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Oil prices steadied Monday as supply worries balanced out with lower demand prospects.
Oil prices dove in mid-morning trading today, with WTI futures down 7.5% at $96.31/bbl and Brent down 7.1% at $99.52/bbl. U.S. natural gas was down 1.8% at $6.31/MMBtu.
The average U.S. gasoline price fell to $4.68 a gallon on Sunday, according to AAA, down 6% from a June high of $5.02. Price volatility is causing pain for U.S. gas station owners, who can’t reliably predict costs.
Soaring electricity prices will give U.S. power plants their largest summer profits in two decades, with year-over-year gauges of profitability already quadrupling on America’s largest grid and rising 10-fold for some gas plants in Texas.
The U.S. president will make the case for greater oil production from OPEC nations during a rare visit to Saudi Arabia this week, officials said. Historical data suggests Saudi Arabia may already be near peak operating capacity:
A sweltering “heat dome” broke at least 10 temperature records in cities across the Southwest and central U.S. over the weekend, with more all-time highs forecast for this week.
The French government said the nation’s wheat crop will shrink 7% this year to below the five-year average due to heat and drought, while wildfires raged in southern Europe where temperatures topped 100°F.
Second-quarter PC shipments likely fell 12.6% from a year ago, marking the steepest demand drop-off in nearly a decade, according to research firm Gartner.
Tyson Foods’ dominant chicken business is faltering amid staffing shortages, rising supply costs and a growing backlog of unfilled orders.
In the latest news from the auto industry:
The global market for auto plastics will rise 4.7% per year and hit $43.4 billion by 2030 due to rising demand for high-performance plastics, analysts say.
The U.S. reported 160,227 new COVID-19 infections and 444 virus fatalities Monday. Infection levels are considered high in one-fifth of U.S. counties, while total hospitalizations are up 4.5% the past seven days.
S&P 500 companies paid a record $140.6 billion in dividends in the second quarter.
Redfin says 15% of U.S. home purchase deals fell through in June, the largest percentage since early pandemic lockdowns froze the housing market in April 2020.
U.S. passenger vehicle inventories were flat for a sixth consecutive month in June at 1.1 million vehicles, according to Cox Automotive.
The average monthly payment on a new car loan hit an all-time high of $686 in June, according to Edmunds, up 4% from January and 13% from a year ago. In several cities, car payments are higher than the average rent.
A fourth COVID-19 vaccine dose reduced Israel’s virus death rate among vulnerable populations by 72%, new research shows.
Over 1 billion COVID-19 vaccine doses worldwide may have been wasted due to weak demand and improper storage.
More news related to the war in Europe:
Russia’s current account surplus rose to a record $70.1 billion in the second quarter, fueled by surging revenues from energy and commodity exports.
Fighting inflation is a higher priority for euro zone finance ministers than the bloc’s dwindling economic growth, officials said Monday. Leaders also announced a potential 25% boost in government funding for companies hurt by sanctions.
Staff-strained Heathrow Airport in London capped the number of departing passengers at 100,000 per day through August and asked airlines to stop selling new tickets.
Over 50% of flights were delayed out of Toronto Pearson International Airport Sunday after one of the nation’s largest telecom providers suffered a day-long outage. The airport already ranks as the world’s worst for on-time travel.
Global plastic waste is projected to triple by 2060, with two-thirds coming from packaging, consumer products and textiles, according to the Organization for Economic Cooperation and Development: