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.

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.
  • 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
united-states-nahb-housing-market-index

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.

Some sources linked are subscription services.

Stay informed with industry trends and insights.

Stay informed with industry trends and insights.
This field is for validation purposes and should be left unchanged.