Oil futures surged to a 13-month high over the weekend on fears that cold weather in Texas could disrupt flows from America’s largest shale patch, tightening global supply. In early trading today, WTI was up 2.1% at $60.69/bbl, Brent was 1.5% higher at $63.36/bbl, and natural gas was up 3.2% at $3.00/MMBtu.
Global oil demand recovery is expected to pick up speed in the second half of 2021, according to OPEC and the International Energy Agency, which both upwardly revised previous forecasts for non-OPEC production growth.
A magnitude 7.3 earthquake struck Japan on Saturday off the coast of Fukushima, the same region where an earthquake triggered a nuclear reactor disaster a decade ago.
Year over year, businesses spent nearly 12.3% more on shipping and freight in the fourth quarter, the third straight quarter of increases.
Several Chinese container lines and marine terminals are experiencing a pre-Chinese New Year cargo rush that is backing up operations and causing congestion. Affected ports include Shenzhen, Ningbo, Shanghai, and Dalian.
We expect logistics in the U.S. to be disrupted by the winter storm blanketing much of the country.
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.
There were 64,938 new COVID-19 cases in the U.S. yesterday and 1,088 fatalities.
Newly reported U.S. COVID-19 cases have remained below 100,000 for six of the past seven days. Virus fatalities are also trending downward from January’s seven-day average of about 3,300 per day.
Businesses and individuals challenging pandemic lockdown rules in court have experienced high rates of defeat, yet the massive wave of lawsuits related to COVID-19 will likely prompt a review of the emergency powers of state governors.
Economic forecasts for U.S. GDP growth in 2021 were bumped up in February, a reflection of more COVID-19 vaccines being distributed and the likelihood of further stimulus efforts.
Interest rates on corporate junk debt fell below 4% last week, a historic low, as flush lenders court even the riskiest borrowers.
U.S. consumer sentiment dropped to 76.2 in February from 79.0 in January, largely driven by downbeat expectations among lower-income households.
Under Armour is scaling back its retail operations to focus on direct-to-consumer commerce, with plans to pull its products out of up to 3,000 stores by the end of 2022.
Efforts by states to shift recycling costs away from taxpayers and onto product packaging producers are gaining ground, with nearly a dozen proposed extended producer responsibility (EPR) bills introduced so far this year.
Singapore home sales rose to a two-year high in January, an effort by many to capitalize on low interest rates before the government takes steps to cool the market.
Join us this Thursday at 1:00 p.m. CT for a webinar on 2021 Drivers and Trends for the North American Plastics Market, featuring Andrew Reynolds, Director of Business Publishing International (BPI); Ray Hufnagel, President and CEO at Plastic Express; Frank LaRocque, Director of Resale Sales at M. Holland; and Mike Foldvary, Director of Distribution Sourcing at M. Holland. Click here to register.
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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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