M. Holland is exhibiting during the WAI Operations Summit & Wire Expo on June 7-8 in Dallas, Texas. This event focused on wire and cable manufacturing offers industry forecasts, technical presentations, networking and more. Join us at Booth #621 to learn more about our supply solutions for wire and cable.
Oil prices rose about 1% Tuesday, with WTI settling at a 13-week high of $119.41/bbl.
In mid-morning trading today, WTI futures were up 1.4% at $121.00/bbl, Brent was up 1.5% at $122.30/bbl, and U.S. natural gas was up 3.2% at $9.59/MMBtu.
The American Petroleum Institute reported a surprise build of 1.845 million crude barrels last week, while government data will be released today.
Goldman Sachs raised its short-term target for Brent crude from $125/bbl to $140/bbl, while trading giant Trafigura sees oil headed to $150/bbl this year.
A major equipment failure risks shutting LyondellBassell’s 268,000-bpd Houston oil refinery quicker than its planned closure at the end of 2023, potentially eliminating a vital source of U.S. supply.
The average U.S. gasoline price hit a record $4.92 a gallon Monday, up 30 cents over the past week. Prices in 13 states are above $5 a gallon.
British gasoline and diesel prices are surging to record highs.
Over 10% of Norwegian offshore oil and gas workers plan to strike starting Sunday if state-brokered wage talks fail.
The World Bank cut its forecast for global economic growth this year to 2.9% from an earlier 4.1%, warning that several years of high inflation and below-average growth lie ahead. The Organisation for Economic Cooperation and Development made a similar revision to its forecast.
Canadian exports rose just 0.6% in April after planned maintenance slowed production from its profitable oil sands.
India’s central bank hiked its interest rate by 50 basis points to 4.9% yesterday, the second increase in two months.
Chile’s central bank lifted its interest rate by 75 basis points yesterday to 9%, a two-decade high.
Roughly 13% of British mortgage borrowers could go into financial distress if high inflation keeps pace next year, economists warn.