Todd Waddle, Director of M. Holland’s Wire & Cable and Sustainability groups, joined a recent Art of the Possible podcast episode hosted by IPC. Click here to access the episode, which focuses on the growth in electrification, sustainability efforts across the manufacturing industry and the Electrical Wire Processing Technology Expo (EWPTE) 2023.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil rose more than 1% Thursday, supported by news of lower U.S. crude stocks.
In mid-morning trading today, WTI futures were up 1.0% at $75.13/bbl, Brent was up 0.4% at $79.61/bbl, and U.S. natural gas was up 4.0% at $2.19/MMBtu.
Beginning in June, S&P Global will factor the WTI price into calculating the Brent benchmark price due to a decline in the amount of traded oil currently in the Brent price.
Freeport LNG’s fire-damaged export terminal in Texas is back at full capacity, data shows.
Valero, the U.S.’s second-largest oil refiner, is seeking government permission to import Venezuelan crude, according to reports.
U.S. crude exports averaged a record 3.6 million bpd last year:
Kurdistan’s oil exports could be shut down for another week after Iraq closed a pipeline in a dispute with Turkey, halting more than 400,000 barrels of daily shipments. The shutdown has forced Kurdistan to suspend $6 billion in payments to oil traders.
A U.S. oil-lease sale for the Gulf of Mexico pulled in $264 million in bids for drilling rights this week, with Chevron as the top bidder.
Russia continues to use Western insurance for more than half the oil cargoes it sells, giving allied nations more opportunity to increase sanctions on Moscow.
U.S. and Japanese semiconductor exports to China plummeted in 2022 for the first time in three years.
U.S. chipmaker Micron Technology took a $1.4 billion inventory write-down in the latest quarter as declining demand for consumer electronics weighs on the chip industry’s big suppliers.
Vietnam’s smartphone exports fell 11.9% in the first quarter.
South Korean and Taiwanese tech companies, including Samsung and SK Hynix, are reportedly growing concerned over investment restrictions accompanying new U.S. rules on semiconductor incentives.
Optimism is growing that a downturn in the U.S. semiconductor industry has reached its low point, with a widely tracked semiconductor index hitting its highest level in a year this week.
Magna International plans to invest potentially over to $100 million to build a seating plant in Auburn Hills, Michigan, to supply GM electric vehicles, creating up to 500 jobs.
DHL reached agreement with 600 logistics workers at a British Jaguar Land Rover plant, averting a strike.
Ford withdrew its request for U.S. regulators to approve its self-driving vehicle technology.
Mercedes-Benz signed a supply agreement with Spain’s Iberdrola for 140 MW of wind energy.
Mercedes-Benz leadership suggested the automaker is open to investing in mining in a bid to secure critical supplies.
Domestic Markets
Consumer spending rose a better-than-expected 0.2% in February, while consumer price inflation rose a modest 0.3% and was up a better-than-expected 5.0% year over year.
The U.S. economy expanded 2.6% in the final quarter of 2022, slightly slower than initially thought:
Researchers say the U.S. labor market would still be well short of workers even if all pandemic job losses were recovered, a conclusion based on demographic and other trends.
The White House is urging financial regulators to tighten regulations on mid-sized banks to require them to hold more liquid assets, increase their capital and submit to regular stress tests.
U.S. corporate profits fell 2% in the fourth quarter of 2022.
Large metro areas lost a net 800,000 residents in 2022, new data shows, an improvement from a 1.2 million drop the previous year.
The average Wall Street bonus plunged 26% last year, the biggest drop since the 2008 financial crisis amid a slump in dealmaking.
Streaming device-maker Roku will lay off 6% of its workforce, or about 200 employees, in its second round of job cuts in recent months.
China’s Big Five banks grew a healthy 3.5% last year but warned of shaky foundations for further recovery this year.
Air China, China’s flagship carrier, posted a record annual loss of $5.61 billion last year after the country’s strict COVID-19 controls crushed demand.
Shares in apparel retailer H&M surged 15% Thursday after the firm reported higher-than-expected operating profit as cost-cutting measures started to bear fruit.
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