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:
After an initial rejection on environmental grounds, Shell’s plan to develop a large natural gas field in the North Sea that could eventually provide 6.5% of the nation’s output was approved by British regulators.
The U.K.’s new windfall tax on oil and gas profits could cost producers $3.3 billion through 2025.
France is asking large commercial buildings to cut energy use to safeguard its power grid, as widespread maintenance and repairs lower the nation’s normally plentiful nuclear production.
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.
The East Coast’s busiest port, the Port of New York and New Jersey, is changing its leadership as container ship backups mount.
A 25-ship backup off the coast of Southern California ports is less than one-quarter of the record backup in January, while spot container rates have dropped almost 20% this year.
Loaded container imports at the Port of Oakland fell 17% year over year in April.
The world’s largest smartphone market in China could sink 11.5% this year and account for four-fifths of a global reduction in shipping volume, analysts say.
Lumber futures are down 12% this week and 46% this year on fears of a softening housing market.
The U.S. reported 239,132 new COVID-19 infections and 687 virus fatalities Wednesday.
The CDC is recommending people in Southern Florida wear masks indoors due to a spike in COVID-19 cases.
Pfizer asked U.S. health regulators to authorize a three-dose COVID-19 vaccine regimen for children under five years old, which could be approved as soon as this month.
The U.S. saw the highest inflation among major global economies during the pandemic:
JPMorgan Chase’s CEO predicts U.S. consumers have six to nine months of spending power left in their bank accounts before the risk of major economic disruption.
Just 14% of Americans rate economic conditions as “excellent” or “good,” while 46% say they are “poor,” according to Gallup.
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.
International Markets
COVID-19 cases in the Americas rose 10.4% last week.
Two million Britons are believed to have long-COVID, the most of the pandemic.
More news related to the war in Europe:
Russia’s factory output fell sharply in April, including a 61% drop in auto production, before picking up in May.
U.S. administration officials are divided over how much further the U.S. can push sanctions against Russia without sparking global economic instability, reports suggest.