Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil prices rose 3% Tuesday, their biggest daily gain in over a month, after U.S. economic data showed weaker-than-expected inflation in November.
In mid-morning trading today, WTI futures were up 2.0% at $76.89/bbl, Brent was up 1.7% at $82.08/bbl, and U.S. natural gas was down 5.5% at $6.55/MMBtu.
U.S. crude stocks unexpectedly rose by 7.82 million barrels last week, according to the American Petroleum Institute, marking the biggest weekly build in 1.5 years. Government data is due today:
Cleanup of TC Energy’s oil spill in Kansas is expected to take weeks, while no official timeline has been given for a restart of the 622,000-bpd pipeline that caused it.
OPEC crude output fell by 744,000 bpd in November, mainly from Saudi Arabia, official data shows.
OPEC decided to keep its 2022 and 2023 outlook for global supply and demand unchanged, suggesting a belief that the G7’s most recent price cap on Russian oil won’t have much impact.
Canada and Germany announced over $150 million in combined aid to help Ukraine restore power to residents over winter.
Russian oil exports rose by nearly 3.5% month over month in November to the highest level since April, but falling prices and discounting caused a 4.4% drop in export revenues.
Russian gas chemical projects are facing substantial delays as sanctions decrease foreign involvement.
Germany utility RWE plans to expand its renewables activity in the U.K. with the construction of a 600 MW solar farm by 2029.
China has a $143 billion support package for its semiconductor industry in the works, a counter to U.S. moves aimed at slowing its tech advances.
India plans to kickstart its semiconductor industry with a roughly $20 billion fabrication plant to be built by Foxconn in the western state of Gujarat.
Europe will adopt a plan in the coming weeks to put carbon tariffs on imports of polluting goods, one of the world’s first insertions of climate-change regulation into the rules of global trade.
In the latest news from the auto industry:
Ford added a third work crew at a Detroit assembly plant making the company’s high-demand electric F-150.
Volkswagen and Italian energy giant Enel formed a joint venture to build 3,000 high-speed charging points across Italy at a cost of roughly $210 million.
British manufacturers are sitting on almost $29 billion of unfinished goods that can’t be sold due to persistent supply issues, a Barclays survey showed.
An index of U.S. small-business confidence rebounded to a reading of 91.9 in November, according to the National Federation of Independent Business. Inflation and worker shortages remained the top issues for owners, the group said.
A record 39% of the U.S. workforce, or 60 million people, worked as freelancers in 2022, up from 36% last year.
United Airlines announced a $43 billion list-value order for 200 Boeing jets Tuesday, including 100 787 Dreamliners and 100 737 MAXs, a boon to the struggling plane maker that saw new orders drop in November.
COVID-19 cases are surging in Beijing, with the city’s total hospital patients rising sixteenfold week over week while financial firms struggle to maintain trading due to pervasive worker absences.
Hong Kong eased more COVID-19 rules Tuesday, including movement controls for foreign travelers and a mandatory COVID-19 mobility app for tracking the population.
Britain’s central bank is warning that households and businesses face “significant pressure” due to higher inflation and borrowing costs.
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