We’re proud to share that M. Holland was named a finalist for the Manufacturing Leadership Awards in the Transformational Business Cultures category. Thank you to the Manufacturing Leadership Council for this recognition, and congrats to all 2023 finalists! Click here to read more.
Oil fell slightly Monday after rising for three straight weeks, a response to concerns over further U.S. interest-rate hikes that could curb global demand.
In mid-morning trading today, WTI futures were up 1.9% at $81.23/bbl, Brent was up 1.3% at $85.29/bbl, and U.S. natural gas was up 0.6% at $2.19/MMBtu.
Citigroup expects oil prices to fall below $80 due to a slower-than-expected recovery in China and additional supply from Iraq and Venezuela.
U.S. gasoline prices are up for the second week in a row to an average of $3.64 per gallon, according to AAA.
U.S. production of diesel hit 5 million gallons per day for the first time ever in January, extending a two-year biofuel business boom.
Shares of Pioneer Natural Resources jumped 8.5% Monday following a report that Exxon Mobil is in talks with the U.S. shale producer over a potential acquisition.
Occidental Petroleum is spending more than $1 billion to build the first in a planned fleet of plants using direct-air capture to pull CO2 out of the air, a bid to allow the company to keep operating as a crude driller decades into the future.
Overall U.S. bank credit has been stalled at about $17.5 trillion since January, raising the potential for a worse-than-expected credit crunch if the Federal Reserve continues with its path of interest-rate hikes at its next meeting in May.
Online prices in the U.S. dropped 1.7% in March from a year earlier, the seventh straight decline and the sharpest retreat in four months, according to Adobe’s Digital Price Index.
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