MH Daily Bulletin: December 19

December 19, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
  • M. Holland will be closed Friday, Dec. 23 and Monday, Dec. 26, in observance of Christmas.

Supply

  • Oil slid 2.4% Friday, erasing gains from earlier in the week on fears of a looming global recession.
  • In mid-morning trading today, WTI futures were up 0.5% at $74.69/bbl, Brent was up 0.4% at $79.36/bbl, and U.S. natural gas was down 9.4% at $5.98/MMBtu.
  • Active U.S. drilling rigs fell for a second week, slipping by four to a total of 776, according to Baker Hughes.
  • The average U.S. gasoline price fell to $3.24 a gallon last week, the lowest level in more than a year:
Gas Prices Ease Up in Time for the Holiday Rush

Supply Chain

Domestic Markets

United States Composite PMI
  • Factory gauges in the New York and Philadelphia regions weakened this month.
  • A majority of U.S. voters believe the economy will be in worse shape in 2023 than it is now, according to a Wall Street Journal poll.
  • Several Federal Reserve officials have suggested the central bank could lift borrowing costs above a peak 5.1% terminal rate and potentially keep them there into 2024:
The Fed Is Moving Historically Fast to Tame Inflation

International Markets

Japan Manufacturing PMI

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