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Oil prices gained less than 1% Tuesday amid competing supply and demand fears.
In mid-morning trading today, WTI futures were up 0.2% at $94.63/bbl, Brent was up 0.1% at $100.70/bbl, and U.S. natural gas was down .5%% at $7.67/MMBtu.
U.S. gasoline prices have fallen for the past 49 days since mid-June highs, with the nation’s average price hitting $4.16 a gallon Wednesday.
The American Petroleum Institute reported a surprise 2.17-million-barrel build in U.S. crude stocks this week. Government data will be released today.
The U.S. continues to export diesel fuel at a record rate of 1.4 million bpd on rising demand from Latin America and Europe.
Container rates from Shanghai to Los Angeles dropped 24% in mid-July from a year ago, according to the Drewry World Container Index.
Facing rising congestion at the Port of New York and New Jersey, officials will put a new fee on long-dwelling containers starting in September. Container volumes at the port are 34% higher than pre-pandemic levels.
Maersk upgraded its full-year earnings forecast by 23% to $37 billion, as lingering congestion in container shipping continues to keep freight rates high.
Swiss freight forwarder Kuehne + Nagel’s operating profit more than doubled to nearly $2.3 billion in the first half of the year as revenue increased 45%.
Advanced Micro Devices reported a 70% increase in quarterly sales driven by strength in its data center business.
A Stellantis plant that produces Jeep Compass and Renegade models in southern Italy shut down Tuesday after logistics contractors went on strike.
While other carmakers are curtailing investment in internal combustion engines (ICEs), Stellantis announced it is investing nearly $100 million in three North American plants to build a new ICE for hybrid vehicles.
GM prepaid almost $200 million for a guaranteed six-year supply of lithium from Philadelphia-based Livent Corp, reflecting rising concerns in the auto industry that higher electric vehicle use will tighten markets for key battery metals.
Volkswagen ordered $4 billion worth of the laser technology lidar from Israeli firm Innoviz Technologies, as the automaker prepares to roll out more autonomous vehicles.
Lamborghini and Ferrari reported stellar earnings Tuesday as demand for luxury cars remains high.
GM will use a spate of new measures to curb prices in the used car market, including limits on purchasing and warranty transfers for customers who may be looking to flip its vehicles.
U.S. companies are reporting mostly upbeat news this earnings season, surprising investors who were bracing for a gloomier outlook on businesses and the economy. More than halfway into the reporting period, earnings are up 8.1% from a year ago.
In the latest news from second-quarter earnings season:
New data from the World Bank shows global food prices across the globe continue to rise at unprecedented rates, with the overwhelming majority of low- and middle-income countries seeing price hikes of 5% or more in the second quarter.
Canadian manufacturing activity lost momentum in July, with S&P Global’s purchasing managers index falling from 54.6 in June to a two-year low of 52.5.
The Mexican government’s inflation-fighting subsidies came at a steep $28.04 billion price tag so far this year, fueling speculation that the country’s central bank will again hike interest rates as inflation persists.
The value of South Korean exports rose 9.4% in July from a year ago, a larger-than-expected pace led by robust demand from the U.S.
Over 5,600 companies in England and Wales filed for insolvency in the latest quarter, an 81% increase from a year ago to the highest level since 2009.