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:
The average U.S. gasoline price hit another record Tuesday, rising to $4.622 a gallon. In California, gasoline ($6.139 a gallon) and diesel ($6.65 a gallon) hit nationwide highs, while prices are above $5 a gallon in at least seven states.
OPEC+ is expected to stick to a planned 430,000-bpd output hike for July when it confers this week.
The world’s three biggest refiners — the U.S., China and Russia — are below peak processing levels, undermining efforts to lower prices by releasing crude from strategic reserves.
Some Russian producers have already started re-opening shuttered wells in anticipation of higher demand from Asia, where Russian barrels are selling for about $73.24/bbl.
Russia cut off natural gas to Shell under a contract that helps supply Germany after Shell refused to pay in rubles.
U.S. regulators extended to Aug. 31 an hours-of-service waiver for vehicles shipping fuel and other scarce goods, the latest in a string of extensions and modifications.
CBRE Group projects warehouse leasing volume will be 850 million square feet this year, down from last year’s record 1 billion, partly due to limited supply.
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.
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 latest Case-Shiller reading shows U.S. home values jumped 20.6% in March from the year before, the largest annual gain in the reading’s 35-year history.
Although active U.S. home listings rose 5% in recent weeks, buyers still have just two homes to consider for every five homes that were available before the pandemic, according to realtor.com.
Over 20% of home sellers dropped their price in seven of the 10 most popular destinations last month, according to Redfin.
San Francisco-based Salesforce posted a better-than-expected 24% increase in first-quarter revenue, easing concerns about demand for its business software.
Michigan-based electric vehicle startup Electric Last Mile Solutions warned it may run out of cash in June, at least one month sooner than previously projected, as it confronts rising costs, an SEC investigation and a possible Nasdaq delisting.
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