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Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil prices rose 5% Monday, rebounding from last week’s biggest decline in over a month.
In mid-morning trading today, WTI futures were down 0.3% at $102.40/bbl and Brent was down 0.2% at $106.10/bbl.
U.S. natural gas futures topped $7.50/MMBtu for the first time in a month yesterday but fell by 1.4% in morning trading to $7.38/MMBtu.
The average U.S. gasoline price is below $4.50 a gallon for the first time in two months, according to AAA. Gasoline consumption remains lower than last year, however:
The U.S. is currently exporting as much as 1.39 million bpd of diesel, about 10% more than the previous July record from five years ago.
Tightened export quotas on Chinese refiners are causing major declines in the nation’s exports of gasoline (-42%) and diesel (-84%) this year.
Saudi Arabian officials said the nation will likely max out its crude production capacity at 13 million bpd in 2027.
The Port of Los Angeles handled nearly 877,000 TEUs last month, eclipsing 2021 as the busiest June on record.
The Brownsville Ship Channel will undergo a $68 million expansion to accommodate bigger cargo ships in the only deep-water port between Texas and Mexico, a key trade route.
Auction prices for used heavy-duty trucks are starting to decline after 18 consecutive months of increases, according to J.D. Power.
Shipping congestion is keeping nearly half the world’s chemical tanker capacity stuck at ports, Clarksons Research says.
A trimmed-down bill to spur U.S. semiconductor production with $52 billion in incentives could start moving in the Senate today. The finished bill will likely restrict firms from taking funds if they also are building or expanding advanced chip manufacturing in China.
Last-mile delivery revenue could jump from $70 million this year to over $670 million by 2030, ABI Research predicts.
Volkswagen sold 27% more battery-electric vehicles in the first half of 2022 compared to a year ago, a bright spot in the automaker’s otherwise disappointing financial report.
DHL announced plans for a large hub near Birmingham, U.K., as part of an $850 million investment in British e-commerce.
The Russia-occupied Port of Mariupol is reopening even as ship owners say they haven’t been told about the status of their vessels.
Domestic Markets
The U.S. reported 122,639 new COVID-19 infections and 336 virus fatalities Monday. Cases are rising in 40 states — primarily in the Great Plains, West and South — while hospitalizations surged 20% the past two weeks.
U.S. homebuilder sentiment fell this month to the lowest level since May 2020 amid high inflation and rising interest rates.
Rent prices in Austin, Texas, rose 108% over the past year, the largest year over year increase in the nation.
U.S. home sales to foreign buyers fell 7.9% for the year ending in March, the fifth straight annual decline, even as rising prices pushed the dollar volume of sales up 9%.
U.S. airline bookings fell 2.8% from May to June, likely a reflection of soaring ticket costs.
The price for a pound of white bread in the U.S. hit a record $1.69 in June, up 12% from a year ago.
While private sector employment in the U.S. surpassed pre-pandemic levels in June, overall employment remains 524,000 lower as state and local governments struggle to attract and retain workers in the tight labor market.
U.S. employers added 884,000 jobs for workers aged 16 to 19 in June, a 41% increase from last year in one of the highest labor participation rates for the demographic in over a decade.
Workforce participation among older workers aged 55-64 fell by 400,000 early in the pandemic before returning to pre-pandemic levels this year. Fears are growing that resurging COVID-19 infections could again force them into early retirement.
IBM posted better-than-expected sales growth of 9% in the second quarter but warned of rising costs weighing on future earnings.
Goldman Sachs (-47%) and Bank of America (-32%) reported sharp declines in second-quarter profits after volatile markets slashed investment banking revenue across the industry.
Hong Kong stepped up its pandemic restrictions with a new requirement that quarantined people start wearing tracking bracelets, a measure resembling COVID surveillance in China.
Despite saving an estimated 20 million lives globally in their first year of use, injected COVID-19 vaccines have not stopped the virus’s spread or mutation, leading researchers to focus on versions that can be swallowed or inhaled closer to the point of incubation.
More news related to the war in Europe:
H&M, the world’s second largest apparel retailer, announced plans to fully exit the Russian market at a cost of roughly $200 million and 6,000 staff.
Europe’s GDP could fall up to 1.5% this year if the EU fails to take preventive measures to save energy this winter, according to bloc estimates.
Broadly rising interest rates are pushing down home prices in some of the world’s hottest housing markets for the first time in the pandemic.
With up to 60% of flights delayed and roughly 8% canceled at some of Europe’s busiest travel hubs, rental car prices are up three- and four-fold as travelers avoid air travel chaos. Lost luggage claims at Europe’s airports are 30% higher than in 2019.
Airline SAS reached a tentative contract with its pilot union. The two-week strike has cost the Scandinavian airline over $10 million per day.
Flights were disrupted from London’s Luton airport on Monday after soaring temperatures melted runway pavement.
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