U.S. auto giant Ford Motor Co. has followed in the footsteps of Tesla and Korea’s LG Energy Solution after striking a deal with Australia’s Liontown Resources for the lithium supply for the next five years. The move comes as automakers scramble to secure the supply of the valuable commodity as the global pursuit of net-zero…
Ford Motor Follows Tesla Locking in Lithium Supply With Australian Miner Liontown
June 29, 2022
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Shell CEO Warns of ‘Very Low’ Spare Capacity, Highlights ‘Problematic’ Gas Situation in Europe
June 29, 2022
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Asia & PacificBusiness & MarketscommoditieseconomyEuropeeuropean sanctions on russiaInternationalMarketsRussian Oil TradeSaudi Arabia oil productionSaudi AramcoShell OilWorld
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Ben van Beurden, the CEO of Shell, recently warned about the low spare capacity in the oil markets and raised doubts about replacing Russian gas with LNG in Europe. “I do believe that we’re going to be facing quite a bit of uncertainty in markets for some time to come,” van Beurden told reporters, according…
US Records Two Straight Weeks of Oil Supply Drawdowns
U.S. inventories of crude oil recorded two straight weeks of supply drawdowns, according to new data from the Energy Information Administration (EIA) on Wednesday. In the week ending June 17, crude stockpiles fell 386,000 barrels, falling short of the market estimate of a 569,000-barrel decline. The EIA further reported that oil stocks fell 2.762 million…
Spain’s 12-month Inflation Surpasses 10 Percent in June, First Time Since 1985
MADRID—Spanish 12-month inflation rose to 10.2 percent in June, the first time it has surpassed 10 percent since April 1985, from 8.7 percent in the previous month, preliminary data from the National Statistics Institute (INE) showed on Wednesday. The reading was higher than the 9.0 percent forecast by analysts in a Reuters poll. Core inflation,…
Oil Prices Rise for Fourth Day on Supply Worries
LONDON/SINGAPORE—Oil prices gained for a fourth straight session on Wednesday with tight supply worries offsetting concerns about a weaker global economy. Brent crude futures for August were little changed at $117.9 a barrel by 0917 GMT. The August contract will expire on Thursday and the more-active September contract was at $114.06, up 23 cents, or…
World Stocks Skid as Consumer Data Flashes Recession Worry
LONDON—Global stock markets slipped for the second straight day on Wednesday and bond yields inched lower on growing fears that policymakers bent on dampening inflation will tip their economies into recession. A succession of weak data releases in Europe and the United States has not prevented central bankers from doubling down on hawkish rhetoric. More…
Germany Says Situation With Natural Gas Is ‘Tense’ and Could Deteriorate, After Sounding Gas Crisis Alarm
June 29, 2022
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Business & Marketscommoditieseconomic policieseconomyEuropeGermanyMarketsNatural gasRussia-Ukraine WarWorld
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Officials in Germany on Tuesday said that the situation with natural gas in the country was “tense” and could worsen, just days after the government triggered the “alert level” of its emergency gas plan. In its gas supply report, the country’s Federal Network Agency, also known as Bundesnetzagentur, announced that it is “monitoring the situation very closely…
Japan to Coordinate With US in Setting Caps on Russian Oil Prices: Official
June 29, 2022
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Asia & PacificBusiness & MarketscommoditiesEuropefumio kishidaGroup of SevenJapanMarketsRussiaRussia-UkraineRussia-Ukraine WarThe United StatesWorld
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Japan has agreed to coordinate with the United States in setting a price cap on Russian oil exports to pressure Moscow to halt its aggression against Ukraine, according to a Japanese official. Japan’s Prime Minister Fumio Kishida met with U.S. President Joe Biden on the sidelines of the Group of Seven (G-7) summit on Sunday…
US Emergency Oil Reserves Fall to 25 Days As Biden Releases More Crude Into Market
June 28, 2022
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President Joe Biden’s efforts to lower energy prices have reduced the nation’s emergency oil reserves, new data shows. According to the Department of Energy, inventories in the Strategic Petroleum Reserve (SPR) declined 6.9 million barrels in the week ending June 24. In total, the world’s largest emergency supply of crude oil stood at 497.9 million…
Oil and Coal Jobs Fall Sharply as Washington Promotes Green Energy
June 28, 2022
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Business & MarketscommoditiesDepartment of EnergyeconomyEnergy Sectorfossil fuel investmentMarketsoil industryOil RefineriesUS
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Jobs in the U.S. oil and coal industry fell in 2021 while employment expanded in the green energy sector, according to the latest data from the U.S. Department of Energy. The energy sector employed over 7.8 million Americans in 2021, a 4 percent increase from 2020, the Energy Department said in a report (pdf) released on June…
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