M. Holland has obtained Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) compliance for its Mtegrity™ line of materials. Click here to read the full press release.
In mid-morning trading today, WTI futures were up 5.4% at $101.60/bbl, Brent was up 3.2% at $110.50/bbl, and U.S. natural gas was down 0.7% at $8.08/MMBtu.
Germany will impose a new natural gas tax on all consumers starting Oct. 1, a measure to support beleaguered gas importers that could triple household heating bills.
In the latest oil news from second-quarter earnings season:
The three largest western energy firms — Chevron, Exxon and Shell — booked a record $46 billion in combined profits in the second quarter.
U.S. refiners Valero and PBF Energy, as well as shale producer Continental Resources, handily beat forecasts on record-high margins and a 40.6% year-to-date rise in crude prices.
Shell and TotalEnergies will buy back a combined $8 billion in shares this quarter after posting their highest-ever quarterly profits.
Petrobras smashed forecasts with a 26.8% net income gain.
The U.S. Department of Energy plans to spend up to $165 million on a geothermal power initiative aimed at boosting long-term utilization of the energy source.
Supply Chain
Kentucky’s governor declared a state of emergency after flash flooding in the eastern part of the state led to multiple fatalities on Thursday.
The National Weather Service declared heat alerts through Saturday for most of Washington, northern Idaho, California and Oregon, as the northwestern U.S. sees persistent high temperatures.
Staff at Britain’s largest container port Felixstowe voted in favor of striking in a dispute over pay, joining a wave of labor action in the nation.
A backup of more than 60 tankers, triple the normal queue, has formed off the coast of Mexico as ships wait for storage spaces to unload their fuel cargoes. Importers are facing penalties of up to $40,000 a day for the stranded ships, with state-owned Pemex incurring the bulk of the fees.
House lawmakers followed the U.S. Senate Thursday in passing a $280 billion bill to boost U.S. computer chip production and tech competitiveness with China. Major chip makers hailed the approval and said they were moving ahead on various projects that had been stalled awaiting funding.
Franco-Italian STMicroelectronics expects its factories to run at full steam well into 2023 on high demand from the auto and smartphone industries.
In the latest supply chain news from second-quarter earnings season:
Cosco Shipping said operating profit in the first half of the year nearly doubled to $14 billion.
The U.S. economy entered a technical recession with the 0.9% contraction in GDP experienced in the quarter ended in June:
Fed officials indicated the bank’s benchmark interest rate could rise to 3.4% by the end of the year compared to 2.5% now:
New jobless claims last week remained among the highest of the pandemic recovery:
U.S. consumer spending, which accounts for more than two-thirds of economic activity, grew at a 1% rate in the second quarter, the slowest pace in two years.
Consumer spending on groceries fell 11.7% in the second quarter while spending on food services rose 13.5%, suggesting more Americans are eating out.
The average U.S. mortgage rate fell from 5.54% to 5.30% yesterday, according to Freddie Mac, as purchase demand tumbles amid elevated home prices.
JetBlue Airways agreed to buy Spirit Airlines for $3.8 billion, ending a months-long bidding war with Frontier for control of the U.S. budget airline market. The deal now faces an uphill battle getting approval from regulators.
Coca-Cola is scrapping the six-decade-old green bottle of its Sprite brand in favor of a more sustainable clear bottle.
In the latest news from second-quarter earnings season:
Apple limited its quarterly profit decline to 11% after weathering supply constraints and shutdowns in China, while iPhone sales remained resilient.
Amazon posted a net loss for the second straight quarter as cloud-unit strength was offset by weakness in core online retail operations. Still, the firm’s shares rose over 13% in after-hours trading on promising revenue gains.
Comcast’s subscriber growth was flat for the first time in company history, a sudden downshift amid rising competition from 5G telecom providers.
Pfizer’s revenue jumped 47% in the second quarter on $8.1 billion in global sales of its COVID-19 antiviral Paxlovid.
Southwest saw earnings double to $760 million, a record, fueled by a sharp rebound in travel demand and higher ticket prices.
Mastercard saw gross dollar volumes rise 14% but warned that runaway inflation is sapping spending from lower-income customers.
Shares of Roku fell 25% Thursday after the streaming firm posted a surprise loss of $112.3 million on declining advertising dollars.
Anheuser-Busch InBev, the world’s largest brewer, saw a better-than-expected 7.2% rise in core profit on rising sales in Latin America.
Hershey raised its outlook for the year after posting a 19% jump in quarterly revenue. The firm said production issues will keep it from meeting Halloween demand this year.
International Markets
Japan now has the most daily COVID-19 cases of any nation, with 196,000 reported Thursday.
The IMF lowered its growth forecast for the Asia-Pacific region this year from 4.9% to 4.2%, reflecting spillover from the war in Ukraine and China’s economic slowdown.
Euro zone inflation climbed to another all-time high of 8.9% in July, driven by soaring energy and food costs as calls rise for the bloc’s central bank to make more aggressive interest-rate hikes. Germany, the euro zone’s biggest economy, saw similar inflation numbers.
U.K. business confidence slumped again in July primarily on recessionary fears from large firms.
Japanese industrial production rose by 8.9% month-over-month in June, the steepest increase on record, new data shows:
We and selected third-parties use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL third-party cookies. For more details about cookies and how we use them, read the full Data Privacy Policy.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. For more details about cookies and how we use them, read the full Data Privacy Policy.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
_ga
2 years
The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_ga_S6SF7JZ2WY
2 years
This cookie is installed by Google Analytics.
_gat_UA-7828007-1
1 minute
A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.
_gcl_au
3 months
Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services.
_gid
1 day
Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT
2 years
YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid
2 years
Vimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Cookie
Duration
Description
_fbp
3 months
This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr
3 months
Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
IDE
1 year 24 days
Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile.
personalization_id
2 years
Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting.
test_cookie
15 minutes
The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE
5 months 27 days
A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSC
session
YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devices
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-id
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextId
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requests
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.