Oil prices surged today on encouraging COVID-19 vaccination news from Pfizer. In early trading, the WTI crude price was up 8.2% at $40.20/bbl and Brent was 7.6% higher at $42.45. Natural gas was slightly higher at $2.90/MMBtu.
The Baker Hughes count of active oil and gas rigs in the U.S. rose by four last week to 300, down from 817 in the year-ago period.
Crude production in Libya has reached its highest level in almost a year, with the country reporting more than 1 million bpd after several weeks of ramped up activity.
Coal consumption in the U.S. declined by 30% in the first half of 2020 compared to the prior-year period, as the industry was forced to compete with record-low natural gas prices and reduced power demand during lockdowns.
A 26-member group of national and regional banks reported investments upwards of $197 billion in green energy in 2019, representing a quarter of the group’s total lending.
Australia announced plans to attract $23 billion in private investment to transition the country’s most populous state to renewable energy projects in the next decade.
Japan, land constrained, is focusing on shifting from fossil fuels to hydrogen rather than other renewable energy sources as the fifth-largest polluting nation pursues its net-zero-emission goal by 2050. A new storage facility in Kobe will receive its first liquid hydrogen shipment in March.
INEOS Styrolution has notified customers of shortages of some ABS products due to high global demand and production challenges due to COVID-10 protocols.
Tropical Storm Eta caused surges, flash flooding and strong winds in south Florida and parts of Cuba and the Bahamas Sunday night and is expected to re-strengthen into a hurricane as it approaches the Florida Keys and moves west into the Gulf of Mexico today and tomorrow.
Rail shipments diverged in October, with carload traffic down 6.6% and intermodal traffic up 10%.
Logistics companies performed extremely well in October on a surge of e-commerce activity and inventory restocking, with warehouse companies adding 28,100 jobs and parcel and trucking employment expanding.
Texas is the state with the most COVID-19 infections in the nation, topping 1 million. Military personnel were dispatched over the weekend to El Paso, where infections are spiraling out of control and greater government assistance is needed to help containment.
Demand for electronics goods for stay-at-home use spurred record exports for Taiwan for the fourth consecutive month in October.
Electric plug-ins comprised over 17.5% of all vehicle sales in Germany in October, a jump from the 3% share of vehicle sales in 2019 and a sign of rapid disruption in the country’s auto market.
China’s large trade surplus with the rest of the world is getting bigger, with an 11.4% increase in exports in October compared to the previous year. The country’s imports rose by 4.7% during the same period.
Japan could soon increase financial incentives for environmental investment in support of the nation’s goal of being carbon neutral by 2050. A top government official said the investments are necessary for business growth, as well.
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