Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
M. Holland will be closed Monday, Jan. 2 for the New Year’s holiday.
Supply
Oil prices rose 3% Friday, notching their second straight week of gains after Moscow warned it might cut crude output.
Late Monday, WTI climbed above $80/bbl and Brent rose above $85/bbl after China announced it will ease quarantine restrictions for inbound travelers and a severe winter storm settled across much of the U.S. In mid-morning trading today, WTI futures were up 1.4% at $80.65/bbl, Brent was up 1.2% at $84.90/bbl, and U.S. natural gas was up 1.8% at $5.17/MMBtu.
The active U.S. drilling rig count rose by three last week to a total of 779, about a third higher than the same time last year, according to Baker Hughes.
Pemex further delayed plans to fire up its eighth and newest refinery from the end of this year to July 2023, with full production capacity expected by September, 2023.
Government and analyst projections show Russia’s crude and natural-gas output falling sharply in the months ahead due to tightened sanctions from the West. Insurance issues, meanwhile, will hamper seaborne exports.
The world is on track for record coal consumption in 2022, led by higher demand from energy-starved Europe, according to the International Energy Agency.
Airline woes hit Southwest the hardest, with about 80% of its flight schedule remaining canceled or delayed Monday, a situation that continued to worsen while other airlines fared better at the start of the week.
PJM, a massive electric grid stretching from Illinois to New Jersey, declared a system-wide emergency and ordered some customers to curtail demand.
North Carolina-based Duke Energy, one of the top power companies in the U.S., urged customers to avoid using large appliances and to turn down thermostats due to severe supply constraints.
Four power substations in Washington State were attacked Dec. 25, disrupting service to thousands of residents.
Thousands of staff at Britain’s airports and rail lines began striking over the weekend, widely disrupting holiday travel. Rail workers in France also walked off the job.
A key road for mining transport in Peru has been cleared after days of political protests.
Tesla doubled discounts to a total of $7,500 for its two highest-volume models in the U.S., adding to indications that the automaker is struggling with demand.
Toyota’s global car output rose 1.5% in November to a record 833,104 units, led by solid demand in North America. The automaker said its outlook remained uncertain, however, due to chip shortages and COVID-19 cases in China.
Rising availability of battery-swapping stations are quickly turning Kenya’s pollution-heavy motorbike segment electric.
Domestic Markets
The daily average for new COVID-19 cases rose to 69,623 last week from 65,067 the week before, while average fatalities increased to 422 from 386. Daily average cases are up 24% in the past two weeks.
U.S. life expectancy fell to 76.4 years in 2021, a 26-year low largely due to COVID-19, the CDC said. Meanwhile, the nation’s population grew 0.4% this year, continuing a streak of historically slow growth suppressed by the pandemic.
U.S. consumer spending rose 0.1% in November, a pullback from the robust 0.9% increase in October:
The Federal Reserve’s preferred gauge of inflation rose 5.5% in November from a year earlier, the slowest pace in over a year:
Orders for U.S. manufactured goods sank 2.1% in November, one of the sharpest decreases since the beginning of the pandemic in another sign of slackening demand, new data shows:
The one-year inflation outlook among consumers fell to 4.4% this month from 4.9% in November, the lowest in 18 months, according to the University of Michigan.
U.S. retail sales rose 7.6% between Nov. 1 and Dec. 24 as steep holiday discounts lured deal-hungry customers, according to Mastercard.
Over $760 million in retail purchases were returned in 2021, new data shows, up from $309 million in 2020.
Midwest egg prices hit a record $5.36 a dozen this month, up 30% year-to-date, as an avian-flu outbreak shrinks flocks across the U.S.
U.S. restaurant employment is only about 2.1% down from pre-pandemic levels, new data shows.
Sales of new single-family homes rose for a second month in November as Americans took advantage of a retreat in mortgage rates, even as the overall housing market remained depressed. The number of U.S. homes for sale is down 29% nationwide in the five years that ended in October.
China is likely seeing the world’s largest COVID-19 outbreak with up to 37 million people infected on a single day last week, according to records from the government’s top health authority. As much as 18% of the nation’s population likely caught the virus in the first three weeks of December, causing economic activity in major cities to plummet.
Major central banks hiked interest rates at the fastest pace in two decades this year, delivering 2,700 basis points of tightening in 54 separate meetings.
Japan’s core inflation rose rose 3.7% in November, the fastest pace in 41 years, the government said.
More than 75% of small British firms say the country’s exit from the EU has made it difficult for them to boost sales or grow their business, new surveys show.
The Canadian economy grew by grew by 0.1% in October and likely saw the same pace of growth in November, new data shows.
Tens of billions of dollars are set to flow to Ukraine from the U.S. and other G7 nations this year.
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