MH Daily Bulletin: November 3

November 3, 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 rose almost 2% Wednesday on news of another drop in U.S. crude stocks.
  • In mid-morning trading today, WTI futures were down 2.1% at $88.11/bbl, Brent was down 1.5% at $64.69/bbl, and U.S. natural gas was down 4.9% at $5.96/MMBtu.
  • U.S. crude stocks fell by 3.1 million barrels last week, according to the Energy Information Administration.
  • OPEC’s output likely fell in October, putting the group more than 1.3 million bpd below monthly targets. 
  • U.S. heating costs could soar 28% this winter from a year ago, according to the government. Prices will be especially high in New England, which faces a regional heating oil shortage and high natural gas prices.
  • China’s natural gas consumption is on pace to decline this year for the first time in two decades, as the country cedes its position as the world’s top LNG importer to Japan. 
  • Soaring costs for U.S. energy producers are far from abating, according to Chesapeake Energy. Rival Devon Energy saw its shares fall 13% Wednesday on fourth-quarter forecasts clouded by higher spending on labor, materials and equipment.
  • France’s fuel supplies are improving despite 45% of its oil refining capacity remaining offline due to worker strikes. 
  • Venezuelan oil production fell 25% from September to October to one of its lowest levels of the year.
  • More oil news related to the war in Europe:
  • The White House announced a new aid program to give over $13 billion to low- and moderate-income Americans looking for help paying energy bills or making their homes more efficient.
  • Oil and gas companies are asking the U.S. government to exempt hundreds of thousands of the nation’s smallest wells from upcoming rules requiring drillers to find and plug leaks of methane.

Supply Chain

Domestic Markets

United States Fed Funds Rate
  • Led by leisure and hospitality, U.S. private-sector payrolls rose by a larger-than-expected 239,000 in October, according to ADP:
United States ADP Employment Change
The Size of Tech Companies' Workforce

International Markets

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