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.
2022 was a difficult year for supply chains, with 3D printing, Color & Compounding and Rotational Molding all weathering challenges to keep inventories up to date. Click here to read what M. Holland’s market managers had to say about their predictions for the three industries in 2023.
Supply
Oil rose 1% Thursday, extending a rally fueled by rising demand from China.
In mid-morning trading today, WTI futures were up 0.8% at $80.95/bbl, Brent was up 0.8% at $86.83/bbl, and U.S. natural gas was up 3.2% at $3.38/MMBtu.
A nationwide strike against pension reform in France Thursday led to a substantial fall in electricity output and halted deliveries from refineries operated by TotalEnergies and Esso.
Global oil demand rose by 1.7 million bpd in November to the highest level since February, boosted by solid demand in China, India and Japan, the latest figures show.
China’s fuel exports surged in December after authorities raised quotas for refineries to close out 2022.
Net profit at most of China’s largest state-owned oil and gas firms jumped by at least 60% last year, according to initial data.
Reports suggest the U.S. administration would oppose lowering the current G7 price cap of $60/bbl on the price of Russian oil, even as some countries seek to squeeze Moscow’s revenues further.
Landlords in New York City are bracing for collective fines of up to $200 million from a new emissions law set to take effect in 2024.
Supply Chain
U.S. intermodal volumes fell 9.2% for the first two weeks of 2023.
The Port of Virginia handled a record 3.7 million TEUs last year, up 5.1% from 2021 as more traffic was diverted from West Coast ports due to uncertain labor conditions. The Port of Houston and ports in Georgia also saw record annual throughput.
Volvo took an undisclosed stake in Canadian self-driving technology-maker Waabi Innovation.
Domestic Markets
The U.S. reported 88,981 new COVID-19 infections and 1,285 virus fatalities Thursday.
The Treasury Department began taking special measures to keep paying the government’s bills Thursday as the U.S. bumped up against its $31.4 trillion borrowing limit, kicking off a potentially lengthy debate in Congress over raising the debt ceiling.
JPMorgan Chase expects the U.S. Federal Reserve to hike interest rates beyond 5% this year due to strong underlying inflation.
The share of unionized U.S. workers fell to a record low 10.1% in 2022 even as unions added more members than in any year since 2008.
U.S. manufacturers probably entered a recession in the fourth quarter, analysts say. The Philadelphia Fed’s gauge of East Coast manufacturing activity remained negative for the fifth straight month in December, signaling contraction:
Google became the latest tech behemoth to cut jobs, announcing this morning that it will lay off 12,000 employees, or 6% of its workforce.
Capital One cut 1,100 positions in its technology segment this week, while reports suggest Bank of America froze most hiring.
Wayfair plans to lay off over 1,000 workers as the online furniture seller confronts shrinking sales after a pandemic-driven boom.
WeWork plans to eliminate 300 job roles across countries as part of efforts to cut back on underperforming locations.
Nordstrom slashed its annual profit forecast after heavy discounting failed to spur demand at its off-price Rack stores, leading to weak holiday sales.
Proctor & Gamble saw sales fall 6% in the latest quarter but said that it plans to continue raising prices due to pressure from high commodity costs.
Core inflation in Japan reached a fresh 41-year high of 4% in December, adding pressure on the Bank of Japan to unwind its decade-long monetary easing.
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