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Oil prices fell over 2% on Thursday, settling at their lowest since Russia’s invasion of Ukraine. WTI futures are down 10% this week.
In mid-morning trading today, WTI futures were up 0.2% at $88.73/bbl, Brent was up 0.2% at $94.28/bbl, and U.S. natural gas was down 0.3% at $8.10/MMBtu.
The average U.S. gasoline price fell to $4.139 a gallon Thursday, the 51st consecutive day of declines.
Cheniere Energy, the U.S.’s largest LNG exporter, saw record second-quarter profit as Russia’s war fueled a scramble for supplies from the U.S.
The head of the International Atomic Energy Agency warned that Europe’s largest nuclear plant in Ukraine, occupied by Russia’s military since March, “is completely out of control” and sought Russian and Ukrainian cooperation to allow an international assessment of the situation.
Countries across Europe are imposing new limits on lighting and air-conditioner use to comply with the EU’s plan to trim energy use by 15% through next spring.
Airfreight company Atlas Air will be sold to a group of investors led by Apollo Global Management in an all-cash deal worth around $5.2 billion.
G7 nations pledged to invest $600 billion in funding for emerging market infrastructure over the next five years, led by $200 billion from the U.S.
The U.S. reported 117,350 new COVID-19 infections and 377 virus fatalities Thursday. The pace of fatalities has remained steady since May, with more than 12,500 Americans passing from the virus in July.
Non-farm payrolls jumped by a higher-than-expected 528,000 last month and the unemployment rate fell to 3.5%. Average hourly wages were up 5.2% from a year ago.
The U.S. trade deficit narrowed sharply by 6.2% in June to its lowest level in six months. Exports grew 1.7% to $261 billion, a record, boosted by shipments of energy and food.
Though U.S. jobless claims rose to 260,000 last week, close to 2022 highs, overall conditions in the labor market remain tight, signaled by a decline in U.S. layoffs and a brisk pace of hiring in July.
Job security in the U.S. tech industry is rapidly declining, with more than 32,000 workers laid off so far this year.
The Cleveland Fed suggested the central bank should raise interest rates to at least 4% by the first half of next year.
The average U.S. mortgage rate dropped to 4.99% this week, falling sharply from a 13-year high of 5.81% in June. It is the first sub-5% rate since April.
Canada’s trade surplus widened to $4 billion in June on a 2% rise in exports, according to the latest data. The nation’s energy exports hit a record high, but analysts warned they would narrow in coming months due to lower crude prices.
Mexico’s central bank is expected to hike its benchmark interest rate to a historic high of 8.5% next week.
Swiss bank Credit Suisse is looking at cutting thousands of jobs across the globe in the coming months in a bid to lower overall costs by over $1 billion.
Lufthansa expects short-haul flights in Europe to drive a return to operating profit for the full year, with passenger bookings now at 83% of pre-pandemic levels. Separately, the airline’s ground staff reached a pay deal that will end a week-long strike that disrupted thousands of flights.