The U.S. reinstated the Superfund Excise Tax on July 1, 2022. It applies to chemicals and substances commonly used in the plastics industry. How is it impacting producers, distributors, importers and processors? Click here to read more.
M. Holland Company has appointed Ton Koenders as its inaugural director of sales for Europe to support international growth and address customer needs in Europe. Click here to read the press release.
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.
Oil prices fell 3% Tuesday to their lowest level since before Russia’s invasion of Ukraine, with WTI settling below $87/bbl.
In mid-day trading today, WTI futures were up 0.8% at $87.23/bbl, Brent was up 0.4% at $92.74/bbl, and U.S. natural gas was down 0.6% at $9.27/MMBtu. U.S. natural gas has risen 70% since the end of June.
The American Petroleum Institute reported a larger-than-expected crude draw of 448,000 barrels this week after another release from U.S. strategic reserves. Government data is due today.
Barclays cut its Brent price forecasts by $8/bbl for this year and next on forecasts for a large surplus of crude in the near-term due to resilient Russian supplies.
U.S. shale producers could lose over $10 billion from derivative hedging losses this year if oil prices remain around $100/bbl, according to Rystad.
Renewables accounted for 20% of U.S. electricity generation in both 2020 and 2021 but are expected to rise to a greater share of the overall energy mix this year and next:
More oil news related to the war in Europe:
European natural gas prices settled near all-time highs Tuesday as scorching heat triggered unusually high demand. Russia claims prices could surge an additional 60% by winter.
German power prices are up 500% the past year, driven largely by Russia’s moves to slash gas supply.
A second shipment of crude from a U.S. Gulf of Mexico offshore field has sailed for Germany, as European refiners test potential replacements for Russian oil. Similarly, the U.K. is about to receive LNG from Australia for the first time in at least six years.
A South African coal producer plans to invest $730 million to build a 450 MW wind farm to kickstart its foray into renewable energy.
Extreme drought will force several states in the U.S. West to reduce water use from the Colorado River next year, according to federal officials, who yesterday lowered its condition to a Tier 2 water shortage.
U.S. southwestern cotton growers could abandon some 40% of drought-damaged acres planted this spring, prompting forecasts for the weakest U.S. harvest in more than a decade. Cotton futures are up more than 20% this month to the highest levels in a decade.
The average U.S. diesel price dropped to $4.91 a gallon Monday, the lowest since March.
The world’s biggest container lines are on course to post combined profits of around $256 billion this year, smashing last year’s profit record by 73%, according to Blue Alpha Capital.
South Korean container line HMM warned of weakening demand after reporting a $4.6 billion net profit in the first half of the year.
Georgia’s Port of Savannah posted an 18% gain in overall container volumes in July, including a 10.5% rise in loaded imports.
The U.S. president approved a $430 billion bill Tuesday that is seen as the biggest climate-change package in U.S. history, including substantial new investment in clean energy. More than $21 billion is allocated for rebates and federal tax deductions for household energy-saving upgrades over the next 10 years.
U.S. homebuilding dropped 9.6% to the lowest level in nearly 1.5 years in July, weighed down by higher mortgage rates and prices for construction materials.
Failed U.S. home purchase deals jumped to about 16% of total properties under contract in July, according to Redfin.
The average U.S. asking rent is 23% higher than the same time in 2019, according to the Census Bureau.
Market turmoil in the first half of 2022 erased some $3.4 trillion from 401(k) and IRA retirement accounts, threatening a decline in living standards for a large portion of Americans.
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