M. Holland is exhibiting at MD&M West in Anaheim through tomorrow, Feb. 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 climbed 3% Tuesday following less hawkish comments on interest rates from the head of the U.S. Federal Reserve.
In mid-morning trading today, WTI futures were up 1.0% at $77.88/bbl, Brent was up 0.7% at $84.27/bbl, and U.S. natural gas was down 1.3% at $2.55/MMBtu.
U.S. crude stocks likely dipped by 2.184 million barrels last week, countering several weeks of builds, according to the American Petroleum Institute.
Public transport and refinery supplies in France were disrupted Tuesday as trade unions led a third wave of nationwide strikes against pension reform.
Norway’s Equinor recorded a record $28.7 billion in profits last year, triple the prior year, despite a slight drop in production.
TotalEnergies earned $36.2 billion last year, double its net income in 2021.
U.S. crude production will rise this year while demand is expected to stay flat, according to the Energy Information Administration.
Coal and natural gas will account for 98% of U.S. capacity retirements this year, researchers say:
Russia’s use of ship-to-ship crude transfers has soared since Europe banned seaborne imports in December.
Industrial gas giant Linde forecast higher earnings for 2023 and said it plans to invest up to $9 billion over the next three years in clean energy projects.
Indiana and Ohio are set for a surge in solar projects this year, which could make them among the top solar-producing states in the U.S.
The value of global markets for traded CO2 hit a record $909 billion last year, according to Refinitiv.
Supply Chain
The death toll from Monday’s earthquakes in Turkey and Syria soared above 11,000.
A 50-car train derailment along the border of Ohio and Pennsylvania is triggering turmoil along major U.S. rail corridors.
A South Korean car carrier caught fire on its way to Vietnam this week.
The Logistics Managers’ Index, a measure of U.S. logistics-sector activity, rose three points from December to a four-month high.
Residents of California’s Inland Empire, east of Los Angeles, are pushing back against the region’s dependence on pollution-heavy logistics businesses.
Growing numbers of carriers and ship builders are betting that methanol, a widely used industrial ingredient, will help global ocean shipping move on from dirty bunker fuel.
CVC Capital Partners acquired Scan Global Logistics in a deal valuing the Danish freight forwarder at about $1.5 billion.
In the latest news from the auto industry:
Hundreds of used electric-vehicle batteries are being recycled for use in California’s power grid.
Brazil’s auto production dropped by 20.3% in January, suggesting sluggish demand for vehicles in Latin America’s largest economy.
Chinese auto giant BYD is considering setting up its own factory in Europe, suggesting it may have abandoned plans to take over a German plant from Ford.
The chair of the Federal Reserve acknowledged encouraging signs of disinflation but warned that recent robust jobs data could push the central bank toward a higher terminal interest rate than traders expect.
The U.S. posted a $948.1 billion trade deficit last year, the largest on record. The deficit widened 10.5% for the month of December.
A leading poll on U.S. consumer confidence rose 6.6% in February but remained negative for an 18th consecutive month.
The tight market for hourly wage workers has employers raising pay rates and improving working conditions for migrant employees.
U.S. farm incomes this year are expected to fall for the first time since 2019 due to higher production expenses and falling prices for commodity crops.
In the latest news from quarterly earnings season:
DuPont beat quarterly projections and said it expects improved results in the second half of the year, primarily as a result of China’s reopening.
Holcim AG, the world’s biggest cement-maker, agreed to buy U.S. roofing systems manufacturer Duro-Last in a deal worth $1.29 billion.
Niche companies that helped buyers gain an edge during the hyper-competitive pandemic housing boom are now stuck with hundreds of homes they acquired on behalf of clients who walked from deals.
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