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Oil prices fell
4% Monday to their lowest level in two weeks, a reaction to demand slowdowns in COVID-hit China. Prices are down 25% since hitting a 14-year high in early March. In mid-morning trading today, WTI futures were
up 0.5% at $99.07/bbl, Brent was up 0.5% at $102.80/bbl, and U.S. natural gas was up 2.8% at $6.85/bbl. U.S. oil refiners are expected to post
strong first-quarter earnings beginning this week. U.S. gasoline prices
rose for the first time in more than a month yesterday:
may resume full production within days, officials said, after force majeure was declared on over 550,000 bpd last week due to political turmoil. India’s crude oil import bill doubled last year to
$119 billion despite a comparatively small increase in tonnage. Guyana sold its first 1 million barrels of crude from a new platform to Exxon Mobil for
$106/bbl, as the nation ramps up output after becoming an exporter just three years ago. The state energy firm of Indonesia plans to spend
$4 billion to double geothermal capacity by 2028. More oil news related to the war in Europe:
Dangerous wildfires are burning in several states in the drought-stricken U.S. southwest. Evacuation orders were lifted yesterday for Arizona’s Tunnel Fire, now 20% contained after burning over 21,000 acres last week. Dallas-Forth Worth International Airport is recovering after storms
canceled or delayed over 700 flights since Sunday. Hundreds of miles of I-94
reopened in the Dakotas and Montana yesterday after a late-season blizzard shuttered traffic over the weekend.
Prices for commodities dipped Monday on fears of demand slowdowns resulting from Chinese lockdowns and U.S. interest rate hikes. U.S. truckload rejection rates are down to their
lowest level in almost two years while spot rates have dropped sharply since mid-January. Bank of America warned the trucking industry is “ near freight recession levels” as demand slows. Hapag-Lloyd was fined over
$820,000 for a spate of U.S. demurrage and detention violations. Over
230 container ships were queued outside China’s Shanghai and Ningbo ports last week, a 35% increase from the same time last year. Ships are burning more fuel while idling and filling up at nearby ports, causing demand to drop sharply in Singapore, the world’s largest bunker hub. China’s Jiangnan Shipyard will
resume operations after closing for a month amid shipbuilders’ widespread declarations of force majeure caused by lockdowns. Driver shortages are
hampering online grocery services in Shanghai, a vital lifeline for the city’s food supply. GE posted solid first-quarter results but warned that
supply chain challenges will impact the outlook for the full year. Shares of Philips fell over 11% Monday after the Dutch health-products giant reported a
32% decline in first-quarter core profit and flagged multiple growth risks for the coming year. Appliance maker Whirlpool cut its full-year guidance after sales declined
8.2% in the first quarter. U.S. mattress makers say higher inflation is starting to
slow U.S. demand for furniture and furnishings. Logistics disruptions are
causing shortages of much-needed U.S. medical equipment, including wheelchairs, crutches and exam tables. Almost
90,000 vehicles were removed from production across the globe last week due to supply shortages. Volkswagen is
slowly resuming production in Shanghai and the northeastern Chinese city of Changchun, the automaker said. Indonesia’s export ban on cooking oil will
reverberate through global food and consumer-goods markets, economists warn. New research shows U.K. imports from the EU collapsed
25% after Brexit and led many small British businesses to give up exporting to the continent altogether. The number of Chinese imports arriving as
“de minimis” shipments in the U.S. surged tenfold over the past decade as importers use the exemption to legally circumvent tariffs. More supply chain news related to the war in Europe:
Cargo aircraft lessors could
start charging higher rates amid losses from Russia’s takeover of large parts of their fleets. Cargo volumes at the Port of Rotterdam fell
1.5% in the first quarter as shippers stopped taking Russian container bookings. MAN, a German maker of commercial vehicles,
resumed production after a six-week shutdown caused by wire harness shortages from Ukraine. Rare-earth mining is not keeping pace with the EU’s accelerated plans to transition to green energy, likely prompting years of
supply difficulties for electric vehicles and wind turbines, experts say. Across the globe, production squeezes could lead to higher prices and shortages of electric vehicles. The world’s longest single-charge trip made by an electric delivery van is
260 miles, set last week. Pittsburgh received
$100,000 to study “smart” loading zones across the city, potentially enabling faster pickups and drop-offs and reducing emissions from idling trucks. U.S. regulators are urging railroads to
commit to net-zero emissions by 2050.
fell sharply into deterioration territory in April, according to a broad set of economic indicators from Bloomberg. Russia’s president conceded that the nation faces “
unprecedented pressure” from Western economic sanctions. Global venture funding for startups dropped
19% in the first quarter as valuations remained high, signaling further slowdowns in the months ahead. First-quarter profits at London banking giant HSBC fell
28%, while Switzerland’s UBS saw gains on higher trading activity. Spanish producer prices rose
46.6% in March, a record in data going back to 1976, largely due to higher energy costs. Chinese lending to African governments fell
78% to a 16-year low in 2020, new data shows. Top polysilicon producers in China reported
surging first-quarter profits as demand stays strong for the key solar panel material. Pony.ai received China’s
first license to operate autonomous taxis in Guangzhou province.
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