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.
OPEC+ nations agreed to increase output in July and August by 50%, or 648,000 bpd, to offset a drop in Russian output.
The Energy Information Administration reported a higher-than-expected 5.1 million barrel draw in oil inventories last week, sending oil prices higher in mid-morning trading, with WTI up 1.2% at $116.70/bbl and Brent up 1.0% at $117.50/bbl. U.S. natural gas was down 2.6% at $8.47/MMBtu.
The average U.S. gasoline price set another record Wednesday, rising to $4.67 a gallon. Some analysts warn the average could reach $5 a gallon as soon as mid-June.
Fuels believed to be partially made from Russian crude landed in New York and New Jersey last month, as some shippers and refiners work to obscure its origins.
High power demand and the war in Ukraine have sent global coal prices soaring, with futures this year up 137% for deliveries to Northwestern Europe, 143% in the Pacific region and prices 40% higher in Central Appalachia.
Extreme drought in California could reduce the state’s hydroelectric generation to half of normal levels this year, the EIA warns:
The tradeable credits of the U.S.’s Renewable Fuel Standard program, which requires fuel to contain a minimum volume of renewables, spiked 11% Wednesday on reports that the White House will raise 2021 biofuel blending mandates.
All major Korean and Japanese automakers posted double-digit U.S. sales declines year over year last month. Volkswagen’s sales were down 26% the first four months of the year, while Volvo’s sales dropped 28.3% in May.
Delta Air Lines raised its revenue guidance but said costs are up more than expected this quarter on rising fuel costs and constrained capacity. Yesterday, the airline unveiled a five-year, $4 billion revamp of its terminal in New York City’s LaGuardia Airport.
COVID-19 cases in the Americas rose 10.4% last week.
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