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Supply
Oil prices jumped 5% Wednesday after the EU unveiled plans to phase out Russian oil within six months.
In mid-morning trading today, WTI futures were down 0.9% at $106.90/bbl, Brent was off 0.6% at $109.50/bbl, and U.S. natural gas was up 1.3% at $8.53/MMBtu.
U.S. crude inventories rose unexpectedly by 1.3 million barrels last week, according to the government. Distillate and gasoline stocks fell on strong export demand.
Shell’s first-quarter profits nearly tripled, and the company said it will take a $3.9 billion impairment charge related to assets in Russia.
Cheniere, the U.S.’s largest LNG exporter, posted a first-quarter net loss of over $865 million that it attributed to poorly performing LNG derivative instruments. The firm raised its 2022 profit forecast by 17% on strong export demand.
Roughly 20% of U.S. electricity generation can operate on multiple fuels including gas, petroleum liquids and coal, a positive indicator of supply reliability:
More oil news related to the war in Europe:
Russia’s commodity exports likely rose 2% last month, staying resilient as Asia imported more fuel at steep discounts, down to nearly $70/bbl by some reports. Analysts say Russia’s output will fall 10% once Europe’s proposed ban takes effect.
Germany’s interior minister said it would make sense for people to begin stockpiling food and medicine amid threats to energy supplies and infrastructure networks.
Switzerland is preparing for “severe” electricity and gas shortages and set up a crisis warning system in the event of emergency.
Supply Chain
Diesel prices hit an all-time high $5.43 a gallon yesterday, according to AAA, as the price spread with gasoline grows.
The U.S. industrial vacancy rate dropped to 3.1% in the first quarter, well below the historical average of 5.9%, with asking prices also rising several percentage points.
Employers are clashing with West Coast dockworkers over rising automation at U.S. ports, a potential sticking point as labor negotiations ramp up ahead of new contracts due this summer.
Ports and inland networks are facing severe capacity restraints with erratic levels of containers flowing in and out, leading to more blank sailings and slowing recent gains in schedule reliability. Ripple effects from Chinese lockdowns could extend for months, experts say.
Sherwin-Williams began using its private fleet of trucks and rail cars to pick up deliveries from suppliers last quarter, as logistics bottlenecks strained its production.
MSC, the world’s largest container carrier with 665 ships carrying 4.3 million TEUs, has over 100 ships on order comprising 1.3 million TEUs of additional capacity.
Global parcel shipping volumes are expected to double from 2020 levels over the next five years, according to Pitney Bowes.
Automakers should be able to boost electric vehicle production from 4.2 million units last year to 14 million units in 2023 based on the available supply of key battery materials, new data suggests.
Autonomous trucking startup TuSimple will focus on retrofit technology after executives signaled its 2024 commercialization plans were too aggressive.
More supply chain news related to the war in Europe:
Maersk says it found buyers for its 30.75% stake in Russian port operator Global Ports Investments.
Russian forces littered Ukrainian fields with mines and destroyed equipment in what Ukraine says is an effort to destroy its agricultural production.
The U.S. reported 114,308 new COVID-19 infections and 1,960 virus fatalities Wednesday. Total fatalities since the start of the pandemic surpassed 1 million, the most of any nation.
The U.S. trade deficit swelled 22.3% to a record $109.8 billion in March, as U.S. demand exceeds economic activity in many other nations.
A purchasing managers index for U.S. services activity fell from 58.3 to 57.1 in April, a slight contraction largely due to worker shortages.
ADP says U.S. company payrolls rose just 247,000 last month, the smallest increase of the pandemic recovery, as small businesses struggled with a tight labor market and rising costs.
Jacksonville International Airport saw almost 9,000 delays totaling 543,000 minutes – a year’s equivalent – in March alone, as congestion soars alongside rebounding travel activity. The FAA said it would immediately boost staffing in South Florida.
Uber’s revenue more than doubled from a year ago as its driver base hit the highest level of the pandemic, a sharp contrast to Lyft, whose stock fell 30% Wednesday on weak earnings forecasts.
CVS reported upbeat results, including an 11% gain in sales spurred by demand for COVID-19 vaccines and testing kits during the Omicron wave.
Booking Holdings, the U.S.’s largest online travel firm, saw revenue rise 136%, while Marriott posted an 81% jump in sales, two promising signs of rebounding travel activity.
Tupperware Brands’ stock fell over 30% Wednesday after the firm posted a 16% decline in first-quarter sales and pulled its full-year guidance.
Allstate’s closely watched adjusted net income declined 61% as rising prices for repairs and replacement vehicles made claims more expensive.
Russia’s invasion has Volkswagen looking for a bigger share of the U.S. auto market, potentially up to 10% from the current 6% by 2030.
A U.S. vehicle-battery startup raised $400 million from a group led by Porsche to construct a second factory in eastern Washington state.
Companies are looking at ways to commercialize recycling of an impending surge of solar-panel waste over the next few years.
New British sanctions will cut off 10% of Russian imports of management, accounting and consulting services, officials say.
German exports to Russia fell over 60% in March, the first month of Western sanctions on Moscow.
The Bank of England raised rates for the fourth consecutive session but signaled it will move cautiously on future increases on concerns about recession for the world’s fifth largest economy.
An index of China’s services activity continued to plunge in April, falling to just 36.2 where a reading below 50 signals contraction.
Canadian trade with the rest of the world surged in March, the latest data shows, including a 7.7% rise in imports and a 6.3% rise in exports.
Volvo’s sales dropped 24.8% year over year in April on weak demand from China and supply fallout from the nation’s lockdowns.
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