Oil prices rose several percentage points on Monday as demand concerns over the COVID-19 Omicron variant cooled. Fear returned in late morning trading, with WTI down 4.3% at $66.97/bbl and Brent down 3.7% at $70.75/bbl. U.S. benchmark WTI is headed for its biggest monthly loss since March 2020.
U.S. natural gas prices were down 6.8% in late morning trading to $4.52/MMBtu.
Our most recent list of force majeure and allocation announcements from suppliers is here.
The backlog of ships anchoring outside the Port of Vancouver rose to 54 over the weekend, including nine container ships, as the Canadian government sent $4.1 million in emergency relief to ease bottlenecks after a series of floods.
Seattle’s port operator will impose new dwell fees Dec. 1 for containers that spend more than five days at terminals.
Volume at the Port of Oakland fell 20% in October from a year earlier, as cargo ships bypassed the gateway to head directly back to Asia to make up for lost time after long delays at Southern California ports.
The Port of Long Beach will increase its annual capacity by 1 million TEUs in December with the opening of a third vessel berth.
Maersk expects container demand to grow 7% the rest of the year before easing in 2022.
The chief executives of major U.S. firms including Walmart, CVS, Best Buy and Samsung North America affirmed they have ample inventories for the holiday season despite continued supply chain disruptions.
The FTC is requesting data from large U.S. firms including Amazon, Walmart and Procter & Gamble in a probe of potential anticompetitive activity resulting from supply chain disruptions.
The U.S. Commerce Secretary is urging Congress to spend $52 billion to boost domestic production of semiconductors.
U.S. regulators are seeking a response from Norfolk Southern over deteriorating service metrics and rising complaints in recent weeks.
Mexican regulators approved Canadian Pacific’s $31 billion acquisition of Kansas City Southern, which would link 20,000 miles of rail through Mexico, Canada and the U.S.
For a partial list of automotive disruptions caused by semiconductor and component shortages, clickhere.
The U.S. reported 208,745 new COVID-19 infections and 1,962 virus fatalities Monday.
Moderna’s chief executive said the world may need new vaccines as current shots won’t provide the same level of protection against the COVID-19 Omicron variant as they do against Delta. The announcement sent U.S. equities and oil prices plunging early Tuesday morning.
Online spending on Black Friday hit $8.9 billion this year, slightly less than in 2020, as in-store shopping rose nearly 50%. It was the first decline in overall Black Friday sales on record, with 45% of shoppers using “buy now, pay later” financing.
Early data suggests this year’s Cyber Monday sales were mostly flat with last year’s $10.8 billion, as retailers offered fewer discounts due to global supply chain disruptions.
U.S. localities are reporting improved sales on Small Business Saturday, as data continues to be gathered on how this year’s performance stacks up to last year’s $19.8 billion in sales for the day.
Pending U.S. home sales rose a faster-than-expected 7.5% from September to October, largely concentrated in the Midwest and South.
A global surge of the COVID-19 Omicron variant is highly likely, the World Health Organization said. Symptoms of the variant appear to differ from other COVID-19 variants and include fatigue, head and body aches, sore throats, and coughs.
Children under age 2 account for 10% of hospital admissions from the COVID-19 Omicron variant in Tshwane, South Africa. Health experts say the nation’s daily infection count could triple by the end of the week due to the variant, as lawmakers consider upping pandemic restrictions.
The U.K. reported 42,583 new COVID-19 cases and 35 virus fatalities Monday. The nation has expanded eligibility and cut the minimum amount of time for a COVID-19 booster jab to three months in a bid to accelerate vaccinations.
COVID-19 hospitalizations in France surged by 470 the past 24 hours, the most since March.
Tesla will invest $188 million on upgrades at a Shanghai plant as the facility nears exhausting its current production capacity.
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.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
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