Brent’s nearest futures contract traded more than $3 higher for the next month yesterday, indicating extraordinarily scarce supply.
In mid-morning trading today, WTI futures were up 1.7% at $123.00/bbl and Brent was up 1.8% at $124.50/bbl.
U.S. natural gas futures plunged 18% to $7.05/MMBtu in mid-morning trading when Freeport LNG, a major exporter, said repairs may take until year end at its Louisiana facility that was damaged by fire last week.
A panel of FDA advisers will meet today to consider Moderna’s COVID-19 vaccine for children aged 6 to 17, what would be the U.S.’s second offering for the age group behind Pfizer’s shot.
U.S. stock selloffs deepened Monday, with the S&P 500 entering a bear market for the first time since 2020.
More Wall Street firms predict the Federal Reserve will raise its benchmark interest rate by more than 50 basis points when it meets tomorrow. Economists at JPMorgan Chase and Goldman Sachs expect a 75-basis-point hike.
The Producer Price Index was up 0.8% in May and 10.8% year over year but showed some moderation in areas other than food and energy.
Consumer inflation expectations for the year ahead rose to 6.6% in May, higher than April and matching a record from March.
A bipartisan legislative proposal would give the U.S. government sweeping new powers to block billions in investment in China, although the measure is attached to a broader bill with dim hopes of passage.
U.S. existing home sales are forecast to drop 6.7% this year, according to realtor.com. Home prices are already down about 5% to 10% in some areas amid the beginnings of a market cooldown.
U.S. retailers will likely begin offering steep discounts on consumer electronics, large furniture and casual clothing in early July in an effort to reduce excess inventories.
Demand for airplanes is strong and will continue growing as airlines replace aging fleets, buy more efficient models and continue to see passenger growth, Boeing’s chief executive said.
Executives from major automakers are calling for the White House to raise their 200,000-unit sales cap before electric vehicle (EV) consumer tax credits disappear, citing continued high production costs for EVs.
Corporate plans to slash greenhouse gas emissions fall short of what is needed to combat climate change, with “major credibility gaps” found among the world’s largest companies, according to new research.