MH Daily Bulletin: November 10

November 10, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland is hosting a free 3D Printing Technology Forum in Chicago on Nov. 16! Attendees will learn how additive manufacturing technologies can support the development of applications — especially injection molding! Click here to RSVP, or contact for more information. 
  • During our recent Plastics Reflections Web Series broadcast, M. Holland’s expert panelists discussed the macroeconomic factors influencing global and domestic markets, including impacts on the plastics industry. Click here to read a recap of the webinar


  • Oil fell 3% Wednesday after industry data showed a rise in U.S. crude stockpiles.
  • In mid-morning trading today, WTI futures were up 1.1% at $86.78/bbl, Brent was up 1.2% at $93.80/bbl, and U.S. natural gas was up 4.2% at $6.11/MMBtu.
  • U.S. crude stocks rose by a surprise 3.9 million barrels last week, according to the U.S. government.
  • Motiva Enterprises’ refinery in Port Arthur, Texas, the nation’s largest, is coming back online after a month of repairs and upgrades.
  • An unexplained fire broke out Wednesday at Chevron’s 290,000-bpd refinery in El Segundo, California, a key source of fuel for the southern portion of the state.
  • Phillips 66 will cut some 1,100 employees as it looks to shave costs by $500 million this year.
  • North American oil and gas pipeline firm TC Energy is looking to sell $3.7 billion of assets to repay debt and fund new projects.
  • U.S. natural-gas prices will likely average above $6/MMBtu this winter, down from August records but still the highest price in over a decade:
EIA now expects U.S. natural gas prices to average above $6.00/MMBtu this winter

Supply Chain

Domestic Markets

  • The U.S. reported 95,696 new COVID-19 infections and 937 virus fatalities Wednesday.
  • COVID-19 cases in New York City are at their highest level since August.
  • Inflation moderated in October, with the Consumer Price Index up a smaller than expected 7.7% year over year, the slowest pace since January. Core inflation sans food and energy rose 6.3%, down from a four-decade high 6.6% in September.
  • First-time jobless claims rose by 7,000 last week to 225,000.
  • The U.S. Federal Reserve could potentially raise its key interest rate to 6% next year, what would be the highest rate in over 20 years, according to a Reuters survey of bond strategists. 
  • Recent statements by Federal Reserve officials suggest the U.S. is on the “back end” of its current inflation surge, while long-term inflation expectations are stabilizing.
  • U.S. financial executives are aggressively paying down debt as interest rates rise and businesses brace for a recession.
  • Just over 50% of U.S. small businesses said they were raising prices in October, the lowest in over a year but still historically high.
  • U.S. property developers are canceling large portions of their projects on prospects of a sharp cooldown in the housing market next year.
  • Online real estate firm Redfin laid off 13% of its staff and closed its home-flipping unit ahead of an expected slump in the housing market.
  • Multiple rounds of U.S. pandemic aid may have restrained job market turnover and heavily contributed to the “Great Resignation, some experts say:
The Great Resignation Is (Slowly) Losing Steam

International Markets

  • Global COVID-19 fatalities are down 90% from nine months ago, according to the World Health Organization.
  • Millions of residents were ordered to get tested for COVID-19 in the manufacturing hub of Guangzhou, China, as local infections topped 2,000 for two days running. New virus cases in Beijing hit their highest level in six months.
  • Mexico’s inflation came in slightly below forecasts at 8.41% in the 12 months through October:
Mexico Inflation Rate

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