The U.S. Inflation Reduction Act (IRA) includes nearly $500 billion in new spending and tax breaks that will catalyze the clean energy transition, increase tax revenues and reduce healthcare costs. Dwight Morgan, Executive Vice President of Corporate Development at M. Holland, recently provided insight on what the IRA includes and key considerations for the plastics industry. Click here to read the full post.
Supply
Oil fell 4% Tuesday, with Brent seeing the biggest decline in three months, on news of weak demand out of China.
In mid-morning trading today, WTI futures were down 3.6% at $74.15/bbl and Brent was down 3.6% at $79.17/bbl.
OPEC’s crude output rose by 120,000 bpd in December compared with the prior month, driven by a rebound in production by Nigeria.
Pushed higher by a string of refinery closures during Winter Storm Elliott, U.S. gasoline prices are up 12.4 cents from last week to an average of $3.229 per gallon.
The latest U.S. government estimates show crude demand rising by 620,000 bpd in 2023, about a third less than previous forecasts.
China raised its fuel export quota by as much as 46% for the first allocations of 2023, a signal of poor domestic demand as the nation continues to battle a wave of COVID-19 infections.
Crude tanker rates have surprised markets by falling double-digit percentages since Europe and the G7 tightened sanctions on Russian crude in early December. The move reflects a sudden expansion in capacity following a pre-sanction rush on crude across the globe.
Kentucky warned 11 financial firms, including Citigroup, JPMorgan Chase and BlackRock, of potential divestment over perceived hostility toward the fossil-fuel industry.
A unit of Tokyo Gas is in advanced talks to buy U.S. natural gas producer Rockcliff Energy for about $4.6 billion, according to reports.
Mexico’s administration is reportedly putting more pressure on heavily indebted state oil producer Pemex to repay its own bills in the first quarter, a break from years’ worth of substantial governmental support.
U.S. diesel prices rebounded from a seven-week slide, rising 4.6 cents to an average of $4.58 per gallon this week.
Port Houston says it will move forward with a new container dwell fee set to start Feb. 1, a bid to improve cargo flows following an influx of ships from congested ports in Southern California.
Dry-bulk freight prices saw their biggest decline on record Tuesday, pressured by weak demand from China, according to the widely tracked Baltic Exchange.
Average freight shipping rates out of Shanghai fell 78% during 2022, according to the Shanghai Containerized Freight Index.
Container lines are cutting vessel speeds and sending ships on longer voyages to limit capacity.
Maersk completed its $61 million acquisition of Danish project logistics firm Martin Bencher Group.
British shipbuilder Harland & Wolff slashed its revenue outlook amid supply-chain constraints and inflation pressures.
Grain futures are expected to remain volatile this year as uncertainty caused by Russia’s continued offensives against Ukraine shows no sign of abating.
Tesla captured roughly two-thirds of the U.S. electric-vehicle market during the first three quarters of 2022, including three out of four top-selling models:
About $33 billion in new auto-factory investment was pledged across the U.S. in the first 11 months of 2022, adding to the $37 billion announced in 2021 for one of the biggest factory-building booms in decades.
Hyundai and affiliate Kia expect combined global sales to jump nearly 10% this year, even as last year’s sales fell short of targets due to supply-chain disruptions.
New car sales in France fell 0.1% in December, bringing an end to a rebound that began in August.
The U.S. manufacturing sector had almost 750,000 job openings in October, according to the latest federal data, as over 70% of firms said finding and retaining talent remains a top challenge.
U.S. construction spending unexpectedly rebounded by 0.2% in November, although single-family homebuilding continued to slump due to higher mortgage rates.
Canadian manufacturing activity fell at a slightly faster rate in December, the fifth straight month of contraction that marks the longest slowdown in seven years.
Canada added over 431,000 new permanent residents last year, the largest annual increase in its history as part of a government scramble to ease the country’s labor shortages.
South Korean exports fell in December for a third straight month but were up 6.1% for the year to a new all-time high, data shows.
Turkey’s annual inflation rate likely fell below 70% in December and will drop to nearly 43% by the end of 2023, economists say.
Global reinsurance costs have risen as much as 200% as the war in Ukraine and extreme weather events drive up premiums and reduce what insurers are willing to cover.
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