Crude prices were higher in mid-day trading today with the WTI at $40.57/bbl and Brent at $42.23/bbl.
The natural gas price was modestly lower in early trading today at $2.08/MMBtu.
Devon Energy is negotiating to acquire competitor WPX, continuing a trend of consolidation in the shale industry as producers seek scale to counter pressures from the industry downturn.
The Baker Hughes count of active oil rigs rose by 4 to 183 last week; active gas rigs rose by 2 to 78. The total rig count is down by 599 from a year ago.
Despite high interest, bioplastics are only growing on pace with the plastics industry due to product limitations and capacity constraints.
Much of Northern California was under red flag warnings due to wildfires, as dry, windy weather stoked several existing fires and spawned new ones that burned tens of thousands of acres over the weekend. More than 3.6 million acres in the state have been scorched this fire season.
With traditional insurers denying business interruption claims during the pandemic, Marsh & McLennan said the number of captive insurers it set up this year has tripled as companies seek protection against supply chain disruptions.
The European Union is considering including shipping under its Emissions Trading System, which would effectively impose a tariff on international carriers, prompting an outcry from foreign shipping companies.
Global office vacancies will not get back to pre-pandemic levels for five years, according to Cushman & Wakefield.
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