M. Holland is hosting a free 3D Printing Technology Forum in Chicago on Nov. 16! Attendees will learn how additive manufacturing technologies can support the development of applications — especially injection molding. Click here to RSVP, or contact 3dinfo@mholland.com for more information.
Supply
Oil fell 3% Monday, dragged down by potential demand impacts from surging COVID-19 cases in China.
In mid-morning trading today, WTI futures were down 1.2% at $84.88/bbl and Brent was down 1.1% at $90.80/bbl.
U.S. and European natural gas prices surged Monday on forecasts of colder weather this week. U.S. natural gas futures were up 0.3% at $5.95/MMBtu in mid-morning trading today.
Permian Basin output will rise to a record 5.499 million bpd in December, according to the U.S. administration.
U.S. oil and gas companies fracked fewer wells than they drilled for the first time in more than two years in October, indicating a possible slowdown in production.
The top 25 North American oil and gas companies posted combined profit of $70.04 billion last quarter, 186.3% higher than last year’s third quarter.
Led by declines in Saudi Arabia and Angola, OPEC production fell by 210,000 bpd in October and was well below output targets for the month.
Germany will spend $13.44 billion to nationalize parts of Russia’s Gazprom in a bid to guarantee energy supply. Poland announced a similar measure.
Asia is quickly becoming Russia’s preferred target for crude exports, which spiked 22% last week ahead of Europe’s ban on seaborne shipments. Although volumes are steady now, Europe’s embargo will likely lead to a sudden drop in Russian oil exports of 1 million bpd.
The U.S. government awarded $48 million to upgrade wind turbine staging and assembly infrastructure on Staten Island, which will made it an East Coast hub for offshore wind installations.
A third U.S. rail union rejected a tentative contract reached in September, but pledged to continue negotiating. A rail strike could disrupt nearly a third of America’s freight by weight and cost the economy $2 billion a day.
Truck drivers in Spain began their second major strike of 2022, protesting road freight rules and soaring costs of living.
COVID-19 cases in Florida jumped by 12,000 last week, the highest weekly sum in two months.
Moderna released its first batch of research showing its updated COVID-19 boosters are more effective than original shots against the newest variants of Omicron.
In a sign of easing inflation, the Producer Price Index increased a smaller-than-expected 0.2% in October compared with September, with prices falling for services and goods excluding food and energy.
Americans raised their year-ahead inflation expectations from 5.4% to 5.9% in October.
Prices for Thanksgiving staples surged in October.
Amazon became the latest major U.S. firm to plan thousands of layoffs ahead of a potential economic downturn.
Home Depot saw a better-than-expected 4.3% gain in quarterly sales, helped by higher prices and steady demand for home improvement tools from professional builders.
Tyson’s quarterly revenue rose 7% to $13.7 billion as prices across its business rose 5%.
Google will pay nearly $400 million to settle allegations that it misled consumers about tracking and location data.
China’s largest cities — including Beijing, Chongqing, Guangzhou and Zhengzhou — saw record COVID-19 infections Monday as nationwide cases hit their highest since April.
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