Roughly 30% of U.S. Gulf Coast crude production remains offline more than two weeks after Hurricane Ida’s landfall.
Oil prices rose more than 3% Wednesday following a larger-than-expected drawdown of 6 million barrels of U.S. crude inventories, with Brent topping $75 for the first time in more than six weeks.
Crude futures were lower in mid-day trading, with WTI down 0.3% at $72.42/bbl and Brent down 0.1% at $75.38/bbl. Natural gas was 3.0% lower at $5.30/MMBtu.
Chevron’s CEO said we’re entering a period of high energy prices, while Citigroup projected there could be a temporary boost of as much as 2 million bpd in diesel demand as high U.S. gas prices force consumers to switch to oil heading into the colder season.
Propane prices in Mont Belvieu, Texas, the U.S.’s main trading hub, have risen by nearly 60% this year with gas supplies at their lowest seasonal levels in roughly six years.
U.K. power prices surged 19% Wednesday after a fire broke out at a key electricity converter station, halting the nation’s crucial power imports from France.
A major British fertilizer-maker has been forced to shut down production at two plants, the latest energy-intensive manufacturer to do so amid skyrocketing gas and power prices in the nation.
France will issue $118 in direct payments to 5.8 million households to help offset the country’s rising energy bills.
POET, the U.S.’s largest biofuel producer, announced an ambitious plan to achieve net-zero carbon emissions at its processing plants by 2050.
Construction could begin on the U.S.’s first major offshore wind farm off Massachusetts later this year following a $2.3 billion investment in the project’s developer, Vineyard Wind.
Wind turbine technicians and solar installers are projected to be among the fastest growing professions over the next decade, according to the U.S. Bureau of Labor Statistics.
Our most recent list of force majeure and allocation announcements from suppliers is here.
A pair of wildfires in California’s Sequoia National Forest ballooned to 7,039 acres Wednesday with no containment, threatening the world’s largest trees and prompting regional evacuations. Supply chain disruptions, including a lack of rental cars to transport crews and truck drivers to transport supplies, are hampering firefighters as they battle a record wildfire season.
Spot container shipping rates from Asia to the U.S. West Coast were five times higher last week than the same time last year, and 14 times higher than in 2019, the Freightos Baltic Index shows.
MSC is moving two trans-Atlantic container vessels to trans-Pacific routes to meet high demand for Asia services, the company said.
A UPS executive predicted current supply chain disruptions will persist well into 2022, a result of low COVID-19 vaccination rates in key developing countries that produce raw materials and components.
Amazon is raising its average starting minimum wage to $18 an hour in its quest to attract 125,000 additional logistics workers in advance of the holiday season.
High transportation costs have become a vexing challenge for many companies, with Jo-Ann Stores reporting that ocean shipping costs exceed the raw material costs of some products.
The Federal Maritime Commission will address allegedly excessive detention and demurrage fees exacerbating disruption in ocean shipping, with plans to issue a policy statement that will clarify how shippers, truckers and others can obtain repayment.
DHL is extending a contract for Atlas Air to fly 20 freighter jets amid continued high levels of e-commerce activity.
Canadian National dropped out of a months-long battle to acquire U.S. railroad Kansas City Southern, ceding its bid to a $27 billion deal from Canadian Pacific, which, if completed, will create the first freight rail network linking Canada, the U.S. and Mexico.
After falling in July, retail sales rebounded 0.7% in August, despite supply chain disruptions and a decline in automotive sales.
First-time unemployment claims rose by 20,000 last week to 332,000 as rising COVID-19 infections began to impact hiring.
U.S. manufacturing output slowed in August, increasing just 0.2% compared to a 1.6% surge in July, caused by disruptions from Hurricane Ida and materials and labor shortages stemming from the pandemic.
U.S. import prices dropped 0.3% in August after an increase of 0.4% in July, their first decline in 10 months amid a recent drop in the cost of petroleum products.
A growing number of New York City tenants are seeing rent increases up to 70% as discounts offered during the height of the pandemic begin to expire.
U.S. hotels are expected to take a $59 billion revenue hit this year due to the drop in business travel amid resurgent COVID-19 infections.
The number of African American-owned businesses in the U.S. has surged 38% to nearly 1.5 million since February of last year, while the number of Hispanic-owned businesses rose by 15% for the same period.
New data suggests last year’s first two rounds of federal pandemic relief aid kept some 11.7 million Americans from falling below the poverty line.
New data suggests the Tokyo Olympics did not worsen Japan’s COVID-19 outbreak, with the scale and speed of infections in the nation similar to other parts of the world that were hit by the Delta variant.
A COVID-19 outbreak in China’s Fujian province has prompted many other cities to issue travel warnings ahead of the upcoming holidays. The country claims to have fully vaccinated more than 1 billion people against COVID-19.
U.K. small businesses have claimed more than $1.4 billion to date in insurance payouts related to the pandemic.
Australian researchers claim to have developed a new antiviral coating technology that can be sprayed on face masks and kills the COVID-19 virus upon exposure.
China’s factory output rose 5.3% in August, its slowest pace since July of last year, while consumer spending rose just 2.5%. The nation’s property market is also facing significant setbacks due to increased government scrutiny and disrupted investment.
A new study froThe U.K.’s rate of inflation increased 1.2% in August from July, the sharpest month-over-month increase since 1997.
India has approved a $3.5 billion incentive scheme for its auto market, hoping to boost electric and hydrogen fuel-powered cars and drone manufacturing over the next five years.
Incineration plays a prominent role in China’s just published five-year plan to cut plastic pollution, calling for increasing daily incineration rates from 580,000 tonnes last year to 800,000 tonnes by 2025.
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