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.
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.
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.
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.
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