COVID-19 Bulletin: September 29

Good Afternoon,

Supply

Oil prices are expected to trade in a narrow range for the remainder of the year due to demand uncertainty as a result of the pandemic.
Crude prices were lower in early trading today with the WTI at $40.26/bbl and Brent at $42.15/bbl.
Alberta, Canada’s battered oil sector is encouraged by the White House’s plan to approve a $22 billion railway between Alberta and Alaska.
Total acquired London’s leading car charging network as it continues to transition from fossil fuels.

Supply Chain

California’s governor declared a state of emergency for Napa, Sonoma and Shasta counties as wildfires killed three people and forced the evacuation of tens of thousands.
Shipping giant CMA CGM was hit by a ransomware attack yesterday; all four of the largest shipping companies have suffered cyberattacks in the past four years.
Uber can continue operating in London after a successful court challenge of the city’s refusal to renew its operating license.
Uber may acquire Free Now, BMW’s ride-hailing service, which would strengthen its position in Europe and Latin America.
Trucking capacity remains tight throughout the U.S., and spot pricing remains elevated.
Clients are advised to provide expanded lead times on orders to help ensure delivery dates will be met.

Markets

The U.S. reported 33,037 new COVID-19 infections yesterday and 316 deaths. 
COVID-19 infections in 27 states are trending higher this week.
COVID-19 cases are rising in New York City, where test positivity rates in some neighborhoods are as high as 6%.
One in 3 recovered COVID-19 patients are suffering prolonged, sometimes debilitating health effects.
A Maryland man was sentenced to a year in jail for holding large parties in violation of the state’s earlier social distancing restrictions.
The federal government will distribute 150 million rapid COVID-19 tests made by Abbott Laboratories to states.
The House of Representatives revealed a $2.2 trillion relief bill that restores $600 unemployment subsidies, provides aid to businesses and states, and calls for another round of stimulus checks for Americans.
Historic low interest rates are clouding the outlook for retirees globally. 
United Airlines struck a deal with its pilots’ union to defer the furlough of 2,800 pilots and reduce pending layoffs of other employees to less than 12,000.
With business travel anemic, airlines are refocusing their operating models on their least profitable customer segment — leisure travelers.

Leading RV manufacturer Thor Industries reported record backlogs and a bright outlook for the industry as a younger generation embraces recreational vehicles during the pandemic.
Christmas shopping is expected to be up this year, with lavish spending by those with jobs and wealth and an austere holiday for those without.
Nearly half of Americans have already begun Christmas shopping out of boredom due to the pandemic.
Smoke damage from wildfires in major cannabis-growing counties in California and Oregon is ravishing this year’s outdoor crop as vape companies experience record demand during the pandemic.
The pandemic has prompted a surge in interest in elective weight reduction surgery among overweight people seeking to reduce their cardiovascular risks from COVID-19.
Doctors and nurses with Universal Health Services, which operates 250 healthcare facilities, had to resort to paper yesterday when hackers took down its nationwide computer system.
Hackers disclosed private student data after the Las Vegas, Nevada, school district refused to submit to ransomware.
To counter “Zoom fatigue,” many employers are instituting bans on meetings for periods of time, including M. Holland, which has instituted no-meeting Fridays for internal video meetings.
A recent survey of nearly 800 event planners found that 84% would not feel comfortable attending events indoors.
Nearly a year after the professional hockey season began, the Tampa Bay Lightning beat the Dallas Stars to win the Stanley Cup in Edmonton, Alberta’s nearly empty hockey stadium.

International

Global COVID-19 deaths surpassed 1 million yesterday. 
The European Community’s Economic Index rose to 91.1 in September, its fifth month of improvement, but remains 30% below pre-pandemic levels.
India became the second nation behind the U.S. with total COVID-19 infections of more than 6 million.
COVID-19 infections are rising across Europe:

Germany plans to impose limits on the size of gatherings in some areas with rising infection rates.
Thailand will borrow $46 billion for additional pandemic relief spending.
Fifteen hundred passengers aboard a Germany cruise vessel touring the Greek islands have been quarantined onboard after a dozen crew members tested positive for COVID-19. 
The Michelin restaurant guide will suspend new recommendations for Singapore because of the prolonged closure of eateries there.

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Thank you,