U.S. benchmark WTI settled 5% higher Monday on reduced fears of the COVID-19 Omicron variant’s impact on global demand. Futures continued their rise in late morning trading, with WTI up 4.6% at $72.71/bbl and Brent up 4.0% at $75.99/bbl.
More than 4,000 records were set in the U.S. for higher-than-normal temperatures the past seven days. Paired with warm forecasts for next week, U.S. natural gas futures fell 12% Monday to $3.66/MMBtu, extending losses from the commodity’s worst decline since 2014 last week. Early data shows stockpiles rising, dampening fears of high heating bills this winter. Futures were up 2.4% to $3.75/MMBtu in late morning trading.
Winning bids for the U.S. government’s first batch of 32 million oil barrels from strategic reserves will be announced Dec. 14. At least two international refiners have expressed interest in a deal.
French insurer Crédit Agricole Assurances is planning to buy a 49% stake in the renewable energy unit of Italian energy company Edison and will help fund the growth of its wind and solar capacity to 4 GW by 2030.
Canadian National resumed operations on its Kamloops-Vancouver corridor Monday, a critical rail link to the Port of Vancouver, after severe flooding and landslides forced a shutdown three weeks ago.
A new counting method has tallied the number of ships waiting to berth at Southern California ports at 96, a record. The average wait for ships was 20.8 days as of Friday, almost a week longer than a month ago.
The Port of Savannah saw its busiest month on record in October, handling a total of 504,350 TEUs, an 8.7% increase from the same time last year.
Maryland broke ground on a $466 million expansion of the Howard Street Tunnel to allow double stacking of containers through the Port of Baltimore, a boon for intermodal traffic.
Supply chain stakeholders are offering more incentives to quickly move containers through Southern California ports, including credits for timely pickups and fee suspensions for nighttime traffic.
Starting in January, the Port of Los Angeles’ APM Terminals will impose fees on truckers who miss appointments for containers.
New Class 8 truck orders fell 41% from October to November and 82% from a year ago on shortages of raw materials and supply chain congestion.
Mexican auto production fell 20.25% year over year in November to 248,960 vehicles, the fifth straight month of declines largely on continued effects of the global semiconductor shortage.
Subaru is facing a 45,000-vehicle order backlog in the U.S. with 10,000 more coming each month, as the automaker’s inventories are down ninefold from normal levels to a five-day supply.
Trucks carried 71% of all U.S.-Mexico cargo moved in September, up 13% from the same time last year.
Tin prices are up nearly 100% from a year ago, their biggest annual rise in three decades.
The U.S. reported 192,917 new COVID-19 infections and 1,382 virus fatalities Monday.
Early data suggests just 0.2% of people who get COVID-19 booster shots will become reinfected with the virus. Post-booster breakthrough infections also carry significantly lower risks of hospitalization or death.
New York’s governor issued an executive order temporarily banning elective surgeries in more than 30 hospitals as the state experiences its highest COVID-19 transmission rate since April 2020.
France will close nighttime venues, enact stricter distancing requirements and impose mask mandates in schools amid a fifth COVID-19 wave, which included at least 25 new cases of the Omicron variant yesterday.
Hong Kong will require three-week quarantines for travelers from 30 nations over fears of spreading the COVID-19 Omicron variant. Half of the island’s residents do not plan on getting shots despite the city’s transition away from a “Covid zero” strategy, survey results show.
International patents for electric vehicle technology have grown 59% in volume since 2016, compared to a 19% decline for fossil fuel vehicles.
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