MH Daily Bulletin: June 1

June 1, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland is exhibiting during the WAI Operations Summit & Wire Expo on June 7-8 in Dallas, Texas. This event focused on wire and cable manufacturing offers industry forecasts, technical presentations, networking and more. Join us at Booth #621 to learn more about our supply solutions for wire and cable. 
  • Nick Chodorow has joined M. Holland as Chief Innovation Officer. In this role, Nick will lead efforts to enhance the company’s technology platforms and accelerate its digital journey. Click here to read the full press release.

Supply

  • Oil prices unexpectedly declined Tuesday on reports that Russia could be removed from OPEC+, potentially allowing other member-nations to boost production. WTI and Brent settled higher for May, the sixth straight month of gains
  • In mid-morning trading today, WTI futures were up 1.3% at $116.20/bbl, Brent was up 1.4% at $117.30/bbl, and U.S. natural gas was up 4.6% at $8.52/MMBtu. 
  • Active U.S. drilling rigs fell by 1 last week, the first decline in 9 weeks. 
  • U.S. crude output rose 3% in March to 11.7 million bpd, the latest data shows, well below its record-high 12.3 million bpd in 2019. 
  • Output from the U.S. Permian Basin alone is forecast to grow by almost 1 million bpd this year, outpacing the rise in OPEC heavyweight Iraq: 
Total Permian oil production and total oil production for key countries
Russia's Most Important Oil Export Partners
  • Russia cut off natural gas to Shell under a contract that helps supply Germany after Shell refused to pay in rubles. 
  • The EU is contemplating a price cap on Russian natural gas, according to Italian officials. 
  • The U.K. could reopen its biggest natural gas storage site as Russia’s invasion threatens to disrupt supplies this winter. 
  • Russian diesel exports to Europe declined 8% in May to the lowest level since October 2020. 
  • Ukraine has seized over $67 million of oil depots, gas stations and fuel trucks from Russia-based Tatneft, the nation’s fifth-largest oil company. 

Supply Chain

Domestic Markets

  • The U.S. reported 198,400 new COVID-19 infections and 2,272 virus fatalities Tuesday. 
  • Confirmed COVID-19 cases over the Memorial Day holiday were six times higher than last year. 
  • COVID-19 cases in New York City are down to a two-week low, signaling an end to the most recent wave. 
  • Almost as many Americans 65 and older died in four months of the Omicron surge as in six months of the previous Delta wave, despite Delta generally causing more severe illness. 
  • Researchers are still unsure how long COVID-19 is infectious, with the CDC’s most recent guidelines recommending five days of isolation from first symptoms or diagnosis. 
  • Exposure to heavily polluted air increases the risk that a person will have severe COVID-19 symptoms, new research suggests. 
  • Employment openings in the U.S. were at the second-highest level on record in April — 11.4 million — as 4.4 million people quit their jobs.  
  • U.S. consumer confidence edged down in May, with The Conference Board’s index hitting a three-month low of 106.4.
  • Starting today, the Federal Reserve will start shrinking its $8.9 trillion asset portfolio at a pace that’s almost twice as fast as after the last financial crisis. 
  • Wages for the median worker at the majority of big American companies last year were 10% higher than in 2019. 
  • Long commutes remain one of the top reasons workers wish to go remote, as new evidence shows that the highest return-to-office rates occur where people live closer to work. 
  • Roughly 7.7% of Americans were working remotely at some point in the last four weeks, the lowest point of the pandemic: 
The Great Return

International Markets

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