Oil prices fell slightly Thursday, likely on expectations of U.S. interest rate hikes planned for this year. Futures were higher in late morning trading, with WTI up 1.1% at $83.01/bbl and Brent up 0.9% at $85.25/bbl.
U.S. natural gas prices nosedived over 10% Thursday on government data showing rising output. Futures continued declining in morning trading, down 1.6% at $4.20/MMBtu.
The U.S. government expects a rise of several cents in average retail gas and diesel prices this year:
European power prices fell 3.8% Thursday on forecasts of milder weather, the seventh day of the continent’s longest streak of declines since February of 2020.
Oil producers struck deals worth just $9 billion in the final three months of 2021, a 50% decline from the third quarter, with soaring valuations making it difficult for buyers and sellers to agree on price.
More than 1 million Californians could face higher costs for rooftop solar power as state officials seek ways to recover lost revenue from renewable power being metered back into the electricity grid.
The U.S. has spent a combined $1.1 billion on 11 failed carbon capture projects at coal-fired power plants and industrial facilities since 2009.
Indian conglomerate Reliance Industries will invest $76 billion in green energy projects over the next 15 years in a bid to reach net-zero carbon emissions by 2035.
Winter Storm Izzy is set to create travel snarls across the central, eastern and southern U.S. beginning today.
Maersk’s latest customer advisory stressed that congestion at key shipping hubs will continue to cause delays across supply chains.
The average price for a 40-foot container from Asia to the U.S. West Coast rose 16% last week to $14,572, roughly 169% higher than a year ago.
Intra-North American freight shipments rose sharply to end 2021 alongside a 44% annual increase for the Cass Freight Index of expenditures, which set a record.
Roughly 10% of a given day’s dockworkers in Southern California were out sick earlier this week with COVID-19.
After a misleading announcement Wednesday night, Canadian officials confirmed they are standing by a new requirement barring entry to unvaccinated foreign truckers, while unvaccinated Canadian truckers will lose their exemption from testing and quarantine requirements. Fears of impending border chaos are ratcheting up in already fragile logistics networks.
A growing number of U.S. supermarkets and drugstores are being forced to trim hours and services amid rising COVID-19 infections among staff.
The Labor Department’s producer price index rose 0.2% from November to December, the slowest pace since November 2020 on a possible sign of easing inflationary pressures in U.S. supply chains.
Supply chain snarls pushed up the cost of romaine lettuce 61% last year, faster than any other food item tracked by the government.
Nurses in the 175,000-member National Nurses United union went on strike across 11 states and Washington, D.C., yesterday, protesting unsafe conditions, staff shortages and a lack of critical medical supplies.
Retail sales fell 1.9% in December, while manufacturing output slid 0.3% due to supply chain issues, the first decline since September.
Navient, a former unit of student-loan giant Sallie Mae, said it would cancel $1.7 billion in private student debt for about 66,000 borrowers to resolve claims over deceptive lending practices. Government losses on student loan debt have climbed above $100 billion amid the pandemic’s pause on payments.
The number of people flying in the U.S. is down 20% this month from the same time in 2019, as airlines report greater fourth-quarter losses and push back forecasts for rebounding travel until late spring and summer.
The U.S. Department of Energy announced $13.4 million of investments into seven large-scale research projects aimed at converting plastic films into more valuable materials and making plastics more recyclable and biodegradable.
New COVID-19 cases across the globe rose to 15 million last week, a record, with about one-third coming from the U.S.
The U.K. reduced quarantine periods to five days to help ease staffing shortages in hospitals, schools and businesses. The nation reported 109,133 new COVID-19 cases Thursday, a 24% drop from a week ago.
France reported roughly 305,000 new COVID-19 infections Thursday, down from a record 370,000 the day prior. The nation’s teachers staged a walkout yesterday to protest chaotic and inadequate pandemic safety measures.
COVID-19 hospitalizations in Spain are surging, threatening ICU bed capacity in more than half of hospitals.
Sweden reported a record 25,215 new COVID-19 infections Thursday.
China’s commitment to a zero-COVID policy could mean longer and more frequent lockdowns for millions of people soon. International flights to the nation are down to just 500 this week, compared with roughly 10,000 two years ago.
Around 240 million COVID-19 vaccine doses purchased in North America, Asia and Europe are likely to expire unused by March. The number builds on more than 100 million doses that were rejected outright by nations due to upcoming expiration dates.
More than 85% of the African continent’s population has yet to receive a single COVID-19 vaccine dose.
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