Oil prices rose more than 2% Monday to the highest level since late November. Futures made further gains in late morning trading, with WTI up 0.5% at $75.98/bbl and Brent up 0.6% at $79.03/bbl.
U.S. natural gas prices rose nearly 9% Monday on forecasts for colder weather and higher heating demand the next two weeks. Futures were 0.9% lower at $4.02/MMBtu in late morning trading today.
Exxon Mobil’s refinery in Baytown, Texas, is still operating at reduced rates following a fire at one of its units Dec. 23.
Russia reversed gas flows on a major pipeline to Germany for a seventh consecutive day Monday, keeping European gas prices at unusually high levels despite a favorable period of warmer weather.
Japan will auction 629,000 barrels of oil from strategic reserves in February as part of a U.S.-led global effort to lower prices.
OPEC’s next meeting to decide on monthly production increases for February is set for Jan. 4.
Crude oil demand in China is expected to keep growing for a decade on robust chemical demand, forecasts show.
Wind and solar power generation accounted for 14% of U.S. electricity generation in October compared to 12.4% the same time last year and 11.3% in 2019.
Saudi Arabia’s goods and commodities exports surged to $28 billion in value in October on the multiyear highs of oil prices.
Shell must keep a giant facility off Australia’s west coast temporarily shut down after crews were unable to restore power several times the past month, posing safety concerns.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Supply Chain
A snowstorm blanketed the U.S. Pacific Northwest over the weekend, shutting down several highways in Northern California and Nevada and leaving thousands without power.
A California oil and gas producer is responsible for a new offshore pipeline leak near the ports of Los Angeles and Long Beach, officials say.
Europe-bound trade lanes saw rising congestion last week due to a flood of new U.S. natural gas cargoes headed to the energy-starved continent.
European officials are weighing a broad set of new powers, including export controls, that proponents say would be used to protect the bloc’s supply chain during future crises.
Indonesian coffee exporters are testing the use of bulk ships to get around container shortages.
Analysts estimate about 20% of professional truck driving jobs across the globe are currently unfilled.
A growing number of food manufacturers are set to further raise prices in the first half of 2022 by as much as 5% on higher wage, material and freight costs.
Candy cane makers have been hit with a growing shortage of sugar and other supply chain disruptions this holiday season.
Steel production in China fell 22% in November, new data shows, the sixth consecutive month of declines alongside reduced steel imports.
Panasonic and other technology manufacturers suspended production in Malaysia due to flash flooding in a factory region.
Japanese trader Sumitomo has launched a project to design and develop an ammonia-fueled dry bulk carrier with Oshima Shipbuilding, with plans to deliver the first vessel by 2025.
A snowstorm blanketed the U.S. Pacific Northwest over the weekend, shutting down several highways in Northern California and Nevada and leaving thousands without power.
Europe-bound trade lanes saw rising congestion last week due to a flood of new U.S. natural gas cargoes headed to the energy-starved continent.
European officials are weighing a broad set of new powers, including export controls, that proponents say would be used to protect the bloc’s supply chain during future crises.
Indonesian coffee exporters are testing the use of bulk ships to get around container shortages.
Analysts estimate about 20% of professional truck driving jobs across the globe are currently unfilled.
A growing number of food manufacturers are set to further raise prices in the first half of 2022 by as much as 5% on higher wage, material and freight costs.
Candy cane makers have been hit with a growing shortage of sugar and other supply chain disruptions this holiday season.
Steel production in China fell 22% in November, new data shows, the sixth consecutive month of declines alongside reduced steel imports.
Panasonic and other technology manufacturers suspended production in Malaysia due to flash flooding in a factory region.
Japanese trader Sumitomo has launched a project to design and develop an ammonia-fueled dry bulk carrier with Oshima Shipbuilding, with plans to deliver the first vessel by 2025.
