This week’s oil market volatility continued Thursday with prices ending the day 2% lower. Crude futures continued to fall in mid-morning trading, with WTI down 0.7% at $91.16/bbl and Brent down 0.4% at $92.59/bbl. U.S. natural gas was 1.9% higher at $4.57/MMBtu.
At least half of U.S. LNG shipped this month has gone to Europe, with the continent poised to remain the top destination for U.S. shipments for the third month in a row. The surge in LNG imports is straining Europe’s processing and storage capacity for the fuel. https://oilprice.com/Energy/Energy-General/Europe-Is-Running-Out-Of-Space-For-LNG.html
The Mexican administration’s push to make Mexico self-sufficient in gasoline and diesel risks bringing back imports — originally halted in 2018 — as early as next year due to projected supply deficits in 2023 and 2024.
U.S.-based Freeport LNG plans to build a new barge terminal on the coast of Texas to bunker ships with LNG and haul cargoes to small customers who can’t receive full-size tankers.
Europe’s biggest utility will build a factory to make sun-tracking devices for solar panels in southern Italy, part of the firm’s plan to convert disused power plants to green energy and transition to totally green power generation by 2040.
The U.S. commission overseeing interstate transmission of oil and gas approved its first policy update in over two decades yesterday, which will allow greater scrutiny of the environmental impact of pipeline projects before approval.
Inventory replenishment will keep U.S. freight activity at a “fever pitch” through at least the first half of 2022, truckload carrier U.S. Xpress says.
North American intermodal volumes began 2022 with across-the-board annual declines, including a 22.1% drop in international containers, due to terminal congestion, equipment shortages and continued labor challenges.
Half of all new Chevrolets, Fords, Toyotas and other major brands arriving on U.S. dealer lots in the next 90 days are already sold, AutoNation says.
The price of lithium skyrocketed 400% over the past year, challenging growth prospects for the electric vehicle industry, which relies on the metal for its rechargeable batteries.
Semiconductor shipping backlogs for major electronics companies are as long as two years in some cases.
While the U.S. and Europe are moving to lift remaining pandemic restrictions, China’s commitment to zero-COVID will continue to threaten factory operations for makers of household products and other goods.
The U.S. reported 96,603 new COVID-19 infections and 3,223 virus fatalities Thursday. The seven-day average for new infections is down to 134,000 after hitting 800,000 just one month ago, while average daily fatalities fell 9% week over week on Wednesday, led by drops in the Northeast and Midwest.
White House officials indicated the federal government could release broad new guidance for the next — and presumably less severe — phase of the pandemic.
Nearly all the health-specific resources from the White House’s $1.9 trillion pandemic aid package have been spent or allocated, reducing the nation’s ability to respond to future variants, stockpile vaccines or develop new technology.