Oil prices rose slightly Tuesday, extending gains that have pushed WTI and Brent up a respective 21% and 19% since the start of September.
Futures were higher in late morning trading, with WTI up 0.8% at $83.58/bbl and Brent up 0.5% at $85.51/bbl. U.S. natural gas was 1.0% higher at $5.14/MMBtu. The declines come on signs that U.S. crude stockpiles rose by a larger-than-expected 3.29 million barrels last week.
U.S. stockpiles of propane heating fuel are expected to have peaked for the year, setting up the likelihood of shortages this winter amid the strongest price surges since 2009.
Coal prices in China dropped 8% Tuesday night as the country’s state planner said it was studying ways to intervene to mitigate record-high prices for the fuel.
Japanese utility Tohuku Electric has inked a deal with BP to buy six cargoes of LNG fuel to be delivered in the first half of next year at 20% the cost of Brent crude, avoiding paying record-high prices on the spot market for short-term supplies.
Brazil’s Petrobras is reporting that fuel demand exceeds its production capacity, with diesel and gasoline demand up a respective 20% and 10% compared to November 2019.
Halliburton, one of the nation’s largest oilfield services companies, reported its third consecutive profitable quarter Tuesday as drilling activity rebounds alongside rising crude demand and prices. Net income rose to $236 million compared to a $17 million loss the same period last year, as the company’s CEO foresees “a multiyear upcycle unfolding.”
An employee strike at French power firm EDF cut the nation’s nuclear production capacity by 12.2% Tuesday afternoon.
The 650 locked-out workers at Exxon’s Beaumont, Texas, refinery voted to reject a contract offer Tuesday that could have ended a months-long standoff over job assignments at the plant.
Spanish utility Iberdrola opted not to bid in the nation’s latest auction of renewable energy capacity due to regulatory uncertainty amid record-high power prices.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Shipping logjams are delaying deliveries to U.S. grocers, with total on-shelf product availability declining by almost one percentage point from August to September. A Manhattan grocery chain expects food prices to rise more than 10% over the next two months.
Freight volumes at the Netherlands’ Port of Rotterdam increased 15% year over year in the third quarter.
Container throughput at India’s largest container port in the six months ending Sept. 30 rose 40.4% from the same time last year.
Total container traffic on Russia’s state-run railway jumped 40% in the first nine months of 2021 to 782,000 TEU and could hit a record 1 million TEU this year. The nation has seen a 47% increase in rail volumes from China year to date.
Congestion at European ports has been growing but remains less severe than backups at U.S. counterparts.
The post-Brexit U.K. has largely fallen behind trade upticks in the rest of the world, with export volumes 16% lower in July from 2019 levels versus a global trade increase of 4% in the same period.
Japanese shipper Ocean Network Express will resume service at the Port of Oakland on Nov. 13, ending a two-year hiatus that U.S. exporters hope will increase volumes to Asia.
High levels of inflation hit a broad section of U.S. industries in September, the most recent data shows:
Procter & Gamble, maker of Tide detergent and Crest toothpaste, will start charging more for razors and certain beauty and oral care products, the second round of price increases since July due to rising freight and raw material costs.
Ship insurers are indicating significant rate increases heading into next year, potentially by as much as 25% or more.
Oat futures have climbed to all-time highs and are more than twice the level of 2019 and 2020 because of severe dry weather parching big North American growing regions.
Italian-American CNH Industrial — maker of farm machinery, Iveco commercial vehicles and construction equipment — will shut several of its European plants for eight days this month due to the global computer chip shortage.
Europe is short roughly 400,000 truckers, while a similar shortage in the U.S. pushed spot rates for dry trucks up 13% year over year in the third quarter.
The wine market is one of the latest to be hit by logistics disruptions, with packaging materials such as bottles, adhesives and paper getting held up at congested ports.
Union Pacific and its labor unions have sued one another over how to implement the federal vaccine mandate.
Canada’s Purolator parcel delivery service projects a 10% gain in volume this holiday season.
For a partial list of automotive disruptions caused by semiconductor and component shortages, clickhere.
Our Logistics team reports the following:Bulk trucking capacity is very limited as demand is exceeding supply.
Dry van (full, partial and less-than-truckload) capacity is very limited as demand exceeds supply.
Port congestion continues to be very problematic, delaying deliveries of imported containers.
Packaging and pulverizing/grinding production challenges persist as demand is exceeding supply
The U.S. reported 81,238 new COVID-19 cases and 2,357 virus fatalities Tuesday.
New York City will require its more than 160,000 municipal employees to be vaccinated against COVID-19 or potentially lose their jobs.
The U.S. Supreme Court declined to hear an emergency appeal of Maine’s COVID-19 vaccine requirement for healthcare workers, the first time the nation’s highest court weighed in on a statewide vaccine mandate.
COVID-19 vaccination rates in Puerto Rico are the highest in the U.S. by a wide measure, with the U.S. territory of Guam and the state of Vermont following.
Florida’s seven-day moving average of new COVID-19 cases is down 48% from two weeks ago.
Texas reported 4,950 patients hospitalized with COVID-19 Monday, its lowest total in nearly three months.
New York City expects an annual loss of $111 million in tax revenue due to employees shifting to remote work.
The U.S. administration clarified that recently eased international travel restrictions apply to fully vaccinated visitors only, and that those with just one dose of a two-dose COVID-19 vaccine regimen will continue to be denied entry to the country.
New CDC data shows that Pfizer’s COVID-19 vaccine was 93% effective in preventing virus hospitalization among teens aged 12-18.
Americans have lost a combined $585 million since March 2020 due to scams involving stimulus packages and the pandemic, according to new data from the Federal Trade Commission.
Elkhart, Indiana, rose to the top of the Wall Street Journal/Realtor.com Emerging Housing Markets Index, as high housing costs and remote-work opportunities boost migration into smaller U.S. cities. The trend has caused salaries for tech workers in San Francisco and New York to drop for the first time in roughly five years.
Single-family house rental prices rose 9.3% year over year in August, as abnormally high home prices push more would-be buyers into the rental market.
U.S. housing starts fell 1.6% in September while permits for future homebuilding fell 7.7% to a one-year low, as labor and raw material shortages hamper the construction sector.
Survey results show 11.5% of U.S. holiday shoppers do not plan to spend anything on gifts and services this season, the highest percentage of people in at least a decade.
American telecom giant Sinclair suffered a ransomware attack over the weekend, impeding local newscasts in a variety of regions and rendering the company’s computer systems unusable.
Johnson & Johnson’s revenue rose 11% year over year in the third quarter to $234 billion, led by an increase in sales in medical devices and pharmaceuticals.
New international research suggests repeat infection with COVID-19 could occur every 16 months.
Roughly 72% of Australians have received at least one dose of a COVID-19 vaccine, compared to just 66% in the U.S.
The International Monetary Fund cut its economic growth forecast for Asia this year from 7.6% to 6.5% as regional surges of COVID-19 hamper consumption and factory output.
Home prices in China have begun falling for the first time in six years, a potentially big blow for the nation which relies on property industries for roughly 25% of its output. Meanwhile, the string of Chinese real estate firms defaulting on their debt is growing.
The U.K. unveiled its net-zero strategy ahead of the COP26 United Nations climate talks later this month, containing detailed plans on creating 440,000 green jobs by 2030. Officials indicated new taxes may be needed to offset revenue losses caused by a shift away from fossil fuels.
German power company RWE plans to invest $21 billion in green technologies and infrastructure in the U.K. by 2030.
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