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.
Supply
Oil fell to three-week lows Friday as strong U.S. jobs data raised concerns about higher interest rates.
In mid-morning trading today, WTI futures were down 0.8% at $72.77/bbl, Brent was down 0.4% at $79.61/bbl, and U.S. natural gas was down 0.8% at $2.39/MMBtu.
Active U.S. drilling rigs fell by 12 last week to a total of 759, according to Baker Hughes.
A technical malfunction shut down the North Sea’s largest oil field this morning.
Major Western oil companies handed investors $78 billion via share buybacks and dividends last year, about 50% more than the last time oil topped $100/bbl in 2014.
The International Energy Agency says there are signs that China could be poised for a stronger-than-expected economic rebound, which would sharply boost demand for oil and natural gas.
More news related to the war in Ukraine:
The EU’s ban on seaborne imports of Russian crude oil products, including diesel and naphtha, took effect Sunday. The plan also imposes a price cap of $100/bbl on Russian diesel sales to third-party countries.
Economists expect new European sanctions on Russian fuel products to raise global prices, especially for diesel.
Russia’s revenue from oil and gas plunged by 46% in January from a year earlier.
Analysts are predicting Russia’s oil output will fall by as much as 42% by 2035, while OPEC’s global market share could grow from 30% today to over 45% by 2050.
India is playing an increasingly important role in global oil markets, buying more cheap Russian oil and refining it into fuel for Europe and the U.S.
France commissioned a study on potentially extending the lifespan of nuclear reactors to 60 years and beyond.
Chevron is showing renewed interest in developing Algerian shale fields, which have greater natural gas reserves than the U.S. and are well located to serve Europe.
Supply Chain
A 7.8-magnitude earthquake and powerful aftershocks struck Turkey and Syria today, killing more than 2,400 people and injuring scores more.
Temperatures hit record lows in some parts of the U.S. Northeast over the weekend.
The gap between container shipping rates out of Asia to the U.S. East Coast and the West Coast has narrowed to pre-pandemic levels.
U.S. intermodal operations in the fourth quarter declined 29.7% from a year earlier, while total volume for all of 2022 showed fell 3.9%.
FedEx announced another round of driver furloughs at its FedEx Express LTL unit to “align our workforce with operational requirements.”
Fourth-quarter earnings at freight forwarders DSV and C.H. Robinson Worldwide contracted on declining revenues.
The U.S. administration plans to make more Tesla, Ford, GM and Volkswagen electric vehicles eligible for up to $7,500 in tax credits after it revised its vehicle classification definitions.
Supply-chain issues have kept U.S. car inventories tight, putting purchases of new vehicles out of reach for many middle-class households. Ford says new-car prices will probably decline 5% this year.
Tesla’s sales of China-made vehicles surged 18% in January. The automaker continues to fluctuate prices in the U.S. and abroad as it responds to changing demand.
BMW will invest around $866 million in the central Mexican state of San Luis Potosi to produce high-voltage batteries and some fully electric car models.
German auto supplier Bosch reported a 15% jump in full-year operating profit.
Taiwan’s Foxconn, the world’s largest contract electronics maker, saw revenue jump 48.2% in January from a year ago to a record-high.
Following the U.S., Japan’s government will start restricting exports of advanced semiconductor manufacturing equipment to China this spring.
Honeywell expects semiconductor supplies to reach normal levels by the end of the year.
The U.S. dollar firmed after Friday’s news that the economy added a stronger-than-expected 517,000 jobs in January.
Economists say the U.S. Federal Reserve is likely to impose at least two more interest-rate hikes and boost terminal rates above 5%.
The U.S. services sector rebounded strongly in January, with a widely tracked purchasing managers’ index climbing from 49.2 to 55.2, signaling expansion.
Dell Technologies is cutting 6,600 jobs, or 5% of its workforce, joining a growing list of tech companies reducing their staffs.
Total U.S. credit-card debt soared 18.5% in the fourth quarter to a record $930.6 billion.
Easing mortgage rates are sparking a rebound in housing, with mortgage applications up about 25% since the end of last year and signed deals rising in December after six months of declines.
Apple’s massive services business has quietly surpassed $80 billion in annual revenue, making it larger than many Fortune 500 companies:
Southwest Airlines will reduce the amount of experience prospective pilots must have by 50% as it accelerates hiring this year.
International Markets
The EU is likely to raise interest rates again in March and May, officials indicated.
Tens of thousands of U.K. healthcare workers walked off the job today over wage levels, marking the largest strike in the 75-year history of the National Health Service.
Germany’s service-sector activity rose in January for the first time in seven months while companies showed increased optimism.
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