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.
A recent Plastics News article focuses on M. Holland’s distribution of Purell medical-grade resins from LyondellBasell. Click here to read the article.
Oil rose around 3% Wednesday on news of a weekly draw in U.S. crude stocks.
In mid-day trading today, WTI futures were flat at $85.57/bbl, Brent was down 0.3% at $92.13/bbl, and U.S. natural gas was down 1.8% at $5.36/MMBtu.
The average U.S. gasoline price is down 30% from summer highs above $5 a gallon.
Baker Hughes kicked off earnings for oil field service companies with a quarterly loss, due largely to a $230 hit from a voluntary restructuring. The firm expects U.S. crude production to jump next year on easing supply-chain issues.
U.S. pipeline operator Kinder Morgan saw a 16.4% gain in quarterly profit on surging jet fuel volumes.
China’s LNG imports are expected to plummet 14% this year in what would be the steepest drop since it began importing the fuel in 2006.
Canada’s inflation hit 6.9% in September, slightly lower than August but still ahead of forecasts. Analysts say its central bank will almost certainly hike interest rates by another 75 basis points next week.
Europe’s central bank is widely expected to raise its benchmark interest rate by another 75 basis points when it meets next week.
The Bank of England will resume bond sales in two weeks, after its effort to shrink its balance sheet and temper inflation was interrupted when the government’s ill-fated announcement for unfunded tax cuts sent the British pound crashing.
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