Crude prices slumped in response to rising COVID-19 infections globally. In early trading today, the WTI was down 2.5% at $38.87/bbl and Brent was off 2.3% at $40.82/bbl. Natural gas was 1.9% higher at $3.03/MMBtu.
U.S. road traffic fell to levels not seen since 1995 in the second quarter:
Debt associated with U.S. oil and gas bankruptcies so far this year tops $89 billion, an all-time high.
Canada’s Cenovus Energy has agreed to buy Husky Energy for $2.9 billion, which will create the country’s third-largest oil and natural gas producer.
The Argentinian government will subsidize shale gas drillers to the tune of $5.1 billion over four years to revive production in the Vaca Muerta shale play. The subsidies are expected to be cheaper than importing liquified natural gas over the same amount of time.
Libya could increase its oil supply to the market after warring factions signed a ceasefire on Friday, freeing the country’s oilfields for increased production.
Saudi Arabian petrochemicals giant SABIC reported a 47% increase in third-quarter profits compared with the year-ago period.
Last week, scientists discovered a new method of breaking down polyethylene using less heat than conventional methods along with no solvents or added hydrogen. The recycled material can be used for cosmetics, detergents, machinery lubricant and refrigeration fluids.
Tropical Storm Zeta, the 27th Atlantic storm of 2020, is expected to strengthen into a hurricane today before touching Mexico’s Yucatan Peninsula and hitting the U.S. Gulf Coast in the coming days.
Demand and lease prices for shipping containers are expected to remain high well into 2021, with container manufacturers unable to meet surging demand.
FedEx is engineering reverse logistics technology in its partnership with Happy Returns, which will open more than 2,000 FedEx Office locations to returns of products even without a box or label.
Self-driving truck company Plus announced its choice of Amazon Web Services as its cloud provider, evidence of Amazon’s growing presence in the up-and-coming autonomous trucking industry. Next year Plus will start mass producing Level 3 self-driving trucks, which still require human intervention.
The Northwest Seaport Alliance, which provides a gateway between the ports of Seattle and Tacoma, experienced its busiest month in almost a year in September, but was still down 11.1% in 20-foot equivalent units (TEU) containers year over year, with officials saying the pandemic will continue to disrupt supply chains countrywide.
With tight freight capacity nationwide and supply constraints with many plastic resins, clients are advised to provide expanded lead times on orders to help ensure delivery dates.
The U.S. broke a record for single-day COVID-19 infections with 83,757 on Friday followed by 83,718 on Saturday. The country has logged more than 8.6 million cases in total, with more than 225,000 deaths.
The seven-day average of new COVID-19 infections in the U.S. hit a record 68,767 yesterday.
The pandemic has cost U.S. colleges and universities an estimated $120 billion so far, forcing institutions large and small to cut staffing and programs in what may be a permanent reshaping of higher education.
Walmart is focusing on supply chains as part of its long-term goal of decarbonization. The company will increasingly use power purchasing agreements to buy long-term green energy from suppliers.
Spurred by the pandemic, beauty companies are refining their retail strategies toward cleaner products and greater flexibility with brick-and-mortar shelf lineups.
P&G Beauty has created a reusable, refillable aluminum bottle and recyclable refill pouch to sell in its European market in 2021. The bottles will allow consumers to refill their shampoo, the first step in the company’s efforts toward a 50% reduction in virgin plastic usage in shampoo and conditioner bottles.
India has lowered its daily COVID-19 case count to below 50,000, or less than half the daily count just one month ago. The country reported 50,129 cases Sunday, with total infections of 7.9 million, second only to the U.S.
The 48-year-old president of Poland is the latest world leader to be infected with COVID-19. Meanwhile, Polish officials put the country’s 40 million citizens under the highest level of restrictions Saturday, with bars and restaurants instructed to close.
In his first policy speech to parliament today, Japan’s new prime minister is set to announce the country’s target of carbon neutrality by 2050.
If you registered for MAPP and missed our breakout session last week, watch it here.
Global Healthcare Manager Josh Blackmore will be a featured speaker on Thursday, October 29 at 10:00 am ET during the Plastics in Healthcare Virtual Edition, sponsored by Plastics News. The title of his talk: Applying the Lessons from the First Wave of COVID-19 to Successfully Navigate the Second.
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