MH Daily Bulletin: July 12

July 12, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. For more information, email our 3D Printing team.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.

Supply

  • Oil prices steadied Monday as supply worries balanced out with lower demand prospects. 
  • Oil prices dove in mid-morning trading today, with WTI futures down 7.5% at $96.31/bbl and Brent down 7.1% at $99.52/bbl. U.S. natural gas was down 1.8% at $6.31/MMBtu. 
  • The average U.S. gasoline price fell to $4.68 a gallon on Sunday, according to AAA, down 6% from a June high of $5.02. Price volatility is causing pain for U.S. gas station owners, who can’t reliably predict costs. 
U.S. Gas Prices Ease Up Slightly
Is Saudi Oil Production at Capacity?
  • More oil news related to the war in Europe:
  • Shell invested $40 million into Brazil’s Carbonext, a carbon-credit developer that runs preservation projects across millions of acres of the Amazon forest. 
  • Brazil’s Petrobras says it signed a five-year, $1.25 billion loan deal linked to its sustainability commitments. 

Supply Chain

Domestic Markets

International Markets

  • A moving average of COVID-19 cases in Europe rose 28% last week after most countries began dropping preventive measures for the summer. The EU’s medicines regulator is urging more age groups to get a second booster shot
  • COVID-19 cases are rising at the fastest pace since late May in China, where some 30 million citizens are back under movement restrictions as more cities impose partial lockdowns and mass-testing
  • China locked down a city of 300,000 people when just a single COVID-19 infection was detected, while Shanghai saw 59 new infections Monday, spurring bulk buying over fears of another lockdown. 
  • Hong Kong suspended some non-emergency services in public hospitals amid a recent surge in COVID-19 patients. 
  • Indonesia will reimpose a COVID-19 testing requirement for travelers who haven’t received a booster dose, a bid to stem rising infections. 
  • A fourth COVID-19 vaccine dose reduced Israel’s virus death rate among vulnerable populations by 72%, new research shows. 
  • Over 1 billion COVID-19 vaccine doses worldwide may have been wasted due to weak demand and improper storage. 
  • More news related to the war in Europe:
    • Russia’s current account surplus rose to a record $70.1 billion in the second quarter, fueled by surging revenues from energy and commodity exports. 
    • Fighting inflation is a higher priority for euro zone finance ministers than the bloc’s dwindling economic growth, officials said Monday. Leaders also announced a potential 25% boost in government funding for companies hurt by sanctions. 
    • Retail beauty brand Sephora plans to sell its Russian business as it seeks a full exit from the country.  
  • India is set to surpass China as the world’s most populous country in 2023, with each counting more than 1.4 billion residents this year, the United Nations said. 
  • Budget European carrier Wizz Air will cut its flight schedule by an additional 5% this summer due to airport staffing shortages. 
  • Staff-strained Heathrow Airport in London capped the number of departing passengers at 100,000 per day through August and asked airlines to stop selling new tickets.  
  • Over 50% of flights were delayed out of Toronto Pearson International Airport Sunday after one of the nation’s largest telecom providers suffered a day-long outage. The airport already ranks as the world’s worst for on-time travel. 
  • Global plastic waste is projected to triple by 2060, with two-thirds coming from packaging, consumer products and textiles, according to the Organization for Economic Cooperation and Development:
Recycling Efforts Not Enough to Solve Plastic Waste Problem

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