MH Daily Bulletin: December 8

December 8, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

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Supply

  • Oil prices fell another 2.5% Wednesday, forfeiting all the gains spurred by Russia’s invasion of Ukraine. Brent settled at $77.17/bbl and WTI settled at $72.01/bbl.
  • In mid-morning trading today, WTI futures were down 0.7% at $71.52/bbl, Brent was off 1.2% at $76.21/bbl, and U.S. natural gas was up 5.0% at $6.01/MMBtu.
  • U.S. crude stocks fell by a larger-than-expected 5.2 million barrels last week, according to the Energy Information Administration. Distillate stocks and gasoline inventories climbed.
United States Crude Oil Stocks Change

Supply Chain

  • South Korea ordered truckers in the steel and petrochemical industries to return to work after a 12-day strike cost the nation over $2.6 billion.
  • November’s Logistics Managers’ Index fell several points to 53.6, its second-lowest reading on record, indicating rapidly slowing North American freight activity:
United States LMI Logistics Managers Index Current
Taiwan Exports YoY

Domestic Markets

Calmer Skies Ahead as Airlines Could Return to Profit in 2023

International Markets

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