M. Holland is excited to be the Headline Sponsor for the upcoming Injection Molding & Design Expo in Detroit! This two-day trade show will highlight the latest technologies, materials, equipment and opportunities in injection molding. The event is May 25-26 and admission is free. Click here to learn more.
Haleyanne Freedman, M. Holland’s 3D Printing Market Manager, will be discussing Open Platform Adoption in Additive Manufacturing. Don’t miss her presentation in the Designing the Future Theater on Wednesday, May 25 at 4:00 pm ET.
Josh Blackmore, M. Holland’s Global Healthcare Manager, is facilitating a training seminar on Understanding Material Selection for Medical Devices, from Qualification to Approval. Mark your schedules for this session in the Training and Development Theater on Thursday, May 26 at 9:15 am ET.
Supply
Oil prices were down for a second straight day on Tuesday, falling over 3% as WTI closed under $100/bbl.
In mid-morning trading today, WTI futures were up 4.8% at $104.50/bbl, Brent was up 4.2% at $106.80/bbl, and U.S. natural gas was up 3.6% at $7.65/MMBtu.
U.S. prices for gasoline ($4.374 a gallon) and diesel ($5.55 a gallon) rose to all-time highs yesterday as refiners struggle to meet demand.
U.S. crude oil production will grow by 720,000 bpd to 11.91 million bpd this year and by 940,000 bpd to 12.85 million bpd next year.
Household energy prices in the eurozone were almost 40% higher in April than a year earlier, new data shows.
Venture Global LNG is becoming a force in U.S. LNG production, just entering a deal to sell 2 million tonnes per year to Exxon Mobil from two planned Gulf Coast facilities for export to Asia. The U.S. is expected to surpass Australia and Qatar next year to become the world’s largest LNG producer.
Ukraine said it would block natural gas flowing from Russia to Europe through a pipeline transit point in its territory, potentially affecting a third of Russian exports and sending gas prices higher in Europe.
While a French minister said EU members could reach a deal to ban Russian oil this week, Hungary dug in its heels in opposition.
Emerging economies in Europe, Central Asia and North Africa could slide back to pre-pandemic levels if Russia cuts off gas supplies, according to the European Bank for Reconstruction and Development.
The United Nations is seeking $144 million to offload a million barrels of crude from a tanker stranded for years off the coast of war-torn Yemen, posing a major environmental risk.
The West Coast lost 4.6% of inbound container market share to the Eastern Seaboard and Gulf Coast this year, as more importers rerouted goods from heavily congested Los Angeles and Long Beach.
The Baltic Exchange’s main sea freight index rose 3.8% to a five-month high Tuesday as rates rose for all vessel segments.
Prologis, the world’s largest owner of warehouse space, could expand its U.S. logistics presence by 160 million square feet if Duke Realty accepts its $24 billion acquisition bid.
GE’s healthcare unit is boosting dye output in Ireland and shipping more products by air after lockdowns shut its factory in Shanghai.
Caterpillar hopes a tighter focus on repurposing old engines will meet growing demand for more environmentally friendly products and enable it to underprice competitors.
Boeing made 35 deliveries in April, down from 41 in March but more than double the 17 planes it delivered a year ago.
Chinese vehicle production fell 41% in April, led by a 94% decrease at Tesla. Tesla’s Shanghai plant remained mostly closed Tuesday.
Tesla recalled 130,000 electric vehicles due to risks of computer malfunctions from fast-charging technology.
IKEA plans to spend $3.2 billion in an overhaul of its retail stores to double them as e-commerce distribution centers.
The EU is finalizing a plan to speed land transit of Ukrainian food exports that would normally be shipped by sea. The nation’s farmers are resilient in the face of Russian aggression, planting a better-than-expected 75% of crops so far this year.
U.S. household borrowing climbed 1.7% in the first quarter to a record $15.84 trillion, propelled by a 10% gain in mortgage debt.
Municipal retirement funds returned a negative 4.01% in the first quarter on a broad selloff in stocks, new data suggests.
U.S. small business confidence held steady in April after three straight monthly declines, but owners remained worried about high inflation and worker shortages, according to a new survey.
Apple’s groundbreaking iPod line has been discontinued after 20 years.
U.S. electric vehicle (EV) registrations surged 60% in the first quarter to 158,689, with EVs now accounting for almost 5% of all light passenger vehicles.
March inflation hit U.S. travel firms particularly hard, with prices rising 30% at hotels, 24% at airlines and 14% at car rental firms.
U.S. cruise operator Norwegian Cruise Line expects positive cash flow this quarter on “explosive” bookings and on-board spending from consumers, despite rising prices.
Marin County in the northwestern part of the San Francisco Bay Area imposed a ban on single-use plastic utensils and takeout containers.
In the latest news from quarterly earnings season:
Shares of Peloton dipped almost 9% Tuesday after the fitness company said demand is softening and could mire the firm in losses for years.
Bayer’s adjusted earnings rose 27.5% from a year ago on strong sales at its seeds and pesticides business.
Tire maker Pirelli said operating profit grew 35% despite the loss of 11% of total capacity from its two plants in Russia.
U.S. vaccine maker Novavax made just 42 million deliveries of its COVID-19 vaccine in the first quarter, a fraction of the planned 2 billion.
Sony’s quarterly profit more than doubled on surging demand for games and its flagship PlayStation 5.
Mitsubishi’s global sales rose 8.7% in the first quarter as operating profit jumped to over $250 million.
New York-based chipmaker GlobalFoundries posted a 37% rise in first-quarter revenue for a record net income of $178 million.
International Markets
China’s COVID-zero agenda is unsustainable and could lead to devastating economic consequences, the World Health Organization said.
The U.S. House of Representatives passed legislation to send $40 billion in emergency aid to Ukraine, although the measure could get held up in the Senate.
Moscow would likely be forced into default if the U.S. Treasury lets expire an exemption allowing the nation to pay interest on foreign debt.
Ukraine’s economy is expected to contract 30% or more this year, economists predict.
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