U.S. natural gas futures retreated from three-week highs Tuesday on forecasts for milder weather and less heating demand than previously expected. But natural gas futures bounced 1.7% higher to $4.12/MMBtu in late morning trading yesterday, as wintry weather took hold in parts of the country.
Boston gas price tracking firm GasBuddy predicts U.S. gasoline prices to peak at $3.79/gallon in May while staying generally higher for most of next year.
European natural gas prices fell almost 10% yesterday on a flood of incoming U.S. LNG cargoes at a time when industrial shutdowns and warm weather are curbing demand. Some U.S. vessels are diverting from planned routes to make their way to Europe amid an increasingly volatile energy situation caused by halted Russian gas flows.
Russia is expected to miss its May target of reaching pre-pandemic levels of oil output due to slowed production from Siberian wells.
Ecuador, Libya and Nigeria have each claimed force majeure on parts of their oil production this month due to maintenance issues and oilfield shutdowns.
China completed the first 1,000-MW unit of a major new coal generating facility in Inner Mongolia, the country’s largest site under construction.
Our most recent list of force majeure and allocation announcements from suppliers is here.
The Ports of Los Angeles and Long Beach declined to impose new container dwell fees for a seventh consecutive week on signs of eased congestion.
A 1,000-TEU containership is under investigation after ramming into a Taiwanese dock and causing extensive damage on Dec. 26.
UPS will raise its fuel surcharge up to 10% for domestic air and ground services starting Jan. 3, the company’s third fuel surcharge hike in less than eight months.
Apple is doling out stock bonuses up to $180,000 for some employees to prevent labor shortages caused by defections to other tech companies.
Prices for palm oil, the world’s most consumed edible oil, are expected to stay excessively high in 2022 due to a chronic worker shortage in top producing countries and heavier rains than usual in growing regions.
The U.S. reported 377,014 new COVID-19 infections and 2,337 virus fatalities Tuesday. The seven-day average for new COVID-19 infections hit a record 265,427, shattering the previous record of 252,000 infections per day from January 11.
Roughly 59% of new U.S. COVID-19 cases are from the Omicron variant, new data shows, while evidence suggests hospitalizations are less likely from the strain than other variants.
COVID-19 fatalities among young people are greater than at any time during the pandemic.
COVID-19 hospitalizations among U.S. children rose 35% last week to the highest levels of the pandemic, despite research showing the Omicron variant is not more severe for the age group than other strains. At a hospital in Washington, D.C., test positivity rates for children surpassed 50%, while in New York City the number of hospitalized children has risen fivefold since the start of December.
COVID-19 hospitalizations in New York state jumped at the fastest pace since April 2020 yesterday, as roughly 2% of Manhattan’s population tested positive for COVID-19 last week and the city’s seven-day positivity rate rose to 20%.
California became the first state to top 5 million COVID-19 cases. COVID-19 hospitalizations in the state are up 14% from a week ago to the most since October.
Texas’ COVID-19 positivity rate is above 20%, the highest level of the pandemic. Dallas County elevated its COVID-19 risk level to Red as hospitalizations jumped 50% in the past week amid soaring infections.
The seven-day average of new COVID-19 infections in Illinois hit a record 16,040 yesterday. Illinois officials are telling residents not to attend large New Year’s gatherings due to rising COVID-19 infections straining the state’s healthcare resources.
M. Holland will be closed Friday, Dec. 31 for the New Year’s holiday. We wish all a safe and happy new year!
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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