In mid-day trading today the WTI was off 0.7% at $52.51/bbl and Brent was down 0.9% at $56.05/bbl. Natural gas was up 0.7% at $2.77/MMBtu.
Oil production by OPEC+ member nations have exceeded compliance limits set in their production-constraint agreement, with the compliance rate falling to 75% in December, the lowest level since the pact was forged in May.
The Energy Information Administration predicts renewable energy will account for more than two-thirds of new U.S. power capacity in 2021, with most coming from solar and wind.
South African oil refineries are withering after nearly a year of depressed fuel demand, with two of the nation’s sites expected to be offline until at least 2022.
Shell is cutting 330 jobs in its North Sea operations over the next two years, part of a cost-cutting effort shared by many oil majors hit hard by the pandemic.
Angola, Africa’s second-largest oil exporter, was approved for the first $480 million of a $3.7-billion loan agreement with the International Monetary Fund as the nation continues to struggle with low prices and weak exports.
Nitrile gloves are in short supply across the globe, the latest item of personal protective equipment suffering under supply chain snags and COVID-19 outbreaks at warehouses.
Ocean carriers are beginning to ramp up low-sulfur fuel surcharges in a bid to capitalize on extraordinary demand, adding significant extra cost to already high rates due to a recent rise in oil prices.
Capesize spot rates, the rates for the largest dry bulk carriers, soared nearly 50% in the past week to a three-month high, a result of a “perfect storm” of strong demand, limited supply and bad weather at Chinese ports.
Warehouse rents are expected to rise at a slower pace this year than in 2020. Vacancy rates are still relatively low but more industrial supply is hitting the market.
Post-Brexit effects on trade are starting to show real-world consequences as big employers struggle with fine print and red tape in the U.K.-EU trade deal, with some opting to give up exporting.
German courier DHL Express placed an order for the last four of Boeing’s iconic humpbacked 777 freighters as the pandemic promises continued demand for air cargo shipments.
General Motors unveiled a new brand, BrightDrop, that will supply EV delivery vans for last-mile delivery services, sending the company’s stock to a 52-week high on Monday. The company’s first customer is expected to be FedEx, which agreed to purchase 500 of the vehicles this year.
Logistics conditions remain strained, with trucking demand exceeding availability, continuing congestion at ports, and backlogs at warehousing and packaging facilities due in part to operating challenges related to the pandemic. Shipping containers are in short supply, with demurrage charges rising. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
The U.S. suffered a record 4,336 COVID-19 fatalities yesterday and 216,647 new infections.
Predictive models show American COVID-19 fatalities rising by 80,000 in the next four weeks.
Ride-sharing giants Uber and Lyft are lobbying the federal government for a greater role in COVID-19 vaccine distribution and safety, including dedicated services to transport people for appointments and providing reminders for booster shots.
Some economists are hopeful about the nation’s recovery over the next several years, arguing COVID-19, more like a natural disaster than a financial shock, will release unprecedented amounts of pent-up demand once vaccines take effect.
Leaders of the financial industry have three predictions for the “next big risk”: cybersecurity lapses, rising unemployment due to a lack of skilled workers, and policies more focused on building GDP to provide humans with living wages.
The Securities and Exchange Commission reported tips of white-collar malfeasance were up 31% last year as employees, encouraged by whistleblowing rewards and enabled by video recordings, were more apt to report infractions while working remotely.
The White House will delay penalties imposed on automakers that fail to meet fuel efficiency requirements, potentially saving the industry hundreds of millions in fines and lost sales.
Airline traffic fell 61% in November compared to the year-ago period, with a spike in holiday traveling insufficient to make up for pandemic-induced hits to passenger travel.
Year-end results show Boeing’s aircraft deliveries fell 40% in 2020 from the previous year, the lowest in 43 years and less than a third of the deliveries of European rival Airbus.
BMW reported an 8.4% drop in vehicle sales in 2020, with COVID-19 restrictions early in the year outweighing a pickup in customer demand in the fourth quarter. Similarly, Volkswagen reported a 15% drop in sales alongside a pickup in December, suggesting a recovery continuing into the new year.
The pandemic’s effects on daily work routines has spotlighted breakfast, with big producers betting that strong demand on sausage, waffles and cereal will stick around long after the virus is contained.
One possible explanation for the current crisis in U.K. hospitals overwhelmed with COVID-19 patients is that better treatments, combined with updated policies to keep senior citizens out of nursing homes, is paradoxically increasing the length of time patients stay hospitalized.
China is urging citizens not to travel and warning rural hospitals to prepare for a potential rise in COVID-19 cases in advance of the Lunar New Year break in February, the busiest travel period of the year.
Greece is calling for a continent-wide COVID-19 vaccination certificate that could ease cross border travel and provide a boost for economies.
Late-stage Brazilian trials of a China-developed COVID-19 vaccine show the doses are much less effective than initially thought, dampening hopes for low-cost inoculations in low- and middle-income nations.
British college students are threatening rent strikes after government restrictions forced them to stay home after holiday break yet continue to pay for unoccupied dorms and apartments.
South Korea reported the biggest loss of jobs in two decades in December, its 10th straight month of job losses, as the unemployment rate hit a 10-year high.
Car sales in China, the world’s largest market, fell 6.8% in 2020, what will likely be counted as a success compared to other auto markets around the world hit by the pandemic.
An updated trade deal between the U.S. and U.K. was slowed by riots at the Capitol last week. At issue in negotiations are American tariffs on Scotch whisky and wool.
Tesla is beginning sales of a locally made Model Y luxury SUV in China, with the potential to disrupt the market with a steep 10% discount over similar models from competitors including Mercedes and BMW. The company is also inching closer to launching operations in India after registering a company in the country Tuesday.
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