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.
Supply
Oil prices rose about 1% Tuesday, with WTI settling at a 13-week high of $119.41/bbl.
In mid-morning trading today, WTI futures were up 1.4% at $121.00/bbl, Brent was up 1.5% at $122.30/bbl, and U.S. natural gas was up 3.2% at $9.59/MMBtu.
The American Petroleum Institute reported a surprise build of 1.845 million crude barrels last week, while government data will be released today.
Goldman Sachs raised its short-term target for Brent crude from $125/bbl to $140/bbl, while trading giant Trafigura sees oil headed to $150/bbl this year.
A major equipment failure risks shutting LyondellBassell’s 268,000-bpd Houston oil refinery quicker than its planned closure at the end of 2023, potentially eliminating a vital source of U.S. supply.
The average U.S. gasoline price hit a record $4.92 a gallon Monday, up 30 cents over the past week. Prices in 13 states are above $5 a gallon.
British gasoline and diesel prices are surging to record highs.
Over 10% of Norwegian offshore oil and gas workers plan to strike starting Sunday if state-brokered wage talks fail.
Qatar will partner with Exxon Mobil, Total Energies, Shell and ConocoPhillips to expand the world’s largest LNG project and boost its annual output 64% by 2027.
More oil news related to the war in Europe:
The U.S. sent nearly 75% of its LNG output to Europe in the first four months of the year, up from a third last year.
A government-controlled bank in Japan suspended its support for a $21 billion LNG facility under construction in Siberia, casting further doubt about the project after TotalEnergies wrote off its investment in April.
European natural gas prices are on a five-day retreat due to an early start to summer and rising LNG storage levels.
Russia aims to ramp up oil exports from its major eastern port of Kozmino by about 20% amid higher demand from Asian buyers.
Shell launched a new green power business in Texas offering perks including free charging for electric vehicles and credit for excess household solar generation.
Spain’s Repsol is in talks to sell 25% of its exploration and production business to help fund clean energy efforts.
India eased rules to allow commercial and industrial consumers to switch to green sources of electricity, a bid to quicken its energy transition.
Supply Chain
The average U.S. diesel price jumped to $5.70 a gallon Tuesday, a record.
California residents dismissed dire calls for water conservation in April, with the southern part of the state increasing its usage by more than 25% despite worsening drought.
Britain’s entire train network could shut down for three days this month if more than 50,000 workers follow through with plans for a walk-out over job cuts and pay.
Drewry says spot container rates from China to the U.S. West Coast are down 41% month over month to $9,630, while imports bound for the U.S. have dropped sharply since late May.
Transatlantic airfreight capacity is improving alongside the sharp rebound in air passenger demand.
Old Dominion Freight Line’s per-day revenue increased 26% in May from a year ago, following a 29.1% increase in April.
Maersk became the first foreign carrier to move international shipping containers between ports in China.
The CDC raised its travel alert for Monkeypox to a level 2, recommending people practice “enhanced precautions” after thousands of cases appeared worldwide.
The U.S. trade deficit dropped 19.1% in April to $87.1 billion, down from March’s all-time high on a sharp decline in imports.
U.S. consumer borrowing surged 10.1% on an annualized basis to $38.1 billion in April following a record jump a month earlier, fueled by rising prices and the continued strength of the economy.
Companies are hanging onto LIBOR-based contracts despite a regulatory push away from the discredited interest-rate benchmark, which is set to expire next summer.
U.S. hotel prices are up 33% the past year, with the largest rises in Miami and Long Island.
Inflation is making it 22.4% more expensive for Americans to take care of their lawns, according to online home-services firm Angi.
Peloton is replacing its finance chief as the firm deals with waning demand after facing production and delivery issues.
Taco Bell is pioneering a revamped drive-thru experience with four lanes, digital check-in screens, video technology and a vertical lift for transporting menu items.
The World Bank cut its forecast for global economic growth this year to 2.9% from an earlier 4.1%, warning that several years of high inflation and below-average growth lie ahead. The Organisation for Economic Cooperation and Development made a similar revision to its forecast.
Canadian exports rose just 0.6% in April after planned maintenance slowed production from its profitable oil sands.
India’s central bank hiked its interest rate by 50 basis points to 4.9% yesterday, the second increase in two months.
Chile’s central bank lifted its interest rate by 75 basis points yesterday to 9%, a two-decade high.
Roughly 13% of British mortgage borrowers could go into financial distress if high inflation keeps pace next year, economists warn.
Scandinavian Airlines is facing liquidity problems after the Swedish government rejected its request for almost $1 billion in needed restructuring dollars.
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