The White House’s ban on Russian oil imports does not include uranium used to power nuclear plants, half of which is sourced from Russia and its neighbors.
In mid-morning trading today, WTI futures were down 5.4% at $117.00/bbl, Brent was down 5.5% at $120.90/bbl, and U.S. natural gas up 0.5% at $4.55/MMBtu.
The average U.S. gasoline price hit a record $4.17 a gallon yesterday, 55 cents higher than a week ago and 51% higher than a year ago. Households will spend an average of $850 more this year if prices remain above $4, leading several governors to call for suspending the federal gas tax.
Trading losses at Chinese nickel giant Tsingshan Holding Group totaled $8 billion Monday — nearly half the firm’s annual revenue — before the London Metal Exchange shut off trading in the commodity due to extreme price volatility.
Digital sales at Kroger have doubled in two years.
Lockheed Martin is planning over $1 billion of strategic investments to manufacture products in Saudi Arabia, an executive said.
The U.S. Senate overwhelmingly passed a bipartisan bill to send about $50 billion in financial relief to the U.S. Postal Service over the next decade, with the legislation now awaiting White House approval.
The U.S. reported 29,805 new COVID-19 infections and 1,532 virus fatalities Tuesday.
The Dow Jones index slipped into correction territory for the first time in two years this week. Intraday stock movements are hitting levels not seen since the first months of the pandemic as market volatility rises, Goldman Sachs said.
American consumers will find a subtle form of inflationary effects in smaller sizes and portions offered for consumer goods, a phenomenon dubbed “shrinkflation.”
Congressional leaders unveiled a $1.5 trillion spending bill to fund the federal government for the 2022 fiscal year, including tens of billions for humanitarian aid and continued pandemic assistance.
The U.S. trade deficit widened to a record-high $89.7 billion in January, up from $82 billion the previous month as the cost of energy and commodity imports rose.
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