After a volatile day of trading, oil prices rose about 1% Thursday even as OPEC+ surprised markets by keeping plans to release 400,000 bpd of crude in January. Futures continued rising in late morning trading, with WTI up 1.6% at $67.53/bbl and Brent up 2.1% at $71.10/bbl. U.S. natural gas was 3.5% higher at $4.20/MMBtu.
OPEC added 350,000 bpd to its output in November, roughly 40% more than planned, driven by an excess of production in Iraq and a recovery in Nigeria. The output was higher than indicated by an earlier survey of OPEC members.
The U.S. and other nations may delay recently announced releases of crude from their strategic oil reserves depending on oil prices.
Goldman Sachs forecast Brent crude to average $85/bbl in 2023.
In a bid to avoid another “Texas Freeze,” state utilities must prioritize key natural gas facilities that supply fuel to electric generators during emergencies, Texas’ energy regulator ruled.
The value of the U.S.-Canada energy trade fell 31% in 2020, driven by demand drops and lower commodity prices during the first year of the pandemic.
European energy majors have doubled planned spending on low-carbon energy over the last two years, led by Spain’s Repsol.
Prices for European carbon futures rose above $90/ton Friday, almost tripling so far this year to a new record.
BP has agreed to more than $500,000 in fines for emissions violations at an Indiana facility.
Our most recent list of force majeure and allocation announcements from suppliers is here.
A benchmark index of contracted container freight rates grew 16.3% in November for a year-over-year gain of 121.2%.
Ocean freight rates from Asia to both U.S. coasts have fallen to their lowest levels since July, declining a respective 3.8% and 4.9% for routes to Los Angeles and New York last week.
Pending further data, the U.S. administration has indicated uncertainty over what effects the COVID-19 Omicron variant will have on inflation, supply chains and global economic growth. The White House is urging Americans to keep their end-of-year holiday plans despite the emergence of the new variant.
Pfizer’s chief executive predicts annual COVID-19 vaccines will be needed for several years to help populations maintain high levels of virus protection.
Congressional lawmakers passed a stopgap spending bill Thursday night to keep the government funded through February.
The U.S. added 210,000 jobs in November, well below predictions, as the unemployment level fell to 4.2%.
The U.S. economy grew at a “modest to moderate” pace this fall amid continued supply chain disruptions and labor shortages, the Federal Reserve said.
Almost half of American households said rising inflation is causing some degree of financial hardship, survey results show.
Americans’ reluctance to dip into record savings piled away during the pandemic could pose near-term problems for an economy in which consumer spending makes up more than two-thirds of GDP, economists say.
The U.K. reported 53,945 new COVID-19 cases Thursday, the most in four months, including seven more cases of the Omicron variant. The nation purchased more than 100 million doses of vaccines for the next two years.
China’s Chengtun Mining Group will invest $245 million for its second nickel manufacturing site in Indonesia, a bid to start producing the key electric vehicle battery metal at scale.
At M. Holland
M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight during prevailing force majeure. For more information, email our 3D Printing team.
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