Oil prices fell Thursday, reversing early gains after OPEC+ announced it will not accelerate production increases. Oil futures were higher in late morning trading, with WTI up 2.5% at $80.80/bbl and Brent up 2.1% at $82.21/bbl. U.S. natural gas was 2.3% lower at $5.59/MMBtu.
The average price for a gallon of gas in the U.S. has surged to a seven-year high of $3.40, with Bank of America predicting even more price increases if crude oil hits $120/bbl by mid-2022.
China’s energy giant Sinopec has signed a 20-year delivery contract for LNG from U.S. Venture Global, the largest such deal to date between China and a U.S. supplier.
U.S. LNG exporter Cheniere Energy is on track to enter commercial service at a new facility in the first quarter of 2022.
The Suez Canal Authority will hike its transit fees by 6% starting next year, allowing only LNG carriers and cruise ships an exemption to pay the 2021 rate.
Despite the hype around Hertz’s recent order of more than 100,000 Tesla electric vehicles, the rental car company now must negotiate the timing of deliveries amid pandemic-induced production snags.
Private-equity firm EQT’s $6.8 billion sale of U.S. industrial sites to an Asian wealth fund marks one of the highest prices ever paid for U.S. industrial properties that serve major population centers and air cargo hubs.
Toymaker Mattel says it can meet the high demand for its products this holiday season by relying heavily on nearshoring to help bypass port logjams.
Trucker Forward Air will expand its intermodal capabilities with the acquisition of TKI Intermodal, which specializes in container drayage and transportation, and BarOle Trucking, the largest intermodal carrier in the Twin Cities, Minnesota.
Trucker Yellow returned a third-quarter profit on its highest occupancy rate in three years and a 15.6% rise in one of the company’s key pricing measures.
Cargo hauler Atlas Air’s third-quarter net profit rose 61.4% from the previous year to $119.5 million, with revenue increasing 25.5% to just over $1 billion, a record.
American retail prices for a gallon of milk are up 26% from 2018 due to the largest shortage of U.S. dairy cows in a decade.
For a partial list of automotive disruptions caused by semiconductor and component shortages, clickhere.
The U.S. reported 82,061 new COVID-19 infections and 1,131 virus fatalities Thursday. Cases are down about 20% nationwide over the past two weeks, with several former hotspots now having the lowest rates of new infection, including Connecticut, Florida, Georgia, Hawaii, Louisiana and Mississippi.
In a potential treatment breakthrough, Pfizer’s trials of a new COVID-19 pill that can be taken from home showed that it cut the risk of virus hospitalization or death for people with moderate symptoms by about 89%, the company says.
The White House will require private sector companies with at least 100 employees to ensure workers are fully vaccinated or get tested weekly beginning Jan. 4. Companies that fail to comply with the order could face penalties of nearly $14,000 per worker. The mandate will exclude employees who work exclusively outdoors.
Federal workers will be granted paid time off to take their children to get vaccinated against COVID-19, the U.S. administration announced.
Ford plans to repurchase up to $5 billion of its high-interest debt and begin issuing “green” bonds to help finance a transition to electric vehicles.
Google is beginning to map New York City streets in preparation to roll out self-driving vehicles in its Waymo autonomous unit.
Europe has seen a more than 50% jump in COVID-19 cases the past month, as it again becomes the world’s new virus epicenter. The World Health Organization warned that the region could see another 500,000 virus fatalities by February.
Germany saw its second consecutive daily record for new COVID-19 cases Friday with more than 37,100 infections.
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