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Oil prices posted their third straight weekly gain last week as markets reacted to OPEC’s production cuts and falling U.S. crude stocks.
In mid-morning trading today, WTI futures were up 0.1% at $80.76/bbl, Brent was off 0.1% at $85.06/bbl, and U.S. natural gas was up 7.1% at $2.15/MMBtu.
Exxon Mobil is reportedly in talks to acquire Midland Basin producer Pioneer Natural Resources in a deal that would make the firm the largest Permian producer.
Active U.S. oil and gas rigs fell by four last week to a total of 751, marking the second straight week of decline.
More than 1,300 offshore oil and gas workers in the North Sea are moving forward with a 48-hour strike set for April 24, which will likely shut down dozens of rigs.
Three of China’s largest state-owned energy firms plan to invest at least $14.5 billion in the renewable energy sector by 2025, a bid to make China the world’s top player in the emerging hydrogen market.
A severe ice storm hit Canada late last week, killing two and cutting power to more than 1 million people.
A substantial number of workers at the ports of Los Angeles and Long Beach failed to show up on the job last Thursday evening, forcing an effective shutdown of the U.S.’s busiest ocean-trade gateway on Friday.
Construction spending on manufacturing facilities in the U.S. reached a record $108 billion last year, with much of the growth coming in the high-tech fields of electric-vehicle batteries and semiconductors.
About one-third of supply chain managers surveyed expect inventory levels to return to normal by the end of 2023.
Researchers predict commercial delivery drones will replace military drones as the largest revenue contributor to the drone market by 2025.
First-quarter operating revenue at Orient Overseas Container Line dropped 57.8% from a year ago to $2.175 billion, spurred by falling rates and a 3.2% decline in volumes.
Third-party logistics companies were the top lessors of new big-box warehouses in the U.S. last year.
Apparel retailer Uniqlo is rolling out new technology that allows shoppers to simply drop their goods in RFID-equipped bins at automated checkout stations, greatly reducing the difficulty of self-checkouts and improving inventory management.
Airbus plans to double production capacity in China for its A320 passenger jet after new data showed the plane-maker’s deliveries falling 11% in the first quarter, underscoring continued pressure on its supply chains.
Global sales of personal computers plunged 29% in the first quarter compared with the prior-year period.
U.S. sales of secondhand electric vehicles spiked 32% in the first quarter as prices fell an average of 4% from a year ago, according to Cox Automotive.
South Korea plans to extend $5.32 billion in financial support to battery-makers looking to invest in North American infrastructure as they contend with the U.S. Inflation Reduction Act.
Tesla cut its U.S. vehicle prices between 2% and 6% last week, the automaker’s fifth and largest cut of the year, ahead of reductions in electric-vehicle tax credits.
Tesla plans to build a factory in Shanghai to make its Megapack energy storage product, with construction slated to begin in the third quarter of 2023.
Foxconn, the world’s largest contract manufacturer, plans to invest $820 million in new manufacturing activities in southern Taiwan over the next three years, furthering the company’s electric-vehicle ambitions.
Chinese automaker BYD plans to double production capacity to overtake Tesla as the world’s biggest manufacturer of electric vehicles.
Economists expect the Federal Reserve to continue with another interest-rate hike at its May meeting after new jobs data showed a near historically low U.S. unemployment rate of 3.5% and a near historically strong 236,000 jobs added in March. On the other hand, hourly wage gains slowed to an annual pace of 4.2% after logging a 4.6% gain the month prior, potentially contributing to lower inflation.
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