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Supply
Oil prices settled 1% lower Tuesday on fears of a higher-than-expected U.S. interest rate hike today.
In mid-morning trading today, WTI futures were down 0.6% at $118.20/bbl, Brent was down 0.5% at $120.60/bbl, and U.S. natural gas was up 6.0% at $7.62/MMBtu.
The American Petroleum Institute reported a surprise 736,000-barrel build in U.S. crude inventories last week, with government data to be released today.
China’s army of small, privately owned oil refiners is raising output on hopes of recovering fuel demand and as refining margins swell from imports of cheap Russian oil.
Russia’s self-reported oil and gas revenues dropped by more than half from April to May, largely due to currency movements.
A key piece of equipment for Russia’s Nord Stream gas pipeline to Europe is stuck in Canada due to Western sanctions, sending flows down 40% and causing European gas prices to spike by double digits on Tuesday.
The U.S. will allow certain energy-related transactions with Russian banks to continue through Dec. 5, corresponding to the EU’s deadline for ending Russian crude imports.
Brazil’s subsidized fuel prices will remain some 20% below international levels after Petrobras delayed an expected price hike.
China is launching a larger-than-expected campaign to build hydro energy storage that could meet 23% of the nation’s peak power demand by 2025.
NextEra Energy, owner of Florida Power & Light and one of the world’s biggest renewable developers, plans to use massive solar farms to make most of its operations carbon-free by 2045.
The EU is considering a one-year delay to 2027 for the launch of its carbon market for buildings and transport.
BP is taking the lead on a $30+ billion project to produce massive amounts of hydrogen from renewable sources in Australia’s Outback.
Russia’s invasion will create a global wheat shortage for at least three seasons by keeping much of Ukraine’s crop from markets, officials say. This is even as Ukrainian exporters began sending their first grain shipments on a new Baltic Sea route that promises to reduce the nation’s massive backlog.
Hormel Foods warned that an escalating bird-flu outbreak in the U.S. could squeeze turkey supplies starting this quarter.
Domestic Markets
The U.S. reported 125,830 new COVID-19 infections and 382 virus fatalities Tuesday.
Average daily COVID-19 cases in California rose 21% last week.
The fast-spreading BA.4 and BA.5 subvariants of Omicron now make up over 21% of COVID-19 cases circulating in the U.S.
The FDA unanimously recommended Moderna’s COVID-19 for children and teens aged 6 to 17, paving the way for the CDC’s approval.
Total U.S. home equity rose almost 20% in the first quarter to $27.8 trillion, a record-high, according to the Federal Reserve.
The average U.S. mortgage rate has doubled from the start of the year and now tops 6%, with some of the nation’s hottest markets, including in California, beginning to show signs of a slowdown.
Redfin and Compass, two leading online sellers of real estate, respectively, are laying off between 6% and 10% of staff amid cooling activity in the housing market.
Boeing made 35 plane deliveries in May, more than double the same month last year.
A Massachusetts ballot measure over the job classification of ride-share drivers was rejected by the state’s top court, a blow to Uber’s and Lyft’s goal of classifying drivers as independent contractors rather than employees.
A new wave of COVID-19 may be starting in the U.K., driven by the fast-spreading BA.4 and BA.5 subvariants of Omicron.
Canada will end its mandatory COVID-19 vaccination policy for air and rail travelers beginning June 20.
EU countries are pressuring COVID-19 vaccine makers to renegotiate contracts amid weakening demand.
Global profit expectations fell in June to their weakest level in almost 14 years, according to a Bank of America survey, with 73% of investors forecasting a weaker economy over the next 12 months.
The euro zone’s trade deficit almost doubled in April from the previous month, while industrial production rose 0.4%. Meanwhile, the bloc’s central bank will hold an emergency meeting today to discuss bond-market turbulence that followed its plan to reduce bond buying and raise interest rates.
China’s industrial production unexpectedly grew by 0.7% in May from a year ago, supported by rebounding manufacturing output as lockdowns eased:
Earnings at Asian firms declined 3.2% in the March quarter, the first decline in seven quarters on the supply impact of Chinese lockdowns.
Canadian factory sales rose 1.7% in April, the seventh straight monthly rise on gains in energy products, cars and metals.
When adjusted for inflation, average household earnings in Britain were 3.4% lower than a year ago in April, the sharpest decline in two decades.
Argentina’s 12-month inflation rate topped 60% in May.
U.S. restrictions on Russian exports are cutting off Moscow from the vast majority of technology needed to sustain its invasion, officials say. Global semiconductor exports to Russia are down 90% since late February.
Labor shortages prompted British Airways to cancel over 100 flights to and from London Heathrow airport Tuesday.
Ryanair expects summer fares to be up to 9% higher than pre-pandemic levels amid surging travel demand.
Cathay Pacific Airways of Hong Kong, one of the few places still imposing quarantines on arriving travelers, carried just 4% of the passengers and 34% of the cargo that it carried before the pandemic, as the airline maintained forecasts for a steep loss this year.
Certification issues are pushing back Airbus’ plans to start delivering its milestone A321XLR narrow body jetliner.
Volkswagen and Mercedes indicated they could achieve the EU’s plan to ban gas-powered cars by 2035.
BMW is testing new batteries in an electric SUV model that can reportedly hold a charge for 600 miles.
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