Oil prices dipped from seven-year highs Monday. Crude futures were lower in late morning trading, with WTI down 2.6% at $88.91/bbl and Brent down 2.5% at $90.36/bbl. U.S. natural gas was 1.8% higher at $4.31/MMBtu.
After peaking last week at $3.45/gallon, the national average gasoline price is expected to ease due to price cycling in the retail market.
Canadian oil and gas producer Crescent Point Energy is looking to sell some of its assets in Alberta and Saskatchewan for almost $400 million, as more producers seek to cash out on non-core assets amid high crude prices. Spanish oil major Repsol also is seeking to cash out on almost $600 million in western Canadian assets.
Argentina’s largest oil union briefly went on strike Monday before the government ordered a negotiating conciliation period, limiting disruption to the nation’s production.
Namibia expects to have its first oil field operational by 2026 after Shell made a large offshore discovery last year.
Pennsylvania sent more electricity to neighboring states than any other state in 2020, new data shows:
Major international wind farms are emerging as suitors as the White House weighs selling offshore wind rights alongside almost all U.S. coasts.
Critical infrastructure in England is growing more prone to flooding due to high levels of erosion on the coasts.
The U.S. will suspend a 25% levy on some 1.25 million metric tons of Japanese steel imports each year, a measure imposed under the previous administration.
Tractor Supply Company plans to ramp up its use of “mixing centers” that provide its stores with just-in-time replenishment of some of the fastest-turning items including livestock feed, pet food and fertilizer.
Subaru’s profits plunged by 66% in the fourth quarter on a 20% decline in output caused by the global semiconductor shortage.
One million more vehicles could be lost from production this year due to the global chip shortage, still just a fraction of last year’s estimated loss of 10 million vehicles.
The EU is considering the European Chips Act, proposed legislation that could direct nearly $50 billion to expand computer chip production.
Aluminum prices hit a near-decade high as about 4 million tons of capacity have been closed or halted globally due to rising energy prices, while stockpiles in warehouses are at their lowest level since 2007.
Higher beef prices offset rising supply chain costs at Tyson Foods, whose profit nearly doubled in the latest quarter.
The U.S. reported 340,947 new COVID-19 infections and 2,908 virus fatalities Monday. The seven-day average for new cases dipped below 300,000 for the first time this year, down 61% from January’s peak.
More U.S. states, including Connecticut, New Jersey, California and Oregon, are easing public mask mandates as the latest Omicron surge subsides.
The share of Americans who feel it’s a good time to buy a house has dropped to 25%, an all-time low.
The U.S. is unlikely to return to pre-pandemic employment trends for two years, as rising retirement rates dampen growth of the labor force. Still, some officials expect the unemployment rate to fall below 3% this year, the lowest since the 1950s.
Almost half of healthcare worker absences in the U.K. are caused by COVID-19 infection, new data shows. As many as 1 in 20 Britons have yet to regain their sense of smell roughly 18 months after getting COVID-19.
South Korea reported 38,691 new COVID-19 cases Monday, a ninefold increase from mid-January.
The CDC added Japan to its “Level Four: High Risk” destinations list for COVID-19, raising the number of nations with its highest risk warning to 135.
Long a protected bubble in the COVID world, New Zealand reported a record 243 new infections Saturday.
Hong Kong reported a record 614 new COVID-19 cases Monday and almost as many likely cases of the virus. The city was experiencing a shortage of fresh vegetables yesterday as deliveries from China were disrupted by virus infections among drivers.
Only 11% of Africans are fully vaccinated against COVID-19, the World Health Organization said.
The International Monetary Fund projects Latin America’s economy will grow just 2.4% this year, far weaker than the rest of the world. The figure aligns with Mexico’s own projections of 2.5% GDP growth.
South Korea’s LG Energy Solution forecasts an 8% revenue boost this year on higher demand for electric-vehicle batteries.
Porsche expects a global surge in demand for luxury vehicles to boost sales 11% this year to 335,000 cars, despite the global chip shortage.
Plastics News reported that M. Holland earned a Bronze rating from EcoVadis, a trusted provider of business sustainability ratings. The article reports that our improved annual score for 2021 is due to progress in our diversity and inclusion program, wellness benefits, career development and more.