March 6, 2023 • Posted in Daily Bulletin

MH Daily Bulletin: March 6

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 over 1% Friday to end the week higher, driven by renewed optimism about demand from top importer China.
  • In mid-morning trading today, WTI futures were down 0.7% at $79.15/bbl, Brent was down 0.8% at $85.17/bbl, and U.S. natural gas was down 12.6% at $2.63/MMBtu.
  • Saudi Arabia raised crude prices for Europe and Asia for a second consecutive month, as new refining capacity coming on-stream in the country is expected to increase domestic demand.
  • Shareholders in U.S. oil companies reaped a $128 billion windfall in 2022 thanks to a combination of global supply disruptions and intensifying Wall Street pressure to prioritize returns over exploration.
  • The U.S. saw just five new natural-gas pipeline projects last year, adding the smallest amount of interstate capacity since records began in 1995.
The least U.S. interstate natural gas pipeline capacity on record was added in 2022

Supply Chain

Domestic Markets

United States ISM Non Manufacturing PMI
The Winter Wave of Tech Layoffs Continues

International Markets

Euro Area Composite PMI
  • Euro zone producer prices fell by a larger-than-expected 17.7% year over year in February.
  • The U.K. is likely to extend support for household energy bills by an additional three months through the end of June to help squeezed consumers.
  • Home prices in Toronto fell 17.9% in February from a year earlier, while sales were down 47%.
  • China unveiled its lowest GDP growth target — 5% — in more than 25 years as it faces challenges following its emergence from three years of strict COVID-19 measures.
  • Activity in China’s services sector expanded at the fastest pace in six months in February, according to a private survey.
  • Russia’s wheat exports nearly doubled in the last two months from a year ago due to bumper harvests, making Russian grain one of the cheapest globally.
  • German airline Lufthansa swung to a 1.51 billion euro profit in 2022 and expects a significant improvement in earnings this year.
  • Indian budget carrier IndiGo is in considering an order of more than 500 Boeing and Airbus jets, potentially smashing an order record set by a domestic rival just a few weeks ago.
  • Boeing received an order for 15 737-9 aircraft from Hong Kong’s Greater Bay Airlines.

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