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Oil prices rose over 2% Wednesday on news of low U.S. crude inventories.
In late-morning trading, WTI futures were up 0.9% at $98.12/bbl, Brent was up 0.1% at $107.20/bbl, and U.S. natural gas was down 1.5% at $8.42/MMBtu.
U.S. crude stockpiles dropped 4.5 million barrels last week as exports surged to an all-time high, according to the EIA.
After a sharp drop the past two weeks, U.S. gasoline demand rebounded by 8.5% week-over-week, new data shows.
Shell reported a second straight quarter of record profit at $16.7 billion, including a $4.3 billion reversal in impairment charges it took earlier in the pandemic.
Equinor will return an additional $3 billion to shareholders following better-than-expected Q2 profits on an 18% rise in gas output.
More oil news related to the war in Europe:
Russia slashed flows on the Nord Steam gas pipeline to 20% of capacity Wednesday, spelling trouble for European supplies, primarily in Germany. European gas prices have spiked 30% the past two days.
Japan is paying record prices for coal amid a global energy crunch and shortages of alternative fuels, such as gas and crude.
G7 nations aim to have a price-capping mechanism on Russian oil exports by Dec. 5, when EU sanctions banning seaborne imports of Russian crude take effect.
The euro zone’s looming gas crisis will cause a mild recession by early next year, JPMorgan predicts.
After years of wrangling, U.S. lawmakers broke an impasse on a bill providing $369 billion in new climate and energy spending, including the extension of electric vehicle tax credits.
U.S. utility-scale battery capacity more than tripled last year on greater uses for the technology in stabilizing power grids:
TotalEnergies announced the commencement of commercial operation of a new, 1 billion pound per year ethane cracker in Port Arthur, Texas, that will provide feedstock to its Baystar joint venture with Borealis.
A German court barred further strikes by the nation’s port workers until at least Aug. 26.
U.S. ports on the East and Gulf coasts are gaining container volumes as shippers divert from West Coast ports dealing with dockworker contract negotiations. Congestion is rising at the Port of Savannah, where roughly 40 container ships were waiting for a berth on Wednesday.
Inbound ocean containers waited an average of 13.3 days for rail transport at the ports of Los Angeles and Long Beach in June, a record-high.
Losses at Boeing were better than feared, although the plane maker cut estimates for 737 MAX deliveries this year and said two years of production issues for 787 Dreamliners has left it with over $25 billion of the aircraft in inventory.
Airbus’ operating profit fell 31%, and it cut forecasts for deliveries and output due to parts shortages.
U.S. aerospace firm General Dynamics saw profit rise 3.9% on strong demand for business jets.
In the latest news from the auto industry:
Ford posted a 50% gain in second-quarter revenue as inventories finally began catching up with demand. The automaker warned rising costs will prompt curbs on spending and hiring.
Mercedes-Benz posted better-than-expected Q2 earnings despite a fall in unit sales. The automaker plans to bolster supply chains by dealing directly with chipmakers and will reduce German gas use by 50%.
Rivian is cutting 6% of its 14,000-member workforce to reduce costs and avoid another round of fundraising.
U.S. auto sales could fall 5.7% this month due to continued low inventories, J.D. Power said.
The average price of used trucks sold through Ritchie Bros. auctions rose 31% in the second quarter.
As expected, the Federal Reserve raised its benchmark interest rate by another 75 basis points Wednesday to between 2.25% and 2.5%. Stocks rose on the announcement, which came alongside assurances that the U.S. is not in a recession.
The U.S. trade deficit in goods shrank 5.6% to a seven-month low in June on a surge of food and industrial exports.
U.S. durable goods orders rose 1.9% in June, with the increase spread across most categories, including cars and military aircraft.
U.S. pending home sales dropped 20% in June from a year ago, prompting the National Association of Realtors to lower its 2022 sales forecast by 13%.