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:
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:
Electricity generators on the biggest U.S. grid will be paid 32% less next year for being on standby, a move that could incentivize adding more power supply to the system stretching from New Jersey to Illinois.
The Indian government asked state oil companies to boost purchases of cheap Russian crude in a sign of strengthened trade ties between the two countries.
Iraq shipped its first ever cargo of LNG, marking the nation’s entry into the natural-gas market at a time when European demand is set to continue rising.
Canada is still trying to work around sanctions to send a critical pipeline component to Russia for its Nordstream 1 line to Germany, which would boost recently reduced flows.
EU officials are skeptical of the U.S. push to impose a price cap on Russian oil by modifying the EU’s own ban on insurance for transporting Russian crude.
The pace of U.S. job postings slowed in recent weeks, according to career site Indeed, as recession fears prompt employers to rethink filling open positions.
Squeezed consumers are deferring travel vacations in favor of bolstering their bank accounts:
U.S. existing home sales fell for a fourth month in May to the lowest level in two years, while the nation’s median home price jumped 14.8% to a record $407,600.
U.S. single-family rents surged 14% year over year in April, the 13th period of record-breaking annual gains. Miami posted the biggest gain at 41%, about seven times the growth rate of a year ago.
COVID-19 cases in Singapore rose 23% last week, driven by the fast-spreading BA.4 and BA.5 subvariants of Omicron.
Macau, the world’s largest gambling hub and a special administrative region of China, locked down hundreds of people at a hotel due to a spreading COVID-19 outbreak.
Britain is giving airlines a waiver from rules requiring them to use airport slots or lose them, allowing them to safely pull capacity to stem rising travel chaos.
Toyota aims to boost July-September production by 40% from the same time last year despite continued supply disruptions, the automaker said.
Chinese car shipments rebounded after lockdowns ended last month, with electric vehicle exports more than doubling to $1.2 billion.
Audi will spend over $320 million to boost electric vehicle production at its factory in western Hungary.