Oil prices had their biggest gain since August last week, up 8% for the week. Crude futures were lower in late morning trading, with WTI down 0.3% at $71.47/bbl and Brent off 0.4% at $74.69/bbl. U.S. natural gas was 1.0% higher at $3.96/MMBtu.
U.S. natural gas prices, which have fallen 40% since mid-October, could reverse if meteorologist predictions of a pending polar vortex are realized in coming weeks.
Mexico’s Pemex plans to reduce its oil exports next year in favor of supplying demand at home, a move that could hit South Korean and Indian refiners particularly hard.
Plans to develop the Cambo oil field in the U.K.’s North Sea have been scrapped following Shell’s departure from the project last week.
Shareholders of Royal Dutch Shell voted overwhelmingly to drop “Royal Dutch” from the firm’s name, end its dual share structure and relocate headquarters from the Netherlands to London sometime in 2022.
Strong demand growth in Norway will push the nation to the brink of a power deficit for the first time in 2026, forecasts suggest.
With significant exemptions, a new White House order has barred all government funding for overseas coal and carbon-intensive project development.
A 250-mile wave of tornadoes caused devastation in six states over the weekend. More than 100 people lost their lives, while cleanup efforts in leveled towns are expected to take weeks.
The Port of Long Beach handled 8.6 million shipping units through November, already smashing its yearly record with a month to go. There has been a 37% drop since Nov. 1 in containers sitting for nine days or more at terminals, a result of threatened hefty fees.
Major U.S. ports likely imported 2.21 million TEUs in November, 5.1% higher than the same time last year.
Shipbroker Braemar ACM saw profits rise to the highest level in 13 years on surging demand for commodities. The firm noted that capesize vessels saw the biggest fleet growth this year, while coal accounted for 43% of demand growth in the Panamax market.
Tyson Foods announced plans to spend over $1.3 billion the next three years to boost automation at its meat plants to help counter the national labor shortage.
The U.S. reported 36,818 new COVID-19 infections and 167 virus fatalities Sunday. Total fatalities since the start of the pandemic surpassed 800,000.
U.S. COVID-19 hospitalizations rose 23% the past two weeks to a daily average of 65,277 as of Saturday. New cases rose by 40% for a daily average of 119,325 within the same time frame, likely the result of in-person Thanksgiving gatherings.
COVID-19 hospitalizations in Michigan rose 88% the past month.
Arizona has recorded more than 3,000 new COVID-19 infections for 12 consecutive days.
Ohio reported its first cases of the COVID-19 Omicron variant.
Thirty percent of COVID-19 patients in Massachusetts’ largest hospital network last week were vaccinated.
New York’s governor imposed a mask mandate for all indoor businesses that don’t have COVID-19 vaccine requirements.
As many as 1.3 million Americans are suffering long-term COVID-19 symptoms that prevent their reentry to the workforce, medical specialists say.
South Africa reported 18,035 COVID-19 infections yesterday as the nation’s fourth virus wave grows, reducing the chance that more than 90 nations that banned travel to and from the nation will lift their restrictions. The COVID-19 Omicron variant is now the dominant virus strain in Cape Town, the nation’s second largest city.
A new study out of the U.K. shows that COVID-19 vaccine booster doses raised immunity protection from the Omicron variant by up to 75%.
New tests from South Africa show that a two-course regimen of Pfizer’s COVID-19 vaccine dose may offer just a 22.5% efficacy against symptomatic infection from the Omicron variant, though can still stop severe disease, while a new Israeli study suggests the drugmaker’s booster shot provides good protection against severe illness from the Omicron strain.
Volvo and battery manufacturer Northvolt are partnering to invest $3.3 billion into a new research and development center for electric vehicle batteries in Sweden.
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