Mid-Week Review – February 17, 2021

Hang on for wild oil, copper ride in commodity supercycle: Goldman’s Currie

The oil market is being swept up in a commodity supercycle, with huge upside risk to a target price of $65/b, according to Jeff Currie, head of commodity research at Goldman Sachs, who added key metals such as copper are already at supercycle levels and that the story has only just begun. “I want to be long oil and hang on for the ride,” Currie said in an interview with S&P Global Platts on Feb. 5, warning “there is a lot of upside here.” Click Here to read more from S&P Platts.

U.S. Oil Output Slumps by Record One-Third as Permian Freezes

Total U.S. oil production has plunged by one-third — the most ever — as an unprecedented cold blast freezes well operations across the central U.S., according to traders and industry executives with direct knowledge of the operations. Click Here to read more from Bloomberg.

Some Truckers Are Thriving as Companies Reset Supply Chains

A slice of the trucking industry critical to retail and industrial supply chains is on a roll as the pandemic-driven boom in online shopping reshapes U.S. distribution maps. Click Here to read more from the Wall Street Journal.

Tesla produces another new Tesla Semi electric truck

Another Tesla Semi electric truck prototype was spotted, the second one in a few weeks after years without a new prototype, as Tesla is moving to volume production later this year. Last summer, CEO Elon Musk told employees in an email obtained by Electrek that “it’s time to bring Tesla Semi to volume production” without updating the timeline. Click Here to read more from Electrek.