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.
Supply
Oil fell 2%-3% Tuesday on fears of higher U.S. supply and lower Chinese demand. Prices have fallen by a third since early June, erasing all the gains from Russia’s invasion of Ukraine.
In mid-day trading today, WTI futures were up 2.2% at $84.49/bbl, Brent was up 1.88% at $91.72/bbl, and U.S. natural gas was down 3.59% at $5.54/MMBtu.
The White House will soon sell the remaining strategic crude reserves from its 180-million-barrel release announced earlier this year. Analysts say it’s possible that new sales could be authorized this winter.
The U.S. administration is still considering limiting fuel exports, according to reports.
The average U.S. gasoline price hit $3.89 a gallon to start the week, about 20 cents higher than a month ago.
U.S. crude stocks saw a larger-than-expected draw last week, according to the American Petroleum Institute. Government data is due today.
Spot rates for LNG carriers are soaring to new highs near $450,000 a day, while rates for very large crude carriers are also surging.
Imports into U.S. seaports will probably fall the rest of the year as overstocked retailers cancel overseas orders, putting a damper on the holiday freight market.
Demand for outbound cargo from the Port of Seattle is down 35% since mid-August.
Intermodal traffic on U.S. Class I railroads fell 1% year over year in the third quarter, while revenue per load was up 17%.
U.S. retailers expect this season’s Halloween spending to grow 5% over last year to $10.6 billion.
Ratings agency Fitch says real U.S. GDP will likely expand 0.3% in the third and fourth quarters on the back of a strong labor market and healthy consumer demand.
Americans who work from home have reclaimed some 60 million hours that they used to spend on commuting, using it mostly for additional sleep, according to the New York Fed.
New York and other large U.S. cities are seeing their highest office occupancy rates of the pandemic at around 50%.
Procter & Gamble said the stronger U.S. dollar erased most of its 7% gain in organic third-quarter sales, leading the consumer goods giant to predict its first annual sales decline in half a decade.
Hasbro’s quarterly revenue fell 15% as the toy-maker’s move to raise prices to offset commodity costs hurt sales.
An activist investor is pushing for Colgate-Palmolive to spin off its pet nutrition business into the rapidly expanding market for pet-related products.
Britain’s annual rate of inflation returned to a 40-year high of 10.1% in September, cementing the Bank of England’s plans to raise interest rates early next month.
Civil unrest is growing across Europe as high energy prices worsen a cost-of-living crisis.
Canada’s central bank will raise its benchmark interest rate by 50 basis points on Oct. 26, a smaller amount than at previous meetings.
Central Europe is growing as a destination for some firms looking for lower costs and lower inflation.
Switzerland’s Roche, the world’s largest biotech firm, posted a 6% decline in quarterly sales on low demand for COVID-19 treatments and diagnostic testing.
Russia’s flagship airline Aeroflot has seen passenger volumes fall 8.2% in the first nine months of 2022.
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