M. Holland is hosting a free 3D Printing Technology Forum in Chicago on Nov. 16! Attendees will learn how additive manufacturing technologies can support the development of applications — especially injection molding! Click here to RSVP, or contact 3dinfo@mholland.com for more information.
During our recent Plastics Reflections Web Series broadcast, M. Holland’s expert panelists discussed the macroeconomic factors influencing global and domestic markets, including impacts on the plastics industry. Click here to read a recap of the webinar
Supply
Oil fell 3% Wednesday after industry data showed a rise in U.S. crude stockpiles.
In mid-morning trading today, WTI futures were up 1.1% at $86.78/bbl, Brent was up 1.2% at $93.80/bbl, and U.S. natural gas was up 4.2% at $6.11/MMBtu.
U.S. crude stocks rose by a surprise 3.9 million barrels last week, according to the U.S. government.
An unexplained fire broke out Wednesday at Chevron’s 290,000-bpd refinery in El Segundo, California, a key source of fuel for the southern portion of the state.
The U.S. will lend $3 billion to Romania to build two nuclear plants.
U.S. oil producer Occidental says the world’s largest carbon-capture project it is building in Texas will cost 22% more than expected due to inflation.
Spain’s Iberdrola will invest $47 billion in power grids and renewables production over the next two years.
EU policymakers set a new 40% emissions-reduction target across sectors including agriculture, buildings and transport by 2030.
Members of the Arab Coordination Group, which includes the OPEC Fund for International Development, pledged $24 billion in financing to lower emissions by 2030.
Supply Chain
Nicole struck the east coast of Florida as a Category 1 hurricane this morning after battering the Bahamas on Wednesday.
The deadline for faltering contract talks between U.S. unions and freight railroads will be extended by several weeks into early December, allowing more time to negotiate.
Truckload drivers made an average of $69,000 in wages and bonuses in 2021, up 18% from 2019, according to the American Trucking Association.
After reporting disappointing quarterly results last week, freight broker C.H. Robinson is rightsizing its management by laying off up to 1,200 workers.
TSMC, the world’s largest contract chipmaker, plans to build a second U.S. plant next to a $12 billion complex it already pledged to construct in Phoenix, Arizona.
Nissan lifted its full-year outlook after quarterly profit jumped 45% on effects of a weaker yen. The automaker is still struggling with supply-chain issues, particularly in the U.S.
Honda saw quarterly profit rise 16% on strong demand for its motorcycles in Asia.
Truck maker Iveco Group boosted its 2022 outlook as higher vehicle prices offset material and energy costs.
Electric-vehicle startup Lucid saw third-quarter losses widen to $670.2 million.
Inflation moderated in October, with the Consumer Price Index up a smaller than expected 7.7% year over year, the slowest pace since January. Core inflation sans food and energy rose 6.3%, down from a four-decade high 6.6% in September.
First-time jobless claims rose by 7,000 last week to 225,000.
The U.S. Federal Reserve could potentially raise its key interest rate to 6% next year, what would be the highest rate in over 20 years, according to a Reuters survey of bond strategists.
U.S. manufacturer Chart Industries will buy U.K.-based industrial equipment maker Howden for $4.4 billion, in a bet on growing demand for clean energy technology.
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