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.
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.
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.
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.
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.
Self-sanctioning by numerous European companies has led to a record amount of Russia’s crude sitting in vessels at sea in search of buyers. Before the invasion, northwest Europe took over 70% of Russia’s Baltic-shipped crude, a figure now closer to 20%.
Electric vehicle startup Rivian is suing a supplier of seats, warning that a pricing dispute could affect production of an electric van ordered by Amazon.
Latin American airline Avianca is buying freighters to help boost growth after emerging from bankruptcy six months ago.
Chicago wheat futures fell to the lowest in two weeks after Russia said it would open corridors to allow foreign ships to leave Black Sea ports:
Domestic Markets
The U.S. reported 205,205 new COVID-19 infections and 1,017 virus fatalities Wednesday.
The White House plans to make Pfizer’s COVID-19 antiviral pill more accessible across the U.S. as it projects rising infections over the summer travel season.
U.S. inflation and economic growth are forecast to cool later this year and in 2023, the Congressional Budget Office said Wednesday.
U.S. durable goods orders rose 0.4% in April, driven by an increase in new aircraft orders. Orders for capital goods rose by a smaller-than-expected amount, suggesting firms are slowing their pace of spending on equipment.
Of the nine U.S. cities with more than a million people, only Phoenix and San Antonio grew last year, as the pandemic continued sending Americans to areas with more space.
Mortgage lenders are trimming staff in a bid to survive a sharp drop in demand and refinancings as interest rates rise.
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.
Chinese cities and provinces have turned to regular mass COVID-19 testing even in the absence of a local outbreak, raising concerns about mounting economic tolls.
Russia is scrambling to undo its initial currency controls following its invasion of Ukraine that have made the ruble this year’s best performing currency versus the dollar and an additional weight on the economy.
Russia will try to service its dollar debt in rubles after new sanctions from the U.S. Treasury took effect Wednesday, potentially putting Moscow on track to default.
Nike will effectively exit the Russian market after not renewing agreements with its largest franchisee in Russia.
South Korea raised its base interest rate by 25 points to 1.75%, the highest since June 2019.
China’s strict COVID-19 protocols are hurting multinational firms with a big presence in the country, including Starbucks, Adidas and InterContinental Hotels Group.
The parent of Emirates Airlines lost $1.1 billion in the fiscal year ending March 31, although revenue nearly doubled to $16.1 billion.
Saudi Arabia expects U.S.-based Lucid Motors to build three manufacturing plants in the kingdom, which owns 60% of the electric vehicle maker’s shares.
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