Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil fell 2% Thursday on fears that another round of interest-rate hikes across the globe will slow demand.
In mid-day trading today, WTI futures were down 2.1% at $74.52/bbl, Brent was down 2.4% at $79.23/bbl, and U.S. natural gas was down 4.5% at $6.66/MMBtu.
Europe’s energy crisis, paired with economic resilience in major Asian economies, is boosting demand for oil as a heat source, the International Energy Agency says.
Equinor started the second phase of its giant Johan Sverdrup development in the North Sea, boosting output from Europe’s biggest producing field by 185,000 bpd.
Brazil’s state-run Petrobras has lost $41 billion in market value the past two months amid political turmoil.
German lawmakers passed a $106 billion bill to cap electricity and gas prices next year for households and industry, funded in part by new windfall taxes on energy producers.
Vessel traffic at one of the Panama Canal’s three locks was temporarily suspended Thursday due to a fire.
Big U.S. ports are reporting steep declines in inbound container volumes for November, including a 26% drop for Los Angeles and Long Beach to their lowest level of the pandemic. The head of the Port of Los Angeles is making a “whistlestop tour” to win back lost business.
Loaded container imports into Georgia’s Port of Savannah fell 6.2% in November from last year.
Scorpio Tankers expects product tanker shipping rates to surge to new highs as cold weather arrives and seaborne exports of refined products reach record levels.
Tesla says it has boosted production to 3,000 SUVs per week at its unprofitable factory in Austin, Texas, a number that would still leave the automaker below full-year targets.
China’s car exports rose 54% year over year through September as its automakers look to establish themselves outside the country.
Chinese electric-vehicle giant BYD will launch a new brand in 2023 on the momentum of a year of strong sales.
Costco took a $93 million quarterly charge against earnings related to scaling back chartered shipping that it initiated early in the pandemic, citing recent easing of shipping congestion.
Domestic Markets
The U.S. reported 109,936 new COVID-19 infections and 711 virus fatalities Thursday. Seven-day averages for new cases and hospitalizations are at multi-month highs.
U.S. factory production fell a surprise 0.6% in November, the first decline since June on a sharp decrease in auto output. Overall, U.S. industrial production fell by 0.2% for the month:
U.S. business inventories rose a moderate 0.3% in October, suggesting businesses were slowing their pace of stocking.
The average U.S. mortgage rate dropped for the fifth consecutive week to 6.31%.
The Bank of Mexico raised its key interest rate by 50 basis points to a record 10.5% Thursday. One more rate hike could be in the pipeline, officials indicated.
Europe’s central bank raised its eurozone inflation projection to 6.3% next year and said price growth would remain above targets through 2025.
Eurozone factory output declined 2% in October, according to the latest data.
The French government says the nation’s economy could contract a worse-than-predicted 0.2% in the current quarter.
With inflation in Hungary expected to peak at 27% early next year, officials there extended a price cap on basic foodstuffs through April.
The U.S. and EU finalized another package of sanctions on Russia Thursday, while the EU also pledged to provide Ukraine with 18 billion euros of financing support next year.
The United Nations shrank its forecast for economic growth in Latin America and the Caribbean next year to 1.3%. Brazilian and Argentinian economic data has slightly improved in recent weeks.
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