Oil prices rose more than 2% Thursday, extending their new year’s rally. Futures eased in mid-morning trading, with WTI off 0.4% at $79.08/bbl and Brent down 0.1% at $81.95/bbl. U.S. natural gas was 2.8% higher at $3.92/MMBtu.
Oil contracts for delivery in a few months are much pricier than those further out, a signal of near-term rising demand that could keep supply tight for the first part of 2022.
OPEC pumped 27.8 million bpd in December, a 70,000-bpd increase from November but well short of the 253,000-bpd increase planned as part of its monthly output boost.
Libya’s oil output currently stands at 729,000 bpd, down from a high of more than 1.3 million bpd last year, due to maintenance and oilfield shutdowns.
Year-end data shows the drastic, though temporary, impact of last February’s Texas Freeze on U.S. LNG prices:
A global shortage of natural gas is worsening as emerging economies in South and Southeast Asia return to the spot LNG market.
German officials plan to send financial aid to households struggling to pay exorbitant energy costs, which resumed a rally at the start of the new year after more than tripling in 2021.
France’s next batch of six advanced nuclear reactors should come online between 2035 and 2037, officials said.
New York will invest $500 million to develop 4.3 GW of offshore wind energy this year, enough to power nearly 3 million homes.
With resin supply improving and most 2021 force majeures lifted, we are ending our force majeure link. Please contact your M. Holland account manager if you have questions concerning availability of specific products.
A gusty winter snowstorm is blowing through the northeast and mid-Atlantic today, bringing up to one inch of snow per hour and severely disrupting morning commutes.
Nonfarm payrolls rose by a lower than expected 199,000 in December as the unemployment rate dipped to 3.9%.
The U.S. goods deficit rose to a record $99 billion in November as Americans started spending for the holiday season.
The average U.S. 30-year mortgage rate is up to 3.22%, the highest since May 2020.
Sales of U.S. residential properties worth more than $50 million were up considerably in 2021 compared to the prior year.
Apartment occupancy in the U.S. rose to an all-time high 97.5% in December, tightening supply and likely leading to higher rent for new residents.
Despite its status as the world’s most valuable automaker, Tesla’s electric vehicle (EV) dominance could wane as other major brands, including Volkswagen and Toyota, gain from hundreds of billions of dollars in planned battery EV investments over the next several years.
Walgreens’ sales rose 10.6% for the quarter ended Nov. 30, the largest gain in two decades on strong demand for pandemic-related medical supplies and services.
Global COVID-19 cases surged 71% for the week ended Jan. 2, with the largest gains in the U.S. The World Health Organization is warning that COVID-19 hospitalizations will continue rising to dangerous levels due to the sheer number of new cases globally, despite evidence showing Omicron is less likely to cause serious illness.
The U.K. reported 179,756 new COVID-19 cases Thursday, bringing its seven-day total 29% higher than the week before. Hospitals are expecting a similar rise in virus patients in the coming weeks, as military troops are being deployed in London to provide assistance to strained medical facilities.