We are numb with grief over yesterday’s mass shooting in Highland Park, Illinois, a neighboring community to M. Holland’s headquarters and home to many Mployees. Fortunately, all Mployees are safe and accounted for, but our hearts and thoughts are with the community after this tragic attack.
Supply
Oil prices rose last Friday on concerns over supply shocks from Libya and Norway.
Citigroup predicted oil prices could fall to $65/bbl in the event of recession, sinking crude futures in mid-morning trading today, with WTI down 8.5% at $99.27/bbl and Brent down 9.5% at $102.70/bbl. U.S. natural gas was down 4.1% at $5.50/MMBtu.
Active U.S. oil and gas rigs fell by three last week to 750, according to Baker Hughes.
The U.S. administration will take public comments for 90 days before finalizing its five-year offshore oil and gas development plan, which could include up to 11 auctions for drilling rights in the Gulf of Mexico and Alaska.
Exxon Mobil indicated its quarterly profits could double from Q1 to a record $16 billion.
OPEC production dropped by 120,000 bpd in June, the second month of declines despite pledges to boost output by over 275,000 bpd.
Norway’s petroleum output could fall 8% starting today if workers move ahead with a planned strike.
Political protests forced Libya to declare force majeure at a number of new ports and oil fields, cutting its export capacity to one-third of last year’s levels.
A 645,000-bpd refinery in Venezuela halted production Monday after an electrical fault took out power.
Many of the world’s largest economies are increasing short-term coal purchases to ensure sufficient supplies of electricity, despite pledges to reduce consumption in the battle against climate change.
More oil news related to the war in Europe:
Gazprom is demanding gas payments in rubles in a scheme similar to that which disrupted oil trade in March and April. Meanwhile, Russian lawmakers may impose a temporary windfall tax on the firm as the price of natural gas continues to surge.
Shell and Japan’s Mitsui and Mitsubishi could be forced to exit their latest joint venture as Moscow pushes to nationalize the Sakhalin-2 oil and gas project on Russia’s Pacific coast, north of Japan.
Natural gas prices in Europe have surged around 700% within the past year, pushing the continent closer toward recession.
The Brotherhood of Locomotive Engineers and Trainmen union, the nation’s oldest rail union, is preparing a strike authorization vote after working without a contract for nearly three years.
Florida saw its COVID-19 positivity rate rise to 22.7% in the week ending July 1, averaging 10,640 new virus cases per day and putting 99% of residents in “high-risk” areas for virus transmission.
Forty California counties now have high levels of COVID-19, according to the CDC, up from 13 counties last month.
Commodity prices fell 3.9% during the second quarter, suggesting inflation may have peaked.
U.S. manufacturing activity slowed more than expected in June, while new orders contracted for the first time in two years, the Institute for Supply Management said. A gauge of factory employment also was down for the second straight month.
U.S. wages declined 3.3% year over year in May after factoring for inflation, the fifth consecutive month of declines.
Rising interest rates is prompting more U.S. firms to pay down debt rather than raise capital this year, as indicated by data from the first half.
Major U.S. carriers canceled 2.9% of domestic flights in June, up from 2% during the same time in 2019.
The Supreme Court’s latest decision that curbs the power of the EPA is throwing doubt on the SEC’s efforts to force companies to disclose their emissions, legal experts say.
International Markets
China’s eastern Anhui province recorded over 1,000 COVID-19 infections since late last week, with authorities imposing lockdowns in a scramble to keep cases from neighboring Jiangsu, the nation’s second-biggest GDP contributor.
COVID-19 infections rose 30% last week in Britain, where hospitalizations also are rising.
Central banks in Norway and Sweden raised interest rates by a larger-than-expected 50 basis points last week.
Brazil’s trade surplus reached $8.814 billion in June, the second-highest June reading of all time.
British Airways is trimming its schedule from April to October by 11%, as the carrier struggles with staffing shortages amid surging demand.
About 10% of flights from Paris Charles de Gaulle were canceled late last week due to worker strikes. Another round of strikes is planned for this weekend.
Russia’s invasion of Ukraine is boosting Australian mining and energy exporters, whose revenues are forecast to hit a record $286 billion over the next year.
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