global sales expected to reach nearly $500 billion this year, up 20% from last year.
- Volkswagen’s electric-vehicle deliveries surged 65% in the first quarter from the same time a year ago, the automaker said.
- Canadian auto supplier Magna International broke ground Tuesday on a joint venture with LG Electronics for a new factory in Mexico that will produce electric vehicle parts for GM.
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