MH Daily Bulletin: February 9

February 9, 2023 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland is exhibiting at MD&M West in Anaheim today. 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 rose 1.7% Wednesday, its third straight gain, on easing concerns about future U.S. interest-rate hikes.
  • In mid-morning trading today, WTI futures were down 1.3% at $77.44/bbl, Brent was down 1.2% at $84.08/bbl, and U.S. natural gas was up 2.6% at $2.46/MMBtu.
  • The U.S. government lowered its 2023 forecast for natural gas prices by 30.5% to roughly $3.40/MMBtu, a result of significantly warmer-than-normal weather in January.
  • U.S. crude stocks rose by 2.4 million barrels last week, according to the Energy Information Administration.
United States Crude Oil Stocks Change
  • Western oil majors’ net earnings surged to $219 billion last year, up from around $100 billion in 2021.
  • BP Azerbaijan declared force majeure on crude loadings from the Turkish port of Ceyhan following earthquakes in Turkey and Syria this week.
  • Moscow is considering a windfall tax on large corporations in a bid to cover plunging oil and gas revenues.
  • China is reportedly planning to ban the export of several key technologies used in the manufacture of solar panels.
  • Owners of the Petra Nova plant in Texas, the world’s largest carbon capture facility, plan to restore operations at the $1 billion facility three years after it shut down, a significant step forward for U.S. carbon capture.
  • ClientEarth, an environmental group and shareholder in Shell, filed suit in the U.K. against the company’s board of directors for its policies concerning climate change.

Supply Chain

Domestic Markets

  • The U.S.’s rapidly expanding budget gap poses a significant risk to the current timeline for the country’s debt limit, economists say.
  • More traders are predicting the Federal Reserve may end its streak of interest-rate hikes at a higher-than-expected 6%.
  • First-time jobless claims rose by 13,000 to 196,000 last week but continue to hover near pandemic lows. 
  • The job market for IT professionals shrank in January for the first time in over two years, losing 4,700 jobs.
  • U.S. wholesale inventories recorded their smallest increase in nearly 2.5 years in December, suggesting businesses were holding back on placing new orders for goods.
United States Wholesale Inventories
  • In the latest news from quarterly earnings season:
    • Mattel saw earnings plunge as sales fell 22% after cash-strapped consumers pulled back on holiday spending.
    • Siemens AG posted an 8% gain in revenue and said it was raising its outlook for the current fiscal year on the back of strong orders.
    • Industrial conglomerate Emerson missed revenue estimates as supply-chain snags frustrated its efforts to keep up with demand for automation.
    • Consumer brands giant Unilever joined P&G in reporting a drop in quarterly sales as higher prices dented consumer demand, indicating that the trend is likely to continue in 2023.
    • Despite higher prices, beverage and snack food giant PepsiCo reported an 11% revenue gain in its fourth quarter, beating analyst expectations.
    • Beauty company Coty raised its full-year profit forecast based on China’s economic reopening.
    • Under Armour’s earnings surpassed expectations thanks to resilient consumer demand and deep discounts over the holidays.
    • CVS Health beat profit estimates as a decline in COVID-19 hospitalizations brought down medical costs for its insurance business. The company also announced it is expanding further into health services with its $10.6 billion acquisition of clinic owner Oak Street Health.
    • Uber’s quarterly revenue surged 49% on higher demand for airport and office rides.
    • Yum Brands, owner of Taco Bell and KFC, saw sales surge 11% on strong demand for its budget-friendly meals.
    • Scandal-plagued Credit Suisse lost 7.3 billion Swiss francs in 2022, its biggest loss since the Great Recession, on a massive outflow of deposits and slowdown in investment banking activity. 
  • Walt Disney plans to trim about 7,000 jobs and cut $5.5 billion in costs as part of a major corporate reorganization.
  • JPMorgan Chase cut hundreds more mortgage jobs this week, adding to job losses across the industry as the housing market cools.
  • Hedge fund Hudson Bay Capital Management is the main backer of a big financial package aimed at rescuing retailer Bed Bath & Beyond.
  • U.S. Treasury officials are warning financial firms about cyber vulnerabilities related to the surging use of cloud computing.
  • Boeing is set to score an order for 15 737 MAX jets from Greater Bay Airlines for some $785 million.

International Markets

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