MH Daily Bulletin: November 16

November 16, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

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  • 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.

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