Oil prices rose to two-year highs on Monday as the global COVID-19 vaccine rollout continues to fuel an economic recovery.
Crude prices were higher in mid-day trading today, with the WTI up 1.7% to $72.08/bbl and Brent up 1.5% at $73.95/bbl. Natural gas was down 3.3% to $3.24/MMBtu.
The International Energy Agency expects global crude oil demand to exceed pre-pandemic levels this year, increasing to 100.6 million bpd.
LNG exports from the U.S. last month exceeded Australia’s exports for the first time, with some experts expecting the U.S. to become the world’s largest exporter of LNG. Increased U.S. exports could help lower emissions in several Asian countries.
Six major western energy firms are hoping to take a stake in Qatar’s North Field expansion project aimed at boosting the country’s LNG exports.
A chemical fire at a Chemtool Lubrizol lubricants plant near Rockton, Illinois, yesterday morning forced the evacuation of surrounding residents and is expected to burn for days.
BP is joining Norway’s Statkraft and Aker Offshore Wind in bids to create new offshore wind projects off Norway’s coast.
Our most recent list of force majeure and allocation announcements from suppliers is here.
At least 12 southern and western states are under heat-related advisories, with daytime highs reaching 15-30 degrees above normal in one-third of the nation. Many areas are breaking previous record temperatures, while the risk of wildfires is high.
Power prices in California surged to their highest levels since February as the state battles a heat wave expected to continue through the rest of the week.
ERCOT, the main power distributor in Texas, is urging customers to conserve power and investigating why several power plants have been forced to shut down as potentially record-breaking heat approaches.
Maersk has rerouted at least 79 vessels from scheduled calls at Yantian in the last three weeks, as a shutdown in critical port operations has created a shortage of empty 40-foot containers.
The cost of shipping a 40-foot container from Shanghai to Rotterdam is at a record $10,522, up 547% over the past five years.
German shipper Hapag-Lloyd is forecasting an extended peak season in 2021 amid continued strong demand, as the industry enters its busiest months of July and August in preparation for the holiday season.
FedEx Freight notified some 1,400 less-than-truckload customers that it will cease serving them to help relieve terminal bottlenecks, leaving them with little time to arrange for shipping alternatives.
U.S. lumber prices suffered their biggest ever weekly drop last week, falling almost 40% from record-high levels reached in May.
The U.S. Air Force will establish a 3D-printed supply chain in Oklahoma following the U.S. Defense Department’s first-time air-worthiness certification of a 3D-printed aircraft engine part.
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. surpassed 600,000 COVID-19 deaths on Monday as doubts grow about the White House’s goal to inoculate 70% of the population by July 4th. The country reported 12,710 new infections yesterday and 170 virus deaths.
California is fully reopening its economy today, lifting most capacity and physical distancing restrictions. The state is giving away free “dream vacations” to encourage vaccinations and bolster tourism, adding to other vaccination incentives such as lottery drawings and $50 gift cards.
The Delta variant of COVID-19 first discovered in India is expected to become the dominant virus strain in the U.S., with the number of infections jumping from 2% to 10% of all new COVID-19 cases in the Southwest last week.
A new study shows that COVID-19 vaccines from Pfizer and AstraZeneca are highly effective in preventing hospitalization from the Delta variant of the virus.
UnitedHealthcare rescinded a plan to deny coverage for what it deemed non-urgent care at hospital emergency rooms after an outcry of concern that it would further delay people from seeking healthcare after pandemic lockdowns.
Goldman Sachs recalled most of its workforce back to the office yesterday, while Citigroup plans to wait until July. Only about 31% of office workers have returned to their pre-pandemic workspaces.
Amazon is expecting workers in the U.S. and the U.K. to return to the office at least three days a week beginning Sept. 7.
As banks relaxed interest rates during the pandemic, corporate debt in the U.S. reached record levels, surging to over $11 trillion in March, half the size of the economy, with some analysts expecting companies to face new struggles when it is time to repay.
Producer prices jumped 6.6% year over year in May, the largest annual increase since 2010, while consumer prices slipped a higher-than-expected 1.3% after rising in prior months.
The U.S. and EU are set to resolve a 17-year trade fight over state subsidies given to Boeing and Airbus, significantly reducing trade tensions between the two nations.
Airbus and Boeing are facing increasing price competition from the surplus of used aircraft on the market that were idled during the pandemic.
The CEO and CFO of electric-truck startup Lordstown Motors resigned on Monday amid alleged misrepresentations made to investors regarding preorders for its electric truck.
A drop in new car sales stemming from high prices for new vehicles and a staggering increase in the price of used cars has driven the average age of vehicles on U.S. roadways to a record 12.1 years.
Wisconsin regulators approved new measures allowing electric utility customers to install and maintain electric vehicle charging stations in their homes or businesses as part of the state’s efforts to curb vehicle emissions. The state’s utilities are on track to reduce carbon emissions by almost 40% over the next six years.
Global ad spending is anticipated to rebound a greater-than-expected 19% this year after contracting 3.5% in 2020, with digital ad spending increasing 26%.
U.S. beauty retailer Credo Beauty has cut single-use plastics from its samples and packaging following a two-year phase out, as more retailers mull sustainability measures.
India reported 60,471 new COVID-19 cases and 2,726 deaths yesterday.
For Technical questions, contact Paul Lorigan, Manager of the M. Holland Technical Innovation Center.
M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight during prevailing force majeure. For more information, email our 3D Printing team.
M. Holland Company
We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.
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