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.
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.