OPEC+ decided against increasing production next month, sending oil prices soaring nearly 5% yesterday. Under the scheme, Russia and Kazakhstan will increase production by 150,000 bpd, while Saudi Arabia will retain its voluntary 1 million bpd cut.
Crude prices were higher in early trading today, with the WTI up 3.4% at $66.012/bbl and Brent up 3.6% at $69.16/bbl. Natural gas was down 2.1% at $2.69/MMBtu.
COVID-19 surges are hammering fuel demand in two key export markets for American refiners: gasoline consumption in Mexico fell to an eight-month low in January while demand for diesel fuel in Brazil was at its lowest since May.
Chevron is acquiring the remaining shares of Noble Midstream Partners that it does not already own in a stock-for-stock deal.
Chevron and Schlumberger are collaborating with Microsoft to develop a biomass energy plant in California designed to generate net negative carbon emissions.
FedEx pledged to become carbon neutral by 2040, joining more than 50 other major corporations to publicly declare carbon neutrality goals.
Logistics conditions remain strained, with trucking demand exceeding availability and continued congestion at ports due in part to operating challenges related to the pandemic. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
The recent drop of U.S. COVID-19 infections is flattening, as officials warn a high plateau combined with pandemic fatigue could lead to a fourth wave.
There were 67,164 new COVID-19 cases in the U.S. yesterday and 1,903 deaths. Nearly 28 million Americans have been fully vaccinated, 8.5% of the population.
Alabama is extending a statewide mask mandate by five weeks despite coronavirus cases being down 82% from early January.
New York state received its first shipments of Johnson & Johnson’s recently approved one-shot COVID-19 vaccine.
Medicine regulators from five countries — the U.K., Canada, Australia, Singapore and Switzerland — say approved COVID-19 vaccines that are then modified to target new variants will not need to be tested in large-scale clinical trials prior to authorization.
COVID-19 fatality rates tend to surge where obesity rates are especially high. Countries where more than half of adults are overweight have recorded mortality rates more than 10 times those in other nations.
The employment market picked up in February, with employers adding a better-than-expected 379,000 jobs and the unemployment rate declining slightly to 6.2%.
Women, who make up less than half the U.S. workforce, have suffered a majority of the pandemic job losses, with many forced to leave the workforce entirely because of childcare duties and uncertain school schedules.
The Federal Reserve will keep ultralow interest rates and other easy-money policies in place as the nation is still a “long way” from maximum employment and 2% inflation.
The U.S. Treasury launched a $9 billion program to provide aid for minority and community lenders, who can use the funds to boost loans to small businesses and low-income earners.
With little more than a month left to go in the Paycheck Protection Program, the federal government again revamped the rules to make it easier for the smallest businesses to get loans.
U.S. factory orders rose at a faster-than-expected 2.6% in January.
The Chairman of the Federal Reserve expects inflation to increase this summer as the economic recovery accelerates but said the economy is not in danger of overheating.
The U.S. dollar is up almost 2% against a basket of other currencies since its three-month low in early January.
Rates for a 30-year mortgage topped 3% for the first time since July, the fifth consecutive week the rate has gained or held steady.
There were more contracts signed to buy homes in Brooklyn and Manhattan last month than all of December and January combined, a result of low mortgage rates and ample supply.
The U.S. temporarily suspended tariffs on U.K. goods in a significant easing of trade tensions stemming from government subsidies to aircraft manufacturers.
Texas overcharged nearly $16 billion for power during last month’s winter freeze after keeping wholesale electricity prices high for 33 hours longer than warranted.
The recent spike in wholesale power costs in Texas is causing financial distress for some wind-power generators who had financing hedge contracts to buy power during periods without wind.
Strong demand for food and household goods pushed Costco’s revenue up more than 15% in the fourth quarter.
Accident injuries were flat during the pandemic, with a plunge in sports and playground injuries offset by spikes in power tool, bicycle and skateboard injuries. Traffic deaths rose 8% in 2020, despite a significant drop in miles driven.
Experts are concerned that a new COVID-19 surge could be emerging in Europe, where infections were up 9% last week, with much of the rise in Central and Eastern Europe.
COVID-19 infections are slightly higher in France, with yesterday’s 26,788 cases marking the largest one-day gain in almost two weeks.
Lufthansa is retiring its Airbus and Boeing jumbo jets as it adjusts its fleet to the post-pandemic environment and seeks to reduce costs and emissions.
Volvo’s electric vehicles will only be sold online in Sweden, as the company bets that the cars’ lower maintenance and repair requirements will reduce the need for dealerships.
Despite the Lunar New Year pause, smog in Beijing hit its highest levels in a year in February as holiday travelers in China chose the safety of car transportation and factories returned to full production faster than expected.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets. To arrange a videoconference or meeting with any of our Market Managers, please visit our website.
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.