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M. Holland will be closed Monday, Jan. 2 for the New Year’s holiday.
Oil fell about 1% Thursday on demand fears stemming from China’s COVID-19 surge.
In morning trading of the final session this year, WTI was up 0.9% at $79.08/bbl and Brent was up 1.1% at $84.37/bbl. Futures are on track to rise a total of 5% in 2022, their second straight annual gain.
U.S. natural gas traded at nine-month lows near $4.50/MMBtu Thursday, pushed down by forecasts of mild weather and lower heating demand in early January. Futures were down 3.7% at $4.39/MMBtu in morning trading today:
U.S. crude stocks rose unexpectedly by 718,000 barrels last week as imports climbed and exports fell, the Energy Information Administration said.
U.S. energy-sector shares have climbed about 60% this year, a sharp contrast to the 21% drop in the S&P 500, after bumper profits following Russia’s invasion of Ukraine drew investors back to the sector.
The world’s biggest coal miners are set to triple profits to a total of $97 billion this year as many countries that once pledged to quit the dirty fuel turned back to it amid widespread energy insecurity. However, the recent drop in Western natural gas prices is prompting power companies to switch back to gas.
U.S. nuclear generation declined for a second year in 2021 as more reactors were put into retirement:
More oil news related to the war in Europe:
European natural gas prices have returned to pre-invasion levels around $81.91/MWh, down from a peak around $367/MWh in August.
Italian regulators expect electricity prices to fall almost 20% in the first quarter of 2023 as wholesale prices decline and consumers benefit from a series of tax breaks and other government measures.
Roads began to open in western New York for the first time in a week on Thursday, while Elliott’s death toll rose by one to a total of 39 in Buffalo.
Southwest Airlines cut another 58% of its schedule Thursday but said operations would return to normal today. The carrier’s total cancellations surpassed 15,000 for the week.
Widespread flight cancellations after Elliott have caused one-way airfares to surge over $1,000 on some routes.
Residents in Jackson, Mississippi, have been forced to boil water after Elliott destroyed the area’s underground infrastructure.
Much of the U.S. West is again under winter weather alerts after wet and wintry conditions this week flooded roads, blew hurricane-force winds, knocked out power to thousands and killed five people in Oregon.
Britons will see more travel disruption today as road traffic officers and control-room staff begin a two-day strike, the latest in a wave of walkouts sweeping the country.
Third-party logistics providers should see surging demand for last-mile delivery of big and bulky e-commerce items through 2025, analysts project.
Taiwanese chipmaker TSMC kicked off mass production of its next-generation semiconductors this week, following Samsung Electronics in gearing up to supply the next lineup of cutting-edge electronic devices from major brands.
The U.S. Treasury released new guidance on tax incentives for electric vehicles starting Jan. 1, offering up to $7,500 in credits for leased passenger cars — including those assembled outside North America — and up to $40,000 for delivery trucks and other commercial vehicles. Europe cheered the measure ahead of what’s expected to be stricter sourcing measures in March.
The U.S.’s latest guidance on electric-vehicle incentives will likely cause sales to spike in the first few months of 2023, experts say.
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