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.
Supply
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.
Exports of crude oil and condensates from Latin America, excluding Venezuela, have dropped from July highs as more countries use crude in their domestic refineries.
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.
Germany will soon begin LNG imports at two new floating gas terminals as a short-term method of boosting supplies before winter.
Gazprom says its natural gas exports slumped 36.2% year-to-date after deliveries to Europe plummeted.
Santos, one of Australia’s largest energy companies, plans to proceed with the $2.6 billion development of a large oil field in Alaska which could produce up to 80,000 bpd by 2026.
A South African coal producer plans to invest $730 million to build a 450 MW wind farm to kickstart its foray into renewable energy.
Supply Chain
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.
Chipmakers’ revenue growth could slow by half this year from 2021 as major manufacturers warn of weaker export orders, according to research firm Gartner.
Over 90% of C-suite executives surveyed say their company is considering moving production out of China, while around 80% say they are considering bringing some production back to the U.S.
Dozens of Amazon employees at the company’s San Bernardino air hub walked off the job Tuesday in a protest over wages and heat safety.
Newell Brands, the company behind Yankee Candle, Sharpies and other consumer products, plans to spend some $100 million this year to consolidate its distribution centers around the U.S.
Top U.S. retailers Walmart and Target say baby formula supplies are improving after months of acute shortages that caused a panic among parents.
In the latest news from the transportation industry:
Trailer orders declined 28% from June to July as most manufacturers limited bookings due to supply disruptions.
Toyota was among the manufacturers forced to halt operations for six days in China’s Sichuan province due to low power supplies.
Resale prices for some Toyota models have topped list prices for new cars due to an extreme shortage in inventory, with buyers willing to pay more to skip the waitlist.
The U.S. government on Tuesday announced winners for over $1.6 billion in funding that will be used to build low-emission and zero-emission municipal bus fleets.
Domestic Markets
The U.S. reported 98,229 new COVID-19 infections and 415 virus fatalities Tuesday.
COVID-19 infections in New York state fell 18% last week, while virus hospitalizations remained flat.
Florida reported just 54,353 new COVID-19 cases last week, its lowest in 2.5 months.
Simon Fraser University, Canada’s lone football team in the NCAA, will play four home games in Washington state due to Canada’s vaccination mandate for visitors.
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.
U.S. manufacturing output rebounded 0.7% last month on a boost from auto plants, pointing to underlying manufacturing strength despite ebbing business confidence.
More than 75% of U.S. businesses prefer to hire freelancers rather than full-time employees while economic conditions remain uncertain, according to market surveys.
Target’s revenues were in line with expectations but profits fell nearly 90%, badly missing analyst estimates, as the company shed inventory in the most recent quarter.
Home Depot beat quarterly projections with 5.8% sales growth in the second quarter, as demand from builders and higher prices helped cushion the blow from a drop in store visits.
Frontier Airlines plans to aggressively expand with up to 20% greater capacity by the end of the decade after the recent collapse of a deal to merge with rival Spirit Airlines.
Those hard of hearing will be able to buy hearing aids over-the-counter as soon as October after the recently signed Inflation Reduction Act eased prescription requirements.
Swedish furniture giant IKEA has decided to liquidate its Russian unit, further scaling back operations after more than a decade-long presence in the country.
A U.S. aid agency announced plans to buy over $68 million worth of Ukrainian wheat in the largest such export deal since Russia’s invasion.
The U.K.’s annual rate of inflation hit 10.1% in July from a year ago, up from 9.4% in June for the fastest pace in more than four decades.
Canadian inflation cooled in July on sharply lower fuel prices but still rose 7.6%, likely pushing the Bank of Canada to continue delivering aggressive rate hikes.
Japanese imports jumped 47.2% year over year to a new record in July, boosted by global fuel inflation and a weak yen.
Confidence among Japanese manufacturers improved in August after last month’s stall, while the mood for service-sector firms rose for a second month to the highest level in nearly three years.
Brazil’s trade surplus will likely fall short of forecasts this year as a spike in the costs of imported fuel and fertilizer offset strong exports of other raw materials.
We and selected third-parties use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL third-party cookies. For more details about cookies and how we use them, read the full Data Privacy Policy.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. For more details about cookies and how we use them, read the full Data Privacy Policy.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
_ga
2 years
The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_ga_S6SF7JZ2WY
2 years
This cookie is installed by Google Analytics.
_gat_UA-7828007-1
1 minute
A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.
_gcl_au
3 months
Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services.
_gid
1 day
Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT
2 years
YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid
2 years
Vimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Cookie
Duration
Description
_fbp
3 months
This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr
3 months
Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
IDE
1 year 24 days
Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile.
personalization_id
2 years
Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting.
test_cookie
15 minutes
The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE
5 months 27 days
A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSC
session
YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devices
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-id
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextId
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requests
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.