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.
Supply
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.
Developers have announced over 6 GW of new offshore wind capacity for the U.S. over the next seven years, with the bulk of projects coming online in 2025.
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.
GM is only making about 12 electric Hummers per day after six months of building out production, creating long wait times for its 77,000 pre-ordering customers.
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.
COVID-19 cases are back on the rise in Los Angeles, with the city reporting a 20% jump in small outbreaks tied to worksites last week.
Vaccine makers should aim to target the newest and fastest-spreading BA.4 and BA.5 COVID-19 variants with updated shots this fall, the FDA says.
Pfizer is seeking full FDA approval that would allow it to begin marketing its Paxlovid antiviral pill for COVID-19.
New York’s COVID-19 vaccine requirement will remain in place after the U.S. Supreme Court declined to hear a challenge from objectors.
The Atlanta Federal Reserve’s closely watched GDPNow tracker estimated the U.S. economy contracted 1% in the second quarter, marking the second quarterly contraction in a row.
U.S. jobless claims fell by 2,000 to a total of 231,000 last week, roughly unchanged over the last four weeks.
State and local government job openings are hovering near record-highs, with payrolls having shrunk by over 630,000 jobs since February 2020.
The average U.S. mortgage rate fell to 5.70% last week, the first decline in three weeks as more home sellers begin dropping prices.
Transport disruptions will be widespread this Fourth of July weekend as travel activity surges to an all-time high.
Despite beating quarterly estimates, Walgreens kept its modest full-year forecasts on expectations that demand for COVID-19 vaccinations and products will fall.
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.
The U.S. administration sent another $1.3 billion in aid to Ukraine this week and promised at least $800 million more.
Euro-area annual inflation surged to a fresh record of 8.6% in June, topping market expectations as the bloc’s central bank prepares for its first rate hike in 11 years.
Core consumer prices in Tokyo rose 2.1% in June from a year ago, the fastest pace in seven years. Across Japan, business sentiment fell for a second straight quarter.
International financial groups have uniformly lowered their projections for economic growth this year:
British electric vehicle startup Tevva launched its first electric truck that uses a backup hydrogen “booster” to expand range by over 300 miles per charge.
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