Oil fell 1% Tuesday as traders worried about mounting supplies in the U.S.
In mid-morning trading today, WTI futures were down 1.1% at $78.22/bbl, Brent was down 0.9% at $84.79/bbl, and U.S. natural gas was down 1.5% at $2.53/MMBtu.
U.S. crude stocks likely surged by 10.5 million barrels last week, the American Petroleum Institute said. Government data is due today.
OPEC raised its forecast for global oil demand this year by 100,000 bpd, citing strong economic growth in the U.S., Europe and China.
OPEC’s crude production slid by 49,000 bpd in January as top producer Saudi Arabia slashed output.
The latest round of European sanctions on Russian fuel exports has sent crude product tanker rates jumping 400%, as hundreds of carriers switched from hauling for traditional producers to hauling for Russia.
Russia’s nuclear exports surged 20% last year, with purchases by the EU climbing to the highest in three years.
The global oil and gas industry saw net profits rise to nearly $4 trillion last year, up from around $1.5 trillion in recent years.
Norway is set to become Europe’s biggest natural gas supplier by the end of February.
Australia’s top court voided a decision by the former administration to block new natural gas exploration licenses on the country’s east coast.
China’s wind and solar output jumped 21% last year to a total of 1,190 terawatt-hours of electricity, almost enough to cover the nation’s residential power consumption.
An annual report examining net-zero plans found some of the world’s biggest businesses have made little progress since last year in reaching decarbonization goals.
Supply Chain
The death toll from a series of devastating earthquakes in Syria and Turkey last week rose to 41,000, with total damages probably surpassing $20 billion.
The average cost to ship a container from China to the U.S. West Coast fell from $8,607 last April to just $2,618 in January, leading many to believe long-term contract rates will plummet during renegotiations later this month.
Shipping industry officials are growing impatient with a lack of progress on West Coast port labor talks since the two sides reached a tentative agreement last July.
The Brotherhood of Locomotive Engineers and Trainmen reached tentative agreements with several railroads, including Canadian Pacific and Kansas City Southern.
Norfolk Southern is facing regulatory scrutiny following the derailment of a train carrying hazardous chemicals in Ohio.
Trucking groups are pushing the U.S. to end proof-of-vaccination requirements for non-U.S. citizens entering the country when its COVID-19 emergency status lapses in May.
Retail sales jumped 3% in January, the biggest monthly increase in two years.
The New York Fed says the U.S. economy may need higher borrowing costs for several years to tame inflation and prevent its resurgence.
Slightly easing U.S. inflation of 6.4% in January will probably keep the Federal Reserve on track to raise rates again in March, economists say.
Recession concerns are waning among corporate finance chiefs, but they remain concerned about challenges such as supply-chain disruptions, inflation, labor shortages and the impact of new COVID-19 variants.
U.S. small-business confidence improved in January, with a widely tracked index rising 0.5 points to a total of 90.3, which was still below the index’s nearly 50-year average of 98.
Airbnb recorded its first-ever annual profit last year of $1.9 billion, boosted by a rise in cross-border travel during the fourth quarter.
Coca-Cola saw global revenue rise 7% last year and said it plans to continue raising prices to offset high costs this year.
Marriott International saw revenue climb 33% last quarter to $5.92 billion amid a strong rebound for business and leisure travel.
As the U.S. housing market cools, some real estate agents are returning to their previous careers or taking on side jobs to supplement their income, to offset a drop in commissions.
Wendy’s plans to cut operational greenhouse-gas emissions by 47% by the end of the decade.
The White House outlined how nonprofits can access money from the Greenhouse Gas Reduction Fund, a $27 billion “green bank” formed as part of last year’s landmark climate act to support greenhouse gas reduction initiatives.
International Markets
Euro zone employment surged more than expected to a record-high last quarter, underscoring a surprisingly resilient economy.
U.K. inflation in January eased to a better-than-expected annualized rate of 10.1%, as core inflation fell to 5.8% and the Bank of England signaled it may soon pause its interest rate increases.
Air India ordered 470 jets from Boeing and Airbus, marking the largest deal for commercial aircraft in aviation history.
Airbus plans to boost production rates of its two biggest jets as it tries to capitalize on resurgent demand for long-haul air travel.
German industrial conglomerate Thyssenkrupp said its restructuring is progressing slower-than-expected after quarterly results showed operating profit falling by a third.
Louis Vuitton plans to raise prices as much as 20% in China as the nation’s consumer spending recovers from years of COVID-19 restrictions.
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