Oil prices fell slightly Monday but were under pressure in late morning trading on news that the global oil market has returned to a surplus. WTI was down 1.3% at $70.34/bbl, while Brent was off 1.4% at $73.33/bbl. U.S. natural gas was 1.5% lower at $3.74/MMBtu.
OPEC downplayed the COVID-19 Omicron variant and boosted demand forecasts by 1.1 million bpd in the first quarter of 2022, a figure about equal to pre-pandemic levels of yearly consumption growth. The group also stuck to its timeline for a return to pre-pandemic levels of oil use by Q3.
Oil and gas supply is expected to surpass growth in energy demand sometime next year, a result of higher production from non-OPEC nations and from the U.S. shale patch.
OPEC+ was half a million bpd short of its overall production quota last month, undermining the cartel’s pledges to steadily boost monthly output from pandemic lows.
New-well oil production per rig in the U.S. has increased 81% since the start of 2019 as drillers focus on the most prolific shale basins.
Geopolitical tensions are lengthening delays for German regulators to approve the already constructed Nord Stream 2 gas pipeline from Russia, which would double the capacity of the existing Russia-Germany line.
The confirmed death toll from last weekend’s devastating Midwest tornadoes rose to 88, with dozens more expected. Businesses in hard-hit Mayfield, Kentucky, including retail suppliers, are reporting extensive damage and impacts on operations.
Businesses in China’s Zhejiang manufacturing hub are shut down and tens of thousands of people are in quarantine following a recent COVID-19 outbreak that saw 74 new cases Sunday.
The Port of Houston moved $16.9 billion worth of goods in October, a 51% rise from a year ago, while the combined value for the first ten months of the year is up 31%.
While recent measures have worked to clear empty containers from Southern California ports, operators report more of the boxes piling up across logistics networks, a mere shift in congestion from one place to another.
U.S. freight rail traffic fell 4.5% in November from the same time last year, primarily due to lower intermodal volume.
Container volumes at Dublin ports are sharply rising as more exporters bypass the U.K. to ship directly to Europe.
Shareholders unanimously approved Canadian Pacific’s $31 billion acquisition of Kansas City Southern, with public hearings on the deal expected later this month.
California intermodal trucker Orange Avenue Express is suing Hapag-Lloyd to collect $258,000 in refrigerated container detention fees, the first lawsuit of its kind filed by a trucking company for overcharges related to storage and late fees.
Global air cargo demand was up 9.4% in October from the same period in 2019, while capacity constraints slightly eased, new data shows.
Chinese air freight rates are expected to remain high following a new rule barring the shipment of cargo in the upper decks of passenger aircraft.
COVID-19 hospitalizations in Massachusetts have more than doubled over the past month, while the state’s daily case average has climbed to its highest level in almost a year. The state administration distributed more than 2 million free tests to local officials, hoping to curb transmission from holiday gatherings.
New COVID-19 cases in Chicago public schools hit a pandemic record, as case numbers rise broadly across the city. The NBA is postponing the next two Chicago Bulls games due to a COVID-19 outbreak among many players and staff.
Philadelphia will begin requiring proof of a COVID-19 vaccine for indoor dining.
Pfizer today announced that its experimental COVID-19 antiviral pill was 89% effective in preventing deaths and hospitalizations among high-risk people exhibiting symptoms, in a study of 2,250 patients.
Twenty-seven Air Force members were discharged over refusal to get vaccinated against COVID-19, the branch’s first such removals under the policy.
The Federal Reserve will meet today for the first time since signaling the need for quicker policy shifts against inflation last month. Any announcements would come at the close of business tomorrow, as the central bank grapples with four-decade-high inflation…
The standard two-dose COVID-19 vaccine regimen provided less protection against Omicron than Delta, new research from the U.K. found. South African researchers say the Pfizer vaccine’s effectiveness in stopping Omicron hospitalizations is about 70%.
Israel will break its pandemic-induced ban barring foreigners from entering the country to import tech workers as the nation confronts a labor shortage.
Wholesale prices in Germany rose 16.6% year over year in November, the largest annual rise in nearly 60 years.
Toyota announced plans to accelerate its electric vehicles (EVs) program, aiming to introduce 30 models by 2030 and moving its luxury Lexus brand to 100% EVs by 2035.
Walmart created a new supply chain finance program to help small and mid-size companies operate sustainably, as the retailer aims to eliminate 1 billion metric tons of emissions from its global suppliers by 2030.
The U.K. launched its largest ever round of financial support for renewable energy projects, pledging to distribute $377 million over three bidding periods.
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