MH Daily Bulletin: May 26

May 26, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland is excited to be the Headline Sponsor for the 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.
  • Nick Chodorow has joined M. Holland as Chief Innovation Officer! In this role, Nick will lead efforts to enhance the company’s technology platforms and accelerate its digital journey.
  • M. Holland will be closed Monday, May 30 for the Memorial Day holiday.


  • Oil prices rose half a percent Wednesday as U.S. refining activity surpassed pre-pandemic levels. 
  • In mid-morning trading today, WTI futures were up 3.1% at $113.80/bbl, Brent was up 2.3% at $116.70/bbl, and U.S. natural gas was up 2.0% at $9.15/MMBtu.  
  • U.S. natural gas briefly surpassed $9/MMBtu for the first time since 2008 yesterday as exports continue to boom alongside muted production increases. Prices are 20% higher the past month and have tripled from a year ago. 
Natural gas (USD/MMBtu)
  • U.S. crude stockpiles fell by 1 million barrels last week, the government said, with gasoline inventories also sliding modestly. Refiners boosted capacity use to 93.2%, the highest level since December 2019. 
  • JPMorgan Chase predicts the average U.S. gasoline price could hit $6.20 a gallon by August. 
  • At $6.09 a gallon, the price of gasoline in Los Angeles is the highest in the nation and tops the national average by $1.50.
  • Natural gas buyers in Asia and Europe are seeking to lock in supplies via long-term contracts as a buffer against volatile prices, reversing a decade-long trend of rising spot purchases. 
  • Britain’s network operator asked some Scottish wind turbines to shut down after sending an unmanageable amount of storable energy to the nation’s grid. 
  • Saudi Aramco has approached Valvoline about a potential takeover of its lubricants business, reports suggest. 
  • TotalEnergies will spend $2.4 billion to purchase 50% of renewable energy firm Clearway Energy Group, which owns 5 GW of wind, solar and energy storage in the U.S. 
  • French rivers are warmer than average for this time of year, putting some nuclear production at risk during a period of historically high unavailability. 
  • Shareholders of Exxon Mobil rejected proposals to quicken the firm’s emissions reduction plans. Chevron shareholders recently passed a pro-recycling resolution as major companies face growing sustainability scrutiny from shareholders.  
  • More oil news related to the war in Europe:
European petroleum tanker rates rise due to geopolitical instability and marine fuel costs

Supply Chain

Wheat (USd/Bu)

Domestic Markets

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New Home Sales Plunge in Face of Surging Costs
  • Apple is raising salaries for workers in the U.S. by 10% or more as it faces a tight labor market and unionization efforts across its retail stores. 
  • Domestic air fares climbed 18.6% in April, the biggest monthly increase from data going back to 1963. 
  • The top 11 U.S. airlines will fly 12% fewer flights this summer primarily due to a lack of pilots. 
  • The vast majority of Alaska Airlines’ 3,100 union pilots voted to strike over stalled contract negotiations. 
  • Amazon opened its first brick-and-mortar clothing store Wednesday in Los Angeles. 
  • Dick’s Sporting Goods cut its earnings outlook for the year after posting a 7.5% decline in first-quarter sales. 
  • Designer clothing retailer Nordstrom raised its yearly outlook after reporting a 23.5% gain in quarterly sales. 
  • Alphabet, Microsoft and Salesforce committed $500 million to a global CO2-removal project unveiled at the Davos economic summit in Switzerland. 
  • The SEC proposed a slate of new restrictions aimed at ensuring ESG funds accurately describe their investments to avoid greenwashing. 

International Markets

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