M. Holland’s latest logistics outlook examines current challenges and industry trends that are impacting shipping, trucking and rail. Although the plastics industry is faring a little better than earlier this year, M. Holland’s experts predict disruption to continue well into 2023. Click here to read the full outlook for the remainder of 2022.
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.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil prices surged 4% Tuesday on news of tighter supply in the U.S. and possibly Saudi Arabia.
Crude prices continued rising Wednesday morning on fears that OPEC could cut production, with WTI up 0.4% at $94.18/bbl and Brent up 0.4% at $100.60/bbl. U.S. natural gas futures were up 0.9% at $9.28/MMBtu.
The American Petroleum Institute reported a larger-than-expected crude draw of 5.63 million barrels last week, putting upward pressure on prices. U.S. government data will be released today.
Freeport LNG pushed back the timeline for partially resuming operations at its fire-damaged Texas export facility from October to November.
Multiple factors, including unusually hot temperatures and declining coal capacity, led to record levels of U.S. electricity generation from gas-fired power plants this summer:
Export disruptions on a Kazakhstan pipeline system carrying 1% of the world’s oil through Russia could last over a month, officials said Tuesday, likely lowering the nation’s output.
British gasoline and diesel prices fell for a seventh straight week, their longest slide since 2020, though gas prices remain 27% higher than a year ago.
TotalEnergies and partner SSE Renewables announced the inaugural production from a $4.3 billion wind farm offshore Scotland, the French oil major’s latest diversification into renewables.
More oil news related to the war in Europe:
European power prices soared to new highs Tuesday on forecasts of declining wind power, the latest in a string of daily records.
A new gas levy on German consumers, designed to help energy firms cover the soaring cost of natural gas imports, may have to be adjusted as soon as this winter due to rapid market shifts, officials said.
With two-thirds of the continent in a state of alert or warning, Europe appears to be in its worst drought in at least 500 years, causing widespread disruption to inland shipping, electricity generation and crop yields.
Apple plans to manufacture its latest-generation iPhone 14 in India as China, its main supplier hub, clashes with the U.S. government and imposes widely disruptive lockdowns.
European glass makers say gas rationing through next spring would cripple production, worsening a shortage of bottles.
Global airfreight rates are down nearly 50% from last year’s peak, according to freight booking platform Freightos.
In the highly squeezed U.S. warehouse market, vacancy rates have dipped into the low single digits in some areas, turning more companies to ad hoc arrangements that include storing goods in parking lots and on truck trailers as they cope with excess inventories.
U.S. imports from China totaled $271.7 billion in the first half of the year, nearly 19% higher than a year ago.
Emirati port operator DP World posted a 60% gain in first-half revenue but expects shipping growth to slow later this year.
European shipping line MPC Container Ships boosted its full-year outlook on expectations for high freight rates for several more quarters.
Intel is partnering with Canada’s Brookfield Asset Management on a $30 billion expansion of the U.S. chipmaker’s cutting-edge facilities in Arizona.
Chinese electric vehicle maker Xpeng posted a larger-than-expected second quarter loss, mirroring wider disruption in the nation’s auto industry due to fallout from lockdowns and supply snarls.
Pfizer’s COVID-19 vaccine was nearly 75% effective in a trial of children six months through four years old, new data shows.
U.S. private-sector business activity contracted for a second month in August to its weakest in over two years, according to S&P Global. The decline was led by softness in the services sector.
Higher wages and import prices were the main drivers of near 40-year-high U.S. inflation, according to the New York Fed.
Directors at two of the Federal Reserve’s 12 regional branches — St. Louis and Minneapolis — voted for a full 100 basis-point interest-rate hike at the central bank’s last meeting in July, signaling internal pressure for a bigger move than policy makers delivered.
Some 20 million American households — about 1 in 6 homes — are behind on their energy bills, the largest share on record.
Sales of new U.S. homes fell 12.6% in July, their sixth decline this year to the slowest pace in 6.5 years, as high borrowing costs and lower demand fuel a cooldown in the housing market.
A Wells Fargo index of U.S. homebuilder sentiment fell below the breakeven level of 50 in August for the first time since the beginning of the pandemic, the bank said.
Toll Brothers, the largest U.S. luxury-home builder, reported a 60% plunge in quarterly orders and cut its sales outlook as rising interest rates challenge buyers at the high end of the market.
Global auditing firm KPMG will cut its office space in New York by more than 40%, part of a growing trend that has left Manhattan’s office market with record available space.
Ride-hailer Lyft will sublease up to 45% of its biggest U.S. offices, becoming the latest company to shrink its real estate footprint to adjust to more employees working from home.
Macy’s and Nordstrom are the latest U.S. retailers to lower financial targets for the year amid declining consumer spending and fears of an economic downturn. Nordstrom shares tanked 14% on the news.
Dick’s Sporting Goods posted a better-than-feared 5% decline in net sales last quarter, prompting a boosted financial outlook for the year.
Hong Kong reported 6,617 new COVID-19 infections Monday, the fifth straight day above 6,000.
Canada will soon receive 12 million doses of an Omicron-tailored COVID-19 vaccine made by Moderna.
A spate of worse-than-expected business surveys released on Tuesday suggest the global economy is growing closer to recession.
The World Trade Organization says global trade growth slowed to 3.2% in the first quarter from 5.7% the previous quarter and is currently stagnating.
Euro-area consumer confidence unexpectedly rose in July but remained near record lows due to surging costs-of-living, according to the European Commission.
Citigroup predicts British inflation could rise to more than 18% next year, a 50-year high due primarily to soaring energy prices.
Argentina plans to launch new measures in the coming days aimed at restricting imports and preserving the central bank’s foreign currency reserves. Latin America’s third-largest economy is just one of many with dwindling foreign currency reserves that could lead to default.
Births in China are poised to hit record lows this year as fallout from the pandemic raises costs for education and child-rearing, posing long-term problems for the nation’s economic growth.
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