MH Daily Bulletin: March 3

March 3, 2023 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • Plastics News named M. Holland among the Best Places to Work for 2023! This marks the company’s sixth consecutive year receiving this award. Congratulations to all 22 finalists this year!
  • Plastics Business published a story written by M. Holland’s Todd Waddle, Director, Sustainability, which reviews key considerations for implementing post-consumer recycled (PCR) and post-industrial recycled (PIR) materials. Click here to read the full article.


  • Oil rose 0.5% Thursday, boosted by signs of a strong economic rebound in China.
  • In mid-morning trading today, WTI futures were flat at $78.18/bbl, Brent was down 0.2% at $84.58/bbl, and U.S. natural gas was up 2.1% at $2.82/MMBtu.
  • OPEC raised crude production in February by 120,000 bpd amid a rebound in Nigerian output.
  • Russia’s oil product exports were down 20% in February to the lowest level since last May and were 24% below pre-war levels.  According to Bloomberg, Russia’s tax revenues from oil and gas plunged 46% in the month.
  • China’s seaborne imports of Russian oil are set to hit a record high this month as refiners take advantage of cheap prices.
  • The UAE is considering leaving OPEC over tensions with Saudi Arabia.  
  • Canada’s five biggest oil sands producers reported record 2022 profits of a combined $25.7 billion.
  • The U.S. administration is offering $1.2 billion in funding for nuclear reactors at risk of retiring soon or that ceased operations in 2021.
  • Saudi Arabia’s energy firm ACWA Power, which is developing the world’s largest utility-scale green hydrogen facility, plans to build three more massive projects in the country.
  • China permitted more than six times the amount of coal power last year than the rest of the world.
  • Petrobras’ chief executive says the firm is preparing for an “unavoidable” transition to clean energy.
  • European chemical producers are painting a bleak outlook for 2023, citing continued fallout from Russia’s invasion of Ukraine and slowing economic growth.

Supply Chain

Domestic Markets

  • A central bank official said the Federal Reserve will need to raise rates to higher levels than previously thought if recent strength in hiring and consumer spending continues.
  • Profits across the U.S. banking industry fell 6% in 2022, largely due to the Federal Reserve’s aggressive campaign to curb inflation.
  • U.S. labor costs grew at a 3.2% pace last quarter, faster than initially thought.
United States Nonfarm Unit Labour Cost

International Markets

  • February saw six interest-rate hikes by central banks overseeing the world’s most heavily traded currencies, including the U.S.
  • The Bank of Canada will hold its key interest rate at the current level of 4.5% until the end of this year before starting to cut rates in January 2024, according to government predictions.
  • Japan’s services sector grew at the fastest pace in eight months in February.
  • Over the past three years, China’s working population fell by 41 million, roughly the size of Germany’s entire workforce, due to COVID-19 and demographic changes.
  • Brazil’s economy contracted 0.2% in the fourth quarter, extending an overall slowdown last year.
Brazil GDP Growth Rate

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