The price of oil hit a seven-year high Monday after OPEC and allied oil producers stuck with a plan to cautiously raise production, even as global demand for crude oil surges. Saudi Aramco alone has seen a 500,000-bpd demand boost, more than the combined monthly output increases planned for all of OPEC, as a shortage of gas sends prices soaring in Europe and Asia and forces many businesses to switch to crude products for power.
Goldman Sachs forecasts an additional 650,000 bpd of crude oil will be needed to meet demand this year, with Brent possibly reaching $90/bbl by 2022.
Crude futures continued their rise in morning trading, with WTI up 2.2% at $79.36/bbl and Brent up 2.1% at $82.99/bbl. Natural gas was 7.2% higher at $6.18/MMBtu.
The U.K. deployed its military to a BP storage depot Monday to help deliver fuel amid an acute shortage of truckers, now estimated to be at 100,000. Analysts point to Brexit as a major driver of the shortage:
Our most recent list of force majeure and allocation announcements from suppliers is here.
Wait times are stretching up to four weeks for ships to dock at some California ports, an unprecedented backlog stemming from a combination of factors including strong consumer demand, labor shortages, supply chain disruptions, and clogged rail yards and trucking routes.
Containership leaser Seaspan has received the first vessel in its massive 70-ship order made in response to pandemic shipping disruptions.
The White House is leaving in place the steep tariffs on Chinese imports first imposed under the previous administration while it seeks new trade talks with the country.
The value of U.S. goods exports in the first seven months of the year hit a record $990 billion.
New research suggests Pfizer/BioNTech’s COVID-19 vaccine remains 90% effective six months after the first shot. However, BioNTech’s CEO expects a new vaccine formula to be required by the middle of next year to protect against mutated virus strains.
AstraZeneca has submitted a preventative COVID-19 antibody treatment for approval from the FDA, saying the drug could be an effective alternative for people whose immune systems make vaccines ineffective.
Southwest Airlines became the latest U.S. airline to require its employees to be vaccinated against COVID-19. The number of remaining unvaccinated employees at United, meanwhile, has dropped significantly after the airline began making good on threats to terminate employees who did not comply with the mandate.
A cooling of travel demand during the current COVID-19 surge has prompted United Airlines to reassign aircraft to cargo-only flights.
Nine years of airline industry earnings, around $201 billion, is set to be lost due to the pandemic, top industry officials said.
Amazon unveiled a slew of new products at its latest fall product event, including an Alexa-controlled autonomous robot that can set and deliver reminders, control smart home devices and integrate with smart home security devices.
GM-backed autonomous vehicle startup Cruise expects to begin putting vehicles on the road by 2023.
British officials stepped up calls for the nation to transition to complete clean energy production by 2035, having already committed to cutting carbon emissions 78% by that date.
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