News relevant to the plastics industry:
At M. Holland
M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. For more information, email our
3D Printing team.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
fell half a percent Thursday after new lockdowns were announced in Shanghai, threatening demand. In mid-morning trading today, WTI futures were
down 0.1% at $121.40/bbl and Brent was off 0.5% at $122.50/bbl. U.S. natural gas prices rose about
3% Thursday on news of unusually low inventories compared to the five-year average. In mid-morning trading, futures were down 2.1% at $8.77/MMBtu. British natural gas prices spiked as much as
39% Thursday on news that Freeport’s fire-damaged export facility in Texas — which provides a fifth of all U.S. LNG exports — will shut down for three weeks. Benchmark EU prices also jumped. The U.S. government expects natural gas prices to average $8.71/MMBtu this summer and remain high throughout the year:
Temperatures could reach
116 degrees in Phoenix this weekend as a dangerous heat wave envelops the U.S. Southwest. Power demand in Texas will hit all-time highs every day from now to Monday. An oil spill
closed shipping on a major route between Lake Superior and Lake Huron Thursday. The U.S. marine economy shrank
5.8% in the first year of the pandemic, outpacing overall GDP losses, new government data shows.
Automation is shaping up to be a key issue in high-stakes contract negotiations between unionized dockworkers and West Coast shipping lines and cargo handlers. U.S. ports and their tenants plan to invest almost
$33 billion annually by 2025, according to the American Association of Port Authorities.
Cars are piling up at Georgia’s Port of Brunswick, the second largest carport in the U.S., due to a shortage of truckers to transport them. North European container ports say they are
running at capacity with the peak shipping season still to come. Out-of-stock rates for U.S. baby formula rose to
74% nationally for the week ended May 28. Lumber prices fell to a
nine-month low this week as U.S. mortgage demand plummeted. China’s May exports jumped a larger-than-expected
16.9% from a year earlier as easing COVID curbs allowed some factories to restart. Airbus saw its deliveries fall
6% in May from a year ago amid continued supply shortages. Boeing’s Air Force One redesign will likely see
further delays due to a shortage of mechanics. Taiwan Semiconductor Manufacturing Co. warned it may not be able to increase production as quickly as hoped over the next two years due to
manufacturing equipment shortages. White House efforts to pass a $52 billion bill to boost domestic semiconductor production is at risk of
stalling. Orders for workplace robots in the U.S. increased a record
40% in Q1 compared to the same period in 2021, according to the Association for Advancing Automation. Tesla’s Chinese production
tripled in May even though its Shanghai factory only recently emerged from COVID lockdowns. A
surge in battery metal prices means it could take years for electric vehicles to become as affordable as conventional cars. Panasonic plans to
quadruple its production of electric vehicle batteries by 2028. Volkswagen is scouting the U.S. for an
in-house battery cell manufacturing plant. LG Energy Solution broke ground on
nickel processing plants in Indonesia as part of its $9.8 billion plan to build electric-vehicle batteries in the country. Truckload carrier Heartland Express acquired Pennsylvania-based Smith Transport for
$170 million. U.S. regulators levied a
$2 million fine on Hapag-Lloyd for improperly charging a detention fee in mid-2021. Brazilian mining giant Vale plans to
buy 14 new dual-fuel very large crude carriers capable of running on methanol at a cost of $1.5 billion. Chaotic commodity markets pushed net profit at Swiss trading giant Trafigura
29% higher in the first half of 2022 compared to a year ago.
The U.S. reported
115,620 new COVID-19 infections and 285 virus fatalities Thursday. COVID-19 cases in Los Angeles County are up
118% over the past month. Arizona saw its
sixth straight week of rising COVID-19 infections. Tourist destinations Miami-Dade County in Florida, Honolulu County in Hawaii, and San Juan in Puerto Rico are experiencing the
fastest infection rates in the nation and test positive rates exceeding 20%. Half the officers at a southwest Louisiana town’s police department, including the chief, are
out sick with COVID-19, as cases pick up across the state. New COVID-19 cases in New York City fell
26% in the two weeks to June 5, with officials declaring the latest wave ended. Maine’s COVID-19 infection rate dropped by nearly
75% over the past week. Beginning Sunday, the CDC will
end its COVID-19 testing requirement for air travelers entering the U.S. About 18 of the nation’s largest 500 school districts are
keeping masking requirements for summer school. The White House will
repurpose $10 billion in funding for COVID-19 tests and equipment to provide more antivirals and vaccines, as Congress stalls on approving more dollars. The U.S. administration has made
10 million COVID-19 vaccine doses available to states and health providers ahead of expected approval of the shots for children under age 5 next week. Consumer prices rose
8.6% in May from a year ago, the highest inflation rate in four decades. U.S. inflation for goods sold online rose
2% in May, down from 2.9% the previous month as consumers pull back on discretionary spending. Consumers could benefit this summer as stores offer
discounts in the hopes of clearing out unwanted merchandise. Active U.S. home listings rose by
13% last week while weekly price growth fell for the first time in almost two months, according to realtor.com. Inbound interest in Austin homes
dropped to one-fifth of its 2021 level in April and May, as higher interest rates and a fear of overpaying cool down the pandemic’s hottest housing market. The U.S. administration proposed new standards for its program to
build a national network of 500,000 electric-vehicle charging stations by 2030, which will require a station to appear every 50 miles on federal highways and no more than a mile off the road. Tesla electric vehicle (EV) registrations soared
52% in January-April from the same time a year ago, while Ford saw the most EV registrations in the mainstream segment. U.S. auto-safety regulators are
probing further into crashes related to Tesla’s self-driving software, moving closer to a potential safety recall. U.S. renewable energy credits may allow firms to
bypass meaningful emissions reductions in favor of misleading gains on paper.
More news related to the war in Europe:
Almost 1,000 global companies racked up more than
$59 billion in losses from their Russian operations since late February. GDP growth forecasts have been widely revised downward since December 2021 due to the war in Ukraine:
China’s inflationary pressure increased an annualized
2.1% in May as lockdowns hammered domestic demand. The Czech Republic’s headline inflation jumped
16% in May, a 30-year high.
Some sources linked are subscription services.