U.S. benchmark WTI extended gains Tuesday, rising 3.2% as demand concerns over the COVID-19 Omicron variant continued to fade. Crude futures were modestly lower in late morning trading, with WTI down 0.3% at $71.84/bbl and Brent off 0.3% at $75.24/bbl. U.S. natural gas futures were 3.6% higher at $3.84/MMBtu.
After seven years of underinvestment, the world may be headed into a period of oil scarcity, U.S. oilfield provider Halliburton said.
The U.S. administration proposed scaling back the amount of biofuels U.S. refiners have been required to blend into their fuel mix during the pandemic, striking a balance between demands from the oil industry and producers of corn-based ethanol.
Elevated oil prices have spurred Latin American countries to boost investments in fossil fuels, moving the oil-dependent region further away from goals outlined in the Paris Climate Agreement.
Small U.S. merchants have been ordering double or triple their usual volumes to ensure delivery of goods by the holidays, while at the same time running the risk of overbuying and getting stuck with excess or outdated inventory.
Lease renewal prices for industrial properties are up an average of 25% this year, new data shows.
The U.S. trade deficit narrowed sharply in October, falling 17.6% from September on higher energy and agriculture exports.
Some 4.2 million Americans left their jobs in October as the “big quit” continued, leaving 11 million job openings at month end compared with 6.9 unemployed people seeking work.
The price of labor per single unit of output in the U.S. rose at a surprise 9.6% yearly rate in the third quarter, indicating higher inflation than previous forecasts. U.S. firms have set aside an average of 3.9% of total payroll for wage increases next year, the highest level since 2008.
Consumer retail spending on American Express cards is up 30% this quarter compared to pre-pandemic levels.
Excess savings among many working- and middle-class households could be exhausted as soon as early next year, Moody’s Analytics said, causing a sharp drop in consumer demand.
U.S. worker shortages could extend for several years amid a pattern of increasing consumer demand and more people retiring, JPMorgan Chase predicts.
The Omicron variant of COVID-19 has spread to 57 countries. One in 10 people in Europe and Central Asia will have been infected with COVID-19 by the end of the year, the World Health Organization predicts.
New data shows this year’s wildfire season emitted 1.76 billion tonnes of carbon across the globe, with record emissions in parts of the U.S., Turkey and Siberia.
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