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Oil futures fell over 3% Thursday to a one-week low, led by expectations for weaker global demand. Futures are headed for their third weekly decline.
U.S. natural gas fell as much as 9% Thursday after major railroads secured a tentative contract deal with unions, averting the chance that a walkout would boost demand for gas by threatening coal supplies to power plants.
In mid-day trading today, WTI futures were up 0.3% at $85.37/bbl, Brent was up 0.7% at $91.44/bbl, and U.S. natural gas was down 5.2% at $7.89/MMBtu.
U.S. utilities added a larger-than-expected 77 billion cubic feet of natural gas to storage last week as gas output is expected to hit a monthly record in September. More gas rigs are now operating than before the pandemic:
Oil demand in China could climb if the nation approves broad requests from refiners to boost export quotas for fuels, which are currently 39% lower than last year.
More oil news related to the war in Europe:
European gas prices swung wildly Thursday, at one point surging 12% as traders weighed whether the bloc’s market intervention would be enough to stave off rationing this winter.
Russia’s largest oil producer Rosneft posted a 13% increase in first-half net income despite sanctions by Western governments.
Shell’s chief executive stepped down Thursday, paving the way for the director of renewables to ramp up the firm’s strategy to achieve net-zero operations by 2050.
Major U.S. railroads and unions secured a tentative deal after 20 hours of intense talks brokered by the White House to avert a rail shutdown that could have hit food and fuel supplies across the nation. Leaders of 12 unions involved in the talks must now sell the agreements to members, who will vote to ratify or reject them over the next several weeks. U.S. passenger rail services are resuming operations preemptively shut down earlier this week.
On Thursday, the Shanghai region’s ports began to reopen, airports resumed passenger flights and train services were restored as the city dropped its typhoon alert to the lowest level. Typhoon Muifa has weakened into a tropical storm as it heads north to Shandong province.
Tropical Storm Fiona has formed in the Atlantic, becoming the sixth named storm of the 2022 Atlantic hurricane season and triggering storm watches in the U.S. Virgin Islands and Puerto Rico.
Northern California’s Mosquito Fire has grown to 63,000 acres since sparking on Sept. 6, now the state’s largest wildfire of the year.
Worse-than-expected quarterly revenue at FedEx will prompt the shipper to close offices and park aircraft amid declining package volumes worldwide. The firm’s shares fell almost 20% in late trading Thursday.
Air cargo volumes fell 5% year over year in August, extending a months-long streak of reduced demand. Volumes were down a sharp 17% in Europe in July.
The biggest names in U.S. heavy industry, including U.S. Steel, Alcoa and Nucor, have warned that demand for metals used in everything from automobiles to iPhones is slumping quicker than expected, while rising costs for energy and raw materials continue to weigh on margins.
Boeing’s chief executive says there is still a chance that U.S. regulators could approve the long-stalled 737 MAX 10 before the end of the year when a new safety standard on cockpit alerts takes effect.
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