In-person components of NPE2021, scheduled for May 17-21, 2021, have been canceled due to risks associated with COVID-19 transmissions, the Plastics Industry Association announced Tuesday.
Oil prices surged to a 10-month high above $50 per barrel yesterday after Saudi Arabia announced it will cut 1 million bpd of crude output in February, a move announced shortly after the kingdom struck a deal with other OPEC+ member nations to keep crude production constrained next month in the wake of rising COVID-19 infections across the globe.
Oil prices were higher in mid-day trading today, with the WTI up 1.6% at $50.71/bbl and Brent up 1.7% at $54.53/bbl. Natural gas was 2.2% lower at $2.76/MMBtu.
The announcement of larger-than-expected draws in crude oil inventories for the week ending Jan. 1 had little further effect on oil’s rally following OPEC’s Tuesday news.
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.
There were 229,055 new COVID-19 cases in the U.S. yesterday, bringing total cases above 21 million. Tuesday’s 3,775 fatalities set a new daily record.
General Motors reported a 4.8% rise in U.S. sales in the fourth quarter, with the average transaction price reaching a record $39,229.
Electric vehicle startup Rivian, backed by Amazon and Ford, is closing in on a new round of funding valuing the company at $25 billion, as the carmaker races against Tesla to deliver an electric-powered truck.
After an impressive performance in 2020, Tesla’s 2021 plans include expanding in the Chinese market and opening new factories in Texas and Germany.
Prices for lithium-ion battery packs used in electric vehicles have declined almost 90% in the past decade, spurring increased production of higher-powered vehicles.
Demand increased for higher-priced vehicles at the end of 2020, helping lift automakers out of spring declines alongside stronger retail sales in the third and fourth quarters.
Mexico aims to vaccinate all senior citizens by the end of March thanks in part to the expected delivery of 35 million doses of a China-made vaccine that is easier to ship and store than Pfizer/BioNTech’s.
Denmark imposed new virus restrictions, with officials expecting a highly contagious variant discovered in the U.K. to be the dominant strain in the country by mid-February. In another pandemic-induced policy, Danish homeowners will be able to receive 20-year mortgage loans at a fixed rate of zero.
The International Monetary Fund said the global economy is starting 2021 in a better position than expected, with global GDP growth potentially rising up to 5.2% in the year ahead, compared to the World Bank’s forecast of up to 4%.
iPhone assembler Foxconn has placed bets in the electric vehicle industry by partnering with Chinese EV startup Byton to help mass produce new vehicles in 2022.
British retailer Marks & Spencer is citing new post-Brexit trade rules as the reason for delayed deliveries of fresh food to its locations in France.
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