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Supply
Oil prices dropped 4% Monday as weak manufacturing data in several countries weighed on the demand outlook.
In mid-morning trading today, WTI futures were up 0.8% at $94.64/bbl, Brent was up 0.8% at $100.90/bbl, and U.S. natural gas was down 6.7% at $7.73/MMBtu. WTI is at its widest discount to Brent in at least three years.
The U.S. emergency crude stockpile dropped to 469.9 million barrels last week, its lowest level since 1985.
OPEC and its allies meet tomorrow to decide on September output, with analysts pointing to a potential modest increase.
Analysts say OPEC pumped 28.98 million bpd of crude in July, about 310,000 bpd higher than June but well short of agreed targets.
Saudi crude exports hit 7.5 million bpd in July, the highest level in more than two years amid rising pressure from the U.S. to boost production.
Libya’s crude output has rebounded after a series of disruptions that more than halved supply, with nationwide production returning to a four-month high of 1.2 million bpd.
Australia, one of the world’s top LNG exporters, is considering curbs on exports to manage an expected supply crunch next year.
Valvoline is selling its unit that makes lubricants, coolants and other auto products to state-owned Saudi Aramco for $2.65 billion in cash as the company sharpens its focus on U.S. retail services.
BP said it would raise its dividend 10% after second-quarter net income reached a higher-than-expected $8.5 billion.
Italy’s Eni plans to build a second LNG production vessel offshore Mozambique within four years. The producer’s first project in the country, a $7 billion platform, will begin exporting this year.
India’s gasoline demand fell by 8% in July as high inflation and monsoon activity curbed demand from the farming and transport industries. Separately, the nation plans to start a carbon trading market for major emitters in the energy, steel and cement industries.
Prices for new VLCCs are 35% higher than they were in January 2021. Soaring costs pushed new orders for crude and product tankers down to a 26-year low in the first half of 2022, according to industry group Bimco.
In the latest news from second-quarter earnings season:
Union Pacific’s operating profit rose 14% despite a 1% decline in carload volume. The rail line’s average revenue per intermodal load hit $1,711, up 26% from last year.
Revenue at CSX rose 28% on gains from higher fuel surcharges along with the acquisition of trucker Quality Carriers.
Knight-Swift Transportation saw earnings rise to $219.5 million on a 49.1% gain in operating revenue.
Michigan plans to add $1 billion of its own funding to boost competitiveness for computer chip projects following Congress’ recent approval of a sweeping $52 billion incentive package.
British retailer Marks & Spencer is buying its contract logistics provider Gist for about $305 million as part of a plan to overhaul its food supply chain.
Amazon’s carbon emissions surged 18% last year as the company grew to handle the pandemic-driven surge in e-commerce.
Domestic Markets
The U.S. reported 114,021 new COVID-19 infections and 357 virus fatalities yesterday.
New data shows COVID-19 infections are back on the rise in Florida.
A widely tracked index of U.S. manufacturing activity fell to a two-year low of 52.8 in July. The data comes as retailers continue to report excess inventories and commodity prices ease.
U.S. construction spending tumbled 1.1% in June on a sharp decline in single-family homebuilding, a reflection of rising interest rates.
U.S. merger activity slowed sharply in the first half of 2022, with dealmaking down 40% from last year as market conditions remain uncertain.
U.S. consumers spent 71% more at discount grocery stores from October 2021 to June 2022. Meanwhile, spending at other grocery stores declined by 5%.
U.S. home-price appreciation slowed sharply in June, according to mortgage software firm Black Knight. Surging rent prices also showed signs of a cooldown.
Leasing volume for Manhattan office space reached a pandemic-era high in July despite remaining 11.6% below the pre-pandemic average.
Heineken posted a surprise 24.6% rise in first-half operating profit on higher sales volumes in all regions, notably Asia-Pacific.
Oracle started laying off employees in the Bay Area yesterday as part of a $1 billion cost-cutting plan that includes thousands of layoffs in its global workforce.
Activision Blizzard experienced a 28% drop in sales in the latest quarter as consumers limit spending on video games in response to high inflation.
Estée Lauder is in talks to buy luxury fashion brand Tom Ford for a rumored $3 billion, one of the cosmetic giant’s largest-ever acquisitions.
Revlon received permission Monday to proceed with a $1.4 billion loan to continue operations while in bankruptcy, just one month after missed payments to supply chain vendors led the firm to file for Chapter 11.
Factories across the U.S., Europe and Asia struggled for momentum in July as flagging global demand and China’s lockdowns slowed production, surveys showed on Monday.
England’s central bank is expected to lift its key interest rate by 50 basis points this week to 1.75%.
German retail sales fell 8.8% in June for the steepest decline in almost 30 years.
Brazil posted a lower-than-expected trade surplus of $5.44 billion in July, with growth in imports strongly outpacing exports.
Russia’s economic woes are set to deepen after its central bank warned that last quarter’s 4.3% decline in GDP will be followed by an even larger decline of 7% this quarter.
Hong Kong’s economy shrank 1.4% in the second quarter, its second straight quarterly contraction.
Saudi Arabia posted record GDP growth of 11.8% in the second quarter, driven by a 23.1% rise in oil revenue.
British bank HSBC saw second-quarter profit surge 62% to $5.5 billion as rising interest rates boosted returns on loans.
Wind turbine maker Siemens Gamesa is considering cutting 9% of its global workforce, or about 2,500 jobs, in reaction to losses that prompted its main shareholder, Siemens Energy, to launch a takeover.
Single-use plastic bag usage dropped 20% in England since a tax was imposed on consumers last year.
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