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Supply
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.
With few cargo flights available between China and Mexico, Mexpress Transportation is having good success with its expedited air-road service that links air delivery to the U.S. with a border crossing to factories in Mexico by truck.
U.S. maritime regulators finished an initial round of meetings with ocean shippers last week in an ongoing investigation over export strategies alleged to have blocked U.S. exports, especially of farm goods.
More rate hikes are in the works at the U.S. Postal Service, after the carrier raised rates on first-class parcels earlier this month.
Honda will cut production by 50% on two lines at a Japanese factory next month due to computer chip shortages.
Hobbled by supply constraints, orders for Volvo’s heavy-duty trucks, sold under brands including Mack and Renault, fell 47% year over year in the first quarter.
New forecasts suggest China will see the worst e-commerce growth rates over the coming years:
Agility Robotics raised $150 million in a funding round last week, boosting prospects that its intelligent, walking robots will reach more factory floors.
Daily new COVID-19 cases in the U.S. averaged 52,565 last week.
The U.S. will keep proof-of-vaccination mandates for incoming travelers at land ports and ferry terminals, despite dropping the measure for air travel.
S&P Global’s U.S. composite purchasing managers index fell to 55.1 this month from 57.7 in March, signaling a slowdown in manufacturing and services activity.
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%).
Russian authorities stopped publishing data on government debt, trade statistics and oil production, likely an effort to hide the cost of Western sanctions.
Big auditing firms are struggling to disengage with Russia, facing the conundrum of condemning the nation’s invasion of Ukraine while forced to serve companies still doing business there.
Luxury electric vehicle startup Lucid is putting desk employees on the factory floor and ordering parts from Amazon in a scramble to meet early production targets, former employees say.
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