Ships transiting the Panama Canal now can draw more than 44 ft. of water— i.e., the biggest ships must reduce their payloads. Reason: The canal goes over a hill — and to do that, it gathers water from the surrounding area and uses it to raise the ships in each lock. Drought is reducing the amount of water available.
Oil prices are declining. Here is why:
- China’s manufacturing sector is declining —i.e. l,ess oil will be used
- Russia is not living up to the OPEC constraints
- US continues to pump
The Saudis tell us that they will soon be cutting production when OPEC meets in a few days.
Meanwhile, when was the last time you saw diesel cheaper than gasoline? (Austin, Texas —Sunday this week!)