M. Holland will be charging a fee to recover the reinstated Superfund Excise Tax for applicable U.S. orders starting July 1, 2022. Clients will be notified of details this week. Learn more about the tax in this Plastics News article.
M. Holland will be closed Monday in observance of the July Fourth holiday. We wish all subscribers a safe and happy holiday weekend.
Oil prices fell 3% Thursday after OPEC+ decided to boost output by 648,000 bpd in July and August. Prices were down for the month of June, the first monthly decline since November.
In mid-morning trading today, WTI futures were up 1.9% at $107.80/bbl and Brent was up 1.7% at $110.90/bbl.
U.S. natural gas futures plunged 17% Thursday as the shutdown of a major export facility in Texas keeps more supplies at home. In mid-morning trading today, gas futures were up 5.8% at $5.75/MMBtu.
Roughly 4% of Norway’s oil production could go offline when a group of Equinor workers strike next week.
Saudi Arabia may raise the price of crude it sells to Asia by $2.40/bbl, what would be the second month of increases backed by strong premiums for Middle Eastern oil grades. Meanwhile the UAE, an outlier among regional producers, raised crude prices for the fifth time this year.
Deutsche Bank says Germany faces imminent recession if reduced gas flows from Russia do not improve.
GM said chip shortages and supply chain disruptions impacted production by 100,000 vehicles in the second quarter and that 96,000 vehicles in inventory are awaiting missing components. Trading of the company’s shares were briefly halted prior to the announcement made in an SEC filing.
The U.S. reported 135,966 new COVID-19 infections and no virus fatalities Thursday. The seven-day average infection rate hit a 4.5 month high yesterday, while the daily average hospitalization rate has climbed every day since mid-April.
Over 10% of people are testing positive for COVID-19 in New York City amid growing indications of a new virus wave.
Inspectors with the U.S. Transportation Department will audit the FAA’s oversight of Boeing production, the latest in a string of protective measures after the FAA called for a systemic fix to Boeing’s operations earlier this year.