Oil prices ended lower yesterday after a two-day gain. Energy prices were mixed in mid-day trading today with the WTI down 0.3% at $59.61/bbl, Brent up 0.1% at $63.22/bbl and natural gas up 0.1% at $1.81/MMBtu.
Despite a drop in local consumption due to lockdowns, gasoline prices in Europe are surging after the continent’s refiners boosted U.S.-bound exports by 60% month-over-month in March.
The White House is mulling a pledge to cut U.S. greenhouse-gas emissions by 50% or more by the end of the decade, effectively doubling the nation’s previous climate commitments and requiring rapid change in the power and transportation sectors.
Reuters reported that Exxon may be exploring a sale of its Advanced Elastomer Systems business to help reduce debt.
Our most recent list of force majeure and allocation announcements from suppliers is here.
A severe drought in Taiwan is pitting farmers against the nation’s vital semiconductor industry for water ration priority.
Cargo surveyed while ships were snared in last month’s blockage of the Suez Canal show a snapshot of global trade, with large shipments of consumer products made in China, more than 11,000 containers of U.S. wastepaper headed to India, more than 1,600 boxes of China-bound auto parts and 641 boxes of China-bound beer from the Netherlands.
UPS is purchasing 10 small electric-powered aircrafts that employ aerodynamics of both a helicopter and a plane, as the company aims to reduce costs from contracting with small air freighters to reach remote areas.
The U.S. administration is laying the groundwork for negotiating downward a proposed tax hike on corporations that would fund the nation’s next infrastructure program. Part of the plan calls for $100 billion in rebates for consumers who purchase electric vehicles.
Logistics conditions remain strained, with trucking demand exceeding availability and continued congestion at ports due in part to operating challenges related to the pandemic. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
New COVID-19 infections in the U.S. rose to 75,038 yesterday, with 2,570 reported fatalities. More than 171 million vaccine doses have been administered, with nearly 60 million people, 18.3% of the population, fully vaccinated.
First-time jobless claims remained stubbornly high last week, rising by 16,000 to 744,000.
Minutes from the Federal Reserve’s March meeting show optimism about a stronger economic rebound than initially expected, with most of the 18 officials also agreeing that interest rates will remain close to zero through 2023.
As of late February, U.S. investors had borrowed a record $814 billion against their portfolios, up 49% from the year-ago period and the fastest increase since 2007.
Our next Plastics Reflections Web Series is Tuesday, April 20 at 1:00 pm CT. This webinar focused on Driving Sustainability Action in the Plastics Industry will feature panelists from Business Publishing International (BPI), Danimer Scientific and M. Holland. Click here to learn more and register.
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. To arrange a videoconference or meeting with any of our Market Managers, please visit our website.
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We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.
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