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Oil fell more than 1% Monday on weak economic data out of China, raising fears of lower demand.
In mid-morning trading today, WTI futures were up 2.0% at $88.25/bbl, Brent was up 1.8% at $94.42/bbl, and U.S. natural gas was down 7.5% at $5.88/MMBtu.
U.S. gasoline prices fell for the third consecutive week, now averaging $3.72 per gallon.
U.S. oil output climbed to nearly 12 million bpd in August, the highest of the pandemic.
Productivity and volume gains in the U.S. Permian Basin are slowing, according to top U.S. producers.
The White House is stepping up calls for a windfall tax on oil and gas companies if they don’t use their profits to help lower energy costs for consumers.
China’s crude imports fell an annual 4.3% in the first three quarters of the year, the first decline since at least 2014.
OPEC raised its forecast for medium- and long-term oil demand and said $12.1 trillion of investment is needed to meet demand despite the quickening energy transition.
BP more than doubled its third-quarter profit to $8.15 billion and expanded its share buybacks to $2.5 billion, joining other rivals in reporting bumper earnings.
Saudi Aramco posted a 39% jump in quarterly profit as high prices boosted earnings.
U.S. natural gas consumption reached a record 85.3 Bcf/d in 2019 and has declined annually since then:
China has plans to build at least 165 GW of new coal-fired power plants by 2024, more than the rest of the world combined.
The U.S. administration designated two areas in the Gulf of Mexico for the development of offshore wind projects with a combined capacity to power 3 million homes.
A German trade union called on several thousand workers to strike today at 15 sites, including an Airbus factory in Hamburg.
Domestic Markets
The U.S. reported 44,437 new COVID-19 infections and 123 virus fatalities Monday.
COVID-19 hospitalizations are surging in New York City, where some 11,000 people were in hospital with the virus last week, up from about 750 in mid-September.
COVID-19 subvariants BQ.1 and BQ.1.1 now account for 27% of infections in the U.S., a sharp jump from last week.
An estimated 2% of U.S. adults may have long-COVID, new research suggests.
More than a dozen variants of the COVID-19 Omicron strain could be the cause of new virus waves across the globe this winter, what health officials are calling a “variant soup.”
The euro zone is likely entering recession after its October business activity contracted at the fastest pace in nearly two years, according to S&P Global.
Global employment growth will slow this quarter amid fallout from geopolitics and tighter monetary policy, economists say.
The economy of Hong Kong shrank 4.5% in the third quarter, its worst performance in two years. The island’s available office space has tripled over the past three years amid dimming appeal for global firms.
South Korea’s October exports fell 5.7% from a year ago, the sharpest decline since August 2020 on slumping demand from China.
Japan spent a record $42.8 billion on currency intervention in October to prop up the yen.
Britain’s currency is starting to stabilize as turbulence in U.K. politics over the last few weeks subsides.
Portugal’s economic growth accelerated to 0.4% in the third quarter thanks to an unexpected rise in private consumption.
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