Oil prices finished higher Wednesday, buoyed by a surprise 400,000-barrel decline in U.S. crude inventories last week and a drop in gasoline stocks to their lowest level in almost two years. Brent closed above $83/bbl, the highest in seven years, as year-to-date growth in global crude prices has exceeded 60%.
Crude futures were lower in late morning trading, with WTI down 2.5% to $81.33/bbl and Brent down 2.3% to $83.87/bbl. Natural gas was 2.3% lower to $5.05/MMBtu.
The number of vessels waiting to berth outside the ports of Los Angeles and Long Beach is hovering near 100, a record.
The infinite product variety taken for granted in globalized supply chains could fall by the wayside as supply chain disruptions brought on by the pandemic boost efforts to shrink supply chains and avoid systemic shocks.
Adobe predicts “out of stock” messages on online retail websites will rise 172% this holiday season from last year and 360% from two years ago.
Global ports operator ICTSI handled 5.45 million TEUs in the first half of 2021, up 14% from the same time last year as the firm predicts global supply chain disruptions to continue for the foreseeable future.
The White House has reportedly considered sending National Guard troops to backlogged U.S. ports in a bid to alleviate supply chain disruptions.
The shortage of U.S. truckers has risen to a record-high 80,000, up 30% from pre-pandemic levels.
Higher per-mile incentive pay for truck drivers is being offset by extended wait times to load and unload, with average wait times since June extending two hours or longer.
XPO Logistics opened a 150,000-square-foot LTL terminal near Chicago, its 14th service center in Illinois, to help alleviate the backlog in one of the nation’s critical shipping hubs.
French carmaker Renault is forecasting a production shortfall of 300,000 vehicles this year, up 80,000 units from previous estimates, while global production losses among all carmakers could exceed 11 million units.
Amazon is offering bonuses of more than $4,000 to attract British workers ahead of the holiday season.
For a partial list of automotive disruptions caused by semiconductor and component shortages, clickhere.
Our Logistics team reports the following:Bulk trucking capacity is very limited as demand is exceeding supply.
Dry van (full, partial and less-than-truckload) capacity is very limited as demand exceeds supply.
Port congestion continues to be very problematic, delaying deliveries of imported containers.
Packaging and pulverizing/grinding production challenges persist as demand is exceeding supply
The U.S. reported 86,759 new COVID-19 infections and 3,071 virus fatalities Wednesday.
The new COVID-19 mutation spreading in the U.K. has been detected in North Carolina, California and Washington, D.C., with early data suggesting it could be 10% more transmissible than Delta.
Through August, U.S. COVID-19 fatalities among men during the pandemic have exceeded deaths among women by 65,000.
The White House is preparing to distribute COVID-19 shots to children as young as five at doctors’ offices, pharmacies and schools ahead of expected regulatory clearance in the coming days.
Wildfire smoke has more serious health effects on densely populated areas in the eastern U.S. compared to the West, new research shows, with roughly 75% of all smoke-related asthma emergencies and deaths reported east of the Rocky Mountains over the past decade.
U.S.-based wind and solar producer NextEra Energy added a record 2,160 megawatts to its backlog of projects in the third quarter, with profits rising sharply to $619 million.
COVID-19 infections across Europe rose 7% last week to 1.3 million.
COVID-19 infections in the U.K. increased 16% the past week, as the nation suffers more new cases than France, Germany, Italy and Spain combined. The country reported 49,139 new cases and 179 deaths Wednesday, as healthcare leaders call for renewed pandemic restrictions and government officials warn daily infections could rise again to 100,000 or more.
Russia posted 1,028 COVID-19 deaths Wednesday, its third record in as many days, as Moscow imposed a week-long workplace shutdown across the nation starting Oct. 30. Moscow’s mayor ordered unvaccinated people over 60 or in ill health to remain home for the next four months.
Poland reported more than 5,000 new COVID-19 infections Thursday, the most in five months.
A record 538 people died in Ukraine Tuesday, which has the lowest vaccination rate in Europe, as health officials grapple with widespread vaccine skepticism and the spread of counterfeit vaccine certificates.
Protesters took to the streets in Bulgaria in opposition to the nation’s “Green Certificate” COVID-19 passport program that takes effect today.
Serbia, suffering thousands of daily COVID-19 infections and about 50 deaths a day, is imposing a vaccine passport requirement to enter indoor venues after 10:00 p.m.
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