Oil prices rose for the fourth straight session Tuesday to their highest close since October of 2014, a day after OPEC decided not to accelerate its plan for gradually relaxing production cuts. Prices have climbed 63% so far this year, amplifying inflationary pressures weighing on the world economy.
Natural gas futures rallied Tuesday, jumping 9.5% to the highest level since 2008 amid tight global supplies heading into the winter heating season. The squeeze has hit Europe particularly hard, where the benchmark gas price reached $36/MMBtu for the first time ever (equivalent to roughly $205/bbl of oil), while gas prices in the U.K. surged 23% to around $42/MMBtu.
Crude futures were lower in morning trading, with WTI down 2.1% at $77.31/bbl and Brent down 2.0% at $80.95/bbl. Natural gas was 7.1% lower at $5.89/MMBtu.
The national average for a gallon of regular gas rose to $3.20 Tuesday, AAA reported, the highest since 2014 and a 47% rise from the same time last year. Analysts predict gasoline prices to rise faster in the coming weeks following the recent surge in oil.
A new British program aimed at recruiting migrant drivers to deliver fuel supplies has attracted only 127 applications so far out of roughly 5,000 estimated to be needed.
France lost more than 5% of its nuclear production capacity Tuesday following employee strikes.
Hundreds more people will be deployed to help clean up coastal California’s 13-acre oil spill, state and local officials announced, as a 13-inch split in a sea bottom pipeline was identified as a likely source of the leak.
Spanish major Repsol upped its 2030 capacity target for renewable energy generation by 60%, along with making new pledges to cut emissions in its oil and gas unit.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Vietnam, Malaysia and Thailand all reported rising factory shutdowns in recent weeks caused by COVID-19 outbreaks, spelling more trouble for global supply chains that depend on the nations as a production hub for the world’s largest consumer brands.
Capesize bulker rates rose 5% to $80,000 Tuesday, the highest level since 2008.
The average long-term contract price to ship a 40-foot container from Asia to the U.S. rose to $4,979 Tuesday, more than double the contract rates from a year ago.
DHL is raising U.S. shipping rates by 5.9% in January, matching FedEx’s recent rate hike.
The Bloomberg Commodity Spot Index soared to an all-time high Tuesday as a global resurgence in demand for raw materials collides with supply constraints.
Some 90% of home builders report shortages of plywood, strand board, framing lumber, windows and doors, and major appliances.
Third-quarter deliveries from heavy-duty truck maker Paccar are expected to be down 7,000 compared to the second quarter, a result of production hits caused by the global chip shortage. Daimler Trucks also lowered its 2022 sales forecast for the same reason.
Generation X, comprising people aged 41 to 56, has enjoyed a financial windfall during the pandemic, adding $13 trillion in assets over the last 15 months, a 50% increase. Generation Xers’ share of the nation’s wealth rose to nearly 30%, while the shares of Baby Boomers and the Silent Generation fell.
Nearly 20% of U.S. workers could remain fully remote after the pandemic, new data suggests.
Private jobs grew by a higher-than-expected 568,000 in September, according to ADP.
GM announced plans to open a battery-cell development center in Michigan to help lower costs and increase the driving range of electric vehicles with lithium-ion and solid-state batteries.
Single-use food containers made from Styrofoam are more environmentally friendly compared to reusable containers due to the low amounts of raw material and electricity needed to produce them, new research shows.
Facebook’s six-hour outage Monday left more than 2.9 billion users unable to access its services, including Instagram and WhatsApp, the result of cascading failures after a simple technical mistake.
Euro zone retail sales were weaker in August as consumers reined in spending on food, drinks and tobacco.
German industrial orders fell more than expected in August on weaker export demand cause by supply chain disruptions, including a massive 12% drop-off in orders for cars and automotive parts.
New Zealand’s central bank hiked interest rates Wednesday for the third time in seven years and signaled further tightening to come, as it looks to stay ahead of rising inflation and a red-hot housing market.
A shortage of skilled research and engineering specialists could hamper global goals to swiftly transition to battery-powered electric vehicles.
Sweden’s Volvo received an order for 100 electric trucks for short- and long-haul shipping firm DFDS, the biggest commercial electric-truck order to date.
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