MH Daily Bulletin: June 22

June 22, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland will be charging a fee to recover the reinstated Superfund Excise Tax for applicable U.S. orders starting July 1, 2022. Clients will be notified of details next week. Learn more about the tax in this Plastics News article.
  • M. Holland is sponsoring AMI’s Polymers in Cables on June 28-29 in Philadelphia, Pennsylvania. This conference covers the latest technical developments, manufacturing solutions and trends in the wire and cable industry. M. Holland is also hosting the event’s networking reception on June 28 at 5:30 pm ET!
  • If you’re attending AMI’s Polymers in Cables in Philadelphia, mark your schedule for M. Holland’s technical session:

Supply

  • Oil prices rose between 0.5% and 1% Tuesday as rising summer fuel demand keeps supplies tight. 
  • The White House called on lawmakers to approve a three-month suspension of the federal 18.4-cent gas tax and 24.4-cent diesel tax, which sent oil prices skidding. In mid-morning trading today, WTI futures were down 5.2% at $103.80/bbl, Brent was down 4.7% at $109.30/bbl, and U.S. natural gas was up 0.9% at $6.87/MMBtu. 
  • New data shows American drivers are starting to buy less gasoline amid historically high prices, even as a record 42 million Americans are expected to hit the road for trips over July 4 weekend. 
  • U.S. refining capacity is near a decade low in 2022, according to the EIA, and about 1 million bpd lower than January of 2020. 
  • A spate of new oilfields coming online will contribute to 5% of natural gas production and 14% of crude production in U.S. Gulf of Mexico waters by next year: 
JUNE 21, 2022
EIA expects nine new Gulf of Mexico natural gas and crude oil fields to start in 2022

Supply Chain

Domestic Markets

  • Squeezed consumers are deferring travel vacations in favor of bolstering their bank accounts:
Money, Not Covid, Is the Biggest Travel Hurdle This Summer

International Markets

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