Oil prices jumped 8% Thursday, extending a series of wild daily swings on renewed fears of supply shortages from Russia. In mid-day trading today, WTI futures were up 1.9% at $104.40/bbl, Brent was up 1.3% at $108.00/bbl and U.S. natural gas was down 2.4% at $4.87/MMBtu.
More oil news related to the war in Europe:
European natural gas futures were trading around 105 euros per megawatt-hour today, almost 70% below a record-high of 345 euros last week.
The U.S. West is facing another spring and summer of dwindling water resources and rising temperatures, extending drought conditions that have covered over half the continental U.S. since the summer of 2020.
In a rare break with its strict COVID-19 lockdown policies, China is allowing some companies in Shenzhen to restart factories shut down since last Sunday.
The Port of Los Angeles handled a record 857,764 TEUs last month but expects volumes to soften this spring due to COVID lockdowns in China.
Toyota cut its April production target by 150,000 vehicles, or 17%, due to continued semiconductor shortages. The automaker now exports vehicles made at its Burnaston plant in the U.K. to Europe by rail rather than truck, cutting lead times by 50%.
Intel says it will invest $100 million in education in Ohio to develop skilled workers for a $20 billion chip plant it plans to build outside Columbus.
The Cass Freight Index for expenditures rose to 4.453 in February, up 42.2% from the year before and 10.6% from January.
Freight forwarder Flexport estimates it still takes more than 100 days to move a container from Asia to a U.S. destination through the West Coast, up from less than 50 days two years ago despite a recent cooling of U.S. port backlogs.
Cargo theft in the U.S. and Canada fell 15% in 2021, new data shows.
J.B. Hunt plans to grow its intermodal container fleet 40% to 150,000 units over the next five years.
Dollar General faces a cost squeeze after growing its private fleet, which is expected to comprise 40% of the tractors used to transport its goods from distribution centers to stores this year, up from 20% at the end of 2021.
FedEx’s revenue rose 10% in the fiscal third quarter despite a decline in parcel volumes, with higher rates causing operating income to nearly triple.
Nickel futures fell by 12% before hitting their daily trading limit for the third time in a row when the market opened today:
COVID-19 infections in Hong Kong have now surpassed 1 million. Almost 95% of the city’s COVID-19 fatalities have come in the past month, with new estimates suggesting at least half the island’s 7.4 million people have been infected.