MH Daily Bulletin: January 10

January 10, 2023 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland is the headline sponsor for AMI’s Thermoplastic Concentrates in Orlando on Jan. 24-26. Stop by Booth #16 to speak with our experts and attend a talk on regulatory compliance changes by Christopher Thelen, M. Holland’s Senior Regulatory Specialist, on Jan. 24 at 4:20 pm.
  • 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.
  • 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 rose 1% Monday as China’s borders opening boosted the outlook for fuel demand.
  • In mid-morning trading today, WTI futures were down 0.2% at $74.47/bbl, Brent was down 0.3% at $49.41/bbl, and U.S. natural gas was down 8.0% at $3.60/MMBtu.
  • The average U.S. gasoline price hit $3.25 per gallon this week, the second weekly gain on impacts from refinery closures during Winter Storm Elliott.
  • China announced stricter crude import quotas for independent refiners, signaling authorities expect a sharp rebound in oil demand.
  • China allowed several large coal importers to resume purchases of Australian coal for the first time in two years this week.
  • Frontline terminated plans to combine with Euronav in a deal that would have created the world’s largest publicly-listed oil tanker owner and operator with a market capitalization of more than $6 billion and 146 vessels.
  • U.S. regulators are weighing a ban on natural gas stoves, which are used in about 40% of homes, following new research suggesting the appliances emit health-threatening air pollutants.
Electric or Gas? What the U.S. Is Cooking On

Supply Chain

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Domestic Markets

International Markets

How Big Is China's Covid Wave Really?
  • Investor morale in the euro zone picked up for a third straight month in January but remained in negative territory, signaling persistent concerns about the global economic situation, according to surveys.
  • Euro zone unemployment was unchanged at a record-low 6.5% in November, in line with expectations.
  • Four out of ten German companies expect business to shrink this year due to high energy costs and supply-chain issues, according to a new survey.
  • Mexico’s headline inflation hit 7.82% in December, up slightly from the previous month. Core inflation, stripping out food and energy, dropped for the first time in almost two years.
  • Inflation in Tokyo rose a faster-than-expected 4% in December, exceeding the central bank’s target for a seventh straight month in a sign of broadening inflationary pressure.
  • Chile, the world’s top copper producer, saw exports of the metal fall 13.2% to a total of $4.28 billion in December.
  • Ukraine has exported about 23.6 million tonnes of grain in the latest season, down almost 30% from the prior year after Russia blockaded Black Sea ports for six months.
  • England plans to join Scotland and Wales in banning single-use plastic dinnerware, such as polystyrene cutlery and plates.
  • Global cuts in the use of chlorofluorocarbons and related chemicals are succeeding in restoring the earth’s protective ozone layer, which is expected to return to 1980 health by 2040.

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