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 this week. Learn more about the tax in this Plastics News article.
M. Holland will be closed Monday in observance of the July Fourth holiday. We wish all subscribers a safe and happy holiday weekend.
Oil prices slid about 2% Wednesday on news of a larger-than-expected rise in U.S. gasoline and distillate inventories, pointing to lower demand.
In mid-morning trading today, WTI futures were down 3.8% at $105.60/bbl, Brent was down 1.7% at $114.50/bbl, and U.S. natural gas was down 6.6% at $6.07/MMBtu.
The U.S. administration said crude inventories fell last week even as production hit its highest level since April 2020, with U.S. refiners operating at about 95% of capacity. Government data shows refinery capacity has declined for two years in a row:
U.S. crude exports from the Gulf Coast are projected to hit an all-time high in the current quarter, according to Rystad:
British natural gas futures skyrocketed almost 50% Wednesday on news that Norway, the nation’s biggest supplier, reduced capacity at a major field due to a compressor failure.
Exxon Mobil will sell its Canadian shale gas business for roughly $1.5 billion, a retreat from regions rich in gas but lacking in pipelines and other infrastructure.
Under-construction refrigerated warehouse space in the current quarter is 1,000% greater than the same time in 2019, a signal that developers believe e-commerce will permanently shape the way Americans buy groceries and meals.
The American Trucking Association’s for-hire truck tonnage index hit 117.1 in May, up 3.7% from the same time last year.
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