Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil dropped over 4% to a three-month low Tuesday on worries of a fresh financial crisis caused by U.S. inflation and regional bank failures.
Energy futures were down further in mid-morning trading today, with WTI off 4.1% at $68.43/bbl, Brent down 3.8% at $74.88/bbl, and U.S. natural gas down 3.9% at $2.47/MMBtu.
U.S. crude stocks likely rose by 1.155 million barrels last week, according to the American Petroleum Institute. Government data is due today.
U.S. natural gas consumption averaged 88.5 billion cubic feet per day last year, a record in data going back to 1949:
OPEC revised upward its forecast for Chinese oil demand growth this year as the country continues rebuilding from the pandemic.
China’s refinery output was up 3.3% in the first two months of the year compared with the prior-year period.
Spain has imported 84% more Russian LNG since early 2022, highlighting the continued dependence of some European countries on Russian fuel.
Global crude trade is seeing more unusual shipping behavior following tightened sanctions on Russia, including tankers staying put for months near the Gulf of Oman.
The EU plans to expand its capacity to receive LNG by almost one-third next year as it presses ahead with replacing pipeline supplies from Russia.
Six environmental groups mounted a court challenge to the White House’s approval of the ConocoPhillips Willow oil and gas project in Alaska.
U.S. senators reintroduced a bipartisan bill that would allow nationwide sales of gasoline with a higher blend of ethanol year-round.
A major storm dropped more than two feet of snow in portions of northwest Massachusetts and southern Vermont Tuesday, bringing regional power outages and travel disruptions.
The U.S. Surface Transportation Board approved the merger between Canadian Pacific Railway and Kansas City Southern, paving the way for the first freight railway linking Canada, Mexico and the U.S.
Israeli shipping line Zim expects a second-half turnaround after fourth-quarter net profit plummeted to $417 million from $1.71 billion a year earlier.
Sherwin-Williams faces a new lawsuit for adding a 4% supply-chain surcharge at the checkout line for its paints.
North Carolina-based truckload carrier FreightWorks ceased operations after a sudden loss of business, impacting 200 employees.
Infinera, a U.S. manufacturer of semiconductors for the telecom industry, is exploring a sale, according to reports.
In the latest news from the auto industry:
GM will extend a production halt at its Silao Assembly Plant in Mexico through March 20 due to a supply-chain issue.
Volkswagen still plans to bring an affordable electric vehicle to market by 2025, with a potential sticker price of around $26,790.
Honda’s U.S. unit will move production of its Accord sedan from Ohio to Indiana in 2025 as part of a shift to building electric vehicles.
A joint startup between U.S.-based Silk EV and Chinese automaker FAW scrapped plans to build a production site in Italy.
Stellantis is eyeing Spain as the potential home for a small-vehicle production hub.
Producer prices unexpectedly dipped 0.1% in February and were revised downward for January, signaling a softening in the economy.
The Federal Reserve is expected to raise its benchmark rate by 25 basis points next week and again in May after a government report showed U.S. inflation remained high in February.
U.S. small-business confidence rose to a three-month high in February, although many owners continued to struggle with finding workers, according to a new survey.
The rate on a 30-year fixed mortgage fell to 6.57%, down from 7.05% a week ago, amid turmoil in the banking sector after the collapse to two regional banks.
Facebook–parent Meta announced plans to cut 10,000 jobs this year, its second round of mass layoffs announced in recent months.
Apple is delaying bonuses for some corporate divisions and expanding a cost–cutting effort, according to reports.
Boeing delivered 28 aircraft in February, down from 38 the previous month amid supply-chain problems and a delivery pause for the 787 Dreamliner.
U.S. airline executives said they were optimistic about travel demand for the rest of the year, shaking off worries about operating costs and fears of slowing demand.
Southwest Airlines plans to hire more staff this winter to address problems that led to large-scale cancellations last holiday season.
Tyson Foods will close two U.S. chicken plants with almost 1,700 employees in May as it works to streamline operations.
Dollar Tree has stopped selling eggs after the staple food skyrocketed in price by as much as 60% during the fall.
Amazon plans to launch and test its first satellites providing internet-from-space service to customers as soon as 2024.
Despite the turmoil in the banking sector, the European Central Bank is expected to raise rates another 50 basis points when it meets tomorrow.
Chinese consumers are returning to hotels, restaurants and some shops, but they are cautious about what they buy, disappointing hopes for an immediate post-pandemic splurge.
China will raise its retirement age gradually and in phases to cope with the country’s rapidly aging population, officials said Tuesday.
Spanish consumer prices rose 6% in the 12 months through February, up slightly from January.
Argentina’s annual inflation rate surpassed 100% in February, the first time it hit triple figures since a period of hyperinflation in 1991.
Two Saudi Arabian airlines announced plans to order 78 Boeing 787 Dreamliners, the fifth largest commercial order by value in Boeing’s history.
Plastics recycling capacity in the EU grew by 17% in 2021.
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