Oil prices were flat Monday, while futures were lower in late morning trading Tuesday, despite a new report from the International Energy Agency suggesting rising demand for transportation fuel and continued shortages of natural gas will outweigh near-term production increases from the U.S., Saudi Arabia and Russia. WTI was down 0.5% to $80.51/bbl, while Brent was off 0.1% to $82.00/bbl. U.S. natural gas was 5.5% higher at $5.30/MMBtu.
European natural gas futures jumped 12% to a three-week high yesterday after German regulators suspended certifying Russia’s Nord Stream 2 gas pipeline. The news came just as Russia announced it would begin increasing gas flows to Germany.
A boost in revenues from offshore oil fields drove Norway’s trade surplus to a record $9.73 billion in October, more than 60% higher than the same time last year.
U.S. Appalachian coal prices climbed to $89.75/ton on the spot market last week, a 12-year high.
Germany’s RWE, the nation’s largest power producer, announced plans to invest $57 billion through 2030 to double its green energy capacity to 50 gigawatts.
Indonesia, the world’s top importer of thermal coal, will open its carbon trading market on April 1, 2022, with high-emitting firms required to purchase offsets or pay a tax of $2.10 per metric ton of CO2 above allowable levels.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Container rates on Asia-U.S. West Coast routes fell by more than 25% last week, the biggest decline in two years as peak inventory reshelving season winds down.
The Ports of Los Angeles and Long Beach delayed implementing a new container “dwell” fee on ocean carriers until at least Nov. 22, citing progress in clearing containers without the penalty. The number of anchored container ships waiting off the coast remained near all-time highs at 82.
Delays at the Panama Canal have led to a 20% week over week increase in Very Large Gas Carrier spot rates alongside an average wait time of 18 days for vessels to pass through.
Elevated trucking rates led Pitney Bowes to increase its trucking capacity by 42% from last year, a bid to lower the shipping services company’s exposure to the spot market and other third-party transporters.
The number of vehicles eliminated from production schedules by the global computer ship shortage surpassed 10 million.
Stellantis, the maker of Jeep SUVs and Chrysler minivans, is laying off a 200-person crew at a northern Indiana transmission plant, citing decreased production due to the global chip shortage. The news comes a week after the automaker announced the layoff of 400 workers at an assembly plant in Illinois.
Despite an 11% cut in production volumes, Tyson Foods saw revenue rise 12% to $12.81 billion in the third quarter, pushed up by higher prices in grocery stores and restaurants. The cost of cattle jumped by one-fifth annually in the latest quarter, the firm said, while logistics expenses rose 30%.
For a partial list of automotive disruptions caused by semiconductor and component shortages, click here.
New daily COVID-19 cases in the U.S. jumped 23% over the past two and a half weeks to an average of 78,500, with 21 states reporting a rise of at least 10%. The nation reported 143,685 infections and 1,271 virus fatalities Monday.
More than 80% of Americans have COVID-19 antibodies through vaccination or infection, new research shows.
The White House is encouraging those vaccinated against COVID-19 to celebrate together for the holiday season. Meanwhile, survey results show roughly two-thirds of vaccinated Americans are banning unvaccinated relatives from winter gatherings, and almost 75% plan to confine celebrations to family.
Minnesota now has the worst weekly COVID-19 case rate in the nation. More than 95% of the state’s available inpatient hospital beds have been filled by virus and non-virus patients, leading to cutbacks at emergency departments.
Vermont reported 222 new COVID-19 cases Monday, giving it the fifth-highest rate of new virus cases in the nation.
COVID-19 cases in Nevada are on the rise, with the state’s test positivity rate rising to 7.4% from 6.7% a week prior.
A growing number of Massachusetts public schools are removing mask mandates after the state reached a milestone of fully vaccinating 80% of its population. In a broader national trend, school districts are frequently allowing students to stay in classes even after exposure to the virus if they test negative.
Three snow leopards at Nebraska’s Lincoln Children’s Zoo died from complications resulting from COVID-19 infections.
A federal judge upheld the White House’s COVID-19 vaccine mandate for military personnel. The vaccine mandate for large businesses, however, remains blocked after a federal appeals court ruling last Friday, while labor organizations are calling for the mandate to be expanded to small businesses if it is reinstated.
Roughly half of people who survive COVID-19 report experiencing at least one symptom six months or more after their initial recovery, aligning with new research showing the same result in children between the age of 6 and 16.
U.S. flu shots are down 8% this year from the same period in 2020.
U.S. unemployment remained elevated at 4.6% in October, while the economy still had roughly 5 million fewer jobs than before the pandemic.
Leisure and hospitality continued to have the most difficulty filling positions:
Real estate investors bought more than 90,000 U.S. homes in the third quarter, a 10% increase from the prior quarter and 80% more than the same time last year.
Retail sales rose 1.7% last month, despite rising COVID-19 cases and inflation concerns, beating economist estimates.
Gold futures had their best week in roughly five months, rising 2.9% to $1,868.50 per troy ounce last week as inflation concerns drove broad gains in non-cash assets.
International student enrollment at U.S. colleges and universities rose 4% this year following last year’s steep decline of 15% amid the tightest travel restrictions of the pandemic.
Salaries for MBA graduates are soaring in the tight labor market, with projections of a $115,000 average this year from $105,000 last year.
Russia continues to break COVID-19 records day after day, with an all-time high of 1,241 virus fatalities recorded Saturday.
The number of South Koreans with severe COVID-19 symptoms rose to 495 yesterday, an all-time high.
The major transport hub of Singapore announced plans to reopen travel lanes to vaccinated people from India, Indonesia, Qatar, the UAE and Saudi Arabia.
Tokyo reported just seven new COVID-19 cases Monday, its lowest single-day tally of 2021, aided by the highest full COVID-19 vaccination rate among G7 nations at 75.5% of people. The news comes amid estimates that previous cases in the nation’s capital were four times higher than originally thought.
A new COVID-19 variant identified as B.1.X or B.1.640 has been detected in the U.K., France, Switzerland, Scotland and Italy, raising early concerns among scientists and health experts.
A virtual meeting between the U.S. and Chinese presidents yesterday was hailed as a positive exchange that sent strong signals of a turnaround in relations, despite many lingering differences.
Saudi Arabian Airlines is mulling ordering more than 100 Boeing or Airbus jets in a bid to increase tourism to the nation, with plans to have 250 aircraft operating by 2030.
At M. Holland
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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