Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil edged higher Friday but was flat for the week, with prices supported by lower Russian exports and pressured by rising U.S. inventories.
In mid-morning trading today, WTI futures were down 0.6% at $75.83/bbl, Brent was down 0.7% at $82.62/bbl, and U.S. natural gas was up 4.6% at $2.67/MMBtu.
Active U.S. drilling rigs fell by seven last week to a total of 753, according to Baker Hughes.
Mexico’s state-owned oil company Pemex saw three fires at separate facilities that it operates in Mexico and the U.S. last week.
Ecuador declared force majeure for its oil industry last week following a bridge collapse that triggered the closure of crude and gas pipelines.
Venezuelan crude production is down 75% over the past decade.
Crude exports from the U.S. to Europe are up 38% in the year since Russia invaded Ukraine, as shipments to the continent exceed those to Asia.
Europe is on track to import a seven-year high of diesel from the Middle East and Asia this month after an embargo on Russian imports took effect Feb. 5.
Early data suggests a G7 price cap on Russian petroleum products and EU bans on Russian oil imports have curbed Moscow’s energy revenues without creating oil shortages.
Approvals for new coal-powered electrical facilities in China surged four-fold in 2022 from the prior year and were at a seven-year high.
Dow Chemical said it is investigating why discarded tennis shoes collected for a program to recycle them into playgrounds and running tracks in Singapore were instead exported to Indonesia.
Supply Chain
Winter storms in California and Michigan left hundreds of thousands without power over the weekend.
HMD Global Oy, licensee of Nokia smartphones, plans to establish 5G device manufacturing in Europe this year, a move away from Asia where most device manufacturing resides.
Artificial-intelligence tools that generate text with minimal prompting could become a new revenue stream for semiconductor makers.
A bipartisan group of U.S. lawmakers are calling for a return of higher tariffs on imported steel amid surging imports, particularly from Mexico.
The U.S. will impose a 200% tariff on aluminum and derivatives produced in Russia starting March 10, establishing an effective ban.
GM’s decision to cut production of large pickup trucks at a U.S. plant points to new challenges for Detroit automakers as they contend with growing inventories of unsold vehicles.
Electric truck-maker Nikola warned in an SEC filing that it may cease to exist in the next 12 months after missing revenue targets in the fourth quarter.
British electric-vehicle production surged nearly 50% in January from a year ago, helping to keep the nation’s auto production market stable.
A growing number of retailers, including Subway and BP, are adding electric vehicle chargers to their locations to attract new customers.
Domestic Markets
Global stock markets slid Friday after the personal-consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — rose a higher-than-expected 5.4% in January.
U.S. consumer spending jumped 1.8% in January from the prior month, the largest increase in nearly two years.
U.S. companies borrowed 6% more in January than a year earlier to finance equipment investments, according to the Equipment Leasing and Finance Association.
The number of Americans working part time is surging, a reflection of changes in the U.S. economy since the start of the pandemic.
American millennials have racked up debt at a historic pace since the pandemic, with 30-somethings owing $3.8 trillion in the fourth quarter, up 27% from pre-pandemic levels.
The pandemic-fueled embrace of remote work has pushed employment among Americans with disabilities to an all-time high of 21.3%.
Used car retailer American Car Center, which primarily sold in the subprime market, shuttered its business as more Americans fall behind on auto loans.
Sales of new U.S. single-family homes jumped to a 10-month high in January as prices declined.
Major consumer companies including Kraft Heinz and Conagra Brands are culling product lines to combat still-high costs and falling consumer demand, executives said last week.
Apple is reportedly making major progress on a no-prick blood glucose monitor built into its wearable devices, a potential milestone for the healthcare industry.
International Markets
China’s central bank expects the nation’s economy to rebound this year as it plans more “precise and forceful” monetary stimulus.
The EU vowed to increase pressure on Moscow over its invasion of Ukraine as it adopted a 10th sanctions package against Russia Saturday.
India is starting to emerge as a global economic power, according to the Wall Street Journal.
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