Oil prices rose nearly 4% Tuesday to a two-month high. Futures were higher in late morning trading, with WTI up 2.1% at $82.89/bbl and Brent up 1.6% at $85.04/bbl. U.S. natural gas jumped 11.2% higher at $4.72/MMBtu.
The American Petroleum Institute reported a much lower-than-expected crude draw of 1.08 million barrels last week.
India’s December fuel consumption, a proxy for the nation’s oil demand, was the highest in nine months although still roughly 3% below pre-pandemic levels.
Coal will make up 85% of the 14.9 GW of U.S. power capacity to be retired this year.
Two new studies from regional Federal Reserve banks show a broad swath of logistics activity has been strained to unprecedented levels, pushing more shippers toward alternative means of transportation, especially freight rail.
Tens of thousands of flight cancellations in recent weeks have delayed deliveries and added to transportation costs for retailers and manufacturers seeking to fly goods over clogged ocean ports.
The world’s biggest automakers, chipmakers and retailers are already reporting production setbacks from recent COVID-induced factory shutdowns in China. Tennessee trucker Averitt Express says more than three-quarters of the shippers it surveyed plan to ship more in 2022 than they did last year.
Florida reported 47,709 new COVID-19 cases Monday, a decrease from the 64,000-daily average of last week. Computer models predict that 80% of the state’s residents will have contracted the virus by the end of the Omicron wave.
New York’s COVID-19 test positivity rate dropped nearly 4 percentage points in recent days, bolstering predictions that the state’s most recent Omicron wave has peaked. Average daily caseloads are below 50,000 for the first time since Christmas.
Boeing said Tuesday that it won orders for 909 planes in 2021 but delivered only 280 passenger jets, less than half as many delivered by Europe’s Airbus in a sign of the changing landscape for the world’s two dominant plane makers.
There were 3.3 million, or 7%, more U.S. retirees as of October 2021 than in January 2020, while a record 4.53 million Americans quit their job in November:
U.S. inflation hit 7% in December, the highest since 1982.
All signs suggest the Federal Reserve’s first interest rate increase of 2022 will come as soon as March.
This year’s tax season is starting 17 days earlier on Jan. 24 to give the Internal Revenue Service more time to process refunds amid COVID-19 disruptions.
U.S. small business confidence rose slightly in December as more firms planned on increasing employment and capital outlays.
General Motors debuted its CarBravo app to help dealers sell used cars.
Auto parts supplier Aptiv is buying software maker Wind River for $4.3 billion, a bid to stay ahead of the market as suppliers are threatened with more automakers moving software development in-house.
New Jersey’s legislature passed a recycling bill requiring that post-consumer recycled content comprise 10% of rigid plastic containers, 15% of plastic beverage containers and 20% for plastic carryout bags.
German vaccine maker BioNTech expects to generate $19 billion in revenue this year from its COVID-19 vaccine developed with Pfizer, pledging to reinvest extra cash toward more vaccine and cancer research.
The World Bank lowered its growth forecast for the global economy this year from 5.5% to 4.1%, citing rising COVID-19 infections and ongoing supply chain disruptions.
In a strategic shift, Citibank/Banamex is exiting consumer, small business and middle-market banking in Mexico.
Tesla sold 70,847 China-made vehicles in December, the highest monthly output since it began manufacturing in the country in 2019.
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