Oil prices settled higher Wednesday after OPEC+ said it would stick to a 400,000-bpd production increase in March. Futures were up in late-morning trading, with WTI higher by 0.4% at $88.59/bbl and Brent up 0.3% at $89.75/bbl.
A cold blast sent U.S. natural gas prices soaring over 12% Wednesday, with heating demand expected to be very high throughout the weekend. U.S. natural gas futures were down 11.6% in late-morning trading today at $4.86/MMBtu.
Ford says the onboard battery capability of its F-150 Lightning model is strong enough to power a home, as the automaker begins to work with U.S. solar firm Sunrun to enhance home energy independence.
Illinois, Missouri and Oklahoma are under a state of emergency due to a severe winter storm sweeping across the Great Plains to the Northeast. More than 2,000 flights were canceled Wednesday while authorities cautioned against road travel due to snow and ice.
Power plants in Texas are running on overdrive to keep up with high energy demand forecast to last until Sunday.
Transit times on some international maritime routes are 20 days longer than a month ago, as global shipping congestion shows no sign of easing.
Reduced container capacity on intra-Asia trade routes is driving up rates on lanes heavy with manufacturing components.
COVID-19 cases in New York state dropped 90% over the past month and 50% the past week, while virus hospitalizations have fallen 33%.
Unvaccinated people in Los Angeles were 23 times more likely to be hospitalized with COVID-19 than vaccinated peers during the latest Omicron wave, new data shows. Across the nation, unvaccinated people are 97 times more likely to pass away from COVID-19, the CDC said.
Ohio-based medical product maker Thermo Fisher Scientific topped quarterly profit and sales estimates and said revenue from COVID-19 test sales would be $1 billion higher than initially forecast this year.
California chip maker Qualcomm bested Wall Street expectations with $10.7 billion in sales and $3.4 billion in net income in the most recent quarter, bolstering upbeat sales projections for 2022 as semiconductor demand remains strong.
Tokyo reported 21,576 new COVID-19 cases Wednesday, crushing a previous record by nearly 4,000 cases.
Australia took hope in a flattening of new COVID-19 infections and a decline in hospitalizations.
Beijing reported roughly 31 new COVID-19 cases per day the past week as officials try to tamp down concerns ahead of the start of the Olympics Friday. The nation is significantly bolstering land barriers in a bid to prevent importing COVID-19, adding to concerns about the fluidity of regional trade.
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