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Supply
Oil slipped about 1% Tuesday on persistent concerns about global economic growth.
In mid-morning trading today, WTI futures were down 2.2% at $74.65/bbl and Brent was down 2.1% at $81.32/bbl.
Natural gas prices fell to their lowest level since September 2020 and are down about 80% since last August. They fell further this morning, breaking below $2.00 before rising 5.0% to $2.18 in mid-morning trading.
Falling gas prices in Europe are making power generation from gas-fired plants more economical, marking a trend reversal since coal took over as the cheaper fuel source last year.
Saudi Aramco dropped to third on the list of the world’s most valuable companies, now surpassed by Apple and Microsoft.
Funding has been approved for a new floating LNG terminal off Israel’s coast, a project that will likely supply more exports to Europe.
United Airlines launched a $100 million investment fund to support startups focused on research and production of sustainable aviation fuel.
Supply Chain
Tens of thousands were without power and hundreds of flights were canceled as severe winter weather swept across U.S. Western and Central states overnight. More than 65 million people in 29 states are under winter storm alerts.
Average spot rates for bulk shipping’s largest vessels fell by about half last week.
Companies continue to shift volume away from U.S. West Coast ports due to “trepidation among shippers” about stalled labor talks with the International Longshore and Warehouse Union, which is working without a contract.
Last week’s passage of a law that will ban the sale of gas-powered cars in the European Union by 2035 highlights the growing number of countries phasing out internal combustion engines.
Toyota agreed to union demands in Japan for the highest wage hikes in two decades, while Honda said hourly wages will rise 5% as the country battles its highest inflation rate in 40 years.
Tesla paused plans to produce entire batteries in Brandenburg, Germany, and will instead carry out some production in the U.S., where tax incentives are more favorable.
Chinese electric-vehicle-maker Nio is building a new factory in eastern China to produce budget EVs for export to Europe.
Tesla owners worry the automaker’s decision to open up parts of its Supercharger network will raise wait times to recharge cars.
After recent price cuts, Tesla’s Model 3 sedan is selling for about $4,930 less than the average new vehicle sold in the U.S.
Domestic Markets
U.S. business activity unexpectedly rebounded in February to its highest level in eight months, according to an S&P Global composite index.
The White House will trim mortgage insurance costs for first-time and low-income buyers, a bid to boost affordability while home prices remain inflated.
Amazon will be able to close its purchase of 1Life Healthcare, an operator of primary-care clinics, after the FTC said it would not sue in time to block the $3.9 billion deal.
Business activity in the U.S., euro zone and the U.K. picked up in February, a sign of resilience as Russia’s invasion of Ukraine enters its second year.
The U.K.’s manufacturing output slumped in February while price pressures continued to cool, an industry survey showed.
German investor morale continued to recover in February as the economic outlook for the euro zone’s largest economy continues to brighten.
Big manufacturers in Japan saw disappointing activity in February while the mood in the nation’s service sector slid for a second month.
Some Chinese provinces are giving newlyweds 30 days of paid leave in the hope of boosting a flagging birth rate, an issue with massive implications for the nation’s long-term economic health.
Canada’s annual inflation rate fell to 5.9% in January, lower than markets predicted.
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