We are numb with grief over last 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 prices fell 2% to a 12-week low in volatile trading Wednesday, extending steep losses from the prior session.
In mid-morning trading today, WTI futures were up 5.5% at $103.90/bbl, Brent was up 4.8% at $105.50/bbl, and U.S. natural gas was up 12.0% at $6.17/MMBtu.
The average U.S. gasoline price fell to $4.779 a gallon yesterday, a 9-cent decrease for the month.
The American Petroleum Institute says U.S. crude inventories rose by 3.825 million barrels this week, a reversal of expectations for a drawdown. Government data will be released today.
Prices for frack sand are up 150% year-to-date, hampering American producers’ efforts to turn on the taps at the nation’s largest shale sites.
Roughly 83% fewer U.S. college students are graduating with petroleum engineering degrees than five years ago as the energy transition clouds industry prospects.
A Russian court told one of the world’s largest pipelines carrying oil from Kazakhstan to the Black Sea to suspend operations for 30 days over document issues, although exports were still flowing yesterday.
The U.S. and its allies are discussing methods of capping the price of Russian crude somewhere between $40/bbl and $60/bbl, a bid to limit funding for Moscow’s war effort.
A British bill attempting to overhaul the nation’s energy security could attract almost $120 billion of private-sector investment to renewables by 2030, officials say. The bill scrapped plans for a complete phaseout of coal by 2024.
Northern California’s Electra Fire spread to 4,000 acres on Wednesday, forcing over 1,000 people to evacuate and threatening thousands more structures.
Hundreds more British rail workers voted to strike Wednesday in a dispute over pay.
The average FEU spot price from Asia to the U.S. West Coast fell 15% in the final week of June to $7,599, according to the Freightos Baltic Index.
DRAM memory chip prices in the quarter ended June 30 were down 10.6% from the year-ago period, suggesting the semiconductor boom may have peaked.
Revenue at Samsung Electronics rose a better-than-expected 21% in the second quarter, relaxing fears of a severe inflation-driven slump in global tech demand. The firm’s three-quarter run of record revenues ended, however.
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