MH Daily Bulletin: December 7

December 7, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

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  • Oil prices fell 4% Tuesday to their lowest levels this year with WTI and Brent both falling below $80/bbl, a response to increasingly uncertain market conditions.
  • In mid-morning trading today, WTI futures were down 1.9% at $72.87/bbl, Brent was down 1.5% at $78.16/bbl, and U.S. natural gas was up 0.7% at $5.51/MMBtu.
  • U.S. natural-gas prices are down 25% since Thanksgiving due to milder weather and greater domestic stockpiles.
  • U.S. crude stocks fell by 6.4 million barrels last week, while gasoline and distillate stocks rose, according to the American Petroleum Institute. Government data is due today.
  • The U.S. administration slightly raised its 2022 forecast for crude output growth while predicting next year’s production will hit a record 12.34 million bpd, reversing previous estimates for a decline.
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  • Beijing loosened some of its restrictions on public movement and COVID-19 testing Tuesday, leading some to fear an imminent rise in cases.
  • China’s trade surplus fell to its lowest level since April last month as weak demand led to sharp declines in both imports and exports:
China Balance of Trade

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