Oil prices eased slightly from seven-year highs Thursday, reversing course in late morning trading today as they head for a sixth straight week of gains. In late morning trading, WTI was up 1.2% at $87.74/bbl and Brent was up 1.5% at $90.70/bbl. U.S. natural gas was 10.7% higher at $4.74/MMBtu.
Los Angeles council members voted unanimously to suspend oil drilling in the city, which had one of the highest concentrations of urban oil wells in the 20th century.
Dow Chemical Company reported a 34.2% rise in sales last quarter, beating Wall Street expectations.
Italian oil field servicer Saipem, formerly a subsidiary of the nation’s Eni oil major, is in the early stages of constructing a new domestic CO2 capture project.
The U.S. administration authorized $25 million in funding for wave power generation off the coast of Oregon.
A severe winter storm is expected to sweep across parts of the U.S. East Coast this weekend and could develop into a major nor’easter with the potential to drop more than a foot of snow in some places, forecasters say.
The average spot rate per 40-foot container from Shanghai to Los Angeles rose to $11,197 for the week ending Jan. 20, up 6.4% from the first week of the year and 168% higher than the same time a year ago.
The backlog of container ships at South Carolina’s Port of Charleston could take six weeks to clear, port officials say.
In the largest disaster mobilization in its history, the U.S. Postal Service has added thousands of temporary employees and converted more than 40 facilities to deliver the 500 million COVID-19 test kits promised to citizens by the White House.
Britain’s critical shortage of truck drivers is easing, U.K. logistics firms report.
Eastern European factories are withering under high energy bills, which have more than doubled in the past year in some cases.
United Airlines became the first U.S. carrier to open its own flight school, with plans to train 500 new pilots a year as the industry faces a severe pilot shortage caused by the pandemic, with a projected 12,000-pilot shortfall by next year.
Turkey’s inflation rate could surpass 23% this year as the nation’s monetary crisis worsens, economists say.
Already America’s second-biggest employer, Amazon has invested nearly $90 billion in Europe and the U.K. since 2010, revitalizing small towns where it builds facilities as it prepares for even more expansion.
British car output fell 6.7% to 860,000 units last year, the lowest since 1956.