Oil prices rose about 3.5% Tuesday, nearly regaining Monday’s steep losses. Futures were higher in late morning trading, with WTI up 0.9% at $71.76/bbl and Brent up 0.73% at $74.49/bbl. U.S. natural gas was 2.9% higher at $3.98/MMBtu.
The American Petroleum Institute reported a larger-than-expected draw in U.S. crude inventories last week, bringing total draws since January to 65 million barrels.
European gas prices hit a record Tuesday for the second consecutive day, rising 16% after Russia began reversing flows on a major pipeline to Germany.
Indian crude refiners processed 5.25 million bpd in November, up from 4.96 million bpd in October to the highest level since February 2020.
Norwegian exploration company Aker BP inked a deal to purchase the oil and gas unit of Sweden’s Lundin Energy for $14 billion, creating the second-largest petroleum firm on the Norwegian continental shelf.
The Hornsea 2 wind farm offshore the eastern U.K. has generated its first power, a milestone, as it aims to become the world’s highest-producing wind power project by next year.
The U.K. will subject all future North Sea oil and gas licenses to a “net-zero test” to align potential projects with the nation’s long-term climate goals.
Asian nations will be the primary source of new global nuclear capacity in the coming years, new data shows:
Our most recent list of force majeure and allocation announcements from suppliers is here.
To help blunt the Omicron wave, the White House announced new plans to send out 500 million free at-home COVID-19 tests, deploy 1,000 military personnel to hospitals and promptly add to the nation’s 20,000 federal testing sites.
Ohio reported 12,502 new COVID-19 cases Tuesday, a pandemic record. Six hospital systems in Cleveland ran a full-page newspaper ad imploring residents to get vaccinated as they grapple with overwhelming COVID-19 infections.
New York reported 22,258 new COVID-19 cases Tuesday, a decrease of 1,000 from Monday, with 61% of cases concentrated in New York City.
Massachusetts deployed 500 National Guard troops to state hospitals to help with non-medical tasks such as food service and transportation, while nonessential procedures could be postponed as soon as Monday due to rising COVID-19 patients.
COVID-19 hospitalizations in California are up 10% over the last two weeks. The state will require all healthcare workers to get a booster dose.
Spain posted 49,823 new COVID-19 cases the past 24 hours, a record.
Denmark reported 13,558 new COVID-19 infections Tuesday, a record.
Montreal entered a state of emergency Tuesday after the wider Quebec province saw a record 5,043 new COVID-19 cases.
Cases of the COVID-19 Omicron variant have doubled in more than a dozen Indian states in recent weeks.
New single-day COVID-19 cases in Israel surpassed 1,300, the most since October, including 170 Omicron cases. Healthcare workers and Israelis over the age of 60 will begin receiving fourth vaccine doses.
Economists expect the COVID-19 Omicron variant to slow global economic growth to just 0.7% in the fourth quarter, half the pace of the third quarter and well below a pre-pandemic pace of 1%.
The U.K. is allocating $1.3 billion in grants to support businesses suffering serious financial hits caused by the COVID-19 Omicron variant.
The U.S. will donate $580 million more to the World Health Organization, the United Nations Children’s Fund and five other global aid groups to boost pandemic efforts in low-income nations.
Toyota will start a new service next year to improve vehicle software, refresh interiors and update safety systems in response to more people holding onto cars longer.
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