Sky-high container shipping prices may be coming back to earth. An index that measures trans-Pacific rates fell at the fastest pace in two years in November in a sign that pressure may be easing in a market strained by high demand and lengthy logjams. The bottleneck at the ports of Los Angeles and Long Beach isn’t dissipating, but the urgency by shippers to rush goods to market for the holidays looks to be waning.
The International Energy Agency says soaring oil prices could soon turn lower as the U.S. leads a rebound in global supply. Oil prices have soared above $80 a barrel over the last few weeks, hitting their highest level in seven years. But the group says weaker industrial activity and an alarming resurgence of covid infections in Europe will likely temper price rises. On the supply side, the IEA says it expects a rise of 1.5 million barrels per day in global output in the final three months of the year.
