MH Daily Bulletin: November 21

November 21, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • M. Holland’s U.S. and Puerto Rico offices will be closed Thursday, Nov. 24 and Friday, Nov. 25 in observance of the Thanksgiving holiday.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.

Supply

  • Oil dropped Friday, with Brent (-9%) and WTI (-10%) logging their second week of declines.
  • Crude futures were down further in mid-morning trading today, with WTI off 5.6% at $75.62/bbl and Brent down 5.3% at $83.01/bbl. U.S. natural gas was up 4.7% at $6.60/MMBtu.
  • Delegates at the COP27 climate summit reached agreement on a global “loss and damage” fund that would pay for climate-related damage in low-income nations. A separate measure to speed up global emissions reductions failed.
  • Active U.S. drilling rigs rose by three last week to a total of 782, about 300 below pre-pandemic levels, according to Baker Hughes.
  • U.S. natural-gas stocks have returned to typical levels heading into winter, easing supply concerns:
Working natural gas stocks end refill season near previous five-year average

Supply Chain

Domestic Markets

International Markets

United Kingdom Retail Sales MoM
  • A new report from the U.K.’s Office for Budget Responsibility forecasts that real household incomes will shrink 7% by April 2024 and send the economy into a recession that could last well over one year.
  • Chinese retail sales unexpectedly dropped in October as consumer spending buckled under the country’s dual campaigns against rising property prices and COVID-19 outbreaks.
  • The U.S. has imported more goods from Europe than from China this year, a major shift from the past decade, as Russia’s war in Ukraine and China’s economic slump reorganize trade flows. German exports to the U.S. alone surged almost 50% year-over-year in September.
  • Germany will tighten rules for companies deeply exposed to China, making them disclose more information and possibly conduct stress tests for geopolitical risks.
  • Producer prices in Germany fell a surprising 4.2% in October, the first monthly decline since May 2020. Analysts had expected a 0.9% increase. 
  • Canadian producer prices rose 2.4% from September to October, the biggest gain since March:
Canada Producer Price Inflation MoM

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