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.
Supply
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.
Global emissions growth will stay under 1% this year due to a surge in electric-vehicle adoption and renewables generation.
The Netherlands is following Spain in pulling out of a European treaty that protects energy investments, citing environmental concerns.
Supply Chain
U.S. container imports fell 12.4% from August to September, an unusually sharp drop for peak season. The data aligns with declining freight volumes across the globe.
Less-than-truckload carrier Yellow will consolidate its New Penn and Holland carriers as part of a multiyear plan to build a super-regional network for one- to two-day deliveries.
U.S. trailer orders in September were 10% lower than last year, a sign that manufacturers are being more cautious in accepting bookings due to production issues.
The U.S. announced the winners of $2.8 billion in grants to boost domestic production of electric-vehicle batteries.
Germany plans to spend $6 billion over the next three years to rapidly scale up electric-vehicle charging infrastructure.
Dutch computer-chip equipment supplier ASML saw record new bookings in the third quarter while downplaying the impacts of U.S. sanctions on tech exports to China.
Global computer-chip shortages have spawned a “gray” market where out-of-date or stolen chips sell for vastly inflated prices.
AT&T is in talks on a joint venture that could invest up to $15 billion to expand its fiber-optic network.
Prefabricated home-building is gaining popularity because of rising construction costs and supply-chain delays.
Natural gas and electricity prices now make up 25% of production costs for Europe’s textile makers, up from 5% before Russia invaded Ukraine.
Factories in Vietnam aren’t seeing the usual year-end bump in peak season orders.
The Federal Reserve’s latest “Beige Book” pointed to rising business pessimism despite a modest easing in inflationary pressures.
This year’s holiday shopping season will be one of the longest on record as retailers push promotions to get rid of excess inventories. Retailers were sitting on $548.8 billion of inventory in July, a 21.6% increase from a year ago.
U.S. housing starts dipped 8.1% in September, while new single-family home construction fell 4.7% to a two-year low.
College enrollment is down about 1% this fall semester, signaling that high school graduates who delayed college during the pandemic are not pursuing higher education.
Shareholders of Spirit Airlines voted in favor of JetBlue’s $3.8 billion takeover offer, moving the companies closer to creating the nation’s fifth-largest carrier.
Uber is launching a new advertising division as it looks to diversify its revenue through tie-ups with brands and marketers.
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.
Japan’s administration signaled it will stick to its loose monetary policy despite rising voter dissatisfaction and a crashing currency.
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.
Amazon is launching a home insurance portal in Britain and has signed up three big-name insurers as it pushes further into financial services across the globe.
The number of global firms disclosing environmental data rose 42% year over year in the third quarter.
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