Oil prices made modest shifts Friday on news that OPEC could quickly review its January output policy if COVID-19 cases pick up across the globe. Crude futures were higher in morning trading, with WTI up 2.8% at $68.08/bbl and Brent up 2.6% at $71.67/bbl.
U.S. natural gas futures hit a three-month low late last week on forecasts of milder than normal weather in December. Prices rose roughly 2% Friday but fell 11% to $3.68/MMBtu in late morning trading today.
Facing uncertainty from British regulators, Shell backed out of a second North Sea oil development project just weeks after a first failed to gain approval. The loss of Shell’s 30% stake could spell the end of the Cambo project, formerly expected to produce 175 million barrels of oil in its first phase.
The world’s first liquefied hydrogen carrier is set to leave Japan for Australia to pick up its inaugural cargo of hydrogen later this month, after the pandemic delayed the ship’s maiden voyage from last spring.
Texas’ energy regulator will cut the state’s wholesale electricity price cap from $9,000 to $5,000 MWh in a bid to limit future price hikes like February’s freeze.
High demand and supply chain disruptions have New York’s iconic bagel shops begging for an essential ingredient: cream cheese.
Some Californians will be paid to reduce power usage or sell power from their electric vehicles during extreme heat waves straining the grid, new regulatory measures provide.
The global logistics market is expected to grow 12% in 2021, surpassing pre-pandemic levels.
A broad trend of reorganizing and shortening supply chains could spur even more inflationary pressure, economists warn, as the share of foreign content in global manufactured goods continues a decline since 2011.
Record-low warehouse vacancies combined with soaring rents — already up more than 8% from last year — are likely to persist through the end of 2023, real estate forecaster Cushman & Wakefield said.
Canadian trucker Fuel Transport will pay employees a $7,800 full-year bonus for being fully vaccinated against COVID-19.
Facing labor shortages and rising raw material prices, U.S. auto suppliers have largely missed out on soaring profits for other carmakers and dealers in the latter half of the pandemic.
Apparel prices are rising on a growing cotton shortage in the U.S., normally the world’s largest exporter.
Apparel retailer Lands’ End forecasts at least $15 million in additional fourth-quarter supply chain costs on higher shipping rates and delays.
The highly contagious Delta variant has brought the U.S. seven-day average for new COVID-19 cases to more than 118,000, the highest since October, as the nation reported 34,221 new COVID-19 infections and 161 virus fatalities Sunday.
The COVID-19 Omicron variant has spread to seven of South Africa’s nine provinces, with people under age 40 accounting for 68% of new cases in the strain’s epicenter. While hospital data suggest recent cases have been less severe than the nation’s last virus wave. the nation is preparing for a surge in hospitalizations as Omicron now is the dominant strain in most provinces.
The U.K. reported more than 50,000 COVID-19 cases Friday, with more than half of the nation’s new Omicron infections coming from fully vaccinated people. The nation’s Jersey Island has begun giving a fourth COVID-19 vaccine dose to people with weakened immune systems. Meanwhile, the nation’s prime minister is waiting for updated guidance regarding the Omicron variant before making any possible changes to the nation’s pandemic rules.
More than 1% of Germany’s population is currently infected with COVID-19, as the nation reported a record 74,352 new infections and 390 virus fatalities Friday.
Civil unrest is growing in Belgium and the Netherlands over new pandemic restrictions in response to the COVID-19 Omicron variant.
Italy expanded proof of COVID-19 vaccine requirements to include all public transit and hotels, part of a plan to forestall a winter virus surge.
Poland, where only 54% of the population is fully vaccinated, is set to unveil a new set of pandemic restrictions on its residents to help prevent further COVID-19 cases spurred by the Omicron variant.
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