Despite multiple signals from the U.S. oil industry that it will continue treating the oil price recovery cautiously, signs are emerging that production growth is accelerating in some key locations, notably the Permian. Reuters reported this week, citing frac spread data from Tudor, Pickering, Holt and Co, that the rate of oil well completions in …
Continue reading “$80 Oil Is Too Enticing For U.S. Drillers To Ignore”
(Bloomberg) — Henry Kaufman is one of the rare Wall Street veterans who can authoritatively draw parallels between the inflation scare of the 1970s and today’s alarming run-up in prices. And he has zero confidence Chair Jerome Powell’s Federal Reserve is ready for the battle it now faces. Kaufman decades ago was the celebrated chief …
Continue reading “Henry Kaufman blasts Powell on inflation… You must watch the video”
(Reuters) – Federal Reserve policymakers this week signaled they will start raising U.S. interest rates in March to battle inflation that’s eroding the value of workers’ recent wage gains and putting the policysetters under a political spotlight. In what were among the last public comments from U.S. central bankers before their next rate-setting meeting, Fed …
Continue reading “Fed’ Daly ‘definitely’ sees rate hike as early as March”
The World Health Organization reported record numbers of cases of Covid-19 globally for a single week amid the omicron surge. A report from the WHO published Tuesday noted that the highest numbers of new cases over the week came from the U.S., with 4.6 million new cases. But hospitalizations are lower than in previous surges, …
WASHINGTON (Reuters) – Controlling inflation that has spiked to nearly a 40-year high is the “most important task” facing the Federal Reserve right now, Fed Governor Lael Brainard said in prepared remarks for a Senate hearing on her nomination to become vice chair of the U.S. central bank. “We are seeing the strongest rebound in …
Continue reading “Fed’s ‘most important task’ is to control inflation, Brainard says”
Empty shelves have returned at supermarkets as grocery employees call out sick and truckloads of food arrive late. That’s one of the latest outcomes of the omicron variant, which is straining the workforce. Investors are seeing the pressure and bracing for a longer period of high costs for labor, transportation and food. Shares of major …
Continue reading “Empty shelves in some U.S. grocers as supply chain woes continue”
WTI has surged into the mid-$82.00s and is trading at more than two-month highs as the dollar falls post-CPI. Oil prices saw a positive reaction to the latest weekly US EIA inventory report which showed an eighth successive draw. Oil prices hit more than two-month highs on Wednesday, buoyed as the US dollar weakened in …
Continue reading “WTI surges to two-month highs in mid-$82.00s”
As the Omicron variant continues to sweep across the U.S., especially in the Northeast, unvaccinated people of all ages are at increased risk — including children. The U.S. is averaging 260 pediatric COVID-19 hospitalizations a day, up nearly 30% from last week. Health officials say pediatric hospitalizations in New York City rose nearly five-fold from …
Jan 12 (Reuters) – As oil prices have surged past $80 a barrel, U.S oil and gas producers are paving the way for faster production by expanding new well completions in the Permian Basin of west Texas and New Mexico, the country’s top shale oil field, according to research data. The number of pressure pumping …
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The U.S. Labor Department’s Consumer Price Index (CPI), the most widely used gauge for tracking inflation, rose to an annual clip of 7.0%, hitting predictions made by economists. This marks the highest increase since June 1982, beating last month’s 6.8%. The core CPI, which excludes more volatile energy and food prices, accelerated to 0.6% month-over-month, …
Continue reading “US inflation at 7.0% in December, 39-year high”