Crude futures were higher in mid-day trading today, with the WTI up 2.3% at $60.50/bbl and Brent 1.9% higher at $63.93/bbl. Natural gas was 2.3% higher at $2.00/MMBtu.
OPEC+ lowered its forecast for this year’s growth in oil demand by 300,000 bpd to 5.6 million bpd, reflecting concerns about the effect of new pandemic lockdowns.
Cumulative excess production of OPEC+ rose to 3 million bpd through February, up from 2.8 million bpd in January.
Prior to this week’s slight decline, U.S. gas prices increased for 17 consecutive weeks, the longest streak of gains since 1994.
China’s coal-fired power generation increased 1.7% last year, the only increase among G-20 nations.
Clean Planet Energy released details of two new ultra-clean fuels that can be used in any ship or vessel as an alternative to fossil fuels in the marine industry. The two fuels are produced using non-recyclable waste plastics and can reduce CO2e by over 75%.
Exxon and Porsche will collaborate to develop and test biofuels, renewables and lower-carbon synthetic eFuels.
Despite higher module prices and supply chain constraints, 180 gigawatts of solar energy are projected to be deployed globally this year, with installs in China, the U.S. and India expected to be particularly strong.
Several major companies are racing to develop small, modular nuclear reactors that can fit into existing fossil fuel sites as countries seek carbon-neutral power by 2050.
Our most recent list of force majeure and allocation announcements from suppliers is here.
The White House unveiled a $2.25 trillion, eight-year infrastructure package yesterday, which includes hundreds of billions for building and repairing roads, bridges, mass transit, schools and other infrastructure.
Roughly $628 billion would go toward boosting the market for electric vehicles, renewable power and advanced clean energy technologies, while stripping subsidies for fossil fuels.
More than $300 billion would go toward drinking-water infrastructure, expanding broadband access and upgrading electric grids.
Ford will halt production for two weeks in April at a plant in Dearborn, Michigan, and one week on the truck side of its Kansas City, Missouri, assembly plant.
Apple supplier Foxconn expects a global shortage of electronics components to last until next year.
Taiwan Semiconductor Manufacturing will spend $100 billion over the next three years to expand its chip fabrication capacity.
Reinsurance market Lloyd’s of London is facing more than $100 million in losses due to the six-day blockage of the Suez Canal, its chairman said.
An ongoing labor dispute has caused shipping volumes at the Port of Montreal to drop 1.8% amid fears of a possible strike.
The World Trade Organization forecasts global merchandise trade will grow by 8% this year after a fall of 5.3% in 2020.
International Seaways and Diamond S Shipping announced plans to merge and form the world’s second largest U.S.-listed tanker company by vessel count.
Kimberly-Clark will raise prices on products including Scott toilet paper, tissues and diapers in the U.S. and Canada to offset rising commodity costs. A spate of companies have announced similar moves in recent weeks, including General Mills, Hormel Foods and J.M. Smucker Co.
The U.S. Department of Transportation’s Maritime Administration awarded $230 million in new grants for port projects.
Seaspan is continuing an aggressive fleet expansion, ordering six new container ships with capacity for 15,500 20-foot containers each, increasing its fleet by 37 new ships since December.
The pandemic has prompted more companies and brands to phase out less popular items to free up shelf and warehouse space, simplify manufacturing and better support consumer demand.
Logistics conditions remain strained, with trucking demand exceeding availability and continued congestion at ports due in part to operating challenges related to the pandemic. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
There were 67,029 new COVID-19 cases and 1,076 deaths in the U.S. yesterday. Over 150 million vaccine doses have been administered, with 15.7% of the population fully vaccinated.
As many as 160,000 people in North Carolina and Tennessee will get month-long supplies of at-home COVID-19 testing kits, part of a federal study to see whether self-administered testing can reduce community spread of the virus.
First-time U.S. jobless claims jumped by 61,000 to 719,000 last week, higher than expected.
Citing unusual travel patterns due to the pandemic, airlines are posting “placeholder” flight schedules that can be booked but will potentially change as the travel date gets closer.
Some staff at Google will start returning to offices over the next month, although the move will be optional for employees until at least September.
Belgian hospitals must reserve 60% of their ICU beds for COVID-19 patients as a third wave of infections grips the country.
Sweden is postponing planned easing of COVID-19 restrictions until May 3.
Despite posting record daily COVID-19 cases, Greece is easing some pandemic curbs to relieve people’s fatigue, including allowing small retail shops to open.
Five European countries that declined an allotment of the Pfizer/BioNTech COVID-19 vaccine in favor of the more cost-effective AstraZeneca dose are the slowest in the bloc to administer vaccines, after the company delivered just 25% of its committed doses in the first quarter.
Toronto, Canada, is returning to a lockdown on Saturday, with increased restrictions on stores, gyms, restaurants and hair salons for 28 days.
The next coronavirus surge in the Americas could be worse than previous waves, as at least one of three highly contagious virus mutations have been identified in 32 regional countries.
M. Holland will be closed tomorrow (Good Friday) in observance of the Easter holiday. We wish all subscribers a safe and happy holiday weekend.
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