Oil prices extended gains Tuesday, rising 3% for the day and 8% so far for the week, a sharp reversal from last week’s biggest drop in nine months. Futures were mixed in morning trading, with WTI down 0.2% at $67.44/bbl and Brent up 0.3% at $70.26/bbl. Natural gas was 2.1% higher at $3.98/MMBtu.
PetroChina, Asia’s largest oil and gas producer, swung to a first-quarter profit of $4.3 billion, a combined effect of rising crude prices and increased fuel demand, following a loss in the same period last year.
Northern California’s Dixie Fire, the state’s largest ever, grew to more than 731,000 acres with just 41% containment Tuesday.
Minnesota’s Greenwood Fire, which started nine days ago, has burned at least 19,000 acres near the Canadian border and is 0% contained. The blaze nearly doubled in size from Monday to Tuesday.
The U.S. Forest Service will begin closing nine national parks in California beginning Monday as the Labor Day weekend approaches and Minnesota’s Department of Natural Resources is closing campsites at a state park along the North Shore due to ongoing wildfires.
Berthing operations have resumed at China’s Ningbo port terminal that was shut down the past two weeks after a single worker tested positive for COVID-19.
Weeks of congestion is expected for ships traveling through the Panama Canal, with maintenance on the waterway set to begin in the next few days and last until Sept. 10.
More than 90% of the seafaring employees of HMM, South Korea’s largest container shipper, have voted to strike over wage disputes.
Labor shortages due to COVID-19 disruptions are beginning to impact industrial production, with several manufacturers unable to scale up production despite surging global demand.
With continued high levels of remote work in the U.S., “zoom fatigue” is gaining ground in the scientific field as a legitimate added source of workplace stress:
The number of American student visas granted to international students has returned to pre-pandemic levels, with American consulates approving roughly 117,000 F-1 cards in May and June.
Lawmakers in the U.S. House narrowly passed an early blueprint for a $3.5 trillion budget plan originally proposed by the White House, setting the stage for an expansion of federal investments in childcare, family leave and climate change efforts. The S&P 500 and Nasdaq stock exchanges closed at record highs following the news.
Krispy Kreme raised its forecast for the year and plans to raise prices to offset rising costs as it emphasizes online and drive-through sales to counter the impacts of the pandemic.
Best Buy raised its annual sales growth forecast to 11%, reporting strong second-quarter demand for home theater systems and work-from-home equipment.
Delta Air Lines ordered an additional 30 Airbus A321neo narrow-body jets, bringing total new orders for the plane to 155 as Delta upgrades its fleet ahead of an expected travel rebound.
Strong early demand for Ford’s F-150 Lightning electric pickup prompted the company to more than double its production target for the vehicles by 2025.
Automotive supplier BorgWarner is investing $10 million into Tennessee-based renewable energy company Enexor BioEnergy, which converts plastic waste into thermal energy, as part of an effort to achieve carbon neutrality by 2035.
Roughly two-thirds of Japan’s small- and medium-sized firms saw lower sales in July compared to the same period in 2019, a snapshot of the pandemic’s outsized toll on the nation’s economy.
An index of business morale in Germany fell for the second month in a row in August, reflecting continued supply bottlenecks and a resurgence in COVID-19, as the nation’s exports to China declined for the first time in nearly a year in July.
Asia’s automotive industry has been most impacted by pandemic supply chain disruptions, followed by the footwear and apparel, and food and beverages sectors. Spanish utility Iberdrola will partner with U.S. consultant AECOM to modify a railroad between two seaside Italian towns to run on green hydrogen.
Thursday: What’s the outlook for plastics supply and the global supply chain? Join us for our Plastics Reflections Web Series featuring panelists from Business Publishing International, MTS Logistics, LyondellBasell and M. Holland. Register here for this webinar on Thursday, Aug. 26 at 1:00 pm CT/2:00 pm ET.
Matt Zessin, our Automotive Market Manager, was interviewed about materials trends for electric vehicles on the Automotive News Daily Drive podcast, accessible here.
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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