Oil prices were flat Tuesday on fresh signs that the EU will not impose a blanket ban on Russian oil. In mid-morning trading today, WTI futures were up 5.3% at $115.00/bbl, Brent was up 5.5% at $121.80/bbl and U.S. natural gas was up 1.8% at $5.28/MMBtu.
U.S. oil demand rose slightly to 21.6 million bpd in February, the highest for the month since 1963 and the highest for any month since August 2005.
A summer-like heatwave is forecast to hit the U.S. West Coast in the coming days, sending temperatures to record-challenging levels for this time of year.
Canadian Pacific Railway resumed normal operations Tuesday after reaching agreement with striking workers to arbitrate a contract dispute. The 2.5-day shutdown backed up shipments in Canada and the U.S., while the ports of Vancouver and Montreal are expected to see lingering congestion.
Elevated container freight rates contributed 1.5% to consumer price inflation across the globe last year and could have an even greater impact this year amid high fuel costs and war-induced capacity constraints, according to the United Nations.
Drewry’s World Container Index for average global shipping prices per FEU (40-foot container equivalent) dropped to $8,832 last week, the lowest level since July of last year.
The Federal Maritime Commission warned of regulatory action against ocean carriers that are not providing sufficient services to U.S. exporters and their overseas markets, an added layer of scrutiny after the agency began reviewing detention and demurrage policies last year.
Koch Industries, the influential energy-based conglomerate that has long opposed environmental regulation, is now among the U.S.’s largest and most diversified battery investors outside the auto industry.
The U.S. reported 23,011 new COVID-19 infections and 555 virus fatalities Tuesday. A quarter of eligible Americans have not been vaccinated, while half have yet to get a booster.
The latest government data shows the BA.2 “stealth” subvariant of Omicron now accounts for one-third of new U.S. infections, with the largest concentration in northeastern states.
Available office space in Manhattan rose to a record high 17.4% in February, as more companies shift to remote or hybrid work arrangements.
A Starbucks store in Seattle voted to unionize Tuesday, the first such vote in the coffee chain’s hometown.
Graphex Technologies is building one of the first large-scale graphite processing plants in the U.S. outside of Detroit, which will provide 15,000 metric tons per year of a key anode needed for most electric-vehicle batteries.
Hong Kong’s flagship airline plans to run just one inbound flight every two weeks when travel bans are lifted, a bid to calibrate with the strict two-week shutdown of airlines that inadvertently carry COVID-infected passengers.
Pfizer is sending 4 million courses of its COVID-19 antiviral treatment to almost 100 low-income nations starting next month.
China’s Evergrande, the world’s most indebted property developer, delayed filing its annual results and said it would unveil a massive debt restructuring proposal by this summer, as banks took control of more than $2 billion held by one of its key subsidiaries yesterday.