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 fell about 3% Wednesday to their lowest level in weeks, reflecting rising concern about a U.S. recession.
In mid-morning trading today, WTI futures were down 1.2% at $105.00/bbl, Brent was down 0.8% at $110.80/bbl, and U.S. natural gas was down 2.7% at $6.67/MMBtu.
The American Petroleum Institute reported a crude build of over 5.6 million barrels this week, the largest build since mid-February.
Chevron is moving into the booming U.S. LNG market after striking two long-term purchase agreements with top U.S. producers Cheniere Energy and Venture Global LNG.
Top oilfield firm Schlumberger expects a 50% increase in offshore investment over the next four years.
The U.S. administration released an environmental impact statement for what could become New Jersey’s first offshore windfarm capable of powering 500,000 homes.
Two U.S. oil pipeline projects have been completed so far this year, with at least two more set to come online later in 2022:
Europe will temporarily pursue coal to cope with dwindling Russian gas flows that could soon completely stop, according to the International Energy Agency.
Planned maintenance will completely halt gas deliveries on Russia’s Nordstream 1 pipeline to Germany for two weeks in July, hampering Europe’s efforts to stockpile fuel for winter.
Iranian oil exports nearly doubled to 961,000 bpd from May to early June as the nation prepares to rejoin the global oil market, primarily with shipments to China.
Several thousand German port workers could strike today over union contract disputes.
Maersk said the cost of shipping cargo is up 25%-30% since the start of the pandemic due to an array of inflationary pressures that are “unlikely to abate in the short-term.”
The average price to ship a 40-foot container from Asia to the U.S. West Coast fell to $9,574 in early June, according to Freightos, down 41.6% from the first week of March.
Spot rates in the dry-bulk shipping sector tumbled 19% in early June.
The first two years of the pandemic saw 3,113 containers lost at sea, almost quadruple the amount of the previous two years.
Over $450 million was approved to expand the Port of Houston’s main ship channel to accommodate bigger ships.
Major automakers and industry suppliers urged Congress on Wednesday to move quickly to pass $52 billion in subsidies for U.S. computer chip production.
Electric vehicle sales could reach 33% globally by 2028 and 54% by 2035 as demand picks up in most markets, according to consultant AlixPartners.
About 18% of parents surveyed said they would get their children under age 5 vaccinated right after COVID-19 shots were authorized for the age group, compared to roughly 25% who said they never would.
First-time jobless claims were essentially flat last week at 229,000.
The 30-year mortgage rate rose to 5.81%, the highest in 13 years.
The Federal Reserve chairman gave the strongest indication yet that the central bank’s path of raising interest rates will cause a recession. A new paper from Federal Reserve economists, meanwhile, pegs the likelihood of recession at 50% within a year.
Drastic and unforeseen changes in market conditions are causing firms in various industries to pull job offers, a sign the tightest labor market in decades may be weakening.
U.S. mortgage applications rose 4.2% last week but were down over 10% from the same time last year:
Manhattan’s median monthly rent soared to $4,000 for new leases in May, a 25% year-over-year increase.
The IRS’s backlog of unprocessed paper tax returns was 21.3 million at the end of May, up 1.3 million from a year earlier as hopes dim for clearing the backlog this year.
International Markets
COVID-19 infections are rising in multiple European countries including Germany, Italy and Spain, driven by the fast-spreading BA.4 and BA.5 subvariants of Omicron. Daily infections hit a two-month peak in France, while Portugal has the world’s second highest infection rate.
COVAX officials are urging vaccine manufacturers to cut or slow deliveries of about half a billion shots so doses are not wasted amid weak demand in low-income nations.
British inflation rose to 9.1% in May, a fresh four-decade high and the fastest rate of the pandemic for any G7 nation.
Canadian inflation neared 8% in May, a four-decade high, with growing expectations that the nation’s central bank will hike interest rates by 75 basis points in July.
Sri Lanka is on the brink of collapse due to inflation and acute shortages of power, food and medicine, officials said.
Stellantis workers in Serbia blocked the capital’s main highway Wednesday to protest layoffs as part of the firm’s switch to making electric vehicles.
We and selected third-parties use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL third-party cookies. For more details about cookies and how we use them, read the full Data Privacy Policy.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. For more details about cookies and how we use them, read the full Data Privacy Policy.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
_ga
2 years
The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
_ga_S6SF7JZ2WY
2 years
This cookie is installed by Google Analytics.
_gat_UA-7828007-1
1 minute
A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.
_gcl_au
3 months
Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services.
_gid
1 day
Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
CONSENT
2 years
YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid
2 years
Vimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Cookie
Duration
Description
_fbp
3 months
This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr
3 months
Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
IDE
1 year 24 days
Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile.
personalization_id
2 years
Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting.
test_cookie
15 minutes
The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE
5 months 27 days
A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSC
session
YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devices
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-id
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextId
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requests
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.