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Supply
Oil prices jumped 2% to a 13-week high Wednesday on signs of rising demand in the U.S. and China.
In mid-morning trading today, WTI futures were down 0.2% at $121.90/bbl and Brent was flat at $123.60/bbl.
U.S. natural gas prices fell over 6% Wednesday following an explosion at a Texas export facility operated by Freeport LNG, which could force more supplies to be kept domestically. The facility, which provides around 20% of U.S. LNG processing, will be down for three weeks.
In mid-morning trading today, U.S. natural gas futures fell another 5.1% to $8.26/MMBtu.
U.S. crude inventories rose by a surprise 2 million barrels last week, according to the federal government. At 416.8 million barrels, inventories remain some 15% below the five-year average for this time of year, while emergency crude supplies are at a three-decade low.
U.S. gasoline stocks fell by a surprise 800,000 barrels last week as demand rose despite record-high prices.
The average U.S. gasoline price hit a record $4.955 a gallon Wednesday, according to AAA.
PG&E, the U.S.’s largest utility, unveiled plans to reach net-zero emissions by 2040 while still using natural gas to produce power.
A proposed German law would more than double the land available for onshore wind development.
Supply Chain
Dangerous heat will settle over 22 million people in the Southwestern U.S. for the next several days, with temperatures expected to break records and exceed 110 degrees in some locations.
The Baltic Exchange Dry Index fell 4.1% Wednesday to the lowest level in over a month, as rates fall for all vessel segments.
Intel will receive over $7 billion in subsidies for a new chip factory in Germany, while Taiwan Semiconductor Manufacturing Co. dropped expansion plans for the nation.
First-time jobless claims jumped 27,000 last week to 229,000.
A widely followed GDP gauge from the Atlanta Federal Reserve suggests the U.S. could head into recession territory as soon as the second quarter.
Announced M&A deals in the U.S. soared in April and May to almost $80 billion.
U.S. mortgage applications, a proxy for demand, fell 6.5% last week to their lowest level in 22 years, according to the Mortgage Bankers Association.
About 28% of U.S. home sales in March were paid in cash, the highest level since 2014.
After seeing the highest out-migration among U.S. metro areas during the pandemic, in-migration to Manhattan is now surging past pre-pandemic levels despite soaring home and rent costs.
More manufacturers are quietly shrinking package sizes without lowering prices, a practice dubbed “shrinkflation.”
Finance chiefs at major retailers are struggling to forecast quarterly sales as companies navigate ongoing uncertainty over shipping and consumer demand.
Campbell Soup joined Kellogg and Kraft Heinz in raising its annual sales forecast on expectations of more price hikes and easing logistics constraints.
Intel joined the string of other tech companies putting a freeze on new hiring as it seeks ways to cut costs.
A group of Trader Joe’s employees in Massachusetts will hold a union election, joining a string of U.S. retail workers organizing for higher pay and better benefits.
Russian consumer inflation hit an annual 17.1% in May, slightly lower than April’s rate.
The European Central Bank is expected to end a key pandemic bond-buying program and map out its plan to raise interest rates for the first time in more than a decade when it meets today.
Japan’s beleaguered currency is nearing its weakest level in 24 years after falling for five days straight.
Poland’s central bank hiked its main interest rate 75 basis points to 6%, a 14-year high.