Oil prices settled mixed on Tuesday as expected production increases over the next few months offset concerns over continued tight supplies. Futures were lower in late morning trading, with WTI down 2.3% at $78.89/bbl and Brent down 1.7% at $81.03/bbl. U.S. natural gas futures were 5.1% lower at $4.91/MMBtu.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Washington state’s governor declared a state of emergency after intense flooding and landslides knocked out power to northwest coastal regions and forced hundreds to evacuate. Neighboring British Columbia, Canada, also experienced states of emergency and evacuations, while most of the region’s highways remained closed.
Operations at the northern Chinese Port of Dalian were partially suspended following an outbreak of roughly 50 COVID-19 cases, with city officials also limiting outbound residential travel and ordering schools to go remote.
The number of import containers at the Port of Los Angeles has fallen by a quarter to 71,000 since last month, with the threat of possible container dwell fees cited as a major factor in clearing yards.
The World Trade Organization saw its goods trade barometer drop to 99.5 points in November, down from a record reading of 110.4 in August, as production and supply chain disruptions cool demand for imports across the globe.
The Baltic Exchange’s dry bulk sea freight index fell 6.1% to 2,591 Tuesday, its lowest level since June.
Container shipping rates, currently up 300% from pre-pandemic levels, could take up to 26 months to ease back to normal, maritime data firm Sea-Intelligence predicts.
The average spot rate for capesize bulkers fell 9.8% Tuesday to $28,059 per day, with further declines expected over the next several months.
Constrained freight volumes pushed the shipments component of the Cass Freight Index up just 0.8% year over year in October, while the expenditures index rose by more than 37% for the same period.
Norwegian car carrier Wallenius Wilhelmsen posted $65 million in third-quarter earnings, the most since 2017, despite lower volumes.
The California Energy Commission has approved a three-year, $1.4 billion plan to boost statewide electric vehicle infrastructure ahead of the state’s planned phaseout of gas-powered vehicle sales by 2035.
Salaries for truck drivers and warehouse workers in the food service industry have risen between 12% and 17% since 2020, new survey results show.
E-commerce furniture retailer Wayfair carried over 40,000 TEUs across its international network in 2020, putting it on par with the top 30 U.S. importers by volume.
Gaming chipmaker Nvidia’s CEO expects the global chip shortage to dent the firm’s production at least through 2022 and possibly longer.
Sixty-five companies in the S&P 500 had net-zero emissions targets in place as of Oct. 31 before the COP26 climate summit in Scotland, with suppliers increasingly pressured to provide climate data and improve their carbon footprints.
The EU is proposing new rules for companies selling commodities such as soy, beef, palm oil, wood, cocoa and coffee that will go toward ensuring limits on deforestation and other harmful practices in countries that produce them.
For a partial list of automotive disruptions caused by semiconductor and component shortages, click here.
The U.S. reported 87,481 new COVID-19 infections and 1,448 virus fatalities Tuesday.
The U.S. reported over 122,000 new COVID-19 cases in children last week, up 22% from two weeks ago.
Arizona reported 3,240 new COVID-19 cases and 83 deaths Tuesday amid a broad rise in the state’s virus metrics.
Vermont and New Hampshire are both experiencing two of the sharpest increases in COVID-19 infections in the U.S., with case rates rising by a respective 60% and 56% the past two weeks.
Illinois reported 22,600 new COVID-19 infections the past week, a 29% rise from the week prior.
Michigan surpassed Minnesota as the worst COVID-19 hotspot in the nation, with the state’s seven-day case rate rising to more than 500 per 100,000 people while hospitalizations increased 50% the past month.
Pfizer formally applied for FDA approval of its COVID-19 antiviral pill, which was 89% effective in preventing hospitalizations and deaths in trials. The government will pay $5 million for its first large order of the pill, slated for delivery next year, and also placed a $2 billion order for a previously approved antibody treatment from GlaxoSmithKline.
The University of Michigan is being hammered by a sudden flu outbreak, with more than 300 cases reported the past week alongside a 37% test positivity rate. The CDC is sending a team of investigators to Ann Arbor to investigate how the virus spread and check the effectiveness of this year’s flu vaccine.
Amazon will pay a $500,000 fine related to its handling of COVID-19 reports at factories in California.
Pfizer, BioNTech and Moderna are making a combined $65,000 every minute from the sale of COVID-19 vaccines.
The number of U.S. job openings remains roughly 3 million higher than the number of unemployed people, the most recent jobs data show:
Boeing will pay $237.5 million to settle claims over safety issues that caused two 737 MAX jets to crash in 2018 and 2019, resulting in an emergency grounding of the aircraft for 20 months.
Target posted a 12.7% rise in in-store sales and a 29% rise in e-commerce sales for the latest quarter, joining several other major U.S. retailers with strong quarterly results despite persistent supply chain disruptions.
The average annual nurse salary has increased roughly 4% so far this year, well above the pre-pandemic growth rate of 2.6% as the healthcare industry sees one of the country’s tightest labor squeezes.
New survey results suggest young workers up to age 24 are more eager to return to the office than older generations, with opinions reflected in shifting attitudes toward daily commutes:
A joint project between Purdue University and Ford has led to a new electric-vehicle charging cable that could support re-charging in as little as five minutes, researchers claim.
Portugal reported 1,816 COVID-19 infections Saturday, the most in two months, leading lawmakers to call for reintroducing pandemic curbs despite the nation having one of the highest vaccination rates in Europe.
Ireland is reimposing a midnight curfew on bars, restaurants and nightclubs due to a recent spike in COVID-19 hospitalizations.
German carmaker BMW plans to use chips manufactured by Qualcomm in its next generation of self-driving systems, set to begin production in 2025. The automaker expects profits to reach the upper end of forecasts this year following better-than-expected sales in October.
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