Oil prices rose slightly Wednesday, a muted reaction to new data showing a drop in crude inventories last week. Crude futures retreated in late morning trading, with WTI down 0.8% at $71.81/bbl and Brent down 0.8% at $75.25/bbl. U.S. natural gas futures were 0.9% higher at $3.85/MMBtu.
Global benchmark Brent has regained two-thirds of value lost following news of the COVID-19 Omicron variant, rising 10% since Dec. 1.
U.S. product supplied by refineries, a proxy for oil demand, hit 20.9 million bpd over the past month, exceeding pre-pandemic volumes.
U.S. coal stockpiles fell in September to their lowest level since at least 2001, a result of high natural gas prices driving increased use of coal for power generation.
ConocoPhillips is doubling down on expanding production onshore in the U.S. and in Australia, with the firm recently selling some or all assets in Indonesia, Canada, Britain’s North Sea and offshore U.S.
Severe winter storms in western Russia have disrupted oil exports headed to the Mediterranean Sea.
The Russian government could permit the nation’s largest oil producer, Rosneft, to begin exporting natural gas to gas-starved Europe via pipeline.
Reports indicate Venezuela has more than doubled its crude production the past year despite heavy sanctions from the U.S.
Swiss commodities trader Trafigura reported a record $3.1 billion profit for its 2021 financial year, nearly double its profit in 2020.
The benchmark rate for carbon in Europe’s emissions trading system rose to $113/tonne Wednesday, a record.
The White House announced sweeping plans Wednesday for a climate-focused overhaul of federal operations, including relying entirely on carbon-free electricity by 2030 and halting purchases of gas-powered vehicles by 2035.
Germany’s natural gas industry is seeking $900 million in funding for “turquoise” hydrogen development, an emerging technology that separates natural gas into hydrogen and solid carbon, which has several industrial uses.
More than 40 small- and medium-sized earthquakes were detected offshore Oregon Tuesday, sparking concerns of potentially larger seismic activity in one of North America’s most earthquake-prone areas.
Congestion at the Port of Los Angeles will extend through next year and peak around February, the port’s director said.
Smaller container ships could face wait times weeks longer than larger vessels in some cases at Southern California ports.
Even if container rates dropped 40% next year, as some traders predict, prices would still far exceed pre-pandemic levels. Spot rates for 40-foot containers on China-to-U.S. routes hit $14,294 Wednesday, three times higher than at the start of the year.
South Carolina ports handled a record 250,711 TEUs in November, 21% more than last year.
Cargo theft is up 42% year over year, spurred by record numbers of idle containers across logistics networks.
Australian officials are starting an inquiry into the nation’s overstretched supply chains.
Top executives in tech, retail and professional services markets predict global supply disruptions to persist through 2023.
Spot prices for emissions-lowering diesel exhaust fluid have surged 162% year to date.
CMA CGM will shell out $3 billion to acquire Ingram Micro’s logistics outsourcing unit, expanding the shipping line’s reach into port infrastructure and non-maritime logistics services.
Less-than-truckload carrier Old Dominion Freight Line posted a near-30% increase in November revenue from the same time last year.
The U.S. Senate passed a bill to block the White House’s COVID-19 vaccine mandate on private employers, a measure that will likely face a presidential veto if it passes in the House of Representatives.
Nearly 50% of Americans over age 65 have received a booster dose of the COVID-19 vaccine.
Roughly 18% of children aged 5 to 11 got their first shot of a COVID-19 vaccine in the five weeks it has been available, a slow start compared to other segments of the population.
The FDA granted emergency use authorization to AstraZeneca’s COVID-19 antibody cocktail after trials showed the treatment halved the risk of developing severe illness or death from mild or moderate infection.
Last year, death benefit payments in the U.S. were up by the highest amount since 1918’s influenza epidemic, rising 15.4% to a total of $90.43 billion.
First-time jobless claims fell to 184,000 last week, the lowest since 1969.
More than 11 million U.S. jobs were unfilled in November, the most since July’s record of 11.1 million, as employers sought to beef up hiring for seasonal work.
New U.S. vehicle sales are estimated to have dropped 12.6% in November from a year ago, largely a result of constrained inventories.
Roughly a quarter of young adults want to retire before age 55, new survey results show, as daily stress among workers reached a record high during the pandemic:
McDonald’s will offer $250 million in low-interest loans to new franchisees over the next five years in a bid to increase diversity of restaurant ownership.
One in six Americans earn money doing household chores and running errands through online apps and websites, new survey results show, with 60% of them saying the money has been essential for meeting basic needs.
International Markets
South Africa reported 19,842 new COVID-19 infections Wednesday, the most since the Omicron variant was first discovered last month, with the nation’s test positivity rate surging to 26.8%. Authorities granted approval for Pfizer booster doses yesterday.
The COVID-19 Omicron variant could be four times more transmissible in its early stage than Delta, Japanese researchers warn.
Germany recorded 527 COVID-19 fatalities Wednesday, the most in a single day since February.
The U.K. reimposed work-from-home orders, mask mandates and stricter vaccine passport requirements amid a new wave of COVID-19.
France’s seven-day moving average for new COVID-19 cases rose to 44,500 Tuesday, a 2021 record, as officials consider recommending a fourth vaccine dose.
Switzerland reported 12,598 new COVID-19 cases Wednesday, a record.
Strict nationwide restrictions for unvaccinated Austrians will remain when the nation ends its three-week pandemic lockdown this Sunday.
One million COVID-19 vaccine doses in Nigeria expired without use last month, a troubling statistic for a nation with just 4% of its population vaccinated. COVID-19 inequity persists across regions…
Canada’s central bank warned that high inflation will persist in 2023 but chose to keep its key interest rate unchanged at 0.25%, with economists pointing to next April for a possible first rate hike of the pandemic.
China’s Evergrande property group has officially been labeled a defaulter for the first time, the latest milestone in a months-long financial crisis that could end in the restructuring of one of the world’s most indebted developers. A smaller Chinese property developer also defaulted after failing to repay a $400 million bond this week.
A new Australian budget airline could become a big purchaser of Boeing 737 MAX jets, with current plans to fly eight of the aircraft in its first year of operations.
Lego plans to invest $1 billion in a new factory in Vietnam amid record demand for its products across Asia.
Chinese automaker SAIC and Beijing-based startup Momenta have begun offering autonomous robotaxi rides to the public in Shanghai, with plans to expand to a second city next year.
Tesla is leading its Chinese competitors in electric vehicle deliveries, selling 52,850 units in November despite a broad decline in passenger car sales in the nation from a year ago.
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