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Supply
Oil rose 1% Wednesday on news of a jump in manufacturing in top crude importer China.
In mid-morning trading today, WTI futures were up 0.2% at $77.84/bbl, Brent was up 0.1% at $84.42/bbl, and U.S. natural gas was down 0.1% at $2.81/MMBtu.
U.S. crude stocks rose by 1.2 million barrels last week to a total of 480.2 million barrels, the highest since May 2021.
Germany paid more than double for natural gas last year despite a 30% decline in import volumes.
Equinor is nearing a deal to buy the British North Sea assets of Canada’s Suncor Energy for around $1 billion.
The Canadian Association of Petroleum Producers expects upstream investments in the nation’s oil and gas industry to approach $40 billion this year, higher than pre-pandemic levels and an 11% increase over last year.
Canada’s Baytex Energy is buying rival U.S. firm Ranger Oil for about $2.5 billion.
Global merchandise trade growth slowed at the end of 2022 and is likely to remain weak in the first quarter of this year, the World Trade Organization says.
Trucking company ArcBest is expanding its logistics services with new technology allowing warehouse workers to load and unload truck trailers rapidly.
The U.S. Supreme Court heard arguments Wednesday over New Jersey’s bid to dissolve its 1953 compact with New York establishing the Waterfront Commission of New York Harbor.
The White House is considering revoking export licenses issued to U.S. suppliers for sales to Chinese telecom giant Huawei Technologies.
South Korea’s semiconductor inventory rose by 28% in January, the fastest pace in almost 27 years.
Alphabet’s self-driving unit Waymo laid off 137 employees this week, its second round of job cuts this year.
Germany and Italy are threatening to block the EU’s plans to effectively ban new combustion-engine cars by 2035.
Domestic Markets
First-time unemployment claims declined by 2,000 to 190,000 last week, the third consecutive decline and seventh straight week of claims below 200,000.
U.S. manufacturing activity rose slightly in February from January but remained in contraction territory for the fourth straight month, according to the Institute for Supply Management.
U.S. construction spending unexpectedly fell in January as investment in single-family homebuilding continued to decline, the Commerce Department reported.
Delta Air Lines pilots ratified a new contract that provides a 34% pay increase over the four-year agreement, potentially setting a bar for other carrier negotiations.
Best Buy expects sales to decline for a second straight year in 2023 as consumers shift spending from discretionary goods amid inflation pressures.
Lowe’s forecast annual sales below market expectations and warned of a slight decline in the home improvement market this year due to rising prices and borrowing costs.
Dollar Tree forecast annual profit well below estimates as the discount retailer battles higher wages and freight costs.
Consumer products manufacturer Reckitt Benckiser, maker of Dettol and Lysol cleaning products, beat full-year revenue estimates on higher prices and a boost in its baby-formula sales.
Average U.S. mortgage rates reached 6.71% this week, a nearly three-month high.
International Markets
Euro zone inflation eased slightly in February to a higher-than-expected 8.5% as lower energy costs offset stubbornly high inflation in other goods and services, fueling expectations of continued interest rate hikes by the European Central Bank.
The U.S. administration’s effort to promote climate-friendly technologies is attracting German companies to the nation, trade groups say.
Chinese authorities are considering a 2023 growth target as high as 6% when they announce it on March 5 as optimism grows about the nation’s economic outlook.
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