MH Daily Bulletin: November 7

November 7, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • At our recent Plastics Reflections Web Series event, M. Holland experts discussed the macroeconomic factors influencing global and domestic economies, including impacts on the plastics industry. Click here to read the recap.
  • 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 5% Friday with just five weeks remaining until the EU’s ban on Russian oil begins to tighten global supply.
  • In mid-morning trading today, WTI futures were up 0.5% at $93.03/bbl, Brent was up 0.3% at $98.90/bbl, and U.S. natural gas was up 11.6% at $7.14/MMBtu.
  • Saudi Arabia lowered most oil prices for Asia as Chinese lockdowns push down demand.
  • Active U.S. drilling rigs rose by two last week to 770, roughly 305 below pre-pandemic levels, according to Baker Hughes. Despite an extended streak of strong profits, U.S. shale companies are slowing their oilfield activity and keeping production mostly flat.
  • U.S. oil refiners will keep running plants at or above 90% of capacity this quarter as tight supplies spur high profits.
  • Sempra Infrastructure’s planned $10.5 billion U.S. Gulf Coast export site will be the largest LNG terminal built since Russia invaded Ukraine.
  • Citing strong demand, Canada’s Enbridge will launch a $2.65 billion expansion of the southern segment of its British Columbia gas pipeline system.
  • Houston-based Coterra Energy saw shares fall 8% Friday after it cut its estimate of proven oil reserves by up to 20%
  • Exxon Mobil is considering leasing or selling some 50% of its unused office space at its sprawling new 385-acre headquarters in Houston, according to reports.
  • Blackstone, the world’s largest alternative asset manager, will sell U.S. producer PRI Operating for $2 billion, as it continues its retreat from the oil patch due to disappointing returns and environmental concerns.
  • More oil news related to the war in Europe:
Energy Poverty in Europe

Supply Chain

Domestic Markets

Mass Tech Layoff Wave Rises Again

International Markets

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