MH Daily Bulletin: February 2

February 2, 2023 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland will be exhibiting at MD&M West in Anaheim on Feb. 7-9. Stop by Booth #4115 to meet our Healthcare team and discuss how M. Holland’s line of medical-grade resins can help you develop safe and effective medical products and packaging.


  • Oil slid 3% Wednesday after U.S. data showed huge builds in crude stocks last week, signaling an oversupply.
  • In mid-morning trading today, WTI futures were down 0.2% at $76.24/bbl, Brent was down 0.3% at $82.59/bbl, and U.S. natural gas was up 1.7% at $2.51/MMBtu.
  • U.S. crude stocks climbed 4.1 million barrels last week to their highest level since June 2021, the Energy Information Administration said.
  • U.S. LNG exports fell 5% in January as cold weather boosted natural gas demand at home and producers sent less gas to Europe.
  • OPEC+ opted not to change its current production schedule, as widely expected.
  • OPEC’s oil output likely fell about 920,000 bpd below target in January, primarily due to underproduction in Iraq and Nigeria, according to Reuters.
  • Costs to build Canada’s first major LNG export plant have more than doubled from original estimates to more than $10 billion due to labor issues.
  • More news related to the war in Ukraine:
  • Shell’s earnings more than doubled in 2022 to over $39 billion, a record.
  • The EU unveiled its Green Deal Industrial Plan Wednesday, an effort to catch up to U.S. and Chinese initiatives supporting green-energy tech.
  • Amazon says its recent renewable investments will enable it to operate entirely on clean energy as soon as 2025.
  • The World Bank is lending over $300 million to West and Central African nations to support solar, battery and hydro projects.

Supply Chain

Domestic Markets

United States Fed Funds Rate
  • The U.S. dollar fell to a nine-month low against a basket of currencies Wednesday after central bank leadership indicated the country is making progress in bringing down inflation.
  • The Labor Department says U.S. job openings unexpectedly rose to 11 million in December, the most in five months, while layoffs were 15% higher than a year earlier.
United States Job Openings
  • U.S. manufacturing activity contracted for a third month in January, while construction spending unexpectedly fell in December.
  • U.S. workers now occupy over 50% of available office space for the first time of the pandemic.
  • In the latest news from quarterly earnings season:
    • Medical equipment-maker Stryker reported a drop in quarterly profit despite record sales growth and issued an optimistic outlook for 2023.
    • Pharmaceuticals giant Merck posted strong fourth-quarter profits, but its outlook for 2023 fell short of analyst estimates due to reduced expectations for its Lagevrio COVID-19 treatment.
    • Despite a 6% rise in revenues in the fourth quarter, Honeywell’s earnings slid 29% as the industrial giant forecast slower growth in the year ahead.
    • Facebook parent Meta saw revenue drop 4.5% but reported improving conditions in its underlying business and said it would buy back an additional $40 billion in shares.
    • T-Mobile missed revenue estimates despite adding thousands of wireless subscribers.
    • Johnson Controls, provider of heating and air-conditioning systems for offices and hospitals, missed revenue targets due to supply-chain issues.
    • MetLife insurance reported a 33% drop in quarterly profit as a global market rout hit its investment returns.
  • Intel is imposing management pay cuts across the board as the company looks to limit expenses in the face of weakening demand.

International Markets

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