Tanker rates rose sharply last week on combined effects of a “war risk” premium, Russian supply volatility and higher fuel costs. Some traders reported a $13,971 leap for medium-sized Aframax tankers on Friday, while rates to load Russian crude are almost three times higher than pre-invasion levels.
Average U.S. diesel prices are up 44 cents per gallon this year, while the national average price of $4.055/gallon last week was the highest in nine years.
Active U.S. oil and gas rigs rose by five to 650 last week, the 18th consecutive weekly rise and 248 rigs more than the same time last year, Baker Hughes said.
The U.S. added just 7.44 billion cubic feet per day of interstate natural gas pipeline capacity in 2021, a six-year low, with more than two-thirds of the increase in Texas and Gulf Coast markets:
Last week’s auction of offshore wind rights between Long Island and New Jersey fetched a record $4.37 billion, over three times the revenue from all U.S. oil and gas lease sales over the past five years.
Union workers locked out of their jobs at a Texas oil refinery for nearly 10 months have agreed to a contract with Exxon Mobil and are set to resume work in early March.
Mexico’s trade deficit widened fivefold in January from a year earlier on a 55% rise in oil imports, as state refiners struggle to meet the administration’s goal of oil self-sufficiency.
War in Eastern Europe continues to ripple through supply chains:
Icelandic container line Eimskip projects continued high earnings this year after seeing profit jump nearly 10-fold to $45 million in 2021.
The U.S. reported 7,464 new COVID-19 infections and 182 virus fatalities Sunday. Although daily case counts are down over 90% from their January peak, the streak of daily fatalities above 2,000 continues and has now extended more than twice as long as the 2,000+ daily death streak of last fall’s Delta wave.
Over 70% of Americans can now stop wearing masks and no longer need to social distance or avoid crowded indoor spaces, according to the CDC’s revised pandemic guidelines.
U.S. core inflation rose 5.2% in January from a year ago, the sharpest 12-month increase in almost 40 years.
Personal spending in the U.S. jumped a surprisingly high 2.1% month over month in January, the biggest increase since March of last year in a sign that consumption remained robust despite high inflation and COVID-19 infections. Meanwhile, savings rates have dipped to pre-pandemic levels.
A measure of U.S. consumer sentiment was revised upward for February, while remaining at the lowest level of the past decade, the University of Michigan said.
New orders for U.S.-made durable goods rose 1.6% month over month in January, the fourth straight month of increases and nearly double market expectations.
The BA.2 subvariant of Omicron now accounts for 1 in every 5 new COVID-19 cases across the globe and is 30% more transmissible than its parent strain, the World Health Organization says.
Hong Kong reported an 821% spike in new COVID-19 cases over the last two weeks, reporting over 26,000 new infections and 83 virus-related deaths Sunday, overwhelming hospitals and pushing its morgues to near capacity.