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

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.