Oil prices rose more than 1% Tuesday after OPEC+ signaled its confidence in demand by sticking to a planned 400,000-bpd output increase in February. Futures were higher in mid-morning trading, with WTI up 1.7% at $78.29/bbl and Brent up 1.6% at $81.31/bbl.
Brent crude’s 2021 average of $71/bbl marked a three-year high as increased COVID-19 vaccinations and lifted restrictions pushed crude prices higher throughout the pandemic:
U.S. natural gas prices slid 3% Tuesday on forecasts of less cold weather and lower heating use over the next two weeks. Futures were 2.82% higher in morning trading at $3.82/MMBtu. Regional next-day prices were higher in some East Coast cities battered by winter storms, more than doubling in New York City to $8.50/MMBtu Tuesday.
The U.S. surpassed Qatar to become the world’s No. 1 exporter of LNG for the first time ever last month on a crush of deliveries to energy-starved Europe. Exports are expected to remain strong throughout 2022 due to high demand in Europe and Asia.
By April, some 6 million British households may be unable to afford higher energy bills barring government intervention, a new report suggests.
Russian gas volumes flowing from Ukraine to Europe dropped 25% in 2021, year-end data shows.
The latest projections for firing up the expanded Nord Stream 2 gas pipeline from Russia to Germany have been pushed back to mid-2022.
Thermal coal futures in China rose 7.8% Tuesday on concerns of supply disruptions after Indonesia, its biggest overseas supplier, halted exports. Indonesia is set to revisit the policy today after securing an extra 7.5 million tons of coal supplies yesterday.
China is limiting fuel sales abroad and curbing refinery output, slashing 2022’s first batch of combined export quotas for gasoline, diesel and jet fuel by 56%.
The planting of U.S. crops for soil restoration and carbon capture grew to 22 million acres in 2021, a 43% increase from 2017.
With resin supply improving and most 2021 force majeures lifted, we are ending our force majeure link. Please contact your M. Holland account manager if you have questions concerning availability of specific products.
More than 330,000 homes and businesses mostly in Virginia were without power early Tuesday after a snow and ice storm battered the U.S. East Coast on Monday.
The Port of Oakland is looking to expedite agricultural exports with the addition of a 25-acre off-terminal yard to move containers off chassis and store them for pickup.
Disruption is expected to grow at China’s Ningbo port, the world’s largest by cargo volumes, as regional lockdowns tighten following a COVID-19 outbreak at a clothing factory.
The Suez Canal crushed previous records for revenue and tonnage in 2021, while total ship transits rose 10% over year-ago levels.
Global supply chain pressures, while still historically high, may have peaked and could start to moderate going forward, a New York Federal Reserve index suggests.
American real estate firm CBRE Group plans to complete one of the largest industrial real estate transactions ever by acquiring the $4.9 billion portfolio of logistics properties from Hillwood Investment, including 28 million square feet of warehouse space.
Walmart and Kroger are raising the price of some of the U.S.’s most popular at-home COVID-19 testing kits after a federal subsidy expired.
U.S. grocer giant Kroger is quietly expanding its regional delivery service with the soft opening of new automated fulfillment centers in Atlanta and other locations.
Semiconductor industry revenue is poised to surpass a record $500 billion in 2022 after three straight years of rising sales.
Schneider International has acquired Ohio-based trucker Midwest Logistics Systems for $263 million, adding a fleet of 900 tractors across 30 central U.S. locations.
Korea Shipbuilding & Offshore Engineering has ordered 10 newbuilds worth $1.39 billion, including six large container ships, three feeder boxships and an LNG carrier.
In the first-ever use of a new dispute resolution panel by the U.S.-Mexico-Canada trade agreement, Canada will be forced to end tariffs on U.S. dairy products, allowing American dairy farmers to increase sales to the nation by more than $200 million annually.
COVID-19 hospitalizations in New York City are up 64% from last week, prompting the U.S. military to send medical teams to assist overburdened hospitals. Breakthrough infections across New York state rose fivefold in December, led by the highly contagious Omicron variant.
COVID-19 hospitalizations in Texas surpassed 7,000 Monday, more than double the level from two weeks ago, while virus hospitalizations among children are up 200% since Christmas.
Ford plans to double production of its electric F-150 pickup truck to 150,000 vehicles per year, a response to surging demand.
GM is unveiling its all-electric Silverado pickup truck at the Consumer Electronics Show today. GM’s fourth quarter U.S. auto sales dropped 43% to 440,745 vehicles, the second consecutive quarterly drop and the first time since 1931 that the Detroit automaker wasn’t the best-selling car company in the U.S., a spot now held by Toyota.
The city of Yuzhou in China’s Henan province was locked down after four COVID-19 cases were reported, affecting 1.1 million residents. Thirteen million people remain completely locked down in the northwestern Chinese city of Xian, with international concern growing over suspected food shortages and a lack of medical care.