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Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil prices fell 3% Monday after disappointing economic data from China renewed fears of a recession.
China’s crude demand dropped almost 10% year over year in July, while refinery output slipped to 12.53 million bpd, its lowest since March 2020.
In mid-morning trading today, WTI futures were down 0.4% at $88.06/bbl, Brent was down 0.5% at $94.64/bbl, and U.S. natural gas was up 4.6% at $9.13/MMBtu.
The U.S. Permian Basin is on track to hit a record 5.408 million bpd of output in September, as American shale activity rises to its highest level of the pandemic.
TerraPower, a Washington state firm working on small-scale nuclear reactor development, has raised $750 million to pursue building its first facility in Wyoming by 2028.
European natural gas futures spiked almost 7% Monday on fears that low river levels will choke the transport of key fuel supplies. Spot power prices also surged on forecasts of lower wind and nuclear generation.
Global oil supply could rise if Iran and the U.S. accept an offer from the EU to remove sanctions on Iranian oil exports.
South Africa’s largest coal exporter is looking to expand after first-half profit surged on record-high fuel prices.
California and parts of the Pacific Northwest will see near-record heat this week as a high-pressure dome builds across the region, taxing power supplies and worsening drought conditions.
A heat wave in China is likely to last for another two weeks, making it the longest sustained period of extreme temperatures since records began in 1961, officials said.
Freight demand across the U.S. is showing signs of softening heading into peak shipping season, with the closely watched Cass Freight Index declining 1.7% from June to July, the second monthly decline in a row.
The container ship backup at the ports of Los Angeles and Long Beach fell to an all-time low of nine vessels last week, down from a record high of 109 set in January. Container rates from Asia to the West Coast are down 11% this week.
U.S. ports are projected to import 12.8 million TEUs in the second half of 2022, down 1.5% from last year and about 5% below the first half of this year, according to Global Port Tracker.
More communities in California’s Inland Empire, the key logistics hub east of Los Angeles, are suspending new warehousing projects over pollution fears even as demand hits all-time highs.
Supply chain issues will be the major contributor to a decline in e-commerce revenues in 2022, according to new projections:
A White House pilot project to share freight data among shippers has doubled in size to 36 members since its launch in March, adding momentum to the government’s push for visibility across the U.S. supply chain.
Air cargo volumes fell 9% year over year in July as a shift back to ocean transport weighed on demand.
Australia’s Qantas Airways plans to add six Airbus converted freighters to its domestic fleet to replace aging Boeing 737s and expand cargo-carrying capacity.
Second-quarter volumes at BNSF Railway fell 6%, but higher pricing boosted revenue 14% to $6.6 billion.
Shipper United Heavy Lift says ships in its project transport sector are almost fully booked for 2023 on strong demand from the oil and gas industry.
Ship broker Clarkson’s first-half profit rose by half to about $50 million on improved conditions for its oil rig-supplying clients, the firm said.
Trade between Ireland and the U.K. climbed 54% in the first half of this year despite ongoing disputes over checks on goods resulting from Brexit.
German steelmakers are in talks with the government about an exemption from possible gas rationing under exceptions being considered for critical industries.
BHP Group, the world’s largest mining company by market value, saw annual profit nearly triple to almost $40 billion as it benefited from the sale of its petroleum business and strong commodity prices. The firm forecasts demand for copper will double in the next three decades, boosting the bulk shipping industry that carries the raw materials.
Major infrastructure funds have raised about $130 billion this year for power plants, telecom towers and data centers, already outpacing the record of $125 billion set last year.
Almost $5 billion of investment has been pumped into the global electric-vehicle charging industry this year, driven by the growth and availability of government funding.
Domestic Markets
The U.S. reported 95,209 new COVID-19 infections and 411 virus fatalities Monday.
Apple set a Sept. 5 deadline for corporate employees to be in the office at least three days a week, marking its latest policy change after spikes in COVID-19 delayed return-to-office plans several times.
Two years of pandemic burnout has created one of the U.S.’s worst teacher shortages ever, as states and local governments scramble to boost incentives and fill vacancies.
Consumer prices at grocery stores rose at almost twice the rate of restaurant prices in July, bolstering claims that fast-food chains and sit-down restaurants provide greater value in the current inflationary environment.
A gauge of U.S. homebuilder sentiment fell for an eighth month in August, marking the worst stretch since the housing market collapsed in 2007.
A gauge of New York state manufacturing activity plunged this month by the second-most in data going back to 2001, with sharp declines in orders and shipments indicating an abrupt drop-off in demand.
Year-to-date flight cancellations and delays in the U.S. have surpassed 2019 levels by 11%, reaching almost 1 million.
American Airlines cut 16% of domestic and international flights from its November schedule as part of efforts to reduce disruptions during the busy Thanksgiving holiday.
Chaos erupted at a Shanghai IKEA Monday as shoppers sought to escape authorities attempting to lock down the store due to a potential COVID-19 infection inside.
Major Wall Street banks are restarting some trade in Russian debt to allow investors another chance to dispose of assets widely seen in the West as toxic.
Saudi Arabia’s sovereign wealth fund invested $7.5 billion in blue chip U.S. stocks in the second quarter to diversify its holdings.
Canadian home sales fell 29.3% year over year in July while prices fell for a fourth straight month, signaling a deepening correction in the nation’s housing market.
ING bank cut its forecast for China’s 2022 GDP growth to 4%, down from a previous projection of 4.4%, and said a further downgrade was possible.
Venezuela’s inflation slowed to 7.5% month over month in July, falling from 11.4% the previous month.
One-third of South Koreans between ages 70-74 are still working, the highest percentage in the world, amid a severe foreign labor crunch.
The recovery of global business-travel spending has been pushed out at least 18 months to mid-2026 by a combination of inflation, labor shortages and lockdowns, analysts say.
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