This Morning in Metals: Pre-Labor Day retail gas prices at highest level since 2014
This morning in metals news: pre-Labor Day retail gasoline prices are at their highest level in seven years; meanwhile, payroll employment rose by 235,000 in August; and, lastly, Norilsk Nickel has signed an agreement to build a liquefied natural gas icebreaker.
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Pre-Labor Day gasoline prices rise
To the chagrin of those driving this holiday weekend, pre-Labor Day gasoline prices have reached their highest level since 2014, the Energy Information Administration reported.
The average gas price reached $3.15 per gallon as of Aug. 30.
Furthermore, the price marked a 42% jump compared with the same point in 2020.
Payroll employment up 235K
U.S. payroll employment picked up by 235,000 in August, the Bureau of Labor Statistics reported.
Furthermore, monthly job growth so far this year has averaged 586,000 per month.
Unemployment fell by 0.2 percentage point to 5.2%.
The manufacturing sector added 37,000 jobs. Meanwhile, within manufacturing, motor vehicles and parts added 24,000 and fabricated metal products added 7,000.
Nornickel signs agreement to design, build LNG icebreaker
Lastly, Russian firm Norilsk Nickel announced it had signed an agreement with Rosatom State Corporation and the Far Eastern Shipbuilding and Ship Repair Center to design and build a dual-fuel liquefied natural gas icebreaker.
The icebreaker would “escort ships carrying Nornickel’s cargo along the Northern Sea Route.”
“The turnover of the Arctic ports of Dudinka and Murmansk is growing,” Nornickel said in a statement. “Nornickel has been modernising and expanding infrastructure in port cities, as well as increasing and renewing its fleet to handle the increased cargo traffic. The new LNG icebreaker will enable Nornickel to replace the Taimyr-type vessel that will be decommissioned in 2027–2029.”
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