Finland’s first floating storage and regasification unit anchored this week, heralding a major move in the country’s goal of reducing dependence on Russian gas.
In the latest news from Winter Storm Elliott:
Western New York is still dealing with significant transport fallout from Elliott, while the region’s death toll rose to 37. Thawing snow could now lead to flooding, prompting authorities to bring in state and military police for traffic control.
Natural gas production at EQT Corp., the nation’s largest producer, fell 30% as Winter Storm Elliott impacted the Appalachian Basin.
Southwest Airlines canceled over 60% of its schedule again on Wednesday, bringing total cancellations to more than 11,000 flights since Dec. 22. Rival airlines begin capping fares in some cities in response to an influx of last-minute transfers from Southwest, while Congress joined in an administrative probe of the carrier’s operational failures.
A parade of storms is expected to bring rain, wind and snow to the West Coast over the next week-and-a-half.
The average U.S. diesel price fell to $4.537 per gallon Wednesday, marking a decline of 80.4 cents over the past seven weeks.
The Port of New York and New Jersey ranked as the busiest port in the U.S. for a fourth consecutive month in November, handling 723,069 TEUs of cargo, down 4.8% from the same month last year but up 20.6% from pre-pandemic levels.
Dwell times for containers at the ports of Los Angeles and Long Beach have returned to pre-pandemic levels of around 2.8 days, reflecting improving congestion conditions amid a steep drop in inbound containers.
Congestion is easing at the Port of Oakland after container throughput fell 15% in November compared to a year ago.
China-West Coast container rates dropped to $1,378 per FEU this week, down 93% from an all-time high in September 2021 and nearly matching pre-pandemic levels.
Electric vehicles and hybrids surpassed 10% of U.S. light-duty car sales in the fourth quarter of 2021:
The U.S. reported 104,201 new COVID-19 infections and 901 virus fatalities Wednesday.
Severe attendance issues at U.S. schools are persisting even after the pandemic conditions that prompted them subside.
Initial jobless claims rose by 9,000 last week to 225,000, somewhat higher than expected and the highest level since February.
The U.S. leading economic index, a compilation of 10 economic gauges, fell a sharp 1% in November, twice the decline expected and the ninth consecutive monthly decline. While the economy continued to expand, the index was brought down by high inflation, a weakening jobs market and a soft housing market.
The Richmond Fed’s manufacturing index, measuring activity from Maryland to South Carolina, saw its first expansion since April, the latest data shows:
U.S. pending home sales fell 4% in November, their sixth straight month of declines to the second-lowest level on record.
High-end metro U.S. home sales slumped 38% in the three months ended Nov. 30, the biggest drop on record, according to real estate brokerage Redfin.
Data suggests U.S. inflation hit middle-income households the hardest in 2022, with purchasing power from paychecks falling 2.9%, the largest drop of any population segment. Buying power increased for the bottom and top fifths of households.
Five countries, including the U.S. and Japan, now require negative COVID-19 tests for all inbound travelers from China. Italy imposed the rule after nearly half of Chinese passengers on flights to Milan were infected with the virus.
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