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 will be attending the North American Detroit Auto Show on Sept. 14-15. This annual showcase for emerging automotive technologies will be held at Huntington Place in Detroit, Michigan. If you’re attending, please RSVP for M. Holland’s reception or contact Mike Gumbko, Strategic Account Manager, to set up a meeting with our Automotive team.
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 about half a percent Monday on competing supply and demand pressures.
Saudi Arabia warned that OPEC could curb production to correct a recent drop in oil futures, sending prices higher in mid-morning trading today, with WTI up 3.5% at $93.49/bbl and Brent up 2.8% at $99.21/bbl.
U.S. natural gas was up 2.3% at $9.90/MMBtu in mid-morning trading, nearing its highest price in 14 years amid unceasing demand from Europe.
The average U.S. gasoline price has fallen for 70 days straight, the longest down streak since January 2015, hitting $3.892 a gallon on Tuesday, according to AAA.
The U.S. Strategic Petroleum Reserve is down to 453.1 million barrels, the lowest in 35 years, according to the Department of Energy.
OPEC+ produced 2.892 million bpd below targets in July as sanctions on some members, including Russia, stymied its ability to raise output.
Libya’s oil production rebounded to 1.211 million bpd, a level last seen before port blockades disrupted output for most of spring.
More oil news related to the war in Europe:
European gas prices surged 20% Monday after Russia unexpectedly said it would shut down the key Nord Stream pipeline for three days later this month. The news sent power prices in Germany to an all-time high above $696 per megawatt-hour.
A Kazakhstan pipeline system carrying 1% of the world’s oil through Russia partially shut down Monday due to alleged damage, adding to concerns over a plunge in European gas supplies.
The average British household could see its energy bill soar to $4,200 a year in October when officials next raise a cap on prices.
More Mexican companies are building small-scale solar projects to help power operations as the government’s controversial energy reforms slow the widespread adoption of alternative energies.
China’s drought-stricken southwest extended curbs on power consumption Monday due to further losses in hydropower output and surging electricity demand. At least 62 localities saw record-high temperatures, while more firms announced cuts in output.
Heavy rains and flash floods have inundated Dallas and northern Texas, grounding hundreds of flights and disrupting overland transport.
Unplantable farm acreage has tripled from a year ago as extreme weather, including heavy rains and record-setting drought, wreaks havoc on crops.
Over 9% of all containers were stuck on ships or terminals around the world in June, nearly five times higher than the monthly average from the prior decade, according to maritime data provider Sea-Intelligence.
The capacity size gap between the world’s largest shippers and the rest of the field is bigger than ever, according to Alphaliner. The top 10 carriers operate 21.8 million TEUs versus 2.5 million TEUs for the next 20 firms.
Toyota subsidiary Hino Motors suspended more truck shipments Monday on fresh news of emissions and fuel efficiency data falsification going back to 2003.
Heartland Express will soon become the U.S.’s eighth-largest truckload fleet after the acquisition of Contract Freighter Inc.’s truckload and Mexican logistics unit.
Over 50% of U.S. employers expect to cut jobs within the next six to 12 months, according to a survey. Meanwhile, Americans say the lowest pay level they would be willing to accept for a new job is $72,873, up 5.7% from last year.
U.S. companies borrowed 2% more in July to finance their equipment investments compared to a year earlier, a resilient sign despite higher interest rates, inflation and supply disruption.
The market for initial public offerings is on pace for its worst year in decades as stock market volatility forces more small companies to burn through cash. So far this year, IPOs have raised only $5.1 billion compared to a historical average of $33 billion and more than $100 billion in 2021.
U.S. imports from Asia by volume rose 2.5% year over year in July and were up 2.7% from June.
Total consumer spending fell 3.1% in June from a year earlier at restaurants, according to financial firm Rabobank.
Over 70% of homes for sale in Boise, Idaho, had their price cut in July, the highest share among a growing list of U.S. metros seeing housing markets cool.
Washington, D.C., will provide first-time homebuyers as much as $202,000 in interest-free loans to help with down payments and closing costs in one of the nation’s most inflated housing markets.
General Electric workers at a jet-engine plant in Alabama are campaigning to unionize in response to grievances about pay and job security.
The U.S. is expected to spend over $500 billion on climate technology and clean energy over the next decade with the recent passage of new laws focused on infrastructure, chipmaking and inflation reduction.
International Markets
China reported 1,824 new COVID-19 cases Sunday, the most in nearly three months.
Japan reported over 200,000 new COVID-19 cases for the fifth straight day on Sunday, nearing all-time highs.
Led by a drop in manufacturing, output in the 19-nation euro zone declined for a second month in August as record energy and food inflation sapped demand, according to S&P Global. The economies of Germany and France likely shrank, while output was down in Japan, Australia and the U.K.
The U.S. dollar is surging in value as higher interest rates and recession fears drive demand for the global haven. On Monday, the euro fell to a two-decade low, while China’s yuan hit a two-year low.
Starbucks posted a 40% drop in China sales in the latest quarter, joining the majority of global consumer giants that saw sharp declines in sales due to the nation’s lockdowns.
Canadian retail sales rose 1.1% in June, handily beating forecasts on pricier gasoline and higher sales at car dealerships.
Japan’s factory activity growth slowed to a 19-month low in August as output and new order declines deepened.
Economists expect Mexico’s inflation to have sped up the first half of August to 8.51%, reinforcing bets that policymakers will again hike interest rates next month.
The Bank of Israel raised its benchmark interest rate on Monday by 75 basis points, its biggest hike in two decades, as it tries to rein in inflation that has topped 5%.
The UAE’s non-oil trade reached nearly $300 billion in the first half of 2022, up 17% from last year following new trade pacts with India, Israel and Indonesia.
Office space availability in central London is up 51% compared with 2019 levels and the highest in 15 years as more employees work from home.
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