The American Petroleum Institute reported a larger-than-expected 2.6 million-barrel draw in crude oil inventories for the week ending April 2. The news, coupled with growth in the U.S. and Chinese services sectors, helped lead oil prices to a 1% gain on Tuesday after being down about 10% from a March 5 peak.
Crude futures were higher in early trading today, with the WTI up 0.8% at $59.83/bbl and Brent 1.0% higher at $63.34/bbl. Natural gas was 0.9% higher at $2.48/MMBtu.
Russia slashed estimates for domestic crude oil, gas and coal production for the rest of this year and next.
India will buy 36% less crude oil from Saudi Arabia next month after the kingdom said it would increase its official selling price for Asian buyers.
Saudi Aramco is in talks to sell up to a 49% stake in its oil pipelines to a consortium of U.S., Chinese and local investors for up to $15 billion.
Mexican lawmakers are looking to change the country’s fuel laws after some gas station operators did not pass on government subsidies to consumers after a spike in global oil prices.
After a year of stop-start openings, American restaurants are now facing a nationwide ketchup shortage, the latest in a series of shortages across consumer markets during the pandemic.
Royal Dutch Shell signaled that the recent winter storm that shut down Gulf Coast refineries will cause a $200 million hit to its quarterly results.
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 61,958 new COVID-19 cases and 835 deaths in the U.S. yesterday. Over 168 million vaccine doses have been administered, with 18% of the population fully vaccinated.
Nearly 44% of new U.S. COVID-19 cases over the past week were in just five states — New York, Michigan, Florida, Pennsylvania and New Jersey.
The U.S. Army will begin testing adult volunteers for a homegrown COVID-19 vaccine that has shown early signs of effectiveness against fast-spreading mutations of the virus.
Lawmakers in Texas and at least 19 other states that let bars and restaurants sell to-go cocktails during the pandemic are moving to make those allowances permanent, but face increasing opposition from liquor and convenience stores.
Next week, the White House will launch a funeral assistance program to provide up to $9,000 to cover the burial costs of each American who died of COVID-19.
At least seven colleges have joined a growing list requiring students to be vaccinated against COVID-19 in order to return to campus this fall.
Global supply chains for making COVID-19 vaccines have been disrupted due to requirements that U.S. suppliers of shots sell to their home market first, a result of long-standing rules in the Defense Production Act.
The International Monetary Fund upped its forecast for global economic growth this year to 6%, the fastest pace since the 1970s amid increased fiscal support in the U.S. and accelerated vaccinations worldwide. The organization expressed concern about the uneven nature of the recovery, which has witnessed the first decline of the global middle class in three decades.
Our next Plastics Reflections Web Series is Tuesday, April 20 at 1:00 pm CT. This webinar focused on Driving Sustainability Action in the Plastics Industry will feature panelists Andrew Reynolds, Director of Business Publishing International (BPI); Brad Rodgers, Vice President of Technology, Danimer Scientific; Dwight Morgan, Executive Vice President, Corporate Development at M. Holland; and Debbie Prenatt, Application Development Engineer, Sustainability at M. Holland. Click here to register.
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.
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