Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
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Supply
Oil rose slightly Tuesday, buoyed by a softer dollar and the U.S.’s plan to start restocking petroleum reserves.
In mid-morning trading today, WTI futures were up 2.1% at $77.80/bbl, Brent was up 2.0% at $81.61/bbl, and U.S. natural gas was up 4.4% at $5.56/MMBtu.
U.S. crude stocks fell by 3.07 million barrels last week, according to the American Petroleum Institute. Government data is due today.
An explosion during repairs on a section of a Europe-bound natural gas pipeline in western Russia killed three people on Tuesday. Officials said the explosion did not affect export supplies.
Russia’s seaborne crude shipments plummeted 54% the first week after Europe’s ban came into effect on Dec. 5.
The share of Russian gas in Germany’s gas mix has fallen from 55% to 20% the past year. Russia was among Europe’s main suppliers before it invaded Ukraine.
Refining margins for independent Chinese refiners are surging as they negotiate steeper discounts for Russian crude grades following implementation of the G7’s new price cap.
The EU’s executive arm approved a $36 billion state bailout for German gas giant Uniper SE, paving the way for imminent nationalization.
The Midwest and Great Lakes region could see a major blizzard starting Thursday, while cold air moving east could bring a rapid temperature drop across the country, according to the National Weather Service. Over 40 million Americans are under winter storm warnings.
Canada’s second busiest airport in Vancouver halted all flights Tuesday morning amid heavy snowfall from a winter storm blanketing Pacific Canada.
Tens of thousands of Californians are without power after a 6.4-magnitude earthquake struck the coast Tuesday morning, killing two.
British train drivers announced another day of strikes in January as part of a long-running dispute over pay, adding to strikes planned by tens of thousands of logistics workers to start the new year.
Containers at the ports of Los Angeles and Long Beach waited an average of 2.8 days for handling in November, the shortest dwell time since July 2020.
The Port of Houston, the U.S. Gulf Coast’s busiest port, reported an 11% jump in container volumes in November, bucking a trend of year-over-year declines at other major U.S. ports. Demand for steel imports slowed, while auto imports soared 141% year over year.
U.S. trucking conditions hit an 18-month low in October, while a gauge of for-hire tonnage saw its largest monthly decrease of the pandemic in November, according to the American Trucking Association.
An Australian government report says congestion and delays continue to disrupt operations at the country’s ports.
Houston-based Great Lakes Dredge & Dock, the largest provider of dredging services in the U.S., lowered quarterly earnings guidance due to supply-chain issues and weather.
Major container lines including Hapag-Lloyd, ONE, Yang Ming and HMM are finalizing plans to replace smaller ships on Asia-North Europe trade lanes with newbuilds of 23,500-TEU megaships.
The savings rate of Americans fell to 2.3% in October, down from 7.3% a year ago and near the all-time low 2.1% set in 2005.
U.S. companies borrowed 9% more in November to finance equipment investments compared with a year ago, according to the Equipment Leasing and Finance Association.
A growing number of Americans are choosing to delay home purchases amid the highest interest rates in 15 years. Overall, housing starts fell 0.5% last month:
Researchers at the Cleveland Federal Reserve released new data showing a rapid decline in the inflation rate of rentals across the U.S.
General Mills said quarterly sales at its high-margin pet business took a hit due to key retailers cutting back on inventory, leaving sales flat at about $593 million.
Minnesota-based 3M says it will stop making PFAS, so-called forever chemicals, and cease using them by the end of 2025 amid rising criticism and litigation over health and environmental impacts.
British health officials warn that strikes among tens of thousands of nurses and ambulance workers pose an increasing risk to patient safety.
Corporate earnings growth in many countries is expected to slow in the year ahead as high inflation and rising interest rates collide in a global economic downturn. A decade of stellar growth in private debt markets could also reverse.
The euro area’s index of consumer confidence rose slightly this month, continuing its recovery from an all-time low in September:
Canadian retail sales rose by 1.4% from September to October, the biggest gain in five months, new data shows.
Orders for Taiwanese exports, a bellwether of global tech demand, tumbled 23.4% in November from a year earlier, the largest annual decline since March 2009:
The World Bank approved an additional financing package totaling $610 million to address relief and recovery in Ukraine. The U.S.’s latest spending bill would direct an additional $45 billion to the country.
Canadian software firm BlackBerry said the sales cycles for its key cybersecurity business has grown longer, leading to flat sales in the first half of 2023.
The EU’s antitrust watchdog plans to open an investigation into chipmaker Broadcom’s planned $61 billion acquisition of American cloud computing company VMware.
Ethiopian Airlines, Africa’s biggest carrier, expects passenger business to recover to pre-pandemic levels in its financial year ending in June.
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