Crude futures were mixed in late morning trading, with WTI up 0.2% at $75.44/bbl and Brent down slightly at $79.08/bbl following news of an unexpected build in U.S. crude inventories. Natural gas was 5.0% lower at $5.59/MMBtu.
With inventories expected to remain low in the coming months, spot LNG prices in Asia are likely to stay above $25/MMBtu this winter and possibly break records set last year.
Braskem Idesa reached an agreement with Mexico’s state-owned oil company, Pemex, to build a $400 million ethane import terminal in Veracruz along with an ethane supply agreement until the terminal begins operations in late 2024/early 2025.
Australia’s New South Wales state, the nation’s biggest coal producer, is hoping to lower its carbon emissions by 50% from 2005 levels by the end of the decade.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Category 4 Hurricane Sam is continuing its northwest March in the Atlantic and is expected to generate swells with severe surf and rip conditions on the U.S. East Coast late this week.
New vehicle sales in the U.S. are set to fall 25% in September on depleted inventories at dealerships, despite continued strong consumer spending.
DHL is investing $300 million to expand the square footage of its U.S. distribution network by 70% over the next five years, hoping to meet surging demand increases.
After reporting its second-busiest month in history in August, the Port of Savannah is launching a large expansion project to better accommodate volumes and reduce congestion, which currently stands at more than 30 ships at anchorage with wait times up to seven days.
Costco has chartered three small ocean vessels and leased several thousand containers to move merchandise from Asia to the U.S. and Canada in a bid to bypass clogged shipping networks ahead of the upcoming holiday season.
Rite Aid is partnering with Uber Eats to handle last-mile delivery from over 2,100 locations across 17 states.
Midwestern supermarket chain Hy-Vee is bringing aisle-scanning robots to five grocery stores in Iowa, Missouri and Nebraska, with plans to use the technology to reduce the incidence of sold-out items by up to 30%.
FedEx announced plans to partner with manufacturing firm Paccar and self-driving startup Aurora to test the use of autonomous vehicles in the firm’s Dallas-Houston parcel lanes.
GM’s commercial electric-vehicle unit will begin manufacturing a new midsize electric cargo van with a 250-mile range at an assembly plant in Canada in the second half of 2023, snagging Verizon as its first major purchaser.
The pandemic has prompted Chinese tech companies such as Alibaba, Meituan and JD.com to roll out additional courier robots to deliver packages to customers in a bid to increase contactless services and avoid exposure to the coronavirus.
With global trade expanding rapidly, already high levels of shipping emissions are also expected to increase.
The U.S. reported 111,162 new COVID-19 infections and 2,543 virus fatalities Tuesday.
Pfizer/BioNTech has formally requested FDA approval for its COVID-19 shot to be used in children aged 5 to 11. Clearance is not expected until November.
New York’s COVID-19 vaccine mandate for healthcare workers is helping boost the state’s vaccination rates, with 92% of nursing home staff having now received at least one vaccine dose, up from 70% in mid-August.
New York City’s mayor announced that all public-school staff must be vaccinated against COVID-19 by Friday at 5 p.m.
Roughly 37% of people with COVID-19 still experienced symptoms six months after infection.
People who received a COVID-19 booster dose reported mostly mild to moderate side effects, with 71% saying they had pain at the injection site, 56% reporting fatigue and 43% reporting a headache.
COVID-19 misinformation has created a run on ivermectin, causing problems for veterinarians who need the medicine to treat animals as well as doctors and hospitals who are seeing patients overdose on the drug.
Roughly 71% of people unvaccinated against COVID-19 say the recently approved booster dose is proof that the vaccines are ineffective, new survey results show.
The $3.5 trillion reconciliation bill pending in Congress includes a significant increase in fines for companies that fail to comply with the administration’s vaccine mandate, raising potential fines for noncompliance to $70,000 and for willful violations to $700,000.
A gauge of U.S. consumer confidence fell to 109.3 in September, its lowest level since February.
The number of flights between Western Europe and North America is set to increase 7.5% by early November as the U.S. lifts its ban on travelers from most European countries. German carrier Lufthansa has already reported increased demand for flights to the U.S.
There are early signs that a recent slowdown in U.S. spending has bottomed out as COVID-19 cases decline from summer peaks, despite many economists maintaining lowered forecasts for third-quarter growth.
The latest data shows that U.S. home prices jumped nearly 20% in July from the same time a year ago, the 14th consecutive month of accelerating prices and the biggest rise in three decades.
Banks have announced more than $54 billion in deals through late September, the most since the 2008 financial crisis.
Romania recorded over 11,000 new COVID-19 infections Tuesday, the most since the start of the pandemic, along with 208 deaths, as the nation struggles to increase its vaccination numbers.
Syria is reporting a record surge in COVID-19 infections, topping more than 440 per day over the past week, the highest since the start of the pandemic.
Authorities in Vietnam’s Ho Chi Minh City predict the region’s true COVID-19 infection numbers could be 40% higher than officially recorded.
Victoria, Australia’s second-most populous state, reported 867 new COVID-19 infections over the last 24 hours, topping New South Wales, which reported 863 new cases, for the first time since the pandemic.
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