Energy prices were mixed in mid-day trading today, with WTI down 0.3% to $69.11 bbl, Brent down 0.4% to $72.34/bbl and natural gas higher by 0.8% to $4.95/MMBtu.
Mexico cut its forecast for oil production at state-owned Pemex to 1.83 million bpd next year while reducing its profit-sharing duty with the government from 54% to 40%, the latest fallout following two recent offshore accidents that knocked out a quarter of the company’s output.
Oil demand in China, the world’s top energy consumer, is expected to be 13% higher in the fourth quarter than in the same period in 2019, as demand also surpasses pre-pandemic levels in several other nations.
Ninety percent of supply chain companies responding to a recent survey are recruiting more employees for the holiday season, while nearly half of respondents are raising wages to attract and retain workers, even as warehouse and storage hourly earnings are at an all-time high.
Nvidia, the world’s largest graphics and AI chip maker, is seeking European antitrust approval for its $54 billion takeover of British chipmaker Arm, whose customers include Qualcomm, Samsung and Apple.
Revenue in Old Dominion Freight Line’s less-than-truckload unit rose nearly 30% in August on the back of a 10.9% rise in daily volumes.
Proposed legislation to lower the minimum age for driving big rigs on interstates to 18 is generating controversy within the trucking industry.
Logistics conditions remain strained, with trucking demand exceeding availability and continued congestion at ports due in part to operating challenges related to the pandemic. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
The U.S. reported 176,710 new COVID-19 cases and 2,146 fatalities yesterday.
Breakthrough COVID-19 infections among fully vaccinated people account for roughly 40% of new cases in Massachusetts, while unvaccinated people still make up most of the state’s virus hospitalizations.
Soon after a circuit court judge allowed Florida school districts to enforce mask mandates, the state’s governor filed an appeal to overturn the decision and reinstate his executive order barring mask mandates in the state.
Several South Carolina cities are defying a state ban on local mask mandates by requiring masks for indoor activities.
U.S. economic growth slowed over the summer due to spreading COVID-19 cases, Federal Reserve anecdotal evidence suggests, with losses largely concentrated in dining, travel and tourism. The nation faces further slowdowns in September, with businesses and consumers adjusting to renewed mask mandates, travel restrictions and delayed office openings.
First-time jobless claims fell to 310,000 last week, a pandemic low, from 345,000 the week prior.
U.S. job openings jumped to a record high of 10.9 million at the end of July, suggesting last month’s slowdown in hiring was mostly the result of a severe labor shortage.
U.S. bank profits slipped 8.3% in the second quarter from the third as firms slowed the rate of reversing loan-loss reserves built up during the pandemic. Profits were still up 281% from the same time last year.
During our latest 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.
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