WTI futures fell slightly yesterday while Brent stayed flat, despite a larger-than-expected inventory draw last week amid news that OPEC will not rush the easing of its pandemic-induced production caps.
Crude futures were up in mid-day trading today, with the WTI 0.4% higher at $70.27/bbl and Brent up 0.4% at $72.51/bbl. Natural gas was up 0.6% at $3.15/MMBtu.
The developer of the Keystone XL Pipeline has abandoned the partially-completed project, ending a years-long effort to transport more Canadian crude to the U.S.
Pipeline leaks have caused a nearly 20% drop in Libya’s crude oil production over the past several days.
Multiple renewable energy projects totaling 15 gigawatts are under construction in Texas, more than double the amount from three years ago.
Analysts and investors expect Exxon Mobil to take several years to overhaul its spending and strategy after the company lost a quarter of its board seats to activist investors pushing for greater investments in lower-carbon fuels.
Logistics conditions remain strained, with trucking demand exceeding availability and continued congestion at ports primarily due to increased volume of ships and containers. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
The U.S. reported 20,779 new COVID-19 infections and 432 deaths yesterday.
Seattle became the first major American city to fully vaccinate more than 70% of residents.
Researchers and epidemiologists in the U.S. are concerned about an increasing number of states slowing the pace of reporting their pandemic data, saying that the lack of up-to-date information could make it difficult to track new outbreaks.
E-commerce accounted for 13.6% of total retail sales in the first quarter of 2021, the same share as during the peak holiday season in the fourth quarter of 2020, a reflection of the permanent shift among consumers to online shopping.
U.S. bank deposits have continued to surge in 2021, rising by $41 billion to $17.1 trillion, nearly four times the average pace of the past 20 years, driving some banks to ask deposit-heavy corporate customers to invest their cash in their businesses or move it.
New York is expecting its property tax revenue to drop by $1.6 billion in the coming fiscal year, highlighting the pandemic’s toll on the city’s commercial real estate.
United Airlines is in talks to buy at least 100 Boeing 737 MAX jets as part of a broader fleet revamp, along with several dozen larger aircraft from Airbus.
General Motors announced it would back the White House’s plan to reduce overall vehicle emissions to fight climate change but asked the administration to give automakers greater flexibility to hit carbon reduction targets by 2026.
India recorded 93,463 new COVID-19 infections yesterday. After one state dramatically revised its data, the nation also posted 6,148 virus deaths in the past 24 hours, shattering world records and confirming suspicions that the country’s overall death toll is substantially higher than reported.
The virulent Delta COVID-19 strain first discovered in India has spread to at least 60 countries.
Japan is mulling vaccinating its 70,000 volunteers for the Tokyo Olympics and Paralympics against COVID-19, while media members, who will be placed under a mandatory quarantine upon entering the country, will be tracked by a global positioning system to help keep the event safe.
The U.K. reported 7,540 new COVID-19 cases Wednesday, the highest increase in daily infections since February despite roughly 80% of the nation’s population having antibodies to the virus.
Scotland will extend its COVID-19 restrictions by an additional six months after the country reported a 50% rise in cases over the past week.
Despite a nationwide vaccination rate over 50%, daily COVID-19 infections in Mongolia have risen more than 70% over the last two weeks, raising questions about the efficacy of the predominant China-made Sinopharm.
After only reporting a small number of COVID-19 infections and deaths for the bulk of the pandemic, Haiti is experiencing its first serious wave of the virus, while the country has yet to inoculate a single person with a vaccine dose.
A new report from the International Energy Agency shows that investments in clean energy in poorer nations will need to increase to more than $1 trillion a year by 2030, up from $150 million last year, in order to meet global climate goals.
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We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.