You’re going to want to really lean into apple picking this season. With the dockworkers strike ...
You’re going to want to really lean into apple picking this season. With the dockworkers strike shutting down 36 ports from Maine to Texas, supply chains will be disrupted. One of the first casualties? Bananas.
Nearly three-fourths of bananas (the most popular fruit in the US) enter through the now-dark East and Gulf Coast ports. Because they are perishable, retailers couldn’t stockpile them like other items in preparation for the strike, and it’s too expensive to ship them by air.
Other things that might get scarce:
Hundreds of containers of coffee beans are currently waiting idle, but the good news is the cold brew will be stronger the longer the beans sit in the water.
Cherries, electronics, and alcohol could experience delays.
Supply chain experts are also worried about vehicles and auto parts. It would be nearly impossible to load the ~200,000 metric tons of auto parts that typically enter through the shuttered ports every month onto an airplane, Michigan State Professor Jason Miller said on LinkedIn.
Meanwhile, American poultry producers and soybean farmers could have trouble exporting products.
What you don’t need to worry about. Some people will find any reason to start hoarding toilet paper, but more than 90% of paper products are produced domestically.
Threat of wider war grows in the Middle East. Israeli...
Threat of wider war grows in the Middle East. Israeli ground troops clashed with Hezbollah in southern Lebanon yesterday, with Israel reporting eight of its soldiers were killed in the first direct ground fighting. Lebanon’s health ministry said Israeli bombings killed six people in Beirut. Meanwhile, Israel’s Prime Minister Benjamin Netanyahu vowed retaliation for Iran’s Tuesday ballistic missile attack on Israel in response to Israel’s assassination of the leader of Iran-backed Hezbollah. President Biden said he would not support an Israeli attack on Iran’s nuclear facilities but said he and the other G7 leaders “agree that they have a right to respond, but they have to respond proportionally.”
President Biden visited North Carolina to see the damage from Hurricane Helene and deployed 1,000 troops to help with recovery efforts.
LVMH and Formula 1 announced a 10-year partnership for “hospitality, bespoke activations, limited editions, and outstanding content” that will begin next season.
A doctor charged with crimes over Friends star Matthew Perry’s death pleaded guilty to conspiracy to distribute ketamine.
A WWII-era US bomb exploded at an airport in Japan, delaying flights but causing no injuries.
U.S. crude oil inventories increased by 3.9 million barrels for the week...
U.S. crude oil inventories increased by 3.9 million barrels for the week ending September 27, contrasting with the previous week's 4.5 million barrel draw and differing from API's estimated 1.5 million barrel decline. Fuel inventories showed mixed results: gasoline stocks rose by 1.1 million barrels (with daily production at 9.6 million barrels), while middle distillates decreased by 1.3 million barrels (daily production at 4.8 million barrels). Both gasoline and middle distillate numbers represented shifts from the previous week's drawdowns, with slight decreases in production rates for both categories.
Prairie Operating Finalizes $84.5 Million Acquisition of DJ Basin Assets
Prairie Operating Co. has closed its $84.5 million acquisition of oil-weighted...
Prairie Operating Co. has closed its $84.5 million acquisition of oil-weighted assets from Nickel Road Operating, LLC (NRO), a portfolio company of Vortus Investment Advisors, LLC. The acquisition was funded through a private placement of common stock, an equity facility, and cash reserves.
The assets in Weld County, Colorado,add 5,592 net leasehold acres, 89 approved well permits, and 26 operated horizontal wells, enhancing Prairie’s cash flow in the DJ Basin.
Middle East Fighting Sent Crude Oil Prices up Again on Wednesday
Crude oil, which had been one of the few beneficiaries of the fighting...
Crude oil, which had been one of the few beneficiaries of the fighting in the Middle East, gave up some gains of previous sessions after a Wall Street Journal report suggested OPEC members weren't adhering to production targets. According to the report, a Saudi official warned that oil could fall to $50 per barrel if targets weren't respected. WTI Crude Oil futures (/CL) fell from around $72 per barrel early in the session to near $70, and the S&P 500 Energy Sector pulled back from morning highs.
In the U.S., West Texas Intermediate cruderose 27 cents, or 0.39%, to close Wednesday at $70.10 a barrel on the New York Mercantile Exchange.
Brent, the global benchmark, gained 34 cents or 0.46% to settle at $73.90 a barrel.
