Oil prices dipped Friday, ending the week roughly 1% down after falling by the largest amount in four months the previous week. Crude futures were lower in mid-day trading, with WTI down 1.7% at $67.25/bbl and Brent down 1.6% at $69.48/bbl. Natural gas was 2.6% higher at $3.96/MMBtu.
The number of active U.S. oil and gas rigs rose by nine last week, with the total rig count now at 500, up 256 from the same time last year but still down from 790 active rigs prior to the pandemic.
BP, Shell and French major TotalEnergies are now among the most active clean-tech investors by number of deals closed as they work to reduce their dependence on fossil fuels and expand low-carbon activities.
Credit Suisse predicts the market for carbon burial could one day reach $2 trillion as more companies face higher regulatory costs for emitting into the atmosphere rather than storing or eliminating emissions at their source.
Coal production in the EU has declined significantly over the last few decades, including complete elimination of the fuel source in several nations:
Iran’s crude oil output has dropped to a 40-year low of just 2 million bpd, a combined result of U.S. sanctions and the pandemic’s effect on global demand. The country just imposed a six-day COVID-19 lockdown.
Our most recent list of force majeure and allocation announcements from suppliers is here.
More than 1,200 people died after a powerful 7.2-magnitude earthquake struck Haiti Saturday, collapsing buildings in the country’s southern peninsula and overloading strained hospitals with injured patients. The quake was from the same system of seismic faults that caused a similar disaster, which killed tens of thousands of Haitians in 2010, at a time when the nation reels from political turmoil and pandemic-induced disruptions in food supply and healthcare.
Tropical Storm Fred reformed in the Gulf of Mexico over the weekend and is now on track to touch down on Florida’s panhandle Tuesday, delivering high winds and heavy rainfall across the U.S. South and Southeast.
Tropical Storm Grace, downgraded to Tropical Depression Grace, caused heavy rains and flooding across Puerto Rico and the Virgin Islands Sunday and is expected to strike the Dominican Republic and Haiti later today.
Torrential rain flooded roads and buildings in much of western Japan over the weekend.
A record-setting heat wave in the Pacific Northwest eased slightly due to wildfire smoke encompassing the region. Air quality alerts were widespread, however, as temperatures remained at sweltering levels.
A single COVID-19 case that forced the partial closing of China’s Ningbo port is sparking fears that rising global infections could lead to more closures of other ports this year. Spreading infections have also halted Southeast Asia’s production of electronics, garments and many other products in recent weeks.
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.
Weekly average COVID-19 cases in the U.S. have surged 700% since July 1, concentrated almost entirely in areas with low vaccination rates. The U.S. reported 38,482 new COVID-19 cases and 382 virus deaths Sunday.
Adults in their 30s are seeing their highest rates of COVID-19 hospitalization since the start of the pandemic, a result of low vaccine uptake and rising infections with the Delta variant.
COVID-19 outbreaks among children are picking up pace as students return to classes, with the largest case counts in South and Southwestern states including Mississippi, Arizona and Florida. The number of U.S. children hospitalized with COVID-19 hit a record high of more than 1,900 Saturday.
Arizona reported more than 3,000 COVID-19 infections for the third consecutive day Sunday, the highest daily infection rate in six months.
Florida has broken its daily COVID-19 infection record three times since the start of August, while the state reported a total of 15,740 hospitalized patients, a record. Researchers at the University of Florida expect the state’s current surge to peak by Aug. 18, as virus fatalities in the state climb to their highest levels since January.
Alabama’s COVID-19 hospitalizations now stand above 2,300, up from just 277 one month ago. The state’s governor renewed a limited state of emergency in the hope of securing additional supplies and workers for hospitals.
Mississippi reported more than 5,000 new COVID-19 cases Friday, the state’s highest daily total since the start of the pandemic and the third single-day infection record broken last week.
Los Angeles and Chicago, the nation’s second- and third-largest school districts, will require all teachers and staff to be vaccinated against COVID-19.
An index of personal consumption inflation in the U.S. is expected to rise 4% or more the rest of the year, double the Federal Reserve’s 2% inflation goal as supply chain disruptions and labor market shortages continue to constrain growth and push up prices.
U.S. GDP grew almost twice as fast as China’s in the second quarter of 2021, possibly marking the U.S.’s first sustained period of faster growth since 1990 as economists point to China’s harsh responses to even small outbreaks of COVID-19.
Just 39% of U.S. small business owners expect the nation’s economic conditions to improve over the next year, down from 50% in July as spreading Delta variant infections weigh on business confidence.
The White House will expand the average food stamp benefit by 25% in October, marking the biggest long-term increase in benefits since the program’s founding.
Louisiana’s rise in COVID-19 cases has prompted organizers of the New Orleans French Quarter Fest to postpone the event scheduled for the end of September to April 2022, while Vermont cancelled its planned Oktoberfest for the second year in a row for similar reasons.
Japan logged more than 20,000 new COVID-19 cases Friday, the third single-day record in as many days, while infections in Tokyo more than quadrupled since three weeks ago to 5,773, as the city’s governor urged residents to get vaccinated and avoid going out. The country will extend a state of emergency for many regions until mid-September.
Strict pandemic lockdowns were extended to Australia’s entire New South Wales state after Sydney reported 466 new COVID-19 infections Saturday, a record.
French protestors marched for the fifth straight weekend against rules requiring COVID-19 vaccine certificates to access indoor activities, including dining, despite the measure working to rapidly boost vaccination rates with nearly 70% of the nation’s population now having received one shot.
Daily COVID-19 cases in the U.K. are steadily declining, with the nation posting 32,700 new infections Friday, 29,520 Saturday and 26,750 Sunday.
Russia reported 815 COVID-19 deaths Friday, its highest daily death toll since the start of the pandemic.
Germany has labeled the U.S., Turkey and Israel as countries that pose a high risk for COVID-19 and will mandate unvaccinated travelers from those nations to quarantine for a minimum of five days on arrival.
South Africa is facing weakened demand for COVID-19 vaccines despite recently widening their availability to people aged 35-49. The country’s tourism industry is lobbying for the U.K. to remove the nation from a list of places its residents should avoid.
China’s Sinovac COVID-19 vaccine was found to be less effective in Indonesia between April and June compared to the previous three months, when Delta variant cases were not as widespread.
COVID-19 vaccine manufacturers are set to reap billions over the next several years as more countries begin recommending booster shots.
EU exports to Britain rose 5.7% month on month in June, the second monthly surge this year as firms continue adapting to new trade requirements following Brexit.
Japan’s GDP expanded 1.3% from the first to the second quarter of 2021, with higher consumer activity helping the nation avoid a double-dip recession despite rising COVID-19 cases.
Clean energy investment in Australia has dropped to its lowest levels since 2017 this year, with the country securing financial commitments for just three projects in the second quarter.
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