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Oil rose 2% Tuesday, buoyed by optimism that China could reopen from strict COVID-19 curbs.
In mid-morning trading today, WTI futures were down 0.1% at $88.32/bbl, Brent was down marginally at $94.61/bbl, and U.S. natural gas was up 7.3% at $6.13/MMBtu.
U.S. gasoline prices rose for the first time in two weeks to an average of $3.76 a gallon last Friday.
U.S. crude stocks fell by 6.5 million barrels last week, the American Petroleum Institute said. Government data is due today.
U.S. upstream oil investment is still more than 45% below its 2014 peak and could be sowing seeds for a future energy crisis, OPEC says.
U.S. LNG exports rose only slightly from September to October due to plant outages, while producers shifted more cargo to Asian buyers as European storage capacity approaches full.
Marathon and Phillips 66 became the latest U.S. refiners to smash quarterly estimates on robust fuel demand and high margins. Marathon raised its dividend by 30%.
Russian oil production was well short of targets in October, while its natural-gas exports to Europe and Asia have plummeted more than 40% year to date.
Tuesday saw power restored to Kyiv, Ukraine, following a bombardment of Russian missiles that shut off its supply.
BP will pay $2.5 billion in windfall taxes for its British North Sea business this year, the firm predicts.
Illinois-based auto supplier Tenneco, subject of a takeover offer from Apollo Global Management, renewed plans to relocate to Detroit after scrapping the move two years ago.
U.S. manufacturing activity grew at the slowest pace in 2.5 years in October, barely remaining in expansion territory.
Prices paid by U.S. businesses for inputs fell for a seventh month in October, driven by retreating commodity prices, according to the Institute for Supply Management.
Amazon’s market value dipped below $1 trillion Tuesday for the first time since the early pandemic.
In the latest news from earnings season:
Uber shares soared after the ride-hailer’s quarterly revenue rose 72% from a year earlier, bolstered by higher prices. Profits from the company’s Uber Freight digital freight business fell to $1 million from $5 million the prior quarter.
Airbnb’s quarterly growth slowed to 29% on impacts of the stronger U.S. dollar and a slowdown in bookings.
Snack-food-maker Mondelez lifted its full-year outlook after quarterly sales rose 8.1%.
Insurer AIG saw a 39% profit decline on investment losses and large bills from Hurricane Ian.
More dry shampoo brands are facing scrutiny for high levels of cancer-causing benzene, the chemical that led Unilever to pull products from shelves in October.
British manufacturing saw its biggest contraction since the early pandemic in October, with S&P Global’s index falling from 48.4 to 46.2. Readings below 50 indicate economic contraction.
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