The U.S. Inflation Reduction Act (IRA) includes nearly $500 billion in new spending and tax breaks that will catalyze the clean energy transition, increase tax revenues and reduce healthcare costs. Dwight Morgan, Executive Vice President of Corporate Development at M. Holland, recently provided insight on what the IRA includes and key considerations for the plastics industry. Click here to read the full post.
Oil fell more than 5% Wednesday, marking the steepest percentage loss in the first two trading days of any year for over three decades.
In mid-morning trading today, WTI futures were up 0.8% at $73.43/bbl and Brent was up 0.9% at $78.52/bbl.
U.S. natural gas prices are down 57% from summer highs. Futures were down 9.2% at $3.79/MMBtu in morning trading today.
U.S. crude stocks rose by 3.3 million barrels last week after 1 million bpd in refining capacity was shuttered by Winter Storm Elliott, according to the American Petroleum Institute. Government data is due today.
Dredging issues are slowing Chevron’s efforts to load tankers at one of its four Venezuelan joint ventures to bring heavy crude to the U.S. for the first time in years.
BP plans to boost investment in its U.S. onshore oil and gas business, mostly in Texas, by 41% to a total of $2.4 billion this year. The producer also said it would raise annual spending in the Gulf of Mexico through 2025.
Exxon Mobil signaled another strong operational profit of about $15.4 billion in the fourth quarter, pushing it toward record annual profit in 2022.
OPEC member Libya’s production capacity is expected to top out at 1.8 million bpd by 2024, up from around 1.1 million currently, officials say.
Apple is expected to enlist Luxshare Precision, a Chinese competitor to Foxconn and Pegatron, to produce its premium iPhone models after worker protests erupted at Foxconn’s megafactory in Zhengzhou last year, disrupting production.
U.S. auto sales likely fell 8% to a total of 13.7 million units last year, which would be the lowest sales figure in more than a decade.
Automakers had their worst year in Britain in three decades, with total sales falling 2% to a total of 1.61 million. Notably, electric vehicles overtook diesel cars with around 17% of new registrations.
Initial unemployment claims plunged by 19,000 the last week of 2022 to 204,000, far below the 220,000 expected by analysts and the lowest since September. Separately, private payrolls grew by 235,000 jobs in December according to ADP, far above the 153,000 expected, further confirming the continuing strength of labor markets.
Manhattan home prices were 5.5% lower in the fourth quarter of 2022 compared to a year earlier, the first annual decrease since the beginning of the pandemic.
Online searches for new U.S. office space fell significantly in 2022 from previous years, new research shows. The corporate office market is poised to continue worsening this year as companies look to shed real estate as a primary way to reduce expenses.
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