Plastics News interviewed experts at M. Holland about how material and chemical suppliers are working to meet automotive OEM demands for both electric and internal combustion vehicles amid an ongoing market shift. Click here to read the article!
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Oil prices jumped 4% Friday, touching five-week highs, in reaction to the OPEC+ decision to cut supply in November. Brent rose 11% and WTI rose 17% for the week.
In mid-morning trading today, WTI futures were up 0.3% at $92.93/bbl, Brent was up 0.1% at $98.04/bbl and U.S. natural gas was up 0.4% at $6.78/MMBtu.
U.S. heating oil futures jumped 19% last week to their highest level since June.
Oil and gas activity in the U.S. Midwest and Mountain West fell sharply in the third quarter but remained at historically high levels, according to the Kansas City Fed. Industry executives said prices must stay above $62/bbl for firms to stay profitable and above $102/bbl to prompt significant new drilling.
TotalEnergies is starting wage talks a month early as it looks to end a worker strike that has disrupted supplies to almost a third of France’s gas stations. The nation’s refinery output is also down by 60%.
Employment in the U.S. oil and gas industry fell 4.8% in the third calendar quarter as firms grapple with a worker shortage, contributing to rising input costs for most firms surveyed by the Dallas Fed.
More oil and gas news related to the war in Europe:
Weekend shelling again shut down Ukraine’s Zaporizhzhia nuclear plant, Europe’s largest, forcing it to use backup generators to prevent a meltdown. Power was restored as of Sunday, according to authorities.
Moscow ordered the seizure of the massive Exxon-led Sakhalin-1 oil and gas project in Russia’s Far East, following a strategy used to seize control of other energy properties in the country.
Demand for firewood is surging in Europe as households prepare for limited gas supplies this winter. France’s most famous monuments are going dark as local governments join in the scramble to preserve energy.
Germany’s industrial production fell by 0.8% from July to August due to a significant drop in energy-intensive industries grappling with natural gas shortages.
U.S. trucking jobs declined by 11,400 in September, the second biggest decline of the pandemic, surpassed only by April 2020, and the third biggest monthly decline in over a decade.
The White House on Friday unveiled a sweeping set of rules that restrict exports of U.S.-made computer chip equipment to China, marking one of the biggest policy shifts regarding Beijing since the 1990s. Over 30 Chinese entities, including top chipmakers, were added to an “unverified” trade list, which could trigger even tougher penalties by year’s end.
In the latest news from the transportation industry:
Class 8 truck orders for September hit a record 56,500, up 169% from August and 102% from the same time last year.
Tesla delivered over 83,000 China-made electric vehicles in September, smashing its monthly record as it continues to build out capacity in the nation.
Nissan is pressing Renault to cut its stake in the Japanese automaker and revamp their more than 20-year-old alliance as Renault pushes ahead with plans to split its EV and combustion businesses.
U.S. hybrid vehicle sales surged 73% last year as automakers bet gas-electric cars will play a lasting role in the transition to fully electric.
Amazon will invest nearly $1 billion over the next five years to build a fleet of electric delivery vehicles across Europe.
Chinese electric-vehicle maker Nio will only lease vehicles when it launches in four European markets this year with lease terms as short as a month, a bet that flexibility will sell drivers on switching to the technology.
The U.S. Postal Service may soon raise the price of stamps from 60 cents to 63 cents in response to some $1 billion in added inflationary costs in the current budget.
Mexico’s economic growth is projected to slow in the next few quarters due to impacts from the pandemic and rising uncertainty across the globe, according to the IMF.
The IMF is moving forward with plans to unlock nearly $4 billion in new funding for Argentina, whose spiraling inflation rate could top 100% this year, according to experts.
After lending record amounts during the pandemic, the IMF and World Bank are nearly fully committed, posing serious economic risks to emerging nations facing a squeeze from inflation and the strong U.S. dollar.
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