During M. Holland’s recent Plastics Reflections webinar, 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.
In mid-morning trading today, WTI futures were up 0.27% at $84.64/bbl, Brent was up 0.55% at $92.89/bbl, and U.S. natural gas was down 7.52% at $4.96/MMBtu.
No. 1 oil field services provider Schlumberger posted a 64.9% jump in third-quarter profit as a surge in oil and gas prices led to more drilling activity.
A 955,000-bpd Venezuelan refinery shut down Thursday after a fire and resulting blackout at the site.
More oil and gas news related to the war in Europe:
Germany may have to pour another $39 billion into saving the country’s largest natural gas importer, Uniper, as its losses continue to mount. The government separately approved a $195 billion rescue package for soaring energy prices on Friday.
Ukrainian officials say households and businesses need to cut electricity use by 20% to help manage fallout from Russian attacks on the nation’s energy infrastructure. The first rolling blackouts were imposed Thursday.
U.S. firms developing a new generation of small nuclear power plants are asking the U.S. government for uranium as current suppliers are concentrated in Russia.
Exxon Mobil will sell its Montana refinery for $310 million as part of a years-long effort to concentrate production in the U.S. Gulf Coast and Midwest.
Net debt of S&P energy companies is down by more than $100 billion since 2020 as companies use strong profits to deleverage.
Supply Chain
La Niña will return to the U.S. for the third winter in a row, bringing warmer temperatures for the Southwest, Gulf Coast and Eastern Seaboard.
Union Pacific’s CEO said a strike possibility remains as five labor unions prepare to vote on a tentative new contract that has been ratified by six unions so far and rejected by one.
Container imports coming through U.S. ports are tumbling sharply after more than two years of surging demand. Combined imports into the ports of Los Angeles and Long Beach fell 18.2% year over year in September.
The American Trucking Associations’ truck tonnage index fell a sharp 3.8% from August to September.
Higher prices lifted third-quarter profits for Union Pacific (+13%) and CSX (+15%), although executives say they are bracing for a slowdown in business. Union Pacific cut its annual volume forecast, citing staff shortages and weak intermodal demand.
Renault saw third-quarter revenue rise 20.5% as price increases more than offset lower sales compared to a year ago.
Swedish truck-maker AB Volvo saw a 27% rise in quarterly bookings but cautioned about continued impacts from energy and material costs.
Italy’s unions will meet with Stellantis and Ferrari next week to hash out a wage dispute for more than 70,000 domestic auto workers.
Mercedes-Benz signed a lithium supply agreement with Canadian-German Rock Tech Lithium that will help the automaker ramp up production of electric vehicles.
GM unveiled its first electric GMC Sierra truck on Thursday, which is expected to go on sale in early 2024.
Electric truck-maker Nikola bought over 900 acres of Arizona land to build its first hydrogen production hub.
Electric-van startup Mullen Automