A steep decline in natural-gas prices is providing cheer to industrial users and residential consumers, but it’s casting a cloud over future output. Gas producers are dialing back their drilling plans and pushing for more exports to relieve a domestic glut that is weighing on markets. The WSJ’s Ryan Dezember and David Uberti report that drillers are responding to some of the lowest natural-gas prices of the shale era thanks to an unusually warm winter and roaring U.S. output. Chesapeake Energy is cutting spending and will pare output by roughly 20%. Daily U.S. production is down this month from a record high in December, but it’s still ahead of last year even as demand has weakened. That has left domestic gas storage sites filling up. Producers might take their lower-priced commodity to utilities, but mild winters have left coal piled up at power plants and prices for that commodity falling.

• Shenzhen is offering subsidies to liquefied natural gas carriers to boost the Chinese city’s role as an LNG trading hub. (Seatrade Maritime)

It’s called the “Eurasian roundabout,” and it’s just one way Russia has reset its trade with the rest of the world to counter Western sanctions. Two years since Russia invaded Ukraine and the West launched punishing sanctions, the WSJ’s Georgia Katchev writes that Moscow has severed decadeslong connections with the West and deepened its dependence on China and other sympathetic nations. Trade turnover between Russia and China has soared, and Russia’s use of the Chinese yuan has overtaken the U.S. dollar in its exports. Half of Russia’s oil and petroleum exports in 2023 went to China. Russia has also sidestepped oil sanctions with a shadow fleet of tankers that analysts estimate now transports more than half of Russia’s seaborne oil. Russia has found a route through ex-Soviet republics such as Armenia to source everything from goods with possible military use to Western washing machines and luxury cars.

• A Russian arms maker is importing components for precision instruments made in Japan and Taiwan but routed through a company recently established in China. (Nikkei Asia)

Canada’s retail sales fell 0.4% in January after rising sharply in December. (WSJ)

The U.S. and U.K. struck 18 Houthi targets in Yemen as the Iran-backed group continued to attack commercial and military vessels in the Red Sea. (WSJ)

Chemical giant BASF is eliminating jobs as it prepares deeper production cuts at one of its German factories. (WSJ)

Big investors are pouring hundreds of millions of dollars into startups making thermal batteries that store heat that is used to power industrial processes. (WSJ)

Rolls-Royce says orders for its large aerospace engines reached the highest level in more than 15 years in 2023. (WSJ)

Southeast Asian ride-hailing food-delivery app Grab Holdings is investing in artificial intelligence as it targets full-year profitability. (WSJ)

Steelmakers in India are pressing for a ban on exports of iron ore after a surge in sales to Chinese mills pushed up local prices. (Bloomberg)

Canada’s Nouveau Monde Graphite will supply Panasonic Energy with 18,000 tons of graphite annually over seven years from the company’s Quebec mine. (Supply Chain Dive)

An empty containership hit a bridge in Guangzhou, China, collapsing part of the structure and killing five people. (New York Times)

CMA CGM fell to a slim fourth-quarter loss as maritime revenue fell 47% to $6.6 billion despite a 6.8% gain in container volume. (Lloyd’s List)

Maersk Line and Hapag-Lloyd plan to downgrade some Asia gateways to feeder ports under their new Gemini vessel sharing alliance. (Journal of Commerce)

Administrators for bankrupt retailer Bed, Bath and Beyond are seeking $1.25 million from Evergreen Marine for alleged excess charges. (The Loadstar)

Americold will build a 335,000-square-foot refrigerated warehouse in Kansas City, Mo., the first in a series of planned facilities along the Canadian Pacific Kansas City rail network. (Trains)

XPO plans to start using electric trucks in Southern California’s San Pedro Bay area. (Trucking Dive)

Zena Logistics, a last-mile delivery provider for Amazon in New York’s Hudson Valley, is shutting down after a steep increase in insurance premiums. (Albany Times-Union)

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on X at @WSJLogistics.