MH Daily Bulletin: July 13

July 13, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland has launched a new Healthcare Packaging line card to help manufacturers solve industry challenges and meet regulatory and supply chain demands.
  • 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.


  • Oil prices fell over 7% on Tuesday, with Brent settling below $100/bbl for the first time in three months. 
  • Oil prices were mixed n mid-morning trading today, with WTI futures up 0.2% at $96.05/bbl, Brent down 0.2% at $99.30/bbl. U.S. natural gas was up 5.9% at $6.53/MMBtu. 
  • The average U.S. gasoline price has fallen for 28 straight days to $4.655 a gallon, while stockpiles remain at their lowest seasonal level in seven years. 
  • U.S. crude stocks rose a surprise 4.8 million barrels last week, according to the American Petroleum Institute. Government data will be released today. 
  • The U.S. Energy Information Administration forecast a rise in U.S. crude production and petroleum demand in 2022 as the economy grows, although production will remain below 2019 levels. Meanwhile, power consumption and natural gas production and demand are forecast to hit record highs
  • Spare capacity in OPEC nations has been running low, with most producers pumping at maximum capacity. The group forecast on Tuesday that oil demand will rise by 2.7 million bpd in 2023, a 2% increase, down from growth of 3.4 million bpd this year. 
  • Recession fears are prompting investors to dump petroleum-related derivatives at one of the fastest rates of the pandemic era, trading data shows.
  • Global LNG trade rose by 4.5% last year, according to the U.S. administration: 
Global trade in liquefied natural gas grew by 4.5% in 2021

Supply Chain

  • After the second-warmest June on record, countries in western Europe are bracing for their second dangerous heat wave of the summer, with all-time temperature records set to be broken this week in the U.K., Portugal, Spain and France. 
  • U.S. diesel prices are down 24.2 cents from a late-June high of $5.81 a gallon, according to the EIA. 
  • U.S. retail imports rose 2.7% year over year to a record 2.4 million TEUs in May, the latest month for which final numbers are available. 
  • Amazon’s two-day Prime sale is off to a promising start, with typical household spending up 20% from the early hours of the sale last June, according to one measure. 
  • The White House faces a deadline next week to intervene in nationwide U.S. railroad labor talks covering 115,000 workers as potential strike action looms. 
  • Firms that stockpiled computer chips during pandemic shortages are now facing a glut of supplies, particularly for chips used in discount PCs and smartphones. 
  • China’s exports grew by a larger-than-expected 17.9% in June as post-lockdown logistics issues eased:
China Exports YoY

Domestic Markets

  • The U.S. reported 160,227 new COVID-19 infections and 444 virus fatalities Tuesday. 
  • The fast-spreading BA.5 subvariant of Omicron now makes up 65% of all COVID-19 cases in the U.S., the CDC said. The strain is especially prominent in Florida and the U.S. Southeast.
  • U.S. health officials are urging people over 50 to get another COVID-19 booster shot as infections tick up across much of the country. 
  • New York City’s COVID-19 test positivity rate is 15%, the highest since January. Local health officials are urging residents to return to mask-wearing
  • COVID-19 hospitalizations in Houston have nearly doubled over the past month. 
  • Average daily COVID-19 infections in California fell 12% last week, although officials warn the slump is likely due to a lack of reporting over Fourth of July. 
  • The IMF cut its growth projections for the U.S. economy this year from 2.9% to 2.3% and raised its unemployment-rate estimate, citing surging inflation. 
  • Inflation was up 9.1% year over year in June, a four-decade high. Seven in 10 Americans believe the U.S. will fall into a recession within months, a new poll shows. 
  • Google announced plans to slow hiring for the remainder of the year as its chief executive warned of a potential economic recession.
  • The inflation rate for goods purchased online slowed sharply to 0.3% last month, down from 2% in May. 
  • Almost one-quarter of the 20 million Americans who quit their jobs in the “Great Resignation” from January to May regret their decision, according to a new survey. 
  • The rising cost of living is forcing more people to move back in with their parents, including a record number of 40- and 50-year-olds. 
  • Even companies that have fully embraced remote work are buying new real estate, a bet that employee collaboration will benefit from regular office use. 
  • Silicon Valley added 1.6 million square feet of new office space in the first quarter, a 46% rise from the same time a year ago. 
  • Boeing’s 51 jet deliveries in June were up 38% from the same time last year for the highest monthly total since March 2019. 
  • American Airlines expects to post its first quarterly profit of the pandemic as booming travel demand helps offset mounting costs. 
  • More large Spirit Airlines shareholders are urging the firm to renounce its deal with Frontier Group Holdings and publicly back a merger with JetBlue. 
  • Volkswagen is teaming up with Redwood Materials to recycle electric vehicle batteries, joining a growing list of automakers working with the Nevada-based startup. 
  • Tesla is laying off over 200 employees as it permanently shuts its office in San Mateo, California, court filings show. 
  • U.S. auto regulators rejected a proposal that would have allowed electric vehicles to make customized safety sounds at lower speeds to protect pedestrians. 
  • The U.S.’s recycling rate would need to double by 2025 to generate enough supply for large beverage makers, new research shows. 

International Markets

  • Global COVID-19 cases are up 30% the past two weeks, according to the WHO. 
  • The World Health Organization is urging immunocompromised people in Europe to get a second COVID-19 booster dose as infections rise across the continent. 
  • Japan logged over 76,000 new COVID-19 cases Tuesday, double a week ago, to the highest level since March. 
  • South Korea reported 37,000 new COVID-19 cases on Tuesday, a two-month high.
  • More news related to the war in Europe:
U.S. Dollar and Euro at Parity
  • Economic data released this morning shows output at factories across the euro zone rose more than expected in May
  • The British economy unexpectedly grew 0.5% in May, recovering from April’s contraction with a sizable boost in manufacturing output:
United Kingdom Monthly GDP MoM

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