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Oil prices slipped Friday to end the week 5% lower after the IMF warned of further cuts to global growth forecasts.
Oil futures fell further in mid-morning trading today, with WTI down 5.5% at $96.51/bbl and Brent down 5.3% at $101.00/bbl. U.S. natural gas futures were up 2.1% at $6.67/bbl.
Active U.S. drilling rigs rose by two to 695 last week, up 58% from a year ago on the fifth straight week of gains.
The U.S. kicked off a record-setting release from strategic reserves with the sale of 30 million barrels last Thursday, officials said.
North American oil producers will boost spending by 40% this year, Baker Hughes predicts.
LyondellBasell will close one of the largest refineries in the U.S. in Houston by late 2023 amid the firm’s previously announced exit from the refining business. The move comes amid an industry-wide reckoning over the future of gasoline use, with refinery closings since early 2020 having stripped 1 million bpd from the U.S. market.
A near-record 120,000 bpd of gasoline imports will reach the U.S. West Coast this month as more domestic refiners shut down for scheduled maintenance. California already has the highest gasoline prices in the nation at $5.69 a gallon.
Profits for Houston-based oilfield firms soared in the first quarter, including a 70% rise for Schlumberger and a 55% rise for Halliburton. Baker Hughes also posted a first-quarter profit but said supply constraints hampered earnings.
Kinder Morgan’s first-quarter profit fell an unsurprising 53% compared to its lofty earnings following last year’s Texas Freeze, when the firm made $1 billion in a week.
Chinese demand for gasoline, diesel and aviation fuel is on track to slide 20% this month, analysts say, while spot prices for LNG headed to Asia fell 23% last week, a sharp reversal from last year’s record demand levels:
British regulators dealt a blow to the proposed merger of Noble Corporation and Maersk Drilling over antitrust concerns.
Local protests are throwing into doubt oil exploration plans for South Africa’s southwest coast.
Drought stricken New Mexico is experiencing dozens of severe wildfires, which have burned hundreds of buildings and forced thousands to evacuate, marking an early kickoff off for the U.S. Southwest’s wildfire season.
Arizona will get 18% less water this year from the Colorado River as drought brings regional cutback agreements into play, likely impacting the state’s crop production.
Chinese officials are sparing some key suppliers, such as Apple’s Foxconn, from new pandemic restrictions in the manufacturing hub of Zhengzhou.
Despite just 40 ships waiting off the coast of Southern California — compared to over 100 at the height of the supply-chain crisis — it still takes an average of 111 days for goods to reach a U.S. warehouse from factories in Asia, more than double the pre-pandemic time.
South Africa says it will need $120 million to fully restart operations at the flood-damaged port of Durban, which handles 60% of the nation’s shipments.
The Port of Montreal could see rising cargo volumes as delays on the East Coast make the longer route more attractive.
Many job jumping professionals are suffering buyer’s remorse upon finding their new jobs fall short of their lofty expectations. The “boomerang” rate of workers returning to their former employers rose to 4.5% in 2021 from 3.9% in 2019.
American Express saw spending on its network rise 30% last quarter, a positive sign even as higher expenses impacted earnings.
Verizon’s first-quarter profit fell 13% as the telecom giant warned that inflationary pressures are raising expenses and slowing new subscriptions.
Electric vehicle makers had a blockbuster first quarter, with sales up in the double-digits for Tesla (+81%) and the EV units of Volkswagen (+65%) and Mercedes (+37%).
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