COVID-19 Bulletin: February 24

February 24, 2022 • Posted in Daily Bulletin

More news relevant to the plastics industry:

Some sources linked are subscription services.


  • Oil futures stayed flat Wednesday before surging overnight as Russia invaded Ukraine. In mid-morning trading today, Brent rose 6.4% to $103.72/bbl, WTI rose 7.1% to $97.97/bbl, and U.S. natural gas was up 4.0% to $4.81/MMBtu. 
Crude Oil WTI
Natural Gas EU Dutch TTF
  • Dutch commodities trader Vitol Group says oil prices could stay above $100/bbl for up to nine months as demand continues to outpace supply. 
  • U.S. crude inventories rose a larger-than-expected 6 million barrels last week compared to a 1.1-million-barrel draw the previous week, according to the American Petroleum Institute. 
  • The U.S. Permian Basin could have up to 400 operational rigs by year’s end, up from the current 300, as more producers seek to capitalize on high oil prices. 
  • U.S. gasoline consumption is nearing pre-pandemic levels despite prices averaging over $3.50/gallon for the past several days, the highest since 2014. Prices in California, already at a record high, are expected to top $5/gallon soon, with the price in downtown Los Angeles already topping $6/gallon
  • Libya’s National Oil Corporation is warning of lower output over the coming days due to poor weather. 
  • Houston-based LNG developer Tellurian narrowed losses last year to $114.7 million, down from $210.7 million in 2020. 
  • Independent U.S. refiner HollyFrontier saw larger-than-expected quarterly losses due to maintenance and weather-related downtime. 
  • Exxon Mobil slashed its global workforce by more than 9,000 people last year as part of continued restructuring and cost-cutting efforts during the pandemic. 
  • The U.S. Secretary of Agriculture joined the EPA in endorsing increased biofuel mandates for U.S. refiners as the industry awaits specific goals from the White House. 
  • China’s state-owned oil producer won the first contract for well drilling at Ecuador’s Ishpingo field, a key part of the South American nation’s plan to ramp up exploration and output this year.
  • German energy powerhouse Uniper lost nearly $5 billion last year after placing wrong-way bets on the price of European power.
  • The impending merger of Bluesource and Element Markets will create North America’s largest originator and marketer of carbon credits
  • The International Energy Agency said Wednesday that its forecasts for energy-related methane emissions may be 70% lower than actual levels. 
  • Three-quarters of the world’s population favor a ban on single-use plastics:
Overwhelming Supports for Banning Single-Use Plastics

Supply Chain

Domestic Markets

International Markets

MOEX Russia Index
  • British bank Barclays posted record annual profit last year on the back of a 27% rise in banking fees and higher mergers and acquisitions activity. 

At M. Holland

  • M. Holland just published a 2022 Logistics Outlook examining continued trucking, ocean freight and rail challenges, plus key takeaways for plastics companies. Read it here.
  • M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. 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.

For all COVID-19 updates and notices, please refer to the M. Holland website.

Stay informed with industry trends and insights.

Stay informed with industry trends and insights.

This field is for validation purposes and should be left unchanged.