MH Daily Bulletin: November 1

November 1, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • The use of recycled material was previously limited to plastic products that did not require color. Luckily, new products made from post-consumer recycled (PCR) materials, like carrier resins for masterbatches from M. Holland, can be colored. These resins enable companies to incorporate recycled plastics into their sustainability strategies. Click here to read the blog post.
  • M. Holland is sponsoring the Association of Rotational Molders (ARM) Annual Meeting in Atlanta on Nov. 6-9! Please stop by Booth #19 to meet our team of Rotational Molding experts and learn more about our product offerings and grinding capabilities.

Supply

  • Oil fell more than 1% Monday on weak economic data out of China, raising fears of lower demand.
  • In mid-morning trading today, WTI futures were up 2.0% at $88.25/bbl, Brent was up 1.8% at $94.42/bbl, and U.S. natural gas was down 7.5% at $5.88/MMBtu.
  • U.S. gasoline prices fell for the third consecutive week, now averaging $3.72 per gallon
  • U.S. oil output climbed to nearly 12 million bpd in August, the highest of the pandemic.
  • Productivity and volume gains in the U.S. Permian Basin are slowing, according to top U.S. producers.
  • Exxon Mobil and Chevron, the two largest U.S. oil firms, aren’t signaling any plans to increase production as they report big quarterly profits.
  • The White House is stepping up calls for a windfall tax on oil and gas companies if they don’t use their profits to help lower energy costs for consumers.
  • China’s crude imports fell an annual 4.3% in the first three quarters of the year, the first decline since at least 2014.
  • OPEC raised its forecast for medium- and long-term oil demand and said $12.1 trillion of investment is needed to meet demand despite the quickening energy transition.
  • Retail diesel is at the highest level relative to gasoline in well over a decade as parts of Europe and the U.S. run short of supply.
  • BP more than doubled its third-quarter profit to $8.15 billion and expanded its share buybacks to $2.5 billion, joining other rivals in reporting bumper earnings.
  • Saudi Aramco posted a 39% jump in quarterly profit as high prices boosted earnings.
  • U.S. natural gas consumption reached a record 85.3 Bcf/d in 2019 and has declined annually since then:
In 2021 U.S. natural gas-fired power generation declined for the first time in four years

Supply Chain

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