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.
U.S. natural gas futures rose 10% to a 13-year high Monday on forecasts of hot weather this week and lower production levels.
In mid-morning trading today, WTI futures were up 0.4% at $119.00/bbl, Brent was up 0.5% at $120.10/bbl, and U.S. natural gas was down 0.2% at $9.30/MMBtu.
Citibank and Barclays raised their oil price forecasts for 2022 and 2023 by more than $10/bbl.
Amid high demand for U.S. exports, charter rates for LNG tankers are trading near their highest level in a decade at $120,000 per day, up 50% the past year.
Withdrawals of natural gas from U.S. storage last winter surged 10% over the five-year average:
Bloomberg’s Commodity Spot Index, which tracks prices for 23 raw materials, rose 1.9% Monday to a record-high, mostly driven by a jump in U.S. natural gas prices.
The average vessel wait time at the Port of Shanghai is 28 hours, down from a peak of 66 in late April.
Just 25 container ships were in line for berths at the ports of Los Angeles and Long Beach on May 25, the lowest since August 2021.
Many economists fear restricting trade and direct investment to political allies — a concept dubbed “friend-shoring” — could undo decades of gains from globalization, including higher incomes in developing nations and lower prices in the West.
The U.S. reported 120,265 new COVID-19 infections and 272 virus fatalities Monday. More than 29,000 people are currently hospitalized with the virus, up 16% the past two weeks.
COVID-19 hospitalizations in Florida rose 24% last week. A new report suggests the state’s COVID-19 tracking system may have severely undercounted infections, hampering efforts to contact trace.
Pfizer is spending $120 million to expand manufacturing of its COVID-19 antiviral pills at a plant in Michigan.
According to a Wall Street Journal poll, 83% of Americans describe the U.S. economy as “poor or not so good.”
Commercial real estate sales dropped to $39.4 billion in April, down 16% from a year ago in one of the first signs of a cooling market disrupted by rising interest rates.
Retailers pared 61,000 jobs in May as they battled bloated inventories and cost inflation.
Target, among the nation’s largest importers, saw its stock tank in pre-market trading after it said it will cancel orders and discount products to adjust bloated inventories, marking its second profit warning in the past month.
Kohl’s is in advanced talks to be sold in a deal that could value the department-store chain at roughly $8 billion.
Air fares may be 30% higher than pre-pandemic levels this summer amid booming travel demand, according to Delta Air Lines.
With soaring air travel, the five airports with the longest TSA and passport control wait times are Miami International Airport, Fort Lauderdale-Hollywood International Airport, San Francisco International Airport, John F. Kennedy International Airport and O’Hare International Airport. Wait times at these airports range from 39 to 46 minutes.
Almost one-quarter of public electric-vehicle chargers in the San Francisco Bay Area were found to be nonfunctioning, a concerning figure ahead of the government’s plan to ramp up spending on U.S. charging networks.
Arizona will receive $76 million in federal dollars to build electric-vehicle charging stations along major interstates.
International Markets
Taiwan saw a record 53,000 new COVID-19 cases Monday.
Deutsche Bank will open a new tech center in Berlin to house the hundreds of its 1,500 Russian IT employees who accepted its offer to relocate to Germany. The firm employed heightened security out of fear those relocated could include spies or cyberterrorists.
Russia is expected to halve its 20% interest rate this Friday to steady its strengthening currency and support its faltering economy.
Germany’s factory orders fell a disappointing 2.7% in April, the third monthly decline in a row.
China’s services activity contracted for the third month in a row in May, pointing to a slow recovery ahead despite the easing of lockdowns in Shanghai and neighboring cities.
Hong Kong’s private sector expanded in May at the fastest pace in more than a decade as the city continues to recover from its COVID-fueled economic slump.
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