MH Daily Bulletin: November 11

November 11, 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 rose about 1% Thursday after three days of declines.
  • Oil futures rose in mid-morning trading today on news that China will ease some COVID-19 curbs. WTI was up 2.5% at $88.61/bbl, Brent was up 2.1% at $96.65/bbl, and U.S. natural gas was down 5.7% at $5.88/MMBtu.
  • U.S. fuel oil prices rose nearly 20% from September to October, even as other measures of inflation slowed more than expected.
  • U.S. lawmakers will soon propose industry-backed legislation that would expand national sales of E15, the higher ethanol-gasoline blend that could help reduce supply worries.
  • Workers at a BP refinery in Rotterdam are threatening to strike if a new contract is not reached by Nov. 14. 
  • High LNG spot prices are pushing India’s industrial customers away from the fuel, leaving large storage buildups at import terminals.
  • Kazakhstan will start ramping up oil output after finishing repairs at a major export terminal in the next few days.
  • More oil news related to the war in Europe:
    • Europe’s natural gas consumption dropped 22% in October amid unusually warm weather, giving some relief to the continent’s energy crisis:
EU Natural Gas
  • Oil-laden tankers could languish at sea if insurers do not get prompt clarity on unfinished G7 and EU proposals to cap the price of Russian crude.
  • Moldova will need to spend the equivalent of 8% of its GDP to cover additional energy costs this winter, officials say.
  • Global CO2 emissions are on track to rise 1% this year, driven by higher oil use in transport, particularly aviation.
  • India says it will keep using coal-generated power until at least 2040.
How Emissions in Asia Are Changing

Supply Chain

Domestic Markets

Inflation Cools to Lowest Level Since January

International Markets

  • Despite the highest case levels since April and growing lockdowns, China will reduce quarantine periods for close contacts of COVID-19 cases and incoming travelers as officials seek to ease the economic impact of the nation’s zero-COVID policy. A total of 20 easing measures were released Thursday.
  • Britain’s GDP fell by 0.7% from the second to the third quarter, putting the country on track to be the first G7 nation in recession this year.
  • Europe’s executive arm predicts the euro zone economy will contract this quarter and next due primarily to surging energy prices.
  • The Bank of Mexico hiked its key interest rate by 75 basis points to a record 10% on Thursday.
  • The U.S. government reclassified Russia as a non-market country from a market economy, a move aimed at further reducing bilateral trading and isolating Moscow over its war in Ukraine.
  • The U.S. president will hold a face-to-face meeting with China’s leader Monday as trade and geopolitical tensions run high between the two nations.
  • New bank lending in China slumped in October as COVID-19 outbreaks and a property sector downturn weighed on credit demand.
  • Japan’s wholesale prices rose an annual 9.1% in October, slowing from September’s record but remaining at high levels due to the weak yen.
  • Brazilian consumer prices rose by a higher-than-expected 6.5% in October, breaking with three straight months of declines.
  • Deutsche Bank is Germany’s latest financial institution to pay employees a bonus to help offset soaring inflation.
  • Brazil’s JBS, the world’s largest meat producer, saw quarterly profit surge 47.1% despite shrinking margins in its U.S. beef division.
  • Japanese conglomerate Toshiba cut its full-year outlook after quarterly profit slumped 75%.
  • Germany’s Merck KGaA beat quarterly estimates but said growth in its semiconductor chemicals unit could lose momentum next year.
  • Asian airline travel should reach about two-thirds of pre-pandemic levels by the end of the year, trade groups say.
  • Chinese aircraft manufacturer COMAC says it has orders for 300 of its narrow-body passenger jets.
  • Paris opened a hub for testing electric air taxis as it looks to introduce the word’s first service with the new category of aircraft by 2024.

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