Oil prices seesawed most of Tuesday before ending slightly higher. Energy futures were higher in morning trading today, with the WTI up 1.8% at $71.77/bbl, Brent up 1.8% at $75.72/bbl and natural gas 0.5% higher at $4.83/MMBtu.
The American Petroleum Institute reported a 6.2-million-barrel draw from crude inventories last week, nearly triple the expected draw.
The energy crisis in Europe is being exacerbated by production cutbacks in the Netherlands, which has pledged to shut down its fossil fuel industry by 2050 and plans to shut down one of the world’s largest natural gas fields next year.
The average U.S. price per gallon of gas rose to a seven-year high of $3.20 yesterday, fueled by continued production and refinery disruption caused by Hurricanes Ida and Nicholas.
With its $9.5 billion purchase of Shell’s West Texas properties, ConocoPhillips’ investments into U.S. shale have ballooned to $23 billion in less than a year.
Our most recent list of force majeure and allocation announcements from suppliers is here.
The queue of vessels waiting offshore at the ports of Los Angeles and Long Beach surpassed 70 yesterday, a record high.
The average time container ships spent in ports across the globe rose 11% in the first half of 2021.
Wait times for deliveries of semiconductor orders stretched to 21 weeks in August, a record.
Honda’s Japanese factories have been operating at 40% of capacity in August and September due to semiconductor shortages, the automaker revealed, while output could rise to 70% of capacity by early October.
A booster shot of Johnson & Johnson’s COVID-19 vaccine received two months after initial injection significantly boosted protection against the virus, the company said. The company’s proposed two-dose regimen was 94% effective in clinical trials.
North Carolina’s Novant Health suspended 375 employees across its network of 15 hospitals and hundreds of clinics for failing to meet a vaccination deadline. Suspended employees have five days to comply or will lose their jobs permanently.
Two of the U.S.’s largest retail associations are asking for a 90-day delay on implementing COVID-19 vaccine and testing requirements recently laid out by the White House.
The value of U.S. imports exceeded the value of exports by $190.3 billion last quarter, a 14-year high as businesses replenished inventories and consumer spending stayed strong.
Single-family housing starts, accounting for the largest share of the U.S. housing market, dropped 2.8% in August for the second decline in as many months.
The U.S. House passed legislation that would fund the government through Dec. 3 of this year and suspend the nation’s debt limit until December 2022. The bill now heads to the Senate where it faces an expected partisan standoff.
Uber indicated it could post its first ever adjusted profit in the current quarter as online food ordering continues to surge and ride bookings begin rebounding.
Tech giants have been taking advantage of lower office building prices across U.S. cities, with Google recently picking up prime real estate in Manhattan for $2.1 billion.
New COVID-19 infections globally dropped to 3.6 million last week, down from 4 million the week before, the first significant decline in two months, due to meaningful improvements in the Middle East and Southeast Asia.
White House plans to boost COVID-19 vaccine exports to low-income nations are stalling over a lack of required storage and distribution infrastructure.
The Organization for Economic Cooperation and Development lowered its growth forecasts for the global and U.S. economies in 2021, the first downgrade since December of last year on resurgent COVID-19 cases.
Despite a record share of British manufacturers reporting rising new orders this month, output continues to suffer over supply chain disruptions and labor shortages.
The White House announced a goal to double available funds by 2024 to help developing nations combat climate change.
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