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Supply
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.
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.
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:
About 80 to 100 ships, mostly bulk carriers, have been unable to leave Ukrainian waters for almost two months due to underwater mines and military blockades.
New data shows that almost 90% of children hospitalized for COVID-19 during the Omicron wave were unvaccinated, with child hospitalization rates higher than at any time during Delta.
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. 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.
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.
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.
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 reduced its forecast for global economic growth this year from 4.4% to 3.6%, citing Russia’s invasion.
Two major European firms, automaker Stellantis and consumer-goods maker Henkel said Tuesday they would halt operations in Russia.
Firms pulling out of Russia are seeing losses in the hundreds of millions this quarter, including IBM, Hasbro and Credit Suisse.
The U.S. administration is considering another $800 million in military aid for Ukraine, on top of the $800 million announced last week.
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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