Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
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.
Argentina secured nearly $700 million in extra financing from Brazil to build the second stage of a crucial natural gas pipeline in the massive Vaca Muerta shale region.
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.
The overall efficiency of the U.S.’s new-vehicle fleet was flat between 2020 and 2021, new data shows, as automakers sold more SUVs and pickups compared to cars.
Workers at an Ultium Cells electric-vehicle battery plant in Ohio voted to unionize.
Apple contract manufacturer Foxconn plans to invest $500 million to expand its supply chain in India.
EU policymakers are considering putting carbon tariffs on imports of polluting goods such as steel and cement to prevent domestic firms from being undercut by cheaper goods made in countries with weak environmental rules.
Industrial metals prices are rallying on signs that China will reopen its economy.
Domestic Markets
The U.S. reported 56,694 new COVID-19 infections and 212 virus fatalities Monday.
U.S. consumer prices in November rose a better-than-expected 0.1% over October and 7.1% from a year ago.
The November U.S. budget deficit jumped by $57 billion, or 30%, from a year earlier to a total of $249 billion, a record for the month:
Average U.S. rent prices jumped about 14% from 2021 to 2022, including gains of as much as 22% in high-demand areas.
United Airlines placed a $30 billion order with Boeing for 100 787 Dreamliner jets with an option for 100 more, the largest order ever in the U.S. and a big win for Boeing over European rival Airbus.
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.
International Markets
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.
Global private and public debt remained well above pre-pandemic levels in 2021 despite dropping substantially from 2020, according to the International Monetary Fund.
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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