Oil prices rose half a percent Monday on expectations that OPEC will keep its gradual pace of monthly production increases. Energy futures were mixed in late morning trading, with WTI down 0.7% at $83.45/bbl, Brent down 0.4% at $84.36/bbl and U.S. natural gas up 5.5% at $5.47/MMBtu.
OPEC’s monthly output rose by just 140,000 bpd in October, less than half the group’s planned increase, on production difficulties in Angola and Nigeria. Output in Russia, meanwhile, increased in October for the second straight month.
Bank of America forecasts Brent could reach $120/bbl by June 2022.
The surge of transatlantic travel after the U.S. reopens its borders Nov. 8 could boost demand for crude by up to 250,000 bpd, traders predict.
China is buying more LNG from the U.S. than ever before, sending benchmark rates for spot deliveries into Asia up to $56/MMBtu in early October, more than 10 times the rate last year.
Semco Maritime has inked a deal with U.S. offshore wind developer Vineyard Wind to create a wind service and maintenance hub off the coast of New Bedford, Massachusetts.
Norway’s Equinor has developed new floating technology that will allow construction of a 1 GW offshore wind farm in Scotland, more than 30 times larger than the company’s first offshore farm built in 2017.
Our most recent list of force majeure and allocation announcements from suppliers is here.
For the third time since 2005, the National Hurricane Center has used up all 21 names allotted for Atlantic Ocean storms this year.
California state utility PG&E was subpoenaed by the federal government and could take a loss of more than $1.1 billion over potential liability for starting this year’s Dixie Fire, the second-largest wildfire in state history.
Yiwu, the Chinese hub of Christmas decoration manufacturing, has seen raw materials and electricity outages drive up the cost of exports by up to 10% since June.
Despite reporting lower quarterly earnings from last year due to the ongoing chip shortage, Ford, Stellantis and GM all raised full-year guidance as they better adapt to production disruptions in the fourth quarter.
Indian automaker Tata Motors is reporting a six-month waiting period for electric vehicles and up to a two-month waiting period for other models due to the ongoing chip shortage.
Union Pacific reported shipments by auto and car-part makers on its trains fell 18% in the third quarter.
Even sales of products such as paints and coatings that don’t use microprocessors are being hit by the global chip shortage, as manufacturers produce fewer vehicles, appliances and other devices.
Japanese container line ONE reported earnings nearly quadrupled in the latest quarter from the prior year period.
Chinese shipper COSCO reported a $12.5 billion net profit for its container division in the first nine months of 2021, nearly double that of the same period last year.
Tonnage moving through the Panama Canal increased 8.7% in FY 2021 from the previous year.
The effects of Brexit rippled into nine-month results at Dublin Port, with overall throughput falling 3.3% compared to the same period in 2019.
Employees at some Amazon warehouses in Germany started striking Monday over working conditions and wages.
The U.S. Department of Transportation and the California State Transportation Agency are teaming up in the Emerging Projects Agreement to coordinate assessment and support for infrastructure and port projects.
For a partial list of automotive disruptions caused by semiconductor and component shortages, clickhere.
The U.S. reported 121,139 new COVID-19 infections and 1,201 virus fatalities Monday.
The White House says the 28 million U.S. children eligible to receive COVID-19 shots will be able to get one, despite delays in approving a second vaccine beyond Pfizer’s shot. The CDC is meeting today to decide on authorizing the shot.
Federal contractors will be given broad flexibility in how they implement COVID-19 vaccine mandates among staff, a partial concession made by the White House considering less strict vaccine requirements for businesses with 100 or more employees. Twelve U.S. states are suing the U.S. administration over the mandate.
Daily COVID-19 cases in Colorado have risen 91% since September, as roughly 90% of the state’s surgical and ICU beds are filled amid overwhelming numbers of virus patients.
Pfizer raised guidance after reporting that revenues more than doubled in the third quarter, with COVID-19 vaccine sales as the largest contributor.
Amazon-backed electric vehicle maker Rivian Automotive could be valued at more than $60 billion when it debuts on the Nasdaq stock exchange next week.
The U.S. Department of Energy plans to award $199 million to fund 25 projects aimed at lowering emissions from cars and trucks, including boosts to electric vehicle charging infrastructure and incentives to produce electric freight trucks.
The U.S.’s richest people pledged tens of billions in donations to support renewable energy development across the world.
More than 60% of the 5 million people who died from the virus did so in 2021:
The real pandemic death toll could be as high as 10 million, health experts say.
New COVID-19 cases in the U.K. dropped 13.5% week over week with the nation reporting more than 40,000 cases and 40 virus deaths Monday.
Russia reported 40,402 new COVID-19 infections Monday, its third straight day above 40,000, and 1,158 virus fatalities.
Tesla will open its charging network for other electric vehicles (EVs) in the Netherlands as part of a pilot program to boost EV infrastructure.
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