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:
A pipelinIndia’s coal ministry has asked Coal India to boost investments in electric vehicles and charging stations as part of a plan to diversify the state-run business.
Southern California’s 13-square-mile oil pipeline spill is expected to keep beaches closed for months, as aid and environmental groups work frantically to clean up and protect the affected ecosystem.
A group of 60 companies has pledged to make sustainable aviation fuels comprise 10% of global jet fuel supply by 2030.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Supply Chain
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.
Coca-Cola has opted to ship cargo on bulk carriers rather than containerships in the face of increasing port congestion and rising freight costs.
Wisconsin-based freight carrier Marten Transport had its operating system knocked out Sunday by a cyberattack.
Volvo’s monthly sales fell 30.2% in September from a year earlier amid production hits caused by component shortages.
Marvell Technologies CEO said the global semiconductor shortage could last through 2022, with new capacity not expected to come onstream until 2023 and 2024.
The book publishing industry is emerging as the latest victim of global supply chain disruptions.
With rubber prices up 70% in the past year, fleet managers are scrambling to find ways to extend tire life.
British meat prices are soaring due to labor shortages at slaughterhouses and butcheries, while pharmacies run low on medicines due to a shortage of truckers.
Prices for commodity-grade Arabica coffee has nearly doubled in the past year, largely a result of a series of environmental disruptions in Brazil.
Johnson & Johnson will ask U.S. federal regulators to authorize a booster dose of its COVID-19 vaccine this week.
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.
The U.S. Supreme Court returned to hearing in-person oral arguments Monday for the first time since the start of the pandemic.
Nearly 20% of 1,000 health care workers polled had quit their jobs during the pandemic, citing poor pay, safety concerns and burnout.
With more than 200,000 COVID-19 cases reported weekly among children for the past month, a majority of parents now believe schools should have comprehensive COVID-19 mask mandates.
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.
Hotel owners are bracing for another sluggish holiday season as the continued spread of COVID-19 cuts down on leisure travel this fall and winter.
Facebook, Instagram and WhatsApp shut down for more than six hours Monday, the worst outage for the Facebook-owned companies since 2008. The outage was caused by a network configuration issue and did not compromise user data, Facebook says.
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.
Amazon- and Ford-backed electric vehicle maker Rivian announced plans to manufacture battery cells in-house, a shift from current production sourcing in South Korea.
International Markets
Japan will require proof of COVID-19 vaccination to enter restaurants and other indoor facilities in 13 prefectures starting this month.
New COVID-19 cases in Mexico fell 38% in September from August, though deaths were higher. Only one of Mexico’s 32 states, Baja, remains in the “high risk” rating for COVID-19.
Roughly 30% of immunocompromised people do not develop protection against COVID-19 even after getting vaccinated, a new Italian study shows.
The number of tourists in Spain doubled in August compared to a year ago to 5.19 million people, still around half of pre-pandemic levels.
The World Trade Organization raised its forecast for global trade growth in 2021 and 2022 to 10.8% and 4.7%, respectively, as global economic activity continues to rebound from the pandemic.
A new study suggests China’s population could significantly decline in the next 45 years, with researchers thought to have severely underestimated the pace of demographic decline.
Nestlé Mexico inked a deal with U.K.-based Greenback Recycling Technologies to build a Mexico recycling plant capable of processing flexible plastic packaging.
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.
At M. Holland
M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight during prevailing force majeure. For more information, email our 3D Printing team.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
For all COVID-19 updates and notices, please refer to the M. Holland website.
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