Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
WTI rose 3% and Brent was up 2.5% Monday on the potential for a prolonged outage of TC Energy’s Canada-to-U.S. Keystone oil pipeline, which suffered a leak in Kansas last week.
In mid-morning trading today, WTI futures were up 2.6% at $75.07/bbl and Brent was up 3.0% at $80.29/bbl. U.S. natural gas futures spiked 10% on forecasts of colder weather Monday and were 6.5% higher today at $7.01/MMBtu.
U.S. oil and natural-gas output will hit new records in January even as the monthly pace of gains continues to slow, according to the Energy Information Administration (EIA).
Bank of America predicts Brent crude could quickly return to $90/bbl if the Federal Reserve slows its pace of interest-rate hikes this week and China’s economic reopening is successful.
Britain called up two coal-fired power plants to stand ready to send more electricity to the grid Monday due to a short-term energy crunch caused by freezing temperatures.
Saudi Aramco is in talks with investors about a $110 billion gas development located in the eastern part of the kingdom, what would be one of the world’s largest unconventional gas fields.
Costco Wholesale will take a $93 million charge as it drops its ship-chartering operation.
The spread between spot freight rates in the U.S. and higher contract rates is at a high, prompting contract shippers to tap the spot market and putting pressure on contract prices.
In the latest news from the auto industry:
The U.S. and other Western countries announced an alliance to produce and buy key electric vehicle minerals from countries with strong environmental and labor standards, a move that could reduce business with market leader China.
Oracle saw quarterly revenue rise a better-than-expected 18.5% on strong demand for its cloud software.
The U.S. will add $325 million in funding to help smaller-scale farmers cut their greenhouse gas emissions, pushing the total investment in climate-friendly farming to over $3 billion.
China’s sudden abandonment of its COVID-zero policy could create economic chaos and overwhelm the healthcare system, with potential fatalities topping 2 million people. As infections spread among healthcare workers, some hospitals are reporting staffing shortfalls of over 20% and urging those infected to continue working if their symptoms are mild.
The U.S. plans to commit $55 billion to investment in Africa over the next three years.
Nestle will invest $42.88 million to launch a new production facility in western Ukraine, one of very few international companies to announce new investments in Ukraine since Russia invaded the country.
Spending by Americans in Europe rose more than 40% during Black Friday week compared to pre-pandemic levels as tourists took advantage of the strong U.S. dollar.
Microsoft purchased a 4% stake in the London Stock Exchange’s parent company as part of a deal to provide cloud services for its financial data and trading platforms.
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