MH Daily Bulletin: January 11

January 11, 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.


  • Oil rose slightly Tuesday after the U.S. government forecast record global petroleum consumption of 102.2 million bpd next year, driven by growth in India and China.
  • In mid-morning trading today, WTI futures were up 1.0% at $75.83/bbl, Brent was up 1.1% at $80.95/bbl, and U.S. natural gas was down 1.7% at $3.58/MMBtu.
  • U.S. crude stocks rose by almost 15 million barrels last week as refining activity continued to recover from Winter Storm Elliott, according to data from the American Petroleum Institute. Government data is due today.
  • Wholesale U.S. natural gas averaged $6.45/MMBtu in 2022, the highest level since 2008:
Average cost of wholesale U.S. natural gas in 2022 highest since 2008

Supply Chain

Domestic Markets

  • The U.S. reported 59,695 new COVID-19 infections and 864 virus fatalities Tuesday.
  • The Pentagon dropped its COVID-19 mandate for troops yesterday.
  • Deaths in the U.S. rose 19% between 2019 and 2020 following the onset of the pandemic, the largest spike in mortality in over a century.
  • Combined fourth-quarter revenues at the six biggest U.S. banks are projected to be flat compared with a year ago, while earnings are forecast to drop by an average of about 25%, analysts say.
  • JPMorgan’s chief executive says U.S. consumer health is in “good shape” with spending still up around 10% over pre-pandemic levels.
  • Wells Fargo, among the leaders in mortgage lending, is retreating from home financing with further staff cuts ahead, restricting lending to bank customers and minority homebuyers. 
  • U.S. wholesale inventories rose 1% in November, lifting the inventories-to-sales ratio to its highest level in nearly 2.5 years:
United States Wholesale Inventories
  • Top economists at the University of Chicago expect the Federal Reserve to raise interest rates to a peak of 5.5% this year.
  • Many of the U.S.’s most prominent office developers are shifting gears toward buying or building out other types of real estate, including residential spaces.
  • The cost of goods sold online in the U.S. fell 1.6% year over year in December, largely due to holiday discounts, according to Adobe.
  • Boeing reported a healthy jump in orders and deliveries in 2022 but trailed Airbus for the fourth straight year, as the rival increased deliveries to China.
  • Packaged food-maker Conagra Brands says it will stop hiking prices on its snacks and frozen foods after this quarter.
  • Albertsons saw sales rise 8.5% in the latest quarter as higher prices for food and other household products continued to boost the grocer’s top line.
  • Oatley is selling two of its U.S. plants amid flagging demand for its oat-based milk products.
  • Bed Bath & Beyond saw sales decline 33% on its way to a $400 million quarterly loss. The retailer said it plans to lay off more employees amid growing expectations that it will enter bankruptcy.
  • GE HealthCare Technologies, which was spun off as a public company last week from conglomerate General Electric, expects organic revenue growth of up to 7% this year on robust consumer demand, even as inflation remains a concern.
  • Southwest Airlines started offering some one-way tickets for just $49 Tuesday as the carrier looks to make up for massive flight disruptions in late December.

International Markets

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