We are numb with grief over this weekend’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. Our President and CEO Ed Holland shared this message with Mployees this week.
Supply
Oil plummeted 9% Tuesday in the biggest daily drop since March on growing fears of a global recession. WTI closed below $100/bbl, while U.S. natural gas prices fell almost 5%.
In mid-morning trading today, WTI futures were off 4.1% at $95.38/bbl, Brent was down 3.9% at $98.79/bbl, and U.S. natural gas was down 1.3% at $5.45/MMBtu.
U.S. refiners sent over 5 million barrels of emergency crude stock to Europe and Asia in June, blunting White House efforts to bring down fuel prices by releasing more of the reserves.
Last year, the U.S. saw its first increase in coal consumption since 2013:
Shell joined other Western oil majors in taking a stake in the world’s largest LNG project in Qatar.
Norway’s petroleum output will remain stable after the government reached a deal with striking oil and gas workers Monday.
Saudi Arabia raised crude selling prices to Asian buyers by $2.80/bbl to a near-record premium over Oman/Dubai quotes.
Supply bottlenecks reduced orders for LNG-fueled commercial ships to just two in June, according to classification society DNV. Overall vessel orders are down 45% this year even as demand for cargo and LNG ships remains strong, according to Clarksons Research.
Singaporean shipper Pacific International Lines has placed orders for eight new container ships in the past four months that will be capable of running on ammonia.
Britain’s national health service is piloting the use of drones to provide same-day delivery for drugs and medical equipment.
Domestic Markets
The U.S. reported 179,507 new COVID-19 infections and 434 virus fatalities Tuesday. An accurate picture of the nation’s virus data is increasingly blurry as more cities stop daily reporting.
A chronic COVID-19 patient in Connecticut developed three distinct lineages of coronavirus during 471 straight days of infection, highlighting how new strains can germinate with long-COVID symptoms.
The job market remained robust in May, according to the Labor Department, with employers posting 11.3 million job openings.
Over half of Americans surveyed say they will stop using virtual services in healthcare, grocery delivery and curbside pickup once the pandemic subsides.
The U.S. personal savings rate hit 5.4% in May, dipping below the average of the past decade.
The euro fell to its lowest level against the dollar in two decades Tuesday, suppressed by growing fears of a recession caused by energy shortages. Meanwhile, S&P Global’s index of business growth in the euro zone fell to a 16-month low in June.
South Korean consumer prices rose a larger-than-expected 6% in June from a year ago, the fastest pace since 1998.
Another A350 jet order was canceled by Airbus in the plane maker’s escalating dispute with Qatar Airways over surface scars on jets. Airbus’ first-half jet deliveries were on pace with last year.
South Korea’s LG Energy Solution plans to supply over $760 million worth of batteries to Isuzu Motors as the Japanese automaker ramps up production of electric vehicles.
Lamborghini will spend almost $2 billion developing a hybrid lineup of vehicles by 2024, executives said.
German regulators signaled antitrust concerns will not hinder Volkswagen’s plans to jointly develop autonomous driving technology with Germany’s Bosch.