The immediate future of the global supply chain rests on a bargaining table in San Francisco, where the union representing all West Coast dockworkers is hashing out a new contract with the assembled bosses of maritime shipping. The current contract, which covers the International Longshore and Warehouse Union’s more than 22,000 workers at the 29 ports dotting the Pacific coast of the U.S., is set to expire July 1. At stake is the continuing flow of goods into the country, after two years of disruptions to the supply chain from pandemic lockdowns, material shortages, soaring fuel prices and the occasional giant ship getting stuck in the Suez Canal. Forty percent of all U.S. maritime imports pass through the West Coast ports, with more than 30% of all containerized imports arriving at the Ports of Los Angeles and Long Beach, which together make up the nation’s largest port complex.
Weekly U.S. crude oil production hit the highest level on record last week, according to preliminary government data, in another sign of the resilience of American shale drillers.
The United States produced 9.62 million barrels of oil a day in the week through Nov. 3, the U.S. Energy Information Administration reported on Wednesday. That just slightly topped a record high struck in June 2015, just before the oil price crash sparked a more than one-year decline that sent U.S. output to about 8.4 million barrels a day.
It’s important to note that this is not the highest all-time level of U.S. oil production. The record still stands at just over 10 million barrels a day in November 1970. The EIA’s weekly data only goes back to 1983.
U.S. West Texas Intermediate crude prices initially extended losses on Wednesday after the latest report, which also showed oil sitting in storage in the United States unexpectedly rose last week. Futures recovered slightly but were still trading lower.
more at: https://www.cnbc.com/2017/11/08/boom-weekly-u-s-crude-oil-production-hits-an-all-time-high.html