We are sponsoring MAPP’s Benchmarking & Best Practices Conference in Indianapolis on Oct. 5-7! If you’re planning to attend, don’t forget to stop by M. Holland’s booth and tune in for our session featuring Debbie Prenatt, Market Manager, Sustainability. Click here to read more.
Supply
Oil fell 1% to a two-week low Wednesday after the U.S. Federal Reserve delivered another hefty rate hike to quell inflation.
In mid-morning trading today, WTI futures were up 0.9% at $83.70/bbl, Brent was up 1.0% at $90.72/bbl, and U.S. natural gas was down 1.7% at $7.65/MMBtu.
The average U.S. gasoline price rose slightly on Wednesday to $3.681 a gallon, the first gain in several months. Gasoline demand over the past month fell to 8.5 million bpd, the lowest since February.
U.S. crude stocks rose by a lower-than-expected 1.1 million barrels last week, the EIA said.
Valero and Marathon took more than half the crude offered from the latest release of 180 million barrels of U.S. strategic reserves.
Major Chinese refiners are poised to boost runs by up to 10% next month on a possible surge in export activity if the government raises fuel export quotas.
Germany on Wednesday agreed to nationalize Uniper SE, raising the government’s bill to rescue the energy giant to almost $30 billion. The move follows France’s takeover of European utility EDF last week.
European nations have put a collective $500 billion the past year into cushioning households and businesses from soaring energy prices.
Top U.S. LNG exporter Cheniere Energy plans to repair and replace equipment at its Louisiana refining terminal after it failed a pollution test.
Construction of a half-completed $3.6 billion gas site in Australia will be halted after indigenous groups won a court battle over the project’s local impact.
Repsol is investing over $100 million to reduce emissions at its 186,000-bpd Tarragona refinery in Spain, which begins two months of maintenance this week.
Amazon announced plans to add 2.7 GW of clean energy capacity through 71 new renewable projects, part of its goal to use 100% renewables across its business by 2025.
Clashes between cargo workers and management have been rising across the globe this year, making logistics planning more difficult and exacerbating strains caused by COVID-era supply-chain shocks.
Shares of corrugated cardboard manufacturers International Paper, Packaging Corp. of America and WestRock each fell over 10% after FedEx lowered its demand projections for the rest of the year.
China’s monthly semiconductor output fell in August at the steepest pace in records dating back to 1997.
First-time jobless claims rose by a modest 5,000 last week to 213,000, indicating the labor market remains tight.
On Wednesday, the Fed raised its benchmark interest rate by 75 basis points to a 3.00%-3.25% range and signaled more large increases would come. Risk assets like stocks and oil fell on the news, while the dollar rallied to a two-decade high. Wednesday marked the Fed’s third straight three-quarter-point increase, pushing borrowing costs to their highest level since 2008:
U.S. existing home sales dropped for a seventh month to an annual rate of 4.8 million in August, a 0.4% decline from July, as affordability deteriorated further and homeowners became increasingly reluctant to sell out of extremely low interest rates secured during the pandemic. Last week, the average U.S. mortgage rate rose to 6.25% for its fifth week of gains.
The median U.S. rent price hit $1,037 in August, about 10% higher than pre-pandemic levels, according to the Census Bureau.
General Mills’ latest quarterly sales rose 4% to $4.72 billion as more consumers eat at home in response to higher prices, prompting the firm to raise its full-year forecast.
U.S. sales at discount grocer Aldi rose in the double digits the past 12 months as rampant inflation pushed consumers to find cheaper deals.
The number of foreign visitors to Japan topped 100,000 for the fifth month in August following the relaxation of strict border controls. Tourism visits to Europe, meanwhile, remain significantly below pre-pandemic levels:
Today is “Super Thursday” for central bank actions following yesterday’s U.S. rate hike:
Japan intervened in the foreign exchange market to buy yen for the first time since 1998, an attempt to shore up its battered currency after the Bank of Japan maintained ultra-low interest rates this week.
United Airlines faces potential disruption at one of its most lucrative overseas markets as 300 workers at London’s Heathrow airport begin voting in a strike ballot over pay.
One-way flights out of Russia skyrocketed in price Wednesday after the nation’s government ordered an immediate call-up of 300,000 reservists to continue its invasion of Ukraine.
As many as 5.2 million people across the globe became millionaires last year, with nearly half in the U.S., according to Credit Suisse. The ranks of ultra-high net-worth people rose by 46,000 on widespread stock market and home-price gains.
The White House announced $2.9 billion in fresh assistance to address global food insecurity brought by Russia’s invasion of Ukraine.
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