![]() Already, futures for December, January and February are trading below €50 per megawatt-hour. The slump raises questions about the possibility producers will curb production and how prices may be impacted heading into the Northern Hemisphere winter. Benchmark futures fell for the eighth straight week on Friday, the longest string of weekly losses since 2007. While more ships are tied up waiting, bulk freight rates for these vessels are still struggling after sinking to a two-year low set in February, signaling an oversupply of ships.Įuropean natural gas prices have plunged more than 65% this year, and there’s little indication the slide will end anytime soon amid weak demand, larger-than-usual inventories and mild weather. ![]() Congestion levels in March surged to 20% of the total Panamax fleet, the highest since August 2021, according to Arrow Shipbroking Group. Ships are waiting longer at countries like Turkey and China, which have raised their imports of food and fuel this year. Panamax vessels used to carry grain and coal around the world are facing more delays amid a surge in demand. Chevron also hosts its annual meeting the same day. Since then, the stock has soared almost 80% - outperforming the 23-member S&P 500 Energy Index - showing the company may be under a lot less pressure from shareholders this time around. 1 - who held a tiny slice of Exxon shares - led a successful campaign to win board seats, part of a push to improve the company’s performance and accelerate its climate change goals. ![]() ![]() Two years ago, the oil giant suffered a rare defeat after activist investor Engine No. Here are five notable charts to consider as the week in commodities gets underway.Įxxon is scheduled to hold its AGM on Wednesday. In the US, investors will be focused on two annual general meetings from oil behemoths Exxon Mobil Corp. (Bloomberg) - Copper and European natural gas futures prices are both in the midst of multiweek losing streaks, while oil is looking to maintain the momentum after a two-week rally. ![]()
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