Crude prices jumped in early trading, with the WTI up 4.1% at $38.57/bbl and Brent up 3.7% at $40.72/bbl. Natural gas was 3.7% higher at $2.53/MMBtu.
Suncor Energy, Canada’s largest oil sands producer, is cutting 2,000 jobs, up to 15% of its workforce.
Shareholders of Noble Energy approved Chevron’s $13 billion acquisition of the company.
Hurricane Laura shut in an estimated 14.4 million barrels of offshore crude production in the Gulf of Mexico, the biggest disruption since Hurricanes Gustav and Ike in 2008.
Bioplastics producer Danimer Scientific plans to go public through a merger with a special purpose acquisition company.
The White House declared a national emergency and plans to use the Defense Production Act to accelerate the development of rare earth mines to break China’s dominance in production of strategic materials used in batteries and electronic devices. Separately, a federal agency is investing $25 million in an Irish firm that makes and recycles cobalt and nickel for batteries.
Tropical Storm Gamma dropped heavy rain across southeastern Mexico and Central America over the weekend.
Tropical Storm Delta, the 26th named storm of the season, grew in the Caribbean and is forecast to become a hurricane and hit the Gulf Coast late this week.
The Speaker of the House of Representatives reported little progress on negotiations for a fourth economic stimulus package after the president expressed his desire for more aid.
The U.S. recovery is getting little help from export markets as many export destinations suffer economic disruption, driving the merchandise trade deficit to a record high in August.
The next James Bond film became the latest anticipated release to be delayed due to a lack of theatergoers during the pandemic. The film’s original release was postponed until November and now is scheduled for release next April.
Citing a lack of compelling new films, Cineworld, owner of Regal Cinemas in the U.S. and the world’s second largest theater chain, will close 663 theaters in the U.S. and the U.K., affecting 45,000 employees.
Auto sales continue to recover, but not fast enough to help some distressed parts suppliers as bankruptcies and consolidation loom for the industry.
Tesla reported that third-quarter sales were up 53% over the prior quarter to a record 139,300 vehicles.
Major law firms are experiencing a pandemic windfall, with strong demand and slashed expenses driving a 25% increase in net income in the first half of the year, according to a survey of 125 law firms.
Business road warriors are dealing with pandemic shutdowns in different ways, with some pining for a return to traveling and others savoring life with friends and family.
In a rare bit of positive news during the pandemic, lightning deaths are on pace to be the lowest in recorded history, just 10 year-to-date compared with 26 in an average year.
New Zealand lifted restrictions in Auckland, its largest city, after experiencing no new COVID-19 cases for the past 10 days, as the nation of 5 million appears to have eliminated the virus for the second time.
COVID-19 infections approached 80,000 in India yesterday, raising total cases in the country above 6.5 million.
Some countries across Europe are setting records for new infections as a second wave grows on the continent with weather turning colder and people spending more time indoors.
The world will lose the equivalent of 245 million full-time jobs in the last quarter due to the pandemic, according to the International Labour Organization.
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