In mid-morning trading today, WTI futures were down 0.8% at $79.09/bbl, Brent was down 0.8% at $85.19/bbl, and U.S. natural gas was down 2.0% at $2.46/MMBtu.
U.S. gasoline prices rose 1.7% last week and were 3.7% above the four-week average.
Active U.S. drilling rigs rose by two last week to a total of 761, with gas rigs falling by eight and oil rigs increasing by 10.
Canada’s pipeline operator Enbridge reported a loss for the fourth quarter due to a goodwill impairment charge, compared with a quarterly profit last year.
Chevron agreed to sell its assets in Myanmar, a decision coming about a year after the country’s military coup sent companies packing.
ExxonMobil has retreated from a highly publicized, decade-old effort to make biofuels from algae.
EU leaders reached early agreement to provide targeted support to the green energy industry in response to the U.S. Inflation Reduction Act.
Major companies are battling to define “green” energy as they seek a greater share of new U.S. incentives for clean-energy development, especially hydrogen.
An international team of scientists claims to have succeeded in splitting green hydrogen from seawater, a potentially endless supply of energy.
A union of more than 40,000 rail workers in Britain rejected another set of pay offers and threatened to stage labor actions “for as long as it takes.”
Thousands of staff at Heathrow Airport will vote whether to strike this week, adding to a wave of industrial disruption on the U.K.’s transport networks.
Intel is reportedly considering boosting investments in a chip packaging plant in Vietnam as it seeks to expand its footprint in Asia.
North American companies, primarily in the U.S., ordered more than 44,000 industrial robots last year, an 11% increase over the previous year and a new record.
Large, high-pressure die-casting machines, called gigapresses, are revolutionizing car manufacturing by minimizing part assembly, reducing costs by up to 40%, and producing lighter and stronger parts.
Honda reported a 22% rise in operating profit in the latest quarter, driven by strong sales in Asia and cost reductions.
Tesla raised the price of some cars in China after the company’s aggressive price cuts at the start of the year ignited demand.
U.S. consumer sentiment improved to a 13-month high in February, with the University of Michigan’s index coming in at 66.4.
The U.S. government posted a $39 billion budget deficit in January after a $119 billion surplus a year earlier, as revenues dipped and one-time costs, including the bailout of a union pension fund, pushed outlays higher.
U.S. imports from China rose 6.3% last year to $536.8 billion despite attempts by the federal government to reduce the nation’s reliance on Chinese goods.
U.S. airlines are calling on the FAA to extend the deadline for a 5G upgrade of the country’s air traffic control system currently set for the end of 2023.
Bed Bath & Beyond announced plans to wind down operations in Canada as the struggling retailer seeks to streamline its business.
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