Oil rose 0.5% Monday as investors weighed Russia’s plans to cut crude production with short-term demand concerns.
In mid-morning trading today, WTI futures were down 1.0% at $79.33/bbl, Brent was down 0.9% at $85.87/bbl, and U.S. natural gas was up 6.6% at $2.56/MMBtu.
U.S. shale production in the seven biggest shale basins is expected to rise to its highest on record in March, according to the Energy Information Administration.
Crude tankers restarted some operations at a key terminal in Turkey after earthquakes devastated the region last week.
European gas prices fell to their lowest in almost 1.5 years Monday, a result of higher projections for wind generation. Europe now derives more than half of its electricity from clean energy sources, mostly hydro and nuclear.
Europe’s bill to shield households and companies from soaring energy costs has climbed to roughly 800 billion euros, researchers say.
EU leaders endorsed plans to relax government subsidy rules and repurpose existing funds to support the bloc’s clean-tech industry.
The U.S. Treasury will open applications for $4 billion worth of new tax credits for clean-energy projects at the end of May, including $1.6 billion slated for communities hit by closures of coal mines and coal-fired power plants.
Qatar is finalizing a massive long-term LNG deal with China National Petroleum Corp, China’s largest gas importer, following the execution of a similar deal with Sinopec in November.
On Monday, Israel loaded its first ever oil cargo for export after reaching agreement on maritime borders with Lebanon last October.
Countries in Asia are expected to use half the electricity in the world by 2025, the International Energy Agency says:
Supply Chain
Cyclone Gabrielle wreaked havoc in New Zealand, prompting the government to issue an emergency declaration for only the third time in the nation’s history.
The Port of Long Beach saw just over 263,000 TEUs of loaded container imports in January, down 32.3% from a year earlier.
Port officials in Houston announced the completion of the first segment of a $1 billion expansion project for the Houston Ship Channel.
Global airfreight shipments fell 8% last year from 2021’s record level and were 1.6% below 2019, with expectations they could slide another 5.6% from pre-pandemic levels this year.
Israeli container line Zim is adding capacity and frequency to its U.S. East Coast-Asia service.
More semiconductor equipment suppliers are shifting operations from China to Southeast Asia.
Emirates SkyCargo and Air Canada Cargo signed a deal to work together on air cargo operations.
UPS says it is taking extra steps to reduce its workforce in regions where delivery demand has softened.
In the latest news from the vehicles industry:
The European Parliament passed legislation mandating that all new vehicles emit zero-emissions starting in 2035, effectively banning the sale of gasoline-powered vehicles in the bloc.
Toyota’s new chief executive is looking to quicken development of parts and manufacturing methods for electric vehicles as part of an “EV-first mindset.”
Ford plans to cut 3,800 staffers in Europe, 1 in 9 jobs there, as it invests $50 billion in its transition to electric vehicles.
Nikola started work on a network of hydrogen plants and signed up more suppliers of the fuel, part of its plan to provide enough hydrogen for 7,500 heavy-duty trucks by 2026.
Nissan and Renault will invest $600 million to make six new car models in India, one of three markets in which the two automakers plan to coordinate closely as part of their revamped alliance.
Inflation eased slightly in January from the prior month to 6.4%; economists had expected a lower 6.2%.
Americans expect inflation one year from now to hold steady at 5%, according to the latest New York Fed survey.
With about 80% of the S&P 500 having reported, fourth-quarter earnings are on track to miss estimates by 1%, according to Bank of America.
Investors and corporate leaders remain optimistic that highly indebted businesses will be able to weather the coming quarters, as evidenced by rallying loan prices, low defaults and unchanged business plans.
Manhattan workers are spending at least $12.4 billion less per year due to about 30% fewer days in the office than before the pandemic.
International Markets
The International Monetary Fund says markets have good reason to be more upbeat about the global economy as nations continue to recover from the pandemic.
Euro zone economic growth is likely to be stronger than expected this year, while inflation will be lower than forecasts made at the end of 2022, the European Commission said.
China’s consumer prices rose 2.1% year over year in January.
High levels of debt and a struggling housing market in China are casting doubts on expectations for the nation to lead a global economic resurgence.
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