COVID-19 Bulletin: March 8

March 8, 2022 • Posted in Daily Bulletin

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  • More oil news related to the war in Europe:
    • U.S. benchmark WTI rose 3.2% to settle at $119.40/bbl yesterday after earlier surpassing $130/bbl. Brent rose 4.3% to close at $123.21/bbl. 
    • In mid-morning trading today, WTI futures were up 7.4% at $128.30/bbl, Brent was up 7.1% at $131.90/bbl and U.S. natural gas was 4.0% lower at $4.64/MMBtu. 
Russia's Most Important Oil Export Partners
  • U.S. natural gas prices have doubled over the past year, sending the typical household’s electricity payments skyrocketing. 
  • The recently announced merger of North Dakota shale rivals Oasis Petroleum and Whiting Petroleum will form a company valued at $6 billion, executives say. 

Supply Chain

  • More supply chain news related to the war in Europe:
    • An estimated 50,000 Russian and Ukrainian sailors are stuck waiting to be replaced at sea or at ports around the world as shipowners scramble to find replacement crews. 
    • Port workers from locations in the U.S., Canada and Australia are calling for more bans on Russian ships, moves that could potentially blacklist over 1,700 vessels connected to the country. 
    • The World Container Index compiled by London-based Drewry has ticked down since the conflict started, with the largest rate drop measuring 5% on the Shanghai-Rotterdam route. 
    • Sanctions are prompting large American air cargo operators, including UPS and FedEx, to completely avoid Russian airspace
    • The London Metal Exchange suspended trading in its nickel market after prices for the metal surged as much as 250% from Monday to early Tuesday, briefly trading above $100,000 a ton before easing. 
  • The index for inventory levels in the Logistics Managers’ Index rose 9.1 points to 80.2 in February, the highest level in the index’s five-year history. 
  • U.S. coal carloads rose 21.3% in February from the same time last year, the Association of American Railroads said. 
  • Container volumes at Germany’s Port of Hamburg rose 2.2% last year following a 7.9% decline in 2020. 
  • A 19-day sit-in at the headquarters of South Korea’s largest parcel delivery firm ended last week. 
  • Freight forwarder Kuehne+Nagel saw a threefold jump in fourth-quarter operating earnings to about $1.2 billion, while revenue doubled to more than $6 billion. 
  • The chairman of the Federal Maritime Commission said he does not see collusion among container lines amid soaring freight rates during the pandemic. 
  • Hapag-Lloyd and other shipping operators reported attempted cyberattacks Monday. 
  • The ports of Seattle and Tacoma are the latest to join the Northwest Seaport Alliance, a new data-sharing project spearheaded by the Port of Long Beach. 
  • Southern California pipeline operator Amplify Energy is suing Mediterranean Shipping Co. and Cosco Shipping over alleged anchor drags that ruptured the firm’s pipeline last year. 
  • 48forty Solutions, North America’s largest pallet management firm, expanded its network with the acquisition of rival Nazareth Pallet. 
  • The EPA unveiled tighter standards for engine makers to lower nitrogen-oxide emissions from big rigs, cement mixers, trash trucks and other commercial vehicles starting in 2027. 

Domestic Markets

International Markets

At M. Holland

  • 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.

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