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Supply
Oil prices fell over 7% on Tuesday, with Brent settling below $100/bbl for the first time in three months.
Oil prices were mixed n mid-morning trading today, with WTI futures up 0.2% at $96.05/bbl, Brent down 0.2% at $99.30/bbl. U.S. natural gas was up 5.9% at $6.53/MMBtu.
The average U.S. gasoline price has fallen for 28 straight days to $4.655 a gallon, while stockpiles remain at their lowest seasonal level in seven years.
U.S. crude stocks rose a surprise 4.8 million barrels last week, according to the American Petroleum Institute. Government data will be released today.
Spare capacity in OPEC nations has been running low, with most producers pumping at maximum capacity. The group forecast on Tuesday that oil demand will rise by 2.7 million bpd in 2023, a 2% increase, down from growth of 3.4 million bpd this year.
Recession fears are prompting investors to dump petroleum-related derivatives at one of the fastest rates of the pandemic era, trading data shows.
Global LNG trade rose by 4.5% last year, according to the U.S. administration:
The International Energy Agency says the worst oil-supply crisis in decades is showing early signs of easing as sanctions on Russian crude have had less impact on production than expected. Separately, the group is pushing to include gasoline and diesel in plans for a price cap on Russian crude, officials say.
Russian exports of diesel and other fuel products to the Middle East have risen every month since February, a further signal of the war’s disruption on long-established trade routes.
Nonprofits say the relatively small underwriting fees that banks earn from fossil-fuel companies are no longer worth the environmental impact and reputational risk.
After the second-warmest June on record, countries in western Europe are bracing for their second dangerous heat wave of the summer, with all-time temperature records set to be broken this week in the U.K., Portugal, Spain and France.
U.S. diesel prices are down 24.2 cents from a late-June high of $5.81 a gallon, according to the EIA.
U.S. retail imports rose 2.7% year over year to a record 2.4 million TEUs in May, the latest month for which final numbers are available.
Amazon’s two-day Prime sale is off to a promising start, with typical household spending up 20% from the early hours of the sale last June, according to one measure.
Firms that stockpiled computer chips during pandemic shortages are now facing a glut of supplies, particularly for chips used in discount PCs and smartphones.
China’s exports grew by a larger-than-expected 17.9% in June as post-lockdown logistics issues eased:
PepsiCo’s revenue rose 5.2% in the latest quarter from a year ago after the firm boosted prices by 12%. More price hikes could come as company data shows little impact from inflation on consumer spending.
Hyundai reached a tentative wage deal with its South Korea labor union, potentially avoiding a strike and production losses at its biggest manufacturing base.
British home remodeling and repair prices were up 26% year over year in May.
The U.S. administration announced over $300 million in available grants to improve and expand ferry services across the country.
Ukrainian grain exports could begin to rise with alternative river routes that bypass Russia’s blockade of Black Sea ports.
Domestic Markets
The U.S. reported 160,227 new COVID-19 infections and 444 virus fatalities Tuesday.
The fast-spreading BA.5 subvariant of Omicron now makes up 65% of all COVID-19 cases in the U.S., the CDC said. The strain is especially prominent in Florida and the U.S. Southeast.
COVID-19 hospitalizations in Houston have nearly doubled over the past month.
Average daily COVID-19 infections in California fell 12% last week, although officials warn the slump is likely due to a lack of reporting over Fourth of July.
The IMF cut its growth projections for the U.S. economy this year from 2.9% to 2.3% and raised its unemployment-rate estimate, citing surging inflation.
Inflation was up 9.1% year over year in June, a four-decade high. Seven in 10 Americans believe the U.S. will fall into a recession within months, a new poll shows.
The inflation rate for goods purchased online slowed sharply to 0.3% last month, down from 2% in May.
Almost one-quarter of the 20 million Americans who quit their jobs in the “Great Resignation” from January to May regret their decision, according to a new survey.
Even companies that have fully embraced remote work are buying new real estate, a bet that employee collaboration will benefit from regular office use.
Volkswagen is teaming up with Redwood Materials to recycle electric vehicle batteries, joining a growing list of automakers working with the Nevada-based startup.
Tesla is laying off over 200 employees as it permanently shuts its office in San Mateo, California, court filings show.
U.S. auto regulators rejected a proposal that would have allowed electric vehicles to make customized safety sounds at lower speeds to protect pedestrians.
The U.S.’s recycling rate would need to double by 2025 to generate enough supply for large beverage makers, new research shows.
International Markets
Global COVID-19 cases are up 30% the past two weeks, according to the WHO.
The World Health Organization is urging immunocompromised people in Europe to get a second COVID-19 booster dose as infections rise across the continent.
Japan logged over 76,000 new COVID-19 cases Tuesday, double a week ago, to the highest level since March.
South Korea reported 37,000 new COVID-19 cases on Tuesday, a two-month high.
The EU has officially frozen over $13.83 billion of assets held by Russia’s ultra-rich people and entities.
The euro and the U.S. dollar reached parity on Tuesday for the first time in 20 years, as the euro suffers steep declines caused by fallout from the war in Ukraine.
The British economy unexpectedly grew 0.5% in May, recovering from April’s contraction with a sizable boost in manufacturing output:
Confidence at Japanese manufacturers in July was subdued, reflecting pressure from continued chip shortages and China’s heavy-handed pandemic response, according to a new poll.
Over one-third of industrial firms in France reported raising prices in June, while 29% expect to do so this month, a new survey shows.
India’s retail inflation rose more than expected for the sixth straight month in June, gaining over 7% and prompting forecasts of more interest-rate hikes.
Tourism spending in Canada remains 34% below 2019 levels despite strong gains over the past year, a reflection of sticker-shock prices on everything from gasoline to airline tickets to hotels.
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