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Supply
Oil prices rose modestly on Wednesday even after the U.S. government reported a crude build for last week. In mid-morning trading today, WTI futures were down 2.6% at $93.84/bbl, and Brent was down 2.1% at $97.47/bbl.
U.S. natural gas futures jumped 9% to a three-week high Wednesday on forecasts for hot weather and data showing an output drop in recent days. In mid-morning trading today, U.S. natural gas was up 1.4% at $6.78/MMBtu.
The average U.S. gasoline price fell for the 29th day on Wednesday, with over 10,000 filling stations now offering gas at less than $4 a gallon.
U.S. crude inventories rose a smaller-than-expected 3.3 million barrels last week, according to the EIA.
The EU is planning urgent actions — including restrictions on heating and cooling and incentives for industry to lower gas use — amid fears that Moscow will abruptly halt gas shipments to the continent.
German power officials say household energy costs could triple and cause widespread social unrest if Russia abruptly cuts off gas deliveries. Some firms, such as tech group Bosch, are already planning for the scenario by switching from natural gas to other types of energy.
Russian gas exports on three main lines into Germany fell to 1.3 billion cubic feet per day (bcfd) this week, down from 9.4 bcfd the same time last year.
Germany’s first major sanction on Russian energy will start Aug. 1 with the halt of all coal imports.
Italy has reduced its dependence on Russian gas from 40% to 25% of its total imports in just five months.
Trucking firms and owner-operators are scrambling to understand a new California law that upends decades-long rules allowing truckers to work as independent contractors. Protests over the law erupted at several of the state’s largest ports yesterday.
Average waiting times for bulk carriers at the Port of Rotterdam spiked to over eight days in recent weeks as congestion grows at Europe’s largest port.
A measure of U.S. freight transport capacity fell 5.9% in June to a two-year low of 58.4, according to the Logistics Managers Index.
The Port of Los Angeles’ top official urged railroads and importers Wednesday to quickly remove stacked-up cargo that risks exacerbating supply chain congestion.
Average global demurrage and detention charges have fallen this year but remain around 12% higher than before the pandemic largely due to inflated fees at U.S. ports.
Prices for key solar-panel material polysilicon are up for the seventh week in a row, threatening clean-energy installations across the globe.
U.K. rail workers and station staff will strike again on July 27 over pay and working conditions, the latest in a growing tide of British industrial unrest.
Japan’s MUFG Bank, the nation’s largest lender, is offering to buy corporate excess inventories to ease pressure on firms’ balance sheets.
In the latest news from the auto industry:
Overall sales in the U.S. automotive sector fell 11% in June and were down 8.1% in the first half of the year.
German tech group Bosch announced $3 billion in investments to boost European auto chip production 20% by the end of the decade.
Electric vehicle startups that promised to disrupt the auto industry are now scrambling to cut costs amid the type of industry slowdown that has long plagued more established automakers.
The fast-spreading BA.4 and BA.5 subvariants of Omicron now make up more than 80% of all COVID-19 infections in the U.S.
Los Angeles could impose a new indoor mask-wearing mandate if COVID-19 infections remain on the CDC’s “high” level for two weeks. Warner Bros. is in the midst of the worst COVID-19 outbreak of the pandemic in the studio and network industry.
Price rises for food, energy and housing primarily drove the U.S.’s inflation rate to its fresh four-decade high of 9.1% in June, data shows.
Investors say the Federal Reserve is more likely to raise its benchmark interest rate by a full 100 basis points this month after yesterday’s report of surging inflation in June.
Released yesterday, the Federal Reserve’s Beige Book of anecdotal evidence pointed to slowing economic growth in several parts of the country in recent weeks.
Higher tax revenues and the phaseout of pandemic relief slashed the federal government’s budget by a record $1.7 trillion in the first nine months of the fiscal year.
Inflation surpassed 10% in several of the largest U.S. metro areas in June, including Miami, Baltimore, Houston and Seattle.
U.S. rents rose 0.8% in June, new data shows, marking the fastest pace since 1986. The median monthly lease rate in Manhattan hit a record $4,050 in June, 25% higher than last year.
Delta Air Lines is set to order at least 100 Boeing 737 MAX jets as well as a dozen smaller Airbus A220 jetliners.
Travelers are starting to use innovative methods, including adding tracking devices to bags, to ensure they can find their luggage amid chaos at understaffed airport baggage operations.
There were 1,562,967 new COVID-19 cases last week in the Americas, down 0.9% from the prior week, but health officials warned of the spreading BA.4 and BA.5 Omicron variants.
A worker strike that has crippled the operations of Scandinavia’s largest airline SAS will continue today after negotiators failed to reach agreement on Wednesday.
Royal Mail managers will strike later this month over proposed job and pay cuts at the British postal service.
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