Oil prices rose nearly 5% Wednesday on higher crude demand outlooks from OPEC and the International Energy Agency, along with a crude draw of 5.9 million barrels for the week ending April 9.
Crude futures were higher in mid-day trading today, with the WTI up 0.2% at $63.30/bbl and Brent 0.4% higher at $66.82/bbl. Natural gas was 2.0% higher at $2.67/MMBtu.
Canada’s crude oil imports fell by 20% in 2020 due to lower demand during the pandemic, as the U.S. supplied nearly four out of every five barrels of oil to the country.
The U.S. power sector has reduced emissions by 52% from levels projected 15 years ago, a lab study from Berkeley shows.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Supply Chain
Just as the months-long logjam of cargo ships in Southern California is showing signs of easing after the busiest March on record, truck drivers at the ports of Los Angeles and Long Beach went on strike against Universal Logistics Holdings over alleged illegal firings and denial of back pay.
The U.S. Senate will take up some sections of the White House’s $2.25 trillion infrastructure bill starting next week.
Europe-bound shipments from China, which surpassed the U.S. as Europe’s largest trading partner last year, are increasingly moving through a new trade corridor of railroads, seaports and air hubs in Europe’s neglected areas with support of Chinese investment.
Major U.S. trucking firms are boosting pay as they scramble to hire more drivers amidst surging demand and the tightest labor market in decades.
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.
Markets
There were 75,375 new COVID-19 cases and 956 deaths in the U.S. yesterday. Over 194 million vaccine doses have been administered, with 21.2% of the population fully vaccinated.
More than 4,000 COVID-19 patients are hospitalized in Michigan, exceeding the peak of last April, as health officials brace for the worst coronavirus spike of the pandemic, fueled by the dominance of the highly infectious U.K. variant.
The CDC has identified roughly 5,800 COVID-19 infections among the more than 66 million Americans who have completed a full course of vaccination, translating to 0.008%.
The federal government’s recommendation to pause using Johnson & Johnson’s vaccine will remain in place after an advisory panel put off a vote on how to move forward with the shots.
A new study from the University of Oxford says that the risk of blood clots is significantly higher in those with COVID-19 than among those who have received a vaccine.
U.S. import prices increased 1.2% in March on higher costs of petroleum products and tight supply chains, a sign that inflation is picking up.
New-business applications rose 3.4% to 440,165 in March, a modest rebound compared to a 13% drop the previous month.
The chairman of the Federal Reserve noted that the central bank will begin to slow the pace of bond purchases well before raising interest rates.
Major banks on Wall Street posted record quarterly revenues on a burst of companies entering the public markets and a flood of new equity investment, particularly from individuals.
A new study published by the CDC shows that the risk of COVID-19 exposure on an airline drops by up to 50% when the middle seat is left vacant.
A surge in travel is colliding with a shortage of rental cars, the result of rental-car companies selling hundreds of thousands of vehicles to survive the pandemic.
General Motors will restart production at its Tennessee plant one week earlier than planned, citing an improvement in the supply of semiconductors.
Sao Paulo, Brazil’s most populous state, warned that it could soon run out of medical resources, particularly intubation drugs, to care for seriously ill COVID-19 patients.
European regulators will issue a final decision on the use of Johnson & Johnson’s COVID-19 vaccine sometime next week, after signaling that the benefits of the shot probably outweigh its risks.
After suspending use of Johnson & Johnson’s vaccine over blood clot concerns, South Africa said the down payments it made for the shots are non-refundable. As the government awaits data from the U.S. and Johnson & Johnson to decide whether to continue its use, South African regulators found no major safety concerns with the vaccine.
Italy suspended the use of roughly 184,000 of Johnson & Johnson’s COVID-19 vaccine shots following the U.S.’s announcement on Tuesday.
Greece will lift quarantine restrictions starting next week for vaccinated travelers from the EU and five other countries.
Lithuania is rolling out a national digital COVID-19 passport by early May, allowing vaccinated people to bypass restrictions on dining indoors, attending sports events and holding large parties.
Switzerland will further ease pandemic restrictions next week, allowing restaurants to reopen outdoor terraces, sports events to have audiences, and theaters and concert venues to readmit guests.
Economic growth in Germany is expected to hit 3.7% this year, a downward revision due to a longer than expected COVID-19 lockdown.
Despite a 10% decline in total production in the U.K. last year, British workers’ average hourly output rose 0.4%, a sign of the pandemic’s disproportionate impact on lower-paid jobs.
Core machinery orders in Japan fell the most in nearly a year in February, concerning officials who hoped that more investment in plants and equipment would help the world’s third-largest economy rebound quicker.
A newly created battery industry group in Japan is seeking increased government support to combat the growing market power of China, the U.S. and Europe.
Nikola, IVECO and OGE are partnering to create infrastructure for refueling hydrogen-powered fuel-cell electric vehicles in Germany.
Air Canada will begin purchasing aircraft from Boeing and Airbus again after gaining funding in a government aid package.
Brazil, seeking $1 billion in foreign aid to preserve the Amazon rainforest, must show that it can reduce deforestation before Norway, the top donor in the past, will resume payments.
Our Operations
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, Coca-Cola 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.
Thank you,
M. Holland Company
We will provide further COVID-19 bulletins as circumstances dictate. 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.