Oil futures stayed flat Wednesday before surging overnight as Russia invaded Ukraine. In mid-morning trading today, Brent rose 6.4% to $103.72/bbl, WTI rose 7.1% to $97.97/bbl, and U.S. natural gas was up 4.0% to $4.81/MMBtu.
U.S. crude inventories rose a larger-than-expected 6 million barrels last week compared to a 1.1-million-barrel draw the previous week, according to the American Petroleum Institute.
The U.S. Permian Basin could have up to 400 operational rigs by year’s end, up from the current 300, as more producers seek to capitalize on high oil prices.
U.S. gasoline consumption is nearing pre-pandemic levels despite prices averaging over $3.50/gallon for the past several days, the highest since 2014. Prices in California, already at a record high, are expected to top $5/gallon soon, with the price in downtown Los Angeles already topping $6/gallon.
Libya’s National Oil Corporation is warning of lower output over the coming days due to poor weather.
Houston-based LNG developer Tellurian narrowed losses last year to $114.7 million, down from $210.7 million in 2020.
The International Energy Agency said Wednesday that its forecasts for energy-related methane emissions may be 70% lower than actual levels.
Three-quarters of the world’s population favor a ban on single-use plastics:
A second severe winter storm will begin traveling from Texas to the mid-Atlantic and U.S. Northeast today, on the heels of a separate system that dropped up to 30 inches of snow in some parts of the Midwest earlier this week.
At $41,000 per day, Greek shipper Euroseas’ new long-term charter of a 1,439-TEU boxship is 257% higher than the previous price.
The U.S. administration unveiled sweeping new measures and recommendations yesterday following a year of official inquiry into pandemic-battered supply chains. Included is a “Buy American” plan that will allow the U.S. government to pay more for certain critical domestic-made products, as well as a $35 million investment into North America’s only rare earth processing site to meet higher demand for electric vehicles and renewables technology.
France’s Faurecia, the world’s seventh-largest auto supplier, expects easing chip shortages to push full-year sales over $20 billion this year, up from $17.6 billion last year.
Canadian trucking blockades in the nation’s capital and on the border with the U.S. have been fully cleared, officials say, prompting the nation’s prime minister to revoke emergency powers granted to police. Meanwhile, small convoys in the U.S. have started a cross-country journey to Washington, D.C., ahead of the State of the Union address next week.
The U.S. reported 84,793 new COVID-19 infections and 2,825 virus fatalities Wednesday, as the death rate remains near the highest of the pandemic. Since mid-January, average daily COVID-19 cases are down from 800,000 to 84,000 and total hospitalizations are down from 159,000 to 66,000.
South Korea reported more than 171,000 new COVID-19 cases Wednesday, a 40-fold increase from mid-January. The nation’s researchers say people infected with Omicron are 75% less likely to be seriously ill or die than with Delta.
Russia’s Moscow Exchange has lost almost $260 billion and counting as Western allies impose wide-ranging sanctions on the nation’s economic interests, while the price of the ruble sank to a record low.
British bank Barclays posted record annual profit last year on the back of a 27% rise in banking fees and higher mergers and acquisitions activity.
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