Oil industry faces short-term hurricane impact
While it’s too early to know the full economic and human toll of Hurricane Harvey, we expect a relatively short-term impact on the U.S. energy industry.
According to Bloomberg, First Quantum Minerals Ltd., a Vancouver-based company, recently announced its decision to suspend the Ravensthorpe nickel operation in Western Australia after the metal used in stainless steel production missed a rally by everything from aluminum to zinc.
The U.S. Department of Agriculture (USDA) announced four sugar program adjustments aimed at increasing the U.S. sugar supply by 414,000 short tons, raw value, to ensure an adequate supply of raw sugar in the U.S. for the remainder of the current marketing year that ends Sept. 30, reports Food Business News.
Bloomberg reports that customers willing to pay a premium for African brews, known for their floral, fruity flavors, are driving purchases of coffee from the continent where the drink is said to have originated.
The nation that gave the world bratwurst and hot dogs is cutting back on its favorite pork sausages and loading up plates with more veggie concoctions instead, according to Bloomberg.
A national craving for bacon is pushing U.S. pork-belly prices to record highs, reports the Wall Street Journal.
Not long ago, coal provided 98% of the electricity for the pulp-and-paper mills and iron-ore producers around the western edge of Lake Superior, as well as the nearby city of Duluth, Minn. That was 2005. Today, coal use is plunging, and by 2025, it is expected to power just one-third of this region, reports the Wall Street Journal.
Production of coal dropped by a record amount in 2016, reports Bloomberg. China, the world’s biggest energy consumer, burned the least coal in six years and use dropped in the U.S to a level last seen in the 1970s.
The U.S. could use an existing technology to produce all the specialized “high-purity” aluminum it needs for defense applications, seemingly with the flip of a switch, according to Bloomberg.
India, the world’s biggest sugar consumer, has no plans to allow extra imports of the sweetener as stocks held in mills will suffice, reports Reuters.
Increase in theft of used vegetable oil has increased due to demand for biofuel production, the largest use for old grease.
Brazil’s investigation into tainted food has hit importers, shippers, food processors and customers around the world, reports Bloomberg.
Australia threatened to impose restrictions on natural-gas exports as it extracted a commitment from global energy companies to supply enough gas to meet growing local demand and prevent a domestic shortage, according to the Wall Street Journal.
Sales of propane-powered vehicles are on the rise in the U.S., according to Bloomberg. The increase is especially noticeable among companies that operate fleet vehicles that would normally be powered by diesel.