Oil prices settled higher Wednesday after an Iraqi pipeline fire briefly stopped flows, raising concerns of tighter global supply. Crude futures were higher in late morning trading, with WTI up 0.9% at $87.73/bbl and Brent down 0.6% at $88.93/bbl. U.S. natural gas was 5.6% lower at $3.81/MMBtu.
Fourteen U.S. pipelines carrying petroleum liquids were built, expanded, or modified last year, including seven crude oil projects:
Russia may halt gas deliveries to Moldova as the country’s gas importer struggles financially because payments from consumers are inadequate to cover the utility’s surging import costs.
China’s largest state-owned oil company improperly sold more than 1.32 billion barrels of crude to private refiners since 2006, officials ruled Wednesday, ending a two-year investigation into the firm that could result in a reversal of earnings and fees owed.
More than half of China’s record number of solar installations last year were built on rooftops, totaling some 29 GW. Despite adding more renewable power last year than any other nation, the share of coal and gas in China’s power generation remained unchanged at 71%.
Academics are lobbying against Canada’s plans for a carbon-capture tax credit in the country’s oil patch, saying the move would improperly subsidize fossil fuel development.
Trucking company ArcBest and logistics provider NFI are investing $42 million in software that allows workers to operate forklifts remotely, a potential remedy for persistent labor shortages in the distribution sector.
J.B. Hunt Transport beat expectations for earnings in the fourth quarter and surpassed $10 billion in annual revenue for the first time amid strong freight demand, rising rates and a tight labor market.
Proterra will begin supplying batteries for some of Nikola’s electric semitrucks later this year.
Auto output in Mexico fell 2% last year and is forecast to continue its sluggish pace for the first half of this year due to continued effects of the global chip shortage, Mitsubishi’s Mexican unit said.
Dutch chipmaker ASML reported better-than-expected quarterly results and said it would continue struggling to meet high demand throughout 2022 with sales forecast to grow 20%.
New airport safety buffers agreed to by wireless companies will allow some 62% of the U.S. aviation fleet to perform low-visibility landings at most airports without fear of interference from 5G mobile phone service, according to the FAA. Combined with clear weather, the announcement helped blunt many threatened flight disruptions Wednesday, the first day of 5G rollouts.
First-time jobless claims jumped to 286,000 last week, higher than expected.
New U.S. home builds rose to a nine-month high in December on a surge in multi-family housing construction. Single-family housing starts dropped 2.3% for the month.
The average rate for a 30-year fixed mortgage rose to 3.64% last week, the fourth straight week of gains.
Home sales hit a 15 year high in 2021, driven by low interest rates and the pandemic-induced shift to remote work.
Bank of America and Morgan Stanley reported stellar quarterly results on Wednesday on a mix of higher investment-banking revenue and increases in consumer and business borrowing.
Citigroup laid out goals for firms in the bank’s energy loan portfolio to cut emissions by almost 30% by 2030. The bank is also targeting a 63% reduction in emissions intensity for corporate borrowers across the power sector.
The White House will invest $3 billion over the next 10 years from its bipartisan infrastructure bill to launch a comprehensive response to worsening wildfires in the U.S. West.
New 3D printing technology using lasers for printing metals could revolutionize manufacturing in many applications and industries.
More nations are considering treating COVID-19 as an “endemic” disease like the flu, with expectations that the virus will occur regularly in certain areas according to established patterns.
Germany reported more than 130,000 new COVID-19 infections the past 24 hours, its second straight daily record.
Poland’s health minister is recommending a work-from-home mandate after the nation saw more than 30,000 COVID-19 cases Wednesday, the most since April.
Britain will drop mask-wearing mandates, some vaccine requirements and remote work recommendations starting next week as COVID-19 infections begin to level off in most parts of the country. The nation reported more than 108,000 new cases Wednesday.
Beijing reported five new COVID-19 cases at a cold storage facility Wednesday, adding to the nation’s concerns of importing the virus from frozen food deliveries and other international parcel shipments. Some local authorities are requiring anyone who has accepted an international package to be tested within three to seven days.
COVID-19 infections in India hit an eight-month high yesterday. Cases are declining in India’s largest cities, giving hope that the current Omicron surge is peaking.
Mexico suffered nearly 60,000 new COVID-19 infections yesterday, a record.
The COVAX vaccine-sharing initiative needs another $5.2 billion in funds to continue distributions to low-income nations, the agency said. A separate organization is seeking to deliver 100 million vaccine doses to countries across the Americas by the middle of this year.
Researchers in Switzerland have started trials for a next-generation COVID-19 vaccine that could be delivered via arm patch.