Oil prices eased slightly from seven-year highs Thursday, reversing course in late morning trading today as they head for a sixth straight week of gains. In late morning trading, WTI was up 1.2% at $87.74/bbl and Brent was up 1.5% at $90.70/bbl. U.S. natural gas was 10.7% higher at $4.74/MMBtu.
Los Angeles council members voted unanimously to suspend oil drilling in the city, which had one of the highest concentrations of urban oil wells in the 20th century.
U.S. refiner Valero posted quarterly earnings well above Wall Street expectations Thursday, with margins tripling on the back of higher demand and fuel prices.
Oil-wealthy Norway’s sovereign wealth fund, the world’s largest, posted its second-best return in history last year.
Dow Chemical Company reported a 34.2% rise in sales last quarter, beating Wall Street expectations.
Italian oil field servicer Saipem, formerly a subsidiary of the nation’s Eni oil major, is in the early stages of constructing a new domestic CO2 capture project.
The U.S. administration authorized $25 million in funding for wave power generation off the coast of Oregon.
Supply Chain
A severe winter storm is expected to sweep across parts of the U.S. East Coast this weekend and could develop into a major nor’easter with the potential to drop more than a foot of snow in some places, forecasters say.
The average spot rate per 40-foot container from Shanghai to Los Angeles rose to $11,197 for the week ending Jan. 20, up 6.4% from the first week of the year and 168% higher than the same time a year ago.
The backlog of container ships at South Carolina’s Port of Charleston could take six weeks to clear, port officials say.
In the largest disaster mobilization in its history, the U.S. Postal Service has added thousands of temporary employees and converted more than 40 facilities to deliver the 500 million COVID-19 test kits promised to citizens by the White House.
Britain’s critical shortage of truck drivers is easing, U.K. logistics firms report.
Eastern European factories are withering under high energy bills, which have more than doubled in the past year in some cases.
United Airlines became the first U.S. carrier to open its own flight school, with plans to train 500 new pilots a year as the industry faces a severe pilot shortage caused by the pandemic, with a projected 12,000-pilot shortfall by next year.
Procter & Gamble and snack food maker Mondelez are set to further raise product prices due to higher input costs.
PPG Industries has diversified resin sourcing and saw a 30% jump in raw material costs year-over-year in the fourth quarter, as some facilities experienced 40% absenteeism due to COVID-19 call offs.
California surpassed 8 million COVID-19 cases since the start of the pandemic, with 2.5 million of those added in January alone. One in five Californians has been infected.
Just 229,000 people were added to the U.S. population in the first year of the pandemic as deaths exceeded births in about half of states.
10 million U.S. healthcare workers were required to be vaccinated against COVID-19 as of yesterday, as the White House’s mandate took effect across a patchwork of states.
U.S. labor costs were up 4.0% year over year in the fourth quarter and are rising at the fastest rate in two decades, new data shows.
Most new electric vehicle (EV) owners would not switch back to gas cars despite the lack of charging infrastructure, new surveys show. Production facilities continue to see the bulk of EV funding in the U.S.
Microsoft’s record revenues in 2021 came on the shoulders of higher demand for cloud-based corporate IT and traditional software offerings, the firm’s largest revenue streams:
McDonald’s reported a better-than-expected 7.5% increase in U.S. same-store sales last quarter, largely a result of higher menu prices. The chain will expand its offering of the McPlant, a meatless burger developed in partnership with Beyond Meat, to 600 new locations throughout Texas and California on surging demand.
Germany risks falling into its second recession of the pandemic after the government reported a disappointing 0.7% GDP shrink last quarter.
Turkey’s inflation rate could surpass 23% this year as the nation’s monetary crisis worsens, economists say.
Already America’s second-biggest employer, Amazon has invested nearly $90 billion in Europe and the U.K. since 2010, revitalizing small towns where it builds facilities as it prepares for even more expansion.
British car output fell 6.7% to 860,000 units last year, the lowest since 1956.
Our Healthcare team has published a revised Medical Resin Selector Guide containing additional resins, new focus grades and new 3D printing resins.
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