MH Daily Bulletin: March 13

March 13, 2023 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • Each year, M. Holland joins organizations around the globe to celebrate the profound achievements and ongoing efforts of women on International Women’s Day. To celebrate, a few Mployees shared their thoughts on this year’s theme of #EmbraceEquity. Click here to watch the video.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.


  • Oil climbed over 1% Friday on better-than-expected U.S. jobs data, although both benchmarks fell more than 3% on the week.
  • In mid-morning trading today, WTI futures were down 2.7% at $76.89/bbl, Brent was down 2.3% at $81.14/bbl, and U.S. natural gas was up 6.0% at $2.58/MMBtu.
  • Saudi Arabia’s national oil company reported record annual profit of $161 billion for 2022, the largest ever by an energy firm.
  • Strikes by workers at TotalEnergies’ French refineries and depots continued over the weekend as part of widespread labor unrest spurred by the French government’s pension reform plans.
  • The White House is close to approving the $8 billion Willow oil project in Alaska but also plans to expand a ban on offshore drilling in the state.
  • The U.S. government is urging major commodities traders to keep hauling price-capped Russian oil to maintain global supply.
  • Russia is quickening its exports of diesel through the use of ship-to-ship transfers, analysts say.
  • Rising coal use is fueling a spending boom in the biggest coal-exporting countries, including Australia, Colombia and Indonesia.
China Boosts New Coal Power Projects in 2022

Supply Chain

Domestic Markets

  • Silicon Valley Bank (SVB), the nation’s 16th largest, collapsed Friday under the weight of rising interest rates and withdraws from financially challenged tech customers, marking the second-largest bank failure in U.S history and the largest since 2008. The collapse was followed Sunday by the failure of Signature Bank in New York, the third largest bank failure on record.
  • A former head of the Federal Deposit Insurance Corporation expects more banks to fail, as the agency takes unprecedented steps to protect depositors and shore up the banking system.
  • The potential banking crisis makes it less likely the Federal Reserve will increase the size of its expected interest rate hike when it meets on March 22.
  • Saturday marked the third anniversary of widespread shutdowns triggered by the pandemic, the result of a virus that continues to kill about 2,000 people a week but ranks low among priorities for the American public.
Majority Says Worst of the Pandemic Is Behind Us
  • The U.S. government posted a $262 billion budget deficit in February, up 21% from a year earlier, as outlays grew, and revenues fell.
  • Disputes over who should pay for upgrades to utility poles stand in the way of the U.S.’s $60 billion plan to bring high-speed internet to every household in the next decade.
  • Retailers say theft is rising as more people shop in stores, cutting into profits that were already under pressure.
  • Retailer Gap aims to reset its business in 2023 after a year of dealing with weaker sales, excess inventory and executive shakeups.
  • The FAA approved Boeing to resume deliveries of its widebody 787 Dreamliner this week after the plane maker addressed recent concerns raised by the agency.
  • Moderna plans to hire about 2,000 employees globally this year as it scales up development of new products amid declining COVID-19 vaccine sales.

International Markets

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