Natural gas production in the Appalachian Basin, the nation’s largest producing region, fell a record 27% after Winter Storm Elliott froze wells and equipment.
Energy prices reversed course today on surging COVID-19 infections in China. In mid-morning trading, WTI futures were down 2.2% at $77.76/bbl, Brent was down 2.3% at $82.37/bbl, and U.S. natural gas was down 12.0% at $4.65/MMBtu.
The average U.S. price of gasoline is forecast to hit $3.49 per gallon next year, down 50 cents from 2022.
The U.S. became the world’s largest LNG exporter during the first half of 2022 at an average of 11.2 billion cubic feet per day:
Plunging supply of natural gas sent wholesale U.S. power prices surging over 6,000% in some parts of the country, with heating bills expected to skyrocket in the coming weeks.
Going viral on social media can deliver unexpected supply-chain snags for retailers, with so-called social commerce shopping growing by 27% last year to a total of $37 billion, according to analysts.
Ocean shippers spending billions on low- and no-carbon ships could lead to higher costs amid lingering questions over which alternative fuels will prevail as the industry grows.
Global semiconductor inventories are at their highest level in over a decade, leading more manufacturers to slash production amid weak demand forecasts.
Kyocera, a Japanese firm specializing in ceramics and electronics, will spend almost $10 billion starting next year to boost production of chip-making equipment.
Copper futures are surging on expectations of a revival in Chinese demand.
In the latest news from the transportation industry:
Supply-chain issues have led to a global order backlog of over 12,000 aircraft, creating a capacity shortage expected to keep airfares elevated for the foreseeable future, according to Jefferies.
Aircraft lessor BOC Aviation ordered 40 Boeing 737 MAX planes for 2027-2028 delivery, providing a year-end boost to the U.S. plane maker’s orderbook.
Average prices in the U.S. used-car market fell 4% between July and November, led by steep declines for luxury electric vehicles.
Chinese electric-vehicle-maker Nio unveiled two new car models Tuesday as well as a new generation of battery swapping stations to allow hundreds of drivers to get fresh batteries every day.
Domestic Markets
The U.S. reported 84,029 new COVID-19 infections and 343 virus fatalities Tuesday.
U.S. wholesale inventories rose 1% to a total of $933.6 billion in November, the 28th straight monthly rise, and were up 21% year over year:
Annual price growth in the U.S. housing market slid into single digits in October for the first time in about two years, according to two widely tracked surveys. The month-over-month reading for the Case-Shiller 20-city index fell 0.8%, its fourth month of declines
Japanese retail sales rose by 2.6% year over year in November, the ninth straight month of gains.
Britain’s cost-of-living crisis will result in more retail failures next year as larger firms continue snapping up competitors, according to experts.
German companies expect only a mild recession next year despite headwinds from the energy crisis, raw material shortages and a tepid global economy, according to a new survey.
Spain unleashed its third support package of the year to help with surging consumer inflation, bringing its total spending to almost $50 billion.
The volume of M&A deals in Latin America fell 35% this year to $86 billion, with bankers expecting a slow recovery next year, according to data firm Refinitiv.
The Russian ruble is on track for a sharp monthly decline on forecasts for lower export revenue from sales of oil.
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