Oil prices fell roughly 2% Friday to end the week with a loss. Crude futures sank further in late morning trading on Omicron fears, with WTI down 5.6% at $66.91/bbl and Brent down 4.7% at $70.09/bbl. U.S. natural gas was 4.8% higher at $3.87/MMBtu.
The U.S. active oil rig count rose by three to 579 last week, the most since April 2020.
Goldman Sachs expects global oil consumption to hit record highs in 2022 and 2023.
LNG prices in Asia soared last week, rising 21% from the week prior to an average of $43.35/MMBtu.
Polish utilities are raising rates by as much as 24% next year due to high wholesale energy prices and the cost of purchasing CO2 emission rights.
Global coal-fired power demand will likely reach an all-time high this year and next due to surging demand in China, the world’s largest consumer of the fuel, as well as India and the U.S.
Russian officials believe the Nord Stream 2 gas pipeline to Germany could be operational by next month, much quicker than German regulators have signaled, due to the energy shortage keeping prices high in Europe.
For the first time ever, the Chicago Mercantile Exchange will offer public trading on container freight futures for six global routes starting in February 2022. Along with bringing more visibility to the industry, the move could allow logistics operators to better protect against the sort of price volatility made commonplace by the pandemic.
Moderna said a booster of its COVID-19 vaccine raises antibodies against the Omicron variant and that a double-dose booster significantly improves the protection, while a booster of China’s Sinopharm vaccine appears to have limited effect against the variant.
A Royal Caribbean ship docked in Miami with 48 COVID-19 infected passengers, most of whom were vaccinated, raising concerns about the outlook for the cruise industry.
An index of activity in the U.S. services and manufacturing sectors fell to 56.9 in December from 57.2 last month, the slowest pace of expansion in three months.
Economists expect more Americans to return to the labor force as record household savings during the pandemic begin shrinking.
Overshadowed by last week’s announcement that the Federal Reserve would raise interest rates three times next year, the central bank also raised its maximum target rate for year-end 2022 from 0.75% to 1%:
“Buy now, pay later” plans are booming in the U.S., posing difficulties for accurate consumer credit reporting.
Boeing made 34 aircraft deliveries in November, bringing its year-to-date total to 302 compared to 118 the same time last year. Tightened inspections are expected to sideline deliveries of the company’s advanced carbon-composite 787 Dreamliner jet until April 2022, which has reduced summer schedules for at least one U.S. airline.
BMW plans to assemble its X5 mid-size SUV in China.
At M. Holland
M. Holland will be closed Friday, Dec. 24, for the Christmas holiday. We will be closed Friday, Dec. 31, for New Year’s Eve.
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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