Governors in New Jersey and New York issued emergency declarations after Ida dropped record rainfall and spawned deadly tornadoes, closing airports, flooding buildings and subways, and causing multiple fatalities. New York City received its first ever flash-flood emergency alert from the National Weather Service.
Onshore infrastructure damage from Hurricane Ida is hampering efforts to get workers back to offshore production platforms and refineries in Louisiana, leaving around 1.7 million bpd of production offline, with analysts anticipating it could take weeks to fully restore service.
A number of Louisiana’s schools and universities will remain closed for the rest of the week as utility crews work feverishly to restore power to New Orleans. Officials imposed a city-wide curfew to prevent store looting, and set up sites and cooling stations to provide free food and relief from the area’s sweltering heat.
Vessel traffic resumed at the Port of New Orleans, with port conditions categorized as “Normal,” but terminal and breakbulk operations remain closed due to the lack of power.
Oil prices steadied Wednesday on news that OPEC+ will continue its schedule of modest production increases in coming months. The cartel also revised its 2022 demand forecast higher to 4.2 million bpd from 3.3 bpd.
Energy prices were firmly higher in late morning trading today, with WTI up 2.8% at $70.53/bbl and Brent up 2.5% at $73.39/bbl. Natural gas was 1.6% higher at $4.69/MMBtu.
U.S. crude inventories fell sharply by 7.2 million barrels last week, exceeding analyst expectations, as demand for refinery products rose to an all-time high of 22.8 million bpd despite resurgent COVID-19 cases.
Mexico state-controlled Pemex is buying out majority partner Royal Dutch Shell in its Deer Park, Texas, refinery venture.
The Environmental Protection Agency is seeking court approval to reconsider waivers from the previous administration that exempted oil refiners from biofuel blending mandates.
Norway is looking to overhaul its taxation of oil and gas firms, proposing plans to remove deductions and scrap reimbursements for exploration costs, a surprise announcement ahead of a new election later this month.
California’s Dixie Fire expanded nearly 40,000 acres in one day to 844,000 acres, with 52% containment.
Favorable weather helped firefighters keep Minnesota’s Greenwood Fire 37% contained, as crews now work to clean up the surrounding area.
Analysts predict widespread shortages, narrower selections and higher prices for products this holiday season because of months-long disruptions in the production and shipping markets.
The expansion of Amazon’s dedicated cargo airline, Amazon Air, has significantly enhanced the company’s overnight deliveries, putting 70% of the U.S. population within reach of the service.
Illinois shipper Dillon Transport shuttered its operations Tuesday after 41 years in the dry- and liquid-bulk trucking business, a decision reportedly made by its private equity owner.
Almost all the 755 office staffers at HMM, South Korea’s largest container shipper, joined seafaring employees in a strike over wage disputes, putting the company at risk of losing $580 million due to disrupted operations.
Chicago’s United Center became the latest pro sports arena to require documentation of vaccination or a negative COVID-19 test to gain entrance.
First-time jobless claims fell to 340,000 last week, a pandemic low.
Rising COVID-19 infections are causing another autumn of uncertainty that is beginning to sink consumer sentiment and the economic recovery.
The spread of the COVID-19 Delta variant is taking its toll on the airline industry, with the number of airline passengers screened at U.S. airports falling to 1.345 million people Tuesday, its lowest level since May.
U.S. mortgage applications dropped 2.4% compared to a week earlier, while refinancing applications fell 3.8% for the week ending Aug. 27.
The latest COVID-19 wave has prompted another ripple of delayed movie releases in Hollywood, causing further pain for beleaguered theater companies.
Nike gave headquarters employees the week off to support mental health and encourage de-stressing from the pandemic.
Japan is expected to extend its state of emergency across Tokyo and 20 other prefectures for an additional two weeks beyond Sept. 12, as Tokyo announced more than 125,600 new COVID-19 infections for the month of August, almost triple July’s level.
Australian officials extended a COVID-19 lockdown in Melbourne by an additional three weeks as Victoria state infections climbed to 120 Wednesday.
Mexico’s Central Bank raised its GDP growth expectations for 2021 to 6.2%.
Strong growth in consumer services and retail helped U.K. businesses grow at their fastest pace since May 2014 during the three months ending in July, with an index rising to +34 from July’s +33. British housing prices, meanwhile, rose 2.1% month over month in August, the second largest rise in 15 years after falling 0.6% in July.
A new report published by Botanic Gardens Conservation International shows that roughly 30% of the world’s tree species are on the verge of extinction, raising concerns about the continued effects of climate change.
At M. Holland
M. Holland will be closed Monday, Sept. 6 in observance of the Labor Day holiday.
During last week’s Plastics Reflections Web Series event, panelists from M. Holland, BPI, LyondellBasell and MTS Logistics discussed how global supply chain complexities are impacting the plastics industry. Click here to access the recording.
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. To arrange a videoconference or meeting with any of our Market Managers, please visit our website.
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