At our Plastics Reflections Web Series event on Oct. 13, M. Holland will host panelists from Maersk and Bank of America to discuss the macroeconomic factors influencing global and domestic economies, including impacts on the plastics industry. Click here to register!
M. Holland’s latest press release features our post-consumer recycled (PCR) resins, which are cleaner and easier to color, enabling brand owners and OEMs to meet aggressive sustainability goals. Click here to read the full press release.
Oil rose 5% Monday, its biggest rally since July, on fears that OPEC+ will cut November output by over 1 million bpd, what would be the largest cut since 2020.
In mid-morning trading today, WTI futures were up 2.0% at $85.28/bbl and Brent was up 2.1% at $90.70/bbl. U.S. natural gas rose 2.9% to $6.66/MMBtu, but remained near three-month lows.
Roughly 60% of French refining capacity remains offline as nationwide strikes across the country’s energy sector stretch into their eighth day.
Japan struck a deal with Malaysia’s Petronas to supply LNG to fill winter reserves.
More oil news related to the war in Europe:
European natural gas prices fell 10% Monday on signs the continent has sufficient inventories for the winter.
European gas demand is down 10% from last year, driven by a 15% decline in industrial-sector use as firms curtail production due to soaring prices. EU gas use will drop an additional 4% next year, the IEA says.
Lingering rain and flood risks from Hurricane Ian still posed problems for Virginia Monday.
Tropical Storm Orlene dumped heavy rains across Mexico’s west-central Pacific coastline Monday after making landfall as a Category 1 hurricane and then dissipating.
The U.S. will provide over $60 million in aid to help Puerto Rico’s recovery efforts from Hurricane Fiona. More than 120,000 of the island’s homes and businesses remain without power two weeks after the storm’s landfall.
Long-term contract container freight rates began to follow lower spot rates, dropping an average of 1.1% from August to September, the first monthly decline since January while remaining 112% higher than a year ago.
S&P Global’s index of European manufacturing activity fell to a 27-month low of 48.4 in September on soaring energy costs.
The British pound regained some ground Monday after the U.K. government modified its extensive tax-cut plans that sent the currency to a record low. The currency remains down about 17% from a year ago.
S&P Global’s index of Canadian manufacturing activity rose from a two-year low in August to 49.8 in September, narrowly remaining in contraction territory.
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