Oil prices settled 2% lower on Thursday, the second day of declines, after Russia said it would fulfill existing contracts and traders speculated that recent supply fears are overblown.
Energy futures posted their largest high-to-low range on record this week. In mid-morning trading today, WTI futures were up 3.0% at $109.20/bbl, Brent was up 2.6% at $112.20/bbl and U.S. natural gas was up 2.3% at $4.74/MMBtu.
Exxon Mobil is in the final round of interviewing bankers for a potential sale of up to $5 billion in mature North Dakota shale assets, the latest in a string of aggressive moves to cut costs and boost shareholder returns.
The U.S. administration earmarked $36 million for research into advanced nuclear waste disposal for when the country’s next-generation reactors come online in the 2030s.
Coal India, the world’s largest miner, is seeking net-zero emissions within the next four years.
More supply chain news related to the war in Europe:
The global shipping industry is calling for the safe passage of roughly 100 foreign-flagged vessels and hundreds more mariners stranded at Ukrainian ports by fighting. A growing number of shipowners are asking crews to abandon their vessels as at least five stranded ships have been hit by explosions.
Airfreight rates from China to Europe jumped 80% the first week of Russia’s invasion, according to Freightos.
The queue of container ships waiting to unload at Southern California ports fell to 48 vessels last weekend, less than half January’s record of 109 and the smallest since last September. Analysts peg the breather on a Lunar New Year lull and a sharp decline in workers calling in sick with COVID-19.
Analysts say the causes of last year’s historic shipping backlogs — including labor constraints, high demand and low capacity — will continue throughout 2022.
Today marks the second anniversary since the World Health Organization declared COVID-19 a pandemic.
According to a new study, global deaths in 2020 and 2021 were 18 million higher than normal, suggesting that the official death count from COVID-19 of 6 million is greatly under reported.
Just eight days before Germany’s pandemic restrictions are set to expire, COVID-19 cases in the nation are rising again, recently surpassing 250,000 in a single day.
China is experiencing its worst COVID-19 wave since early in the pandemic, with over 1,000 domestic infections Friday. A lockdown was imposed on the 9 million residents of Changchun due to a COVID-19 outbreak in the city and schools were closed in Shanghai.