Oil rose marginally Tuesday after Saudi Arabia expressed concerns over supply.
In mid-morning trading today, WTI futures were up 2.9% at $87.80/bbl, Brent was up 2.3% at $95.63/bbl, and U.S. natural gas was down 0.3% at $5.60/MMBtu.
Energy executives don’t expect any new refineries to be built in the U.S. or shuttered refineries to reopen due to high capital costs, long construction times and a secular shift away from refined products, despite the industry’s current 90% operating rate.
European LNG importers are scrambling to find vessels to serve as floating storage for regasification terminals.
Russian coal exports to China are up by one-third this year after lockdowns shut down several of China’s coal-producing regions.
European imports of Russian LNG jumped 41% in the year through August, a sharp contrast to pipeline flows that have dwindled to a trickle.
European makers of metals, chemicals and gases are lowering fourth-quarter forecasts on the impact of surging energy and raw material costs.
Iberdrola, Europe’s biggest utility, posted a 29% rise in nine-month profit on strong performance in the U.S. and Brazilian markets and its renewables investments.
Canada will spend over $700 million to build a grid-scale small nuclear reactor, a key technology for the nation’s long-term plans to cut emissions.
Indonesia, one of the world’s biggest carbon emitters, bumped up its 2030 emissions reduction target by 10 percentage points to 43.2%.
Mobileye, Intel’s self-driving unit, listed in the U.S. on Tuesday at a $16.7 billion valuation, far lower than the $50 billion that Intel initially planned.
South Korean chipmaker SK Hynix halved its capital expenditure for next year after plunging demand for memory chips led to a 60% decline in third-quarter profit.
Texas Instruments saw quarterly revenue rise 13% but warned that the demand drop-off for semiconductors will expand beyond computers and phones.
Apple made fresh calls for its suppliers to decarbonize operations and said it will build new solar and wind projects to help power its European business.
Domestic Markets
The U.S. reported 28,704 new COVID-19 infections and 415 virus fatalities Tuesday.
About 3 million people have left the workforce due to COVID-19 concerns, costing the nation $250 billion in economic output in the first six months of 2022.
The Conference Board’s index of U.S. consumer confidence hit a three-month low in October.
U.S. manufacturing activity took a sharp turn into contraction territory to start the fourth quarter, according to S&P Global:
U.S. company borrowing for equipment purchases was 11% higher in September from a year ago, a positive signal of business activity.
Mexico’s economic activity rose 5.7% from a year ago in August, topping market expectations:
Bank lending to eurozone companies quickened in September, extending the biggest private borrowing binge in over a decade as firms scramble for liquidity to cover energy costs.
Sentiment among German exporters rose slightly in October but was weighed by pessimism from high-energy sectors including chemicals, glassware and metal production.
Japan will likely end up spending $170 billion in its upcoming economic stimulus package.
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