We are sponsoring MAPP’s Benchmarking & Best Practices Conference in Indianapolis on Oct. 5-7! If you’re planning to attend, don’t forget to stop by M. Holland’s booth and tune in for our session featuring Debbie Prenatt, Market Manager, Sustainability. Click here to read more.
Supply
Oil fell 1.5% Tuesday, putting Brent and WTI on track for their worst quarterly percentage drop since the start of the pandemic.
In mid-morning trading today, WTI futures were up 0.5% at $84.34/bbl, Brent was up 0.6% at $91.18/bbl, and U.S. natural gas was up 0.2% at $7.74/MMBtu.
U.S. crude stocks rose a smaller-than-expected 1.035 million barrels last week, according to the American Petroleum Institute. Government data is due today.
Officials in Monterey County, California, advised residents to shelter in place after a Tesla Megapack, a large industrial battery system, caught fire, spewing toxic smoke and forcing road closures.
Benchmark Canadian heavy oil prices will likely rise soon as U.S. refiners return to the market when releases from U.S. reserves end.
Texas added a robust 2,600 new oil and gas jobs in the upstream sector last month, building on over 44,000 job gains the past two years.
Haiti is seeing massive social unrest after the government moved to raise fuel prices Tuesday.
The spread between natural gas prices from the Waha Hub in West Texas — near the prolific Permian Basin — and Louisiana’s benchmark Henry Hub price has widened this year due to pipeline maintenance constraints in the Permian basin and production levels:
U.S. senators are lobbying for support of a new bill that would impose secondary sanctions on Russian crude by punishing banks and brokers that trade in the nation’s oil above a certain price.
Europe is on track to import 1.65 million bpd of Russian diesel this month, 190,000 bpd over August as nations stock up on the fuel ahead of a February ban.
Some 80% of Puerto Rican homes and businesses still lack power from the impact of Hurricane Fiona, now bearing down on more Caribbean archipelagos as a Category 3 storm. U.S. officials are calling for an investigation into Puerto Rico’s grid operator as billions of dollars in aid have failed to prevent widespread outages.
At least nine people died Tuesday after a warehouse near Brazil’s largest city of Sao Paulo collapsed.
With an index of spot container rates down 44% over the past six months, freight liner executives predict a further, gradual decline in rates
Revenue at FedEx’s ground unit is currently $300 million below forecasts, in line with the firm’s prediction of a slowdown in e-commerce shipments.
DHL Supply Chain is adding 12 million square feet of warehouse space in India under a $500 million expansion plan.
DHL North America expects to deploy 2,000 collaborative robots this year, up from 1,500 last year, while GXO Logistics expects to use more than 5,800 robots globally this year, up from 3,800 last year.
Schneider Electric is nearing agreement to buy out minority shareholders of Aveva Group in a deal valuing the industrial software developer at about $10.6 billion, according to reports.
Domestic Markets
The U.S. averaged 54,152 new COVID-19 infections and 355 virus fatalities over the past seven days. New infections are up 3% the past month.
Health experts say COVID-19 could indefinitely cause up to 188,000 deaths a year, putting the illness on par with Alzheimer’s, lower respiratory diseases and stroke.
Only 34.9% of eligible Americans over age 5 have received a COVID-19 booster shot since the first batch was made available last year. For children under 5 years old, just 325,000 have received both standard shots.
The Justice Department charged 47 people associated with a Minnesota nonprofit for stealing $250 million in pandemic aid, the largest theft uncovered to date.
A recent Gallup poll found that 1 in 3 U.S. workers are “very” or “moderately” concerned about catching COVID-19 after returning to work.
The U.S. Federal Reserve is likely to raise interest rates by another 75 basis points today to rein in inflation. Expectations for higher rates have bolstered the U.S. dollar, which remained near a two-decade high against peers on Tuesday.
U.S. homebuilding surged to an annualized rate of 1,575 million units in August, led by a 36-year high in the construction of multifamily properties. Lumber futures rebounded from a one-year low on the news.
Higher rents are emerging as a major driver of overall U.S. inflation, remaining elevated when prices for many other products and services are starting to ease. Rents for single-family homes were up 12.6% in July compared with the year-ago period.
Pandemic staffing shortages at U.S. restaurants are easing, industry leaders say.
Walgreens Boots Alliance plans to buy the remaining 29% stake it does not already own in specialty pharmacy Shields Health Solutions for $1.37 billion as the firm diversifies beyond standard drugstores.
Federal antitrust enforcers are giving greater scrutiny to Amazon’s proposal to buy Roomba maker iRobot for $1.7 billion.
Gap announced plans to cut 500 corporate jobs Tuesday, just a month after withdrawing its annual performance forecast due to an inventory glut and weak sales.
United Airlines was forced to cancel some flights and remove 25 jets from service Monday and Tuesday after realizing it had failed to perform required inspections on them.
International Markets
There were 19.4 million new COVID-19 cases reported the past month, with the largest increases in Japan (+29%), Taiwan (+20%) and Hong Kong (+19%).
Shanghai officials announced $257 billion of new infrastructure projects Tuesday, a bid to kickstart the regional economy after its GDP shrank 13.75% in the second quarter.
Canada’s inflation rate came in at a lower-than-expected 7% last month, led by falling gasoline prices. Grocery prices, on the other hand, rose at their fastest pace since 1981.
Canadian home prices fell a record 2.4% from July to August in response to fast-rising interest rates.
The Asian Development Bank cut its growth forecast for developing Asia to 4.3% this year, slower than its 5.2% prediction from April.
Barclays says investment banks will see a revenue shake-up next year as rebounding banking and advisory fees offset a fall in trading income.
The chief executive of Amsterdam Airport Schiphol resigned over flight disruptions there.
British brewers are facing tenfold price increases for the CO2 used to carbonate and package beers.
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