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Oil prices fell 5%, causing a sharp drop in pre-market shares of U.S. energy companies. Occidental Petroleum (OXY.N) fell 3.1%, ConocoPhillips (COP.N) fell 2.6%, Halliburton (HAL.N) fell 4.1%, Schlumberger (SLB.N) fell 2.9%, ExxonMobil (XOM.N) fell 1.5%, and Chevron (CVX.N) fell 1.7%.February 2nd - Data shows that despite a return to growth in output, Eurozone factory activity remained in contraction territory for the third consecutive month in January, dragged down by persistently weak new orders. The final Eurozone manufacturing PMI for January was 49.5, higher than the nine-month low of 48.8 in December and slightly higher than the preliminary reading of 49.4, but still below the 50-point threshold separating expansion from contraction. Cyrus de la Rubia, chief economist at Commerzbank Hamburg, stated, "There has been some progress in manufacturing, but at a snails pace." As a key component of the overall index, the manufacturing output index rose to 50.5 in January from 48.9 in December, regaining the 50-point threshold and indicating moderate output growth. However, new orders declined for the third consecutive month. Although the decline in new orders in January was less severe than in December, it still dragged down the overall index. Factories have cut jobs for the 32nd consecutive month, although the pace of cuts was the slowest since September of last year. Input costs rose at their fastest pace in three years, mainly driven by rising energy prices.Oracle (ORCL.N) shares fell 3.8% in pre-market trading after the company announced plans to raise up to $50 billion in debt and equity this year.On February 2nd, the State Administration for Market Regulation, together with ten other departments including the Central Air Traffic Management Office and the National Development and Reform Commission, jointly released the "Guideline for the Construction of a Low-Altitude Economy Standard System (2025 Edition)." The guideline focuses on five core areas: low-altitude aircraft, low-altitude infrastructure, low-altitude air traffic management, safety supervision, and application scenarios. It aims to establish a "four-dimensional integration" standard supply system that integrates technical standards with management regulations, domestic standards with international rules, mandatory standards with recommended standards, and basic standards with scenario-based standards. By 2027, a basic low-altitude economy standard system will be established, largely meeting the needs of the safe and healthy development of the low-altitude economy. By 2030, more than 300 standards will be established in the low-altitude economy field, forming a structurally optimized, advanced, reasonable, and internationally compatible low-altitude economy standard system, providing strong support for the safe and healthy development of the low-altitude economy.The European Central Banks security survey showed that businesses inflation expectations across future timeframes remained largely unchanged.

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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