MH Daily Bulletin: October 18

October 18, 2022 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • During M. Holland’s Plastics Reflections webinar last week, our panelists discussed the macroeconomic factors influencing global and domestic economies — including what it means for suppliers, distributors and manufacturers in the plastics industry. In case you missed it, click here to gain access to the full recording.
  • M. Holland, in collaboration with LyondellBasell, will boost medical packaging manufacturers’ access to medical-grade resins and help ensure regulatory confidence for OEMs. Click here to read the full press release. A recent Plastics News article also highlighted the agreement.


  • Oil settled flat after choppy trading on Monday.
  • In mid-day trading today, WTI futures were down 1.3% at $84.12/bbl, Brent was down 0.9% at $90.77/bbl, and U.S. natural gas was down 0.2% to $5.75/MMBtu.
  • Global oil demand rebounded to 99% of pre-pandemic levels in August.
  • After climbing for four weeks, the average U.S. gasoline price fell 5.4 cents to $3.86 a gallon on Monday.
  • The White House is poised to announce another release of up to 15 million barrels of oil from strategic reserves in a bid to balance markets.
  • The operator of New England’s power grid warned of blackouts this winter if a severe cold spell strains already tight LNG supplies.
  • Oil output from the U.S. Permian Basin is forecast to hit a record 5.453 million bpd in November.
  • Independent U.S. oil producer Continental Resources will be taken private at a valuation around $27 billion.
  • The White House issued a second waiver of U.S. shipping rules that will help boost shipments of LNG to hurricane-hit Puerto Rico.
  • U.S. households that use natural gas for heating will likely see bills rise an average of 28% this winter:
Average U.S. residential winter natural gas expenditures

Supply Chain

U.S. New York Empire State Manufacturing Index

Domestic Markets

  • The U.S. reported 38,276 new COVID-19 infections and 332 virus fatalities Monday.
  • In a pandemic “baby bump,” the birthrate in the U.S. increased in 2021 for the first time since 2007. 
  • The University of Michigan’s widely tracked index shows U.S. consumer sentiment rose slightly in October
U.S. Consumer Confidence through Oct 2022
  • …even as Americans’ year-ahead expectations for inflation rose.
U.S. Michigan Inflation Expectations

International Markets

2022s High Growth Economies - Statista Chart
  • Cash is leaving China’s financial markets at the fastest clip in years as investors flee the nation’s falling currency and sputtering economy.
  • Foreign banks are accumulating U.S. dollar reserves in a sign of worry over a potential dollar funding crunch as the Federal Reserve shrinks its balance sheet and the globe tips toward recession.
  • Officials say India’s central bank should pause interest-rate hikes to avoid stalling its economic rebound from the pandemic.
  • Brazil’s economy is set to expand just 0.8% in 2023 compared to 2.7% this year, according to forecasts.
  • Pilots at Lufthansa’s Eurowings began a three-day strike on Monday, disrupting travel for tens of thousands of European passengers.
  • Lufthansa raised its full-year forecast after third-quarter revenue almost doubled from a year ago.
  • Boeing is offering 737 MAX jets once slated for Chinese customers to Air India as China’s three-year ban on their deliveries stretches on.
  • Vodafone and Altice are launching a joint venture to challenge Deutsche Telekom by building a $6.8 billion fiber broadband network in Germany.

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