MH Daily Bulletin: November 22

November 22, 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 futures plunged early Monday, then recovered and ended slightly down after Saudi Arabia denied a report that it may increase production. Futures were down for their fourth straight session, with WTI settling below $80/bbl.
  • In mid-morning trading today, WTI futures were up 2.3% at $81.85/bbl, Brent was up 2.3% at $89.42/bbl, and U.S. natural gas was down 0.5% at $6.74/MMBtu.
  • Goldman Sachs, among the more bullish forecasters, cut its 2023 oil price projection by $10/bbl to $100/bbl over concerns that lockdowns in China will dampen global demand.
  • Almost every region on the planet could face a diesel shortage within the next few months, experts warn.
  • California’s PG&E will get $1.1 billion from the federal government to help keep the state’s last two nuclear reactors online.
  • U.S. heating oil prices started the winter heating season roughly 65% higher than a year ago, new data shows:
Residential heating oil prices start winter heating season higher than last year

Supply Chain

Domestic Markets

United States Chicago Fed National Activity Index

International Markets

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