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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.
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.
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.
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