Crude prices fell on Friday after the Energy Information Administration reported crude inventory builds of 4.4 million barrels for the week ending Jan. 25, compared with a 3.2 million-barrel decline the previous week. Energy prices inched higher in early trading today, with the WTI up 0.2% at $52.39/bbl and Brent up 0.2% at $55.52/bbl. Natural gas was up 3.2% at $2.53/MMBtu.
Iran is ramping up crude oil production to return to pre-sanction levels in as little as two months, bringing output to around 4 million bpd.
The fourth quarter promises to be the worst earnings period yet for oil refiners, who encountered a perfect storm of rising oil prices, weak demand and cost inflation.
Major oil companies purchased the fewest new exploration licenses in five years in 2020. BP has been among the most aggressive scaling back its search for new fossil fuels, cutting its exploration team from 700 to 100.
The canceled Keystone XL oil pipeline project is expected to yield more than 48,000 tons of scrap steel, a haul that would go for more than $50 million at current market prices.
La Niña, a cooling of the equatorial Pacific that triggers unusually dry or wet conditions in certain parts of the world, is expected to intensify this year, portending more severe climate events, including dry wildfire conditions in the West.
Rates on multiple ocean shipping lanes have surged in January, with the Drewry World Container index hitting its highest point since 2011 at just over $5,340 per 40-foot container.
British shoppers buying items from European websites are facing post-Brexit demands of more than 100 euros in import duties before parcel carriers will complete deliveries.
This year will likely bring reduced capacity, higher driver wages and continued high spot rates to the truckload carrier market, according to a forecast from U.S. Express Enterprises.
Dutch COVID-19 protocols are prompting airlines KLM and Martinair to suspend all long flights, including cargo and freighter aircraft.
Rebounding demand for manufactured goods coupled with depleted inventories are broadly disrupting supply chains, causing delivery delays and soaring commodity prices.
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.
On Saturday, hospitalizations, new COVID-19 infections and deaths all declined from the day before as the U.S. topped 25 million confirmed cases of the virus.
According to some estimates, for every documented case of COVID-19, there are at least two undetected infections, a result of unbalanced data gathering and tracking across states and communities.
Based on current and expected rates of COVID-19 vaccinations in the U.S., it could take until January 2022 for every American to get at least one shot. Young, healthy Americans may not get vaccines until late summer.
About 1 in 400,000 recipients of Moderna’s COVID-19 vaccine experience a severe allergic reaction, compared to about 1.3 reactions per million doses of annual flu shots.
Dallas County, Texas, the eighth most populous county in the nation, is under pressure to devise a more equitable method to distribute COVID-19 vaccines after initial doses went mostly to wealthy neighborhoods.
A White House directive ordered government agencies to immediately enhance federal benefits, including expanding food assistance and improving stimulus check distribution, ahead of an expected push for a $1.9 trillion virus bill.
IHS Markit’s index of U.S. manufacturing activity increased to 59.1 in the early weeks of 2021, the highest level in more than a decade where any figure above 50 indicates sector expansion. The U.S. service-sector reached 57.5, while poor numbers for Europe indicated growing risks of a second recession there.
U.S. home sales last year rose to their highest levels in 14 years on ultralow interest rates and increased demand for larger living spaces, with more people interested in moving to small towns and rural communities:
Late payments on U.S. credit cards were at their lowest level ever in 2020, indicating many consumers are tightening their budgets.
The U.S. Farm Belt is experiencing an unexpected recovery as a years-long crop glut is beginning to subside, with rising commodity prices increasing farm income on strong export demand from China.
The Brazilian city of Manaus, capital of the state of Amazonas, ran out of hospital oxygen earlier this month, highlighting distressed conditions in one of the world’s hardest hit countries. More than three-quarters of residents of the city have detectable COVID-19 antibodies.
Taiwan imposed its harshest lockdown yet, with up to 5,000 people required to quarantine after an outbreak in the northern city of Taoyuan.
A nine-year-old’s petition calling on U.K. lawmakers to halt shipments of plastic waste to developing countries received more than 70,000 signatures of support in less than a week.
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