Oil prices fell more than 7% Monday, the largest daily decline since March, after OPEC agreed to boost its output over the coming months and concerns grow about the spreading Delta variant of COVID-19. Futures were higher in morning trading, with WTI up 0.7% at $66.85/bbl and Brent up 0.6% at $69.02/bbl. Natural gas was 2.1% higher at $3.86/MMBtu.
Goldman Sachs expects Brent crude to hit $80/bbl this summer on rebounding demand, despite OPEC’s agreement to add 400,000 bpd each month beginning in August.
Saudi Arabian crude exports increased to 5.6 million bpd in May, the most in four months.
BP and Germany’s EnBW have submitted a joint bid for offshore wind acreage off Scotland’s east coast that could end up producing 2.9 gigawatts of capacity.
The world’s largest carbon capture and storage project in Australia missed initial targets for injecting CO2 underground, highlighting the practical challenges of achieving ambitious environmental goals.
Our most recent list of force majeure and allocation announcements from suppliers is here.
A fourth heat wave struck the U.S. West and western Canada over the weekend, with unusually high temperatures expected to persist throughout the week.
Firefighters are working to contain roughly 80 large wildfires that have burned more than 1.2 million acres in the U.S. West:
Oregon’s Bootleg Fire, the nation’s largest, has burned more than 350,000 acres and forced thousands to evacuate.
California utility PG&E fears its equipment may have started the Dixie Fire burning in the Sierra Nevada, which has grown to more than 30,000 acres.
Lake Tahoe’s Tamarack Fire has spread to more than 18,000 acres with zero containment, prompting evacuations.
Chinese electricity providers are starting rolling blackouts amid record demand caused by extreme high temperatures in many regions, a similar situation to the U.S. West in recent weeks.
The ongoing global semiconductor shortage is taking its toll on the smartphone industry, with shipments expected to be down 10% in the second quarter and many companies forced to delay product launches.
Volvo’s second-quarter operating profit fell short of expectations, while the company warned of further production disruptions caused by the global computer chip shortage in the second half of the year.
Taiwan’s export orders, a bellwether for global tech demand, rose a larger-than-expected 31.1% in June from a year earlier, the 16th month of expansion.
Contractors report higher instances of shelling out their own money to cover excessive project costs, a result of rising materials prices that have upended the bidding market.
The FAA suspended operations of Hawaii-based Rhoades Aviation after one of its cargo jets crash-landed in the ocean earlier this month.
Average U.S. daily COVID-19 cases have more than doubled in the past two weeks, rising from 13,200 July 4 to more than 32,300 July 18. The country reported 52,111 new infections and 212 virus deaths Monday.
Los Angeles County, the nation’s most populous, is averaging more than 10,000 new COVID-19 cases per week, mostly caused by the Delta variant. Meanwhile, local governments in California’s Bay Area are asking fully vaccinated people to wear masks indoors, consistent with the U.S. surgeon general’s support of reissued mask mandates.
New York City’s mayor will not renew an indoor mask mandate despite rising COVID-19 cases throughout the city, with the weekly average ticking up more than 64% compared to a month ago. New York state’s single-day COVID-19 infections topped 1,000 Sunday for the first time since May.
Virginia is averaging 336 new COVID-19 cases per day, more than double the infection rate of the previous month and the highest since May.
Major U.S. stock indexes fell more than 2% yesterday, the steepest decline since October, over fears of higher inflation and increased outbreaks of the COVID-19 Delta variant.
U.S. mortgage rates dropped for a third straight week, with the average 30-year fixed rate falling to 2.88%, a five-month low.
Last year’s two-month economic recession from March to April was the shortest on record, U.S. data shows, ending the nation’s longest recorded economic expansion that begin in June 2009 and lasted 128 months.
After nearly 50 years of making the Passat and its predecessor models, Volkswagen will stop producing and selling the sedan in the U.S. after 2022 in favor of SUV production at its assembly complex in Chattanooga, Tennessee.
Up to 3 million people may be unable to afford a healthy diet because of the pandemic, new research shows, worsening maternal and child nutrition in many low- and middle-income countries.
New research from China highlights the development of a new degradable plastic that breaks down after being exposed to sunlight and air for only one week.
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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We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.
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