MH Daily Bulletin: July 14

July 14, 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 rose modestly on Wednesday even after the U.S. government reported a crude build for last week. In mid-morning trading today, WTI futures were down 2.6% at $93.84/bbl, and Brent was down 2.1% at $97.47/bbl. 
  • U.S. natural gas futures jumped 9% to a three-week high Wednesday on forecasts for hot weather and data showing an output drop in recent days. In mid-morning trading today, U.S. natural gas was up 1.4% at $6.78/MMBtu. 
  • The average U.S. gasoline price fell for the 29th day on Wednesday, with over 10,000 filling stations now offering gas at less than $4 a gallon
  • U.S. crude inventories rose a smaller-than-expected 3.3 million barrels last week, according to the EIA. 
  • U.S. refiners imported West African crude at the highest rate in three years last quarter, new data shows.
  • Chinese oil imports fell by 1.6 million bpd from May to June to about 9.2 million bpd. Tanker data suggest a quickened pace so far this month.  
  • Iraq is failing in efforts to boost oil export capacity at its Gulf ports due to maintenance delays. 
  • Large investment firms across the globe are putting more money into hydrogen technology, seen as a potential pillar of the energy transition.
  • More oil news related to the war in Europe:

Supply Chain

  • Texas’ grid operator again resorted to emergency calls to households Wednesday — including to cut power use, turn up thermostats and use fewer appliances — to avoid blackouts as power demand hits all-time highs. 
  • California’s giant Sequoia trees are under threat from a wildfire in Yosemite National Park that expanded to nearly 4,000 acres Wednesday. 
The Growing Danger of Californian Wildfires

Domestic Markets

U.S. Inflation Surpasses 9 Percent
U.S. Inflation Hits Food Staples Hardest
  • Investors say the Federal Reserve is more likely to raise its benchmark interest rate by a full 100 basis points this month after yesterday’s report of surging inflation in June. 
  • Released yesterday, the Federal Reserve’s Beige Book of anecdotal evidence pointed to slowing economic growth in several parts of the country in recent weeks. 
  • Higher tax revenues and the phaseout of pandemic relief slashed the federal government’s budget by a record $1.7 trillion in the first nine months of the fiscal year. 
  • Inflation surpassed 10% in several of the largest U.S. metro areas in June, including Miami, Baltimore, Houston and Seattle.
  • U.S. rents rose 0.8% in June, new data shows, marking the fastest pace since 1986. The median monthly lease rate in Manhattan hit a record $4,050 in June, 25% higher than last year. 
  • Delta’s $12.31 billion in Q2 revenue fell just short of market expectations as flight capacity surpassed 80% of pre-pandemic levels. The airline warned cost pressures would continue rising this year even as demand is forecast to rebound well past summer. 
  • Delta Air Lines is set to order at least 100 Boeing 737 MAX jets as well as a dozen smaller Airbus A220 jetliners. 
  • Travelers are starting to use innovative methods, including adding tracking devices to bags, to ensure they can find their luggage amid chaos at understaffed airport baggage operations. 
  • Many U.S. retailers are are opting for new leadership or moving ahead with pandemic-delayed succession plans amid challenges adapting to supply bottlenecks, historic inflation, staffing issues and crime. 

International Markets

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