We are sponsoring MAPP’s Benchmarking & Best Practices Conference in Indianapolis on Oct. 5-7! If you’re planning to attend, don’t forget to stop by M. Holland’s booth and tune in for our session featuring Debbie Prenatt, Market Manager, Sustainability. Click here to read more.
Come see us at the IWCS Cable & Connectivity Industry Forum in Providence, Rhode Island, on Oct. 10-13! M. Holland is a Gold Sponsor. If you are attending, please stop by Booth #113 to discuss our materials and offerings serving the wire and cable market.
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.
Supply
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.
Declines in the container shipping market accelerated in September, according to Clarksons Research.
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.
GM posted a 24% jump in third-quarter U.S. sales on easing supply-chain issues. The automaker was a performance outlier among competitors, including Toyota (-7%), Stellantis (-6%) and Nissan (-23%).
GM plans to sharply ramp up production of its Bolt electric vehicle after selling a record 14,709 units in the third quarter.
Tesla shares dove almost 9% Monday after the automaker posted lower-than-expected deliveries in the third quarter due to supply-chain issues.
Rising interest rates are dampening car-buying sentiment just as more new cars and trucks finally trickle into dealerships.
Spurred by electric vehicle adoption, lithium demand is forecast to almost triple by mid-decade from last year’s level.
Auto sales in France rose 5.5% in September, a robust turnaround from plummeting sales earlier this year.
IKEA aims to have all its home deliveries made using electric vehicles by 2025.
Stellantis luxury brand Maserati unveiled its first fully electric vehicle on Monday and plans for fully electric options for all its vehicles by 2025.
Venture investment in supply-chain startups has receded this year, with financial backing down 39% and deals down 35% in the second quarter from a year earlier.
The U.S. reported 40,841 new COVID-19 infections and 261 virus fatalities Monday.
The U.S. Supreme Court declined to hear a case brought by several states challenging the federal government’s COVID-19 vaccine mandate for some healthcare workers.
Two-thirds of U.S. adults don’t plan on getting an Omicron-tailored booster shot anytime soon, according to a Kaiser Family Foundation survey.
In a sign that the labor market may be cooling, job openings in the U.S. fell 10% in August to 10.1 million, the lowest in more than a year.
U.S. manufacturing activity grew at its slowest pace in 2.5 years in September as new orders contracted amid aggressive interest-rate hikes, according to the ISM’s Purchasing Managers Index.
U.S. retail vacancy fell to 6.1% in the second quarter, the lowest level in 15 years as brick-and-mortar stores emerge from the pandemic with surprising strength.
The United Nations is urging the U.S. Federal Reserve and other central banks to ease aggressive interest rates hikes due to the threat of recession.
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.
Vietnam’s economy expanded 13.7% in the latest quarter on strong growth in exports.
Israel’s central bank raised interest rates by 75 basis points to 2.75% Monday, the highest level in a decade.
After four consecutive monthly 50-basis-point rate hikes, Australia eased its pace of increases with a 25-basis-point increase for October to 2.6%.
Turkey’s inflation climbed to a 24-year high of 83.45% in September after the country’s central bank surprised markets by cutting rates twice in the last two months.
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