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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.
Supply
Oil prices fell 4% Monday to their lowest level in two weeks, a reaction to demand slowdowns in COVID-hit China. Prices are down 25% since hitting a 14-year high in early March.
In mid-morning trading today, WTI futures were up 0.5% at $99.07/bbl, Brent was up 0.5% at $102.80/bbl, and U.S. natural gas was up 2.8% at $6.85/bbl.
Libyan oilfields may resume full production within days, officials said, after force majeure was declared on over 550,000 bpd last week due to political turmoil.
India’s crude oil import bill doubled last year to $119 billion despite a comparatively small increase in tonnage.
Guyana sold its first 1 million barrels of crude from a new platform to Exxon Mobil for $106/bbl, as the nation ramps up output after becoming an exporter just three years ago.
The state energy firm of Indonesia plans to spend $4 billion to double geothermal capacity by 2028.
More oil news related to the war in Europe:
European gas futures settled at multi-month lows yesterday on the growing likelihood that buyers will find a workaround to Russia’s demands for ruble payments.
Rosneft received zero bids for its most recent 6.5-million-tonne crude sale after the Russian producer demanded prepayment in rubles.
Hapag-Lloyd was fined over $820,000 for a spate of U.S. demurrage and detention violations.
Over 230 container ships were queued outside China’s Shanghai and Ningbo ports last week, a 35% increase from the same time last year. Ships are burning more fuel while idling and filling up at nearby ports, causing demand to drop sharply in Singapore, the world’s largest bunker hub.
GE posted solid first-quarter results but warned that supply chain challenges will impact the outlook for the full year.
Shares of Philips fell over 11% Monday after the Dutch health-products giant reported a 32% decline in first-quarter core profit and flagged multiple growth risks for the coming year.
Appliance maker Whirlpool cut its full-year guidance after sales declined 8.2% in the first quarter.
New research shows U.K. imports from the EU collapsed 25% after Brexit and led many small British businesses to give up exporting to the continent altogether.
The number of Chinese imports arriving as “de minimis” shipments in the U.S. surged tenfold over the past decade as importers use the exemption to legally circumvent tariffs.
More supply chain news related to the war in Europe:
Cargo aircraft lessors could start charging higher rates amid losses from Russia’s takeover of large parts of their fleets.
Cargo volumes at the Port of Rotterdam fell 1.5% in the first quarter as shippers stopped taking Russian container bookings.
MAN, a German maker of commercial vehicles, resumed production after a six-week shutdown caused by wire harness shortages from Ukraine.
The U.S. reported 59,101 new COVID-19 infections and 283 virus fatalities Monday. Total virus fatalities are set to pass 1 million in the coming days, the most in the world.
Four in 10 small U.S. businesses say they plan to raise prices by at least 10% this year to account for inflation. In a separate survey, over 90% believe inflation, logistics disruptions and labor shortages are negatively impacting business.
U.S. home prices were up 19.8% in the 12 months ending in February as price inflation accelerated.
Verizon is adding parcel lockers to 250 stores as part of a growing retail trend for “buy online pick up in store,” or BOPIS. Home Depot announced similar measures as it revamps its customer experience.
South Korea became one of the first nations to downgrade COVID-19’s status to an illness on par with the seasonal flu, as new daily infections dipped below 30,000 for the first time in 76 days.
Swiss drugmaker Roche saw first-quarter sales jump 10% but said falling demand for COVID-19 tests and antibody treatments will cause growth to slow.
Economists expect Mexico’s GDP expanded for the first time in three quarters from January to March, driven by a rebound in exports. Growth hit a better-than-expected 2.5% in February:
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