June 14, 2022 • Posted in Daily Bulletin

MH Daily Bulletin: June 14

News relevant to the plastics industry:

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  • Oil prices rose slightly in volatile trading Monday, buoyed by a growing belief that even an economic slowdown would fail to free up supplies
  • Brent’s nearest futures contract traded more than $3 higher for the next month yesterday, indicating extraordinarily scarce supply. 
  • In mid-morning trading today, WTI futures were up 1.7% at $123.00/bbl and Brent was up 1.8% at $124.50/bbl.
  • U.S. natural gas futures plunged 18% to $7.05/MMBtu in mid-morning trading when Freeport LNG, a major exporter, said repairs may take until year end at its Louisiana facility that was damaged by fire last week. 
  • The average U.S. gasoline price hit $5.10 a gallon Monday, entering an eighth week of gainsGeorgia ($4.48 a gallon) has the cheapest gas, while California ($6.43 a gallon) has the most expensive. 
  • The U.S. government predicts a big boost in U.S. shale production next month on the back of record production from the Permian Basin, partly a response to higher-than-normal refinery margins for wholesale petroleum products: 
EIA expects high refinery margins to contribute to increasing fuel production this summer
119 publicly traded global oil and natural gas companies added proved reserves in 2021

Supply Chain

Raw Materials Fetch Premium Prices

Domestic Markets

  • The U.S. reported 117,279 new COVID-19 infections and 268 virus fatalities Monday. 
  • COVID-19 infections in New York fell 19% last week. 
  • COVID-19 infections in Massachusetts are down 31% the past several weeks. 
  • A spring survey of 3,600 U.S. hourly workers found two-thirds went to work while sick with COVID-19
  • A panel of FDA advisers will meet today to consider Moderna’s COVID-19 vaccine for children aged 6 to 17, what would be the U.S.’s second offering for the age group behind Pfizer’s shot. 
  • U.S. stock selloffs deepened Monday, with the S&P 500 entering a bear market for the first time since 2020. 
  • More Wall Street firms predict the Federal Reserve will raise its benchmark interest rate by more than 50 basis points when it meets tomorrow. Economists at JPMorgan Chase and Goldman Sachs expect a 75-basis-point hike
  • The Producer Price Index was up 0.8% in May and 10.8% year over year but showed some moderation in areas other than food and energy.  
  • Consumer inflation expectations for the year ahead rose to 6.6% in May, higher than April and matching a record from March. 
United States Consumer Inflation Expectations
  • Nearly 70% of economists in a Financial Times poll expect the U.S. to fall into recession by the first half of 2023. 
  • A bipartisan legislative proposal would give the U.S. government sweeping new powers to block billions in investment in China, although the measure is attached to a broader bill with dim hopes of passage. 
  • U.S. existing home sales are forecast to drop 6.7% this year, according to realtor.com. Home prices are already down about 5% to 10% in some areas amid the beginnings of a market cooldown. 
  • U.S. retailers will likely begin offering steep discounts on consumer electronics, large furniture and casual clothing in early July in an effort to reduce excess inventories. 
  • United Airlines saw a spike in searches for international travel after the U.S. ended its 17-month-old COVID-19 testing requirement for incoming travelers. 
  • Demand for airplanes is strong and will continue growing as airlines replace aging fleets, buy more efficient models and continue to see passenger growth, Boeing’s chief executive said. 
  • Executives from major automakers are calling for the White House to raise their 200,000-unit sales cap before electric vehicle (EV) consumer tax credits disappear, citing continued high production costs for EVs. 
  • GM’s chief executive said the automaker is selling every truck it can build and expanding North American truck-building capacity even as gasoline prices hit record highs. 
  • Oracle’s sales rose 5% in the latest quarter to $11.84 billion, soothing concerns over the bellwether business firm’s performance amid growing uncertainty for technology companies. 
  • Wegmans, a regional U.S. supermarket brand, is removing single-use plastic bags from its North Carolina and Virginia stores. 

International Markets

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