U.S. benchmark WTI crude rose above $85/bbl Monday for the first time in seven years before steadying to close 46 cents higher on the day. Crude futures were higher in late morning trading today, with WTI up 1% at $84.58/bbl and Brent up 0.4% at $86.30/bbl. U.S. natural gas was 2.3% lower at $5.76/MMBtu.
OPEC and its allies are due to gather next week to assess output policy amid a backdrop of tight global supplies that some analysts predict could push crude prices to $100/bbl.
Canada’s natural gas exports to the U.S. have risen to a three-year high, prompting the nation to increase capital spending and drilling activity.
Smog in Beijing has hit its worst levels since May following the nation’s decision to allow miners to increase coal production.
French power grid operator RTE says that new EPR nuclear reactors can help the country move away from fossil fuels on the path of becoming carbon neutral by 2050.
Our most recent list of force majeure and allocation announcements from suppliers is here.
A rapid drop in atmospheric pressure drenched the West Coast with historic rains Monday, causing road-closing mudslides near Los Angeles and shutting off power to more than 100,000 Californians and 50,000 Washington residents. Meteorologists are warning of heavy rains on the East Coast the next couple days, while New York City is under a flash flood watch until this afternoon.
Persistent drought conditions in South America have halted electricity production at dozens of hydroelectric dams, driving up energy prices, while river transport of soybeans has been severely hampered.
Up to 2,000 empty containers coming from the U.S. Gulf and Southeast are on their way to the Port of Los Angeles for shipment to Asia, threatening to further clog terminals.
The global shipping benchmark Baltic Dry Index dropped to its lowest level in over a month Monday, falling to 4,257, a 24% decline from the 13-year peak recorded earlier this month.
The American Trucking Associations (ATA) is among the business groups pleading with the White House to delay its COVID-19 vaccine mandate until after the holiday season, arguing that the measure will cause workers to leave jobs and further disrupt supply chains during peak demand.
The U.S. State Department announced plans to roll out a new cybersecurity office aimed at combating the uptick in ransomware attacks that have hit multiple industries in recent months, battering already disrupted supply chains.
With China’s exports of magnesium sharply declining due to the nation’s energy crunch, Europe is facing a shortage that threatens to shutter industrial operations reliant on the metal within weeks, including the critical auto and packaging industries.
New research suggests the global shipping industry will see its greenhouse gas emissions increase 20% by 2050 absent carbon levies and other sustainability measures by industry leaders.
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
Daily COVID-19 infections have dropped more than 43% in the U.S. over the past month alongside a 50% decrease in total hospitalizations since August. The nation reported 102,898 new infections and 1,401 virus fatalities Monday.
Academic models predict that COVID-19 cases will rise across the U.S. in coming months as unvaccinated people gather indoors.
For the first time in state history, Ohio recorded more deaths than births last year, with deaths from COVID-19 accounting for 97% of the gap.
COVID-19 deaths in Arizona have risen 138% over the past week, with experts fearing an even larger surge this winter.
Minnesota hospitals are reporting greater strains due to rising COVID-19 patients, as the number of single-day infections in the state topped 3,000 yesterday.
Roughly 98% of COVID-19 infections in Wyoming since May 1 have come from unvaccinated residents.
Alabama’s governor issued a new order directing state agencies to resist the federal government’s upcoming COVID-19 vaccine mandate deadline and ordering state employees to cooperate in a lawsuit challenging the measure.
New COVID-19 infections in Florida dropped to 15,314 last week, the lowest since June. The state’s governor plans to offer out-of-state, unvaccinated police officers $5,000 bonuses to relocate to the state.
Missouri’s seven-day average COVID-19 positivity rate has dropped to 6.5%, a four-month low.
United Airlines is being forced by a court temporary restraining order to pay millions in paid leave to pilots who refuse vaccinations over religious or medical objections, as vaccinated pilots refuse to fly with them.
New data shows the average bill for treatment of COVID-19 at U.S. hospitals rose above six figures.
More than 3 million Americans have opted to retire earlier than expected during the pandemic, accounting for more than half of the 5.25 million people who have left the labor market since March 2020.
State and local governments distributed $2.8 billion in emergency rental assistance funds last month, a record, following a recent push from the White House to quicken payments to households to prevent evictions spurred by the pandemic.
Car rental company Hertz has ordered 100,000 Tesla vehicles, set to be delivered in the U.S. and part of Europe over the next 14 months, in a bid to begin electrifying its fleet. The move pushed Tesla’s market valuation over $1 trillion, putting it in a select group alongside Apple, Microsoft, Amazon and Google parent Alphabet.
U.S. utility Dominion Energy is partnering with Spanish turbine maker Siemens Gamesa to build the first U.S. factory to make blades for offshore wind power, as Virginia aims to become a regional hub for the industry.
Austin, Texas, will be the site of the nation’s largest 3D-printed home development, with more than 100 homes slated for construction using a 15.5-foot-tall printer that can build exterior and interior walls for a 2,000-square-foot house in just a week.
The U.K. reported 36,567 new COVID-19 infections and 38 virus deaths Monday.
Ukraine recorded 734 COVID-19 deaths Tuesday, a record.
The Netherlands is mulling imposing new pandemic restrictions as COVID-19 cases soar in the country and start to overwhelm hospitals.
With the highest vaccinated population in the EU, Portugal is averaging just six COVID-19 deaths per day, as the nation lifts the bulk of its virus restrictions and cautiously tries to return to pre-pandemic normality.
China has driven COVID-19 cases back to zero three times in the past five months, a strategy requiring enormous resources for border sealing, contract tracing, lockdown enforcement and mass testing. Most recently, stay-at-home orders were issued in Inner Mongolia following an outbreak of 150 cases the past week and a separate lockdown of the 4 million residents of Lanzhou in Gansu province following 39 reported infections. Some of the nation’s provinces will begin vaccinating children as young as age 3 against the virus.
Airbus rejected calls by aircraft leasing companies to lower production of its A320 aircraft over concerns it could upset the market and lower plane values, with the jet maker saying its plans are justified by record demand.
Tesla registered 24,591 new Model 3 cars in Europe in September, 58% higher than the previous year and the first time an electric vehicle topped monthly sales charts in the bloc. Meanwhile, Japan’s Panasonic unveiled a new large prototype battery aimed at helping the carmaker lower production costs.
Global CO2 levels surged to 413.2 parts per million in 2020, rising by more than the average rate over the last decade, as world leaders prepare to meet in Glasgow Sunday for a new agreement on curbing emissions. The EU’s top climate official will meet with China’s climate envoy in London this week in a bid to build momentum ahead of the summit.
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.
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