Oil prices climbed Thursday, reclaiming some of the losses suffered in the previous session as the U.S. administration backtracked on plans to release supply from strategic reserves.
Natural gas ended Thursday mostly flat following news that Russia would raise gas exports to Europe.
Oil prices are headed for their seventh weekly gain, the longest run since December, with WTI up 1.3% in mid-day trading today at $79.35/bbl and Brent up 0.6% at $82.43/bbl. Natural gas was 1.2% lower at $5.61/MMBtu.
As the winter heating season approaches, the global energy crisis is worsening, with natural gas futures in Europe trading at the equivalent of $230/bbl of oil, up 130% from early September, and prices in East Asia up 85%.
Roughly 12% of filling stations in London and the U.K.’s southeast were still dry as of Thursday, 15 days into the nation’s gas supply crisis. Separately, calls are increasing for the nation’s energy regulator to take emergency action on surging power prices.
Exxon Mobil raised its resource estimate by 1 billion oil barrels following a new discovery at the company’s Stabroek Block in offshore Guyana.
Major U.S. producer Occidental is looking to re-establish dividend payments for shareholders rather than boost production over the next decade, a move that also will allow for increased investment in other businesses such as carbon capture, the company said.
Shell warned that third-quarter losses from damage caused by Hurricane Ida could reach $400 million.
Marathon is emptying tanks at its 593,000-bpd Texas City refinery as quickly as possible following a storage tank leak first discovered Wednesday.
U.S.-based Nikola and Canadian pipeline operator TC Energy announced a new partnership to develop large-scale hydrogen production plants in the U.S. and Canada to produce the fuel needed to operate Nikola’s electric heavy-duty trucks.
Our most recent list of force majeure and allocation announcements from suppliers is here.
With demand surging in the U.S., shipping a parcel from Shanghai to Los Angeles is currently six times more expensive than shipping from L.A. to Shanghai.
The price to ship a single container has risen from roughly $2,500 before the pandemic to more than $25,000.
Some cargo ships are waiting a month to dock and unload at Southern California ports. Up to 25% of goods stuck on ships won’t make it to shelves in time for Black Friday on Nov. 26, retail analysts predict.
Maritime research firm Drewry and shipper MSI expect current supply-chain disruptions to continue through 2022.
Taiwanese and South Korean chipmakers are resisting calls from the White House to share their supply chain data, thwarting U.S. efforts to mitigate the ongoing shortage and prompting demands for increased American production.
Semiconductor giant Samsung said its operating profit was up 28% in the latest quarter from a year ago, the best in three years.
Used car prices in the U.S. rose 5.3% to all-time highs in September as supply chain disruptions continue to hamper new vehicle production.
A growing number of U.S. restaurants are upgrading their locations for outdoor dining ahead of the winter season, adding heaters, blankets, new structures, and altered menus following rapid adoption of the trend last winter.
JPMorgan will begin sharing patents related to how it efficiently cools and ventilates its massive data centers, part of a joint effort by Microsoft, Facebook and HP to spread carbon-mitigation technology.
Tesla is moving its headquarters to Austin, Texas, from California’s San Francisco Bay Area, the latest in a growing number of large enterprises moving operations to the Lone Star State.
Mazda is adding five new crossover models to its vehicle fleet by 2023, with plans to manufacture at least one of the vehicles in Alabama.
Tesco, the U.K.’s biggest retailer, raised its full-year earnings forecast following a 16.6% year over year profit increase in the first half of 2021.
German auto supplier ZF will take a 5% stake in British autonomous vehicle firm Oxbotica to jointly develop software for pod-like shuttles capable of transporting people and goods.
A Chinese battery manufacturer backed by Mercedes claims to have developed lithium-silicon batteries capable of holding up to 25% more energy than their lithium-ion counterparts.
At M. Holland
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