The U.S. reported more than a half a million new COVID-19 infections Monday, a record, likely a result of backlogs in data over the holiday break. More than 1,700 virus fatalities were also tallied. Pediatric cases are up nearly 30% over the past week to 260 a day.
The CDC cut its recommended quarantine time for people infected with COVID-19 from 10 days to five, a move expected to lessen the impact of virus-induced labor shortages on many industries.
Florida’s weekly COVID-19 cases surged 330% for the week ending Sunday, while hospitalizations in the state are also rising but at a much slower pace. The state recorded 39,032 new cases yesterday, the most since early September.
California’s seven-day average for COVID-19 infections last week rose to 11,914, a 73% increase from two weeks ago.
COVID-19 cases are rising at a record pace in New York, New Jersey, Massachusetts, Delaware, Hawaii and Puerto Rico, new data shows.
COVID-19 hospitalizations in New York state are up 190% since Nov. 1, while admissions of infected children are up nearly 400% since early December. One in 60 people in Manhattan tested positive for the virus last week, while Monday marked the first day of the city’s vaccine mandate on private-sector employees.
Georgia’s test positivity rate topped 30% yesterday with COVID-19 patients comprising half of all hospital admissions and many hospitals forced to turn away ambulances.
Alabama’s test positivity rate topped 18% over the past week.
Louisiana’s positivity rate topped 20%, and COVID-19 hospitalizations in the state doubled in the past week.
COVID-19 can spread to cells beyond the lungs and remain for up to eight months, new research shows, potentially explaining the persistence of long-haul symptoms.
U.S. airlines dropped another 1,000 flights Monday, extending the holiday weekend cancellations due to rising COVID-19 cases among staff and crew. They are expected to cancel more than 8,000 flights from Sunday through Tuesday.
Arkansas, Florida, Iowa, Kansas and Tennessee are extending unemployment benefits for people who claim to have lost their jobs over COVID-19 vaccine mandates.
Moody’s downgraded its growth expectations for the U.S. economy next quarter from 5.2% to 2.2% over rising COVID-19 cases fueled by Omicron. The nation’s GDP rose at an upwardly revised 2.3% pace in the third quarter, the latest data shows.
A measure of U.S. consumer confidence rose sharply in December.
U.S. e-commerce sales rose 11% during the holiday season from Nov. 1 to Dec. 24 this year.
International Markets
Global new COVID-19 cases hit a record Monday of more than 1.4 million, bringing the total since the start of the pandemic above 281 million.
The U.K. reported 98,515 new COVID-19 infections Monday, down by several thousand from recent records. British officials said they have no plans for new pandemic restrictions before the new year.
The northwestern Chinese city of Xi’an began sterilizing roads and buildings in a bid to get the economy open after a recent outbreak of COVID-19 that forced the lockdown of 13 million people. More than 175 new infections were reported Monday, an all-time high for the nation.
A consortium of 10 Chinese companies, including oil and gas firms, are partnering to invest more than $3 billion in offshore engineering technology.
At M. Holland
M. Holland will be closed Friday, Dec. 31 for the New Year’s holiday. We wish all a safe and happy new year!
M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight during prevailing force majeure. For more information, email our 3D Printing team.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
For all COVID-19 updates and notices, please refer to the M. Holland website.
We and selected third-parties use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL third-party cookies. For more details about cookies and how we use them, read the full Data Privacy Policy.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. For more details about cookies and how we use them, read the full Data Privacy Policy.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
_ga
2 years
The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_ga_S6SF7JZ2WY
2 years
This cookie is installed by Google Analytics.
_gat_UA-7828007-1
1 minute
A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.
_gcl_au
3 months
Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services.
_gid
1 day
Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT
2 years
YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid
2 years
Vimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Cookie
Duration
Description
_fbp
3 months
This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr
3 months
Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
IDE
1 year 24 days
Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile.
personalization_id
2 years
Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting.
test_cookie
15 minutes
The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE
5 months 27 days
A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSC
session
YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devices
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-id
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextId
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requests
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.