U.S. natural gas futures dropped nearly 7% Wednesday, retreating from seven-year highs on forecasts for milder weather over the coming weeks and an expected large storage build. Prices were up 3.9% in mid-day trading at $5.69/MMBtu.
Crude futures were mixed mid-day, with a potential boost in demand caused by the global energy crunch tempered by a stronger dollar. WTI was up 1.1% at $75.65/bbl and Brent was up slightly at $78.65/bbl.
Despite oil rising above three-year highs of $80/bbl Tuesday, OPEC+ has indicated it will stick to its plan of increasing output by just 400,000 bpd in November as part of a broader return from pandemic-induced production cuts.
Goldman Sachs predicts Brent crude could reach $90/bbl by the end of the year.
India is expected to return to pre-pandemic oil demand of 4.9 million bpd by the end of this year, with demand forecast to more than double to 11 million bpd by 2045.
The U.K. deployed 150 soldiers as oil tanker drivers to help refuel empty gas pumps and ease queues at filling stations in the nation, the result of a week’s worth of panic-buying amid a severe gas shortage.
China’s Shanxi province, the nation’s biggest coal producing region, will begin supplying 14 additional regions with the fuel in the fourth quarter amid nationwide power shortages and even unexpected blackouts.
Saudi Arabia’s Arab Petroleum Investments Corporation made its first sale of $750 million in green bonds Wednesday, as ESG concerns continue to grow in popularity among oil-heavy Gulf nations.
Norwegian refiner Equinor and Russia-based Rosneft announced broad new goals to lower their methane and CO2 emissions, boost carbon capture and storage, and explore alternative fueling for joint plants in Russia.
A large group of investors managing a combined $30 trillion in assets has called on 1,600 of the world’s most polluting companies to set science-based emissions reduction targets to help cap global warming at no more than 1.5°C over pre-industrial levels by 2050.
With just 1% of the world’s population, the Philippines generates over 36% of plastic waste in oceans, with Asia accounting for over 80% of ocean plastic waste.
Our most recent list of force majeure and allocation announcements from suppliers is here.
New data suggests children born in 2021 will see seven times more heat waves, twice as many wildfires, and almost three times as many droughts, river floods and crop failures than people born 60 years ago.
China’s power crunch ended the nation’s 18-month manufacturing expansion in September, with an index of sector activity falling to contraction territory at 49.6. The ensuing power cuts have prompted several smelters to cut production over the past several weeks.
A high-level meeting between U.S. and EU trade officials in Pittsburgh led to agreement on the need for greater cooperation to boost semiconductor supplies and on ways to address the global shortage without contentious government subsidies.
Paint is the latest product to face industry-wide shortages due to global supply chain disruptions, prompting manufacturer Sherwin-Williams to lower revenue and profit forecasts.
Dollar Tree will begin selling some items above $1 to offset cost increases caused by supply chain disruptions and inflation.
The U.S. Agriculture Department will send $1.5 billion in aid to help ease supply chain issues wreaking havoc on school meal programs, as cafeterias throughout the country experience product shortages, delivery delays and difficulties hiring new workers.
The price of bacon is up 28% in the past 12 months to the highest level in four decades due to supply chain issues and other factors.
Our Automotive team informs us of the following plant updates:
GM’s Lansing, Michigan, Grand River Assembly Plant, maker of the Chevy Camaro and Cadillac CT4 and CT5 models, will resume regular production on Oct. 4.
GM’s Ramos Assembly Plant in Mexico will extend the production shutdown of the Chevy Blazer through the week of Oct. 11.
For a partial list of automotive disruptions caused by semiconductor and component shortages, click here.
The nation suffered 123,269 new COVID-19 infections and 2,531 deaths yesterday.
The Los Angeles City Council is considering a sweeping proposal that would require vaccines to enter indoor businesses and venues.
New York City’s mayor announced the permanent establishment of the NYC Public Health Corps and the launch of the city’s Pandemic Response Institute, a long-term strategy to be better prepared for future health emergencies.
Though still below pre-pandemic numbers, rides booked through Uber were up 16% and rides booked through Lyft were up 21% through July compared to the same period last year.
First-time jobless claims, though expected to drop, rose by 11,000 to 362,000 last week.
The U.S. Senate may vote this morning to extend government funding until Dec. 3 and avert a potential shutdown tonight at midnight. The head of JP Morgan, America’s largest bank, warned of “potentially catastrophic” consequences if Washington fails to lift the nation’s $28.4 billion debt ceiling and causes a federal default.
Charitable donations from wealthy Americans increased during the pandemic, with average giving rising by 48% to $43,195 from $29,269 in 2017.
An all-time high of 10.9 million U.S. jobs are waiting to be filled, while roughly 8.4 million workers are unemployed.
IHS Markit projects U.S. GDP to grow at a 3.6% annual rate in the third quarter as COVID-19 infections ease and the nation’s economic rebound accelerates.
Walmart announced plans to add 150,000 store employees for mostly permanent and full-time roles ahead of the holiday season.
Soaring real estate values are making it harder for young renters and minority groups to purchase new homes in the U.S., with the average mortgage rising by more than $50,000 last year, while rent prices soared above 11%, including over 25% for some cities in Florida, Georgia and Washington state.
Contracts to purchase previously owned homes rose to a seven-month high in August, with the National Association of Realtors Pending Home Sales Index jumping 8.1% to 119.5 and snapping a two-month decline.
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.
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