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Oil prices fell 2% Thursday after China reaffirmed its COVID-zero policy, potentially threatening demand.
In mid-morning trading today, WTI futures were up 4.0% at $91.77/bbl, Brent was up 3.5% at $97.97/bbl, and U.S. natural gas was up 1.8% at $6.08/MMBtu.
ConocoPhillips is the latest in a string of producers to report bumper third-quarter earnings.
Top U.S. LNG exporter Cheniere Energy saw quarterly profit more than double despite a nearly $5.5 billion loss on derivatives and foreign exchanges.
Shell’s LNG trading unit reportedly lost nearly $1 billion in the third quarter due to market volatility.
Brazil’s Petrobras plans to distribute dividends of around $8.5 billion, more than twice the dividend payouts of major Western competitors, prompting criticism of the massive windfall for investors.
U.S. crude exports to Asia will hit a record 1.8 million bpd this month as demand climbs on a widening discount to global oil.
China will see excess crude imports in the coming weeks with the arrival of cargoes bought before its latest COVID-19 lockdowns.
More oil news related to the war in Europe:
The EU’s price cap on Russian oil is set to start Dec. 5. The cap is expected to have only a muted effect on oil flows and prices.
European policymakers will wait until next week to negotiate a plan to cap Russian gas prices. Meanwhile, Britain is pushing forward with its own cap on Russian gas, set to take effect Dec. 5.
German power supplier Uniper posted a record $39.3 billion loss in the first nine months of 2022, the biggest in German corporate history.
Ukraine’s Zaporizhzhya nuclear plant, Europe’s largest, is running on backup diesel generators after Russian shelling damaged its last operational power lines.
Some 4.5 million Ukrainians, 10% of the pre-war population, were without power Thursday due to Russian attacks.
Russia’s LNG exports rose 1.1% in October to their highest level since March.
Sunrun, America’s biggest residential-solar company, topped Wall Street estimates in the third quarter on forecasts of 25% growth in installations this year.
Electric and hybrid vehicles accounted for 43% of new car sales in the EU last quarter.
Stellantis’ net revenue jumped 29% last quarter on higher prices and strong Jeep sales. Separately, the automaker is rethinking some brand strategies in China due to disappointing sales.
Higher car prices at BMW helped the automaker deal with persistent computer chip shortages.
LTL carrier Yellow Corp. suffered a year-over-year tonnage decline of 16.2% in the third quarter.
Chemical and seed company Corteva posted a smaller-than-expected quarterly loss as farmers looked to maximize yields at a time of low global grain supplies.
Domestic Markets
The U.S. reported 68,994 new COVID-19 infections and 573 virus fatalities Thursday.
Pfizer started an early-stage study over whether it can make a vaccine that targets both COVID-19 and the flu.
Non-farm payrolls rose by a higher-than-expected 261,000 in October as the U.S. unemployment rate crept up to 3.7%. Average hourly earnings were up 4.7% year over year.
U.S. banks are raising estimates for how much the Federal Reserve will ultimately raise interest rates, with current forecasts coming in above 5% by June 2023.
The U.S. trade deficit widened sharply in September to $73.3 billion, as a strong dollar and softening global demand weighed on exports.
The U.S. services industry grew at its slowest pace in nearly 2.5 years in October, according to the Institute for Supply Management.
The outlook for tech industry jobs worsened Thursday, with Lyft and payments company Stripe both announcing major layoffs and Amazon saying it will freeze corporate hiring for months.
Moderna saw quarterly revenue fall 32% from the prior year as supply-chain issues hampered its COVID-19 vaccine deliveries.
Compared to the prior year, sales for Starbucks’ grew 3% in the third quarter, a quarterly record, while earnings fell 50%, beating estimates.
Higher product prices led Kellogg to a 9% sales gain in the third quarter.
Peloton’s quarterly sales fell 23% as challenges mount for the struggling fitness firm.
Online payments firm PayPal cut its growth forecast in anticipation of a broader economic downturn.
DoorDash beat forecasts with a 33% gain in revenue from a year earlier as consumers kept spending on delivery of food and household essentials.
Marriott joined its rival Hilton in raising its annual profit forecast on higher pricing and a strong rebound in leisure and business travel.
Cruise line Royal Caribbean says its bookings more than doubled from the second to the third quarter.
Shares of Tupperware Brands tumbled 41% Wednesday after the maker of food storage products missed quarterly estimates and warned its debt burden may put it out of business.
Aircraft lessors AirCap and Air Lease Corp are reporting better-than-expected results amid surprisingly strong air traffic.
Boeing expects to generate about $100 billion in annual sales by 2026.
China’s COVID-19 cases hit their highest in 2.5 months Thursday as lockdowns expanded to several cities.
China is considering scraping its circuit breaker rule, that temporarily penalizes airlines with flight suspensions if they transport COVID-19 infected passengers into the country.
Japan’s services sector grew at the fastest pace in four months in October on a rebound in travel activity, according to private surveys.
A multi-month slide in Toronto home prices slowed in October, while average prices were still down 17.7% from a year ago.
European steelmaker Ternium reported an 84% drop in third-quarter profit, hurt by lower realized steel prices and higher raw material and energy costs.
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