In mid-morning trading, WTI futures were up 2.0% at $92.88/bbl, Brent was up 1.2% at $96.52/bbl, and natural gas was 3.3% higher at $4.58/MMBtu.
A 578,000-bpd Marathon refinery in Garyville, Louisiana — one of the nation’s largest — exploded into flames for about 4.5 hours on Monday, adding to fears of higher gasoline prices. The blaze came at a time when 10% of Gulf Coast refining capacity is already idle for repairs and other maintenance work.
Retail gasoline prices in the U.S. have climbed 7.5% this year, adding to 2021’s 46% advance, according to AAA. The last time prices were this high was the summer of 2014, when international oil prices were above $100/bbl.
Shell estimates global LNG demand rose 6% last year and will continue rising this year as supplies remain tight. Demand could double by 2040, the producer said.
Saudi Aramco is working on boosting its maximum sustained capacity to 13 million bpd by 2027 from around 12 million bpd currently.
After a year when energy shortages sent prices skyrocketing, China has approved plans to build three new coal mines that could produce up to 19 million tons per year. Roughly 70% of their $3.8 billion cost would be covered by bank financing, a contrast to efforts by Western lenders to shift away from coal.
Maersk is bulking up inland U.S. distribution capabilities and aims to add at least another 12 warehouses this year to its portfolio of 150 sites across the nation.
Trucking groups are urging the U.S. administration to build more parking places nationwide, with up to 98% of drivers reporting they spend an hour a day or longer searching for safe parking to meet hours-of-service regulations, cutting their compensation and exacerbating supply chain issues.
Truckers in California are decrying the state’s new requirement that all semis have engines built since 2010 by the start of next year, arguing the rule will further back up supply chains and force many small operators to shut down.
Two-thirds of U.S. small businesses impacted by supply chain constraints said suppliers are favoring large businesses because of the volume of orders, while 84% said inflationary pressures had worsened since September, according to a Goldman Sachs survey.
Manufacturing technology orders surged 55% last year to $5.9 billion, nearly tripling from 2020.
Taiwan’s semiconductor industry was short a consistent 34,000 workers per month in the fourth quarter, the largest labor shortage in at least seven years.
Matson, the leading U.S. shipping company in the Pacific trade, saw fourth-quarter income rise to $395 million and full-year profits rise to $927 million amid soaring freight rates and record imports.
The cost of a key ingredient used in weedkiller is up about 250% the past year, spelling trouble not only for American farmers but also international food markets such as Africa, where food prices are the highest in a decade.
Bad weather has delayed efforts to put out the flames engulfing a luxury car carrier near Portugal since last week. While the blaze died down Monday, loss estimates have surpassed $400 million for brands including Audi, Porsche, Bentley and Lamborghini.
The U.S. reported 49,965 new COVID-19 infections and 655 virus fatalities Monday.
The seven-day average for U.S. COVID-19 hospitalizations is down to 80,185 after reaching more than 146,000 a month ago, while average daily fatalities dipped below 2,000 for the first time in a month.
California will likely resume its spot as the nation’s major influencer for vehicle emissions standards pending an expected waiver from the EPA allowing it to impose stricter requirements than those of the federal government.
Over 8.4 million travelers passed through airport security in the U.S. over the holiday weekend, double the level of a year ago but still below pre-pandemic levels.
U.S. air-safety regulators plan to inspect and sign off on individual 787 Dreamliner jets versus allowing Boeing to perform those routine tasks, a similar action to that taken after the plane maker’s 737 MAX jets caused two crashes in 2018 and 2019.
The economies of Germany and France — Europe’s largest — picked up in February as the European Omicron wave peaked and manufacturing output showed signs of a rebound.
Inflation rates are rising sharply in many Asian countries that recently seemed immune to cost pressures, including India, South Korea and Thailand. Notably absent from the list is China, where producer price inflation is easing unexpectedly amid the nation’s property market slowdown.
Mercedes-Benz said it plans to have some factories only produce electric vehicles (EVs) by 2025 but will steer clear of building EV-only plants, instead keeping production lines flexible to respond to market demand.