MH Daily Bulletin: November 16

November 16, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. For more information, email our 3D Printing team.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.

Supply

  • Oil rose over 1% Tuesday after positive U.S. inflation data suggested oil demand could rise. 
  • In mid-morning trading today, WTI futures were down 2.1 % at $85.12/bbl, Brent was down 1.6% at $92.38/bbl, and U.S. natural gas was down 3.2% at $5.84/MMBtu.
  • U.S. crude stocks fell by 5.835 million barrels last week, according to the American Petroleum Institute. Government data is due today. Globally, oil inventories are at their lowest level since 2004.
  • Car travel is projected to be up 20% this Thanksgiving weekend with gas prices at $3.68 a gallon, the highest on record for the holiday.
  • The spread between diesel fuel and gasoline and crude is at the highest on record, with diesel up 50% this year and gasoline up 14%
  • Global diesel demand will fall slightly next year due to stubbornly high inflation, according to the International Energy Agency (IEA).
  • Freeport LNG will likely cancel November and December shipments as repairs continue on its fire-damaged export facility in Texas. European gas futures spiked on the news:
EU Natural Gas

Supply Chain

Layoffs Reach Amazon After Years of Unabashed Growth

Domestic Markets

  • The U.S. reported 40,279 new COVID-19 infections and 387 virus fatalities Tuesday.
  • U.S. stocks jumped Tuesday on hopes of more stabilized relations between the U.S. and China after their leaders met in Indonesia.
  • Bloomberg economists upped projections for a U.S. recession within the next year to 65%.
  • Retail sales rose a higher than expected 1.3% in October. 
  • After the U.S. producer-price index rose a smaller-than-expected 0.2% in October, a further sign of easing inflation, some analysts expect the Federal Reserve to slow its aggressive pace of interest-rate hikes:
United States Producer Price Inflation MoM
  • U.S. households added $351 billion in debt last quarter, the sharpest gain in 15 years.
  • An index of New York state manufacturing activity rebounded sharply from -9.1 in October to 4.5 this month:
United States NY Empire State Manufacturing Index

International Markets

  • China posted 17,772 new COVID-19 infections Tuesday as fears spread over widening lockdowns in many of its largest cities. Despite the surge, authorities also began easing curbs for domestic group tourism.
  • Tokyo saw 11,196 new COVID-19 infections Tuesday, the first tally above 10,000 in two months.
  • Australian authorities are dissuading people from getting a fifth COVID-19 vaccine shot despite a new wave of virus infections building. 
  • The annual inflation rate in the U.K. hit 11.1% in October, highest since 1981. 
  • Canadian factory sales were essentially flat from August to September, the latest data shows.
  • Exports of German machinery fell by 2.8% in the first nine months of 2022 as COVID-19 curbs in China weighed on business there.
  • Colombia’s economy grew 7% in the third quarter from a year ago, topping market expectations.
  • Canadian home sales rose 1.3% from September to October, the first monthly gain since February.
  • Foreign direct investment in Saudi Arabia plunged 85% year over year in the latest quarter.
  • Luxury fashion brand Estee Lauder will buy rival Tom Ford for $2.8 billion.

Some sources linked are subscription services.

Stay informed with industry trends and insights.

Stay informed with industry trends and insights.
This field is for validation purposes and should be left unchanged.