MH Daily Bulletin: October 19

October 19, 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 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.
  • Major oil field service companies including Schlumberger, Halliburton and Baker Hughes are poised to deliver their strongest third-quarter results in years.
  • The U.S. government will hold its first-ever lease sale for a commercial floating wind development offshore California on Dec. 6.
  • Roughly 95% of all U.S. fuel ethanol deliveries were made by rail this year, mostly originating in the Midwest:
Fuel ethanol deliveries from the US Midwest to other US regions in the first half of 2022

Supply Chain

Domestic Markets

Covid-19 cut life expectancy short around the world

International Markets

  • COVID-19 cases in the U.K. rose 31% the past 10 days.
  • COVID-19 cases are rising in South Korea, Taiwan, Japan and Singapore.
  • COVID-19 may be entering a new phase, with emerging vaccine-evading variants causing concern for health experts.
  • The economic impact of sanctions on Russia will be sharp and long-term, according to economists. The country’s battlefield losses are also hastening population decline.
  • 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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