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.
Supply
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:
Petrobras will cut the price of natural gas for its customers by 11.1% in February due to lower international oil prices and depreciation of the Brazilian currency, officials said Tuesday.
Iraq’s first new refinery in decades is expected to reach full capacity of 140,000 bpd by July.
More than two-thirds of U.S. LNG exports last week were destined for Europe, compared with just 27% headed for Asia, despite prices in Europe being lower than prices in Asia.
Spain is seeking EU approval to set prices for nuclear and hydroelectric power, part of an effort to decouple the cost of electricity from gas pricing and to curb windfall profits for the cheaper sourcing options.
The solar division of South Korean conglomerate Hanwha will invest $2.5 billion to expand its solar panel plant in Dalton, Georgia, taking advantage of subsidies to boost domestic clean energy investment in the recently passed Inflation Reduction Act.
The closely watched Manheim Used Vehicle Value Index, which tracks wholesale auction values in the U.S., fell 14.9% last year, its worst annual performance on record.
British self-driving software startup Oxbotica raised $140 million to speed deployment of its technology for use at ports, airports and in heavy industry.
Aluminum makers are set to boost low-carbon output by 10% this year, driving down the cost for automakers seeking climate-friendly supplies.
Domestic Markets
The U.S. reported 59,695 new COVID-19 infections and 864 virus fatalities Tuesday.
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.
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:
Top economists at the University of Chicago expect the Federal Reserve to raise interest rates to a peak of 5.5% this year.
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.
The World Bank sharply lowered its growth forecast for the global economy this year from 3% to just 1.7% as high inflation elevates the risk for a worldwide recession.
Morgan Stanley slightly raised its growth forecast for China’s economy to 5.7% this year, citing its dismantling of pandemic controls.
New bank lending in China set a record-high last year after the central bank issued multiple rounds of support for the nation’s COVID-19-hit economy.
Goldman Sachs raised its growth forecast for the euro zone economy to 0.6% this year, compared to previous forecasts for a contraction.
Brazilian inflation hit 5.79% last year, much lower than some individual monthly peaks but still above government targets.
Ukrainian consumer prices rose a lower-than-expected 26.6% last year on impacts from Russia’s invasion, officials said.
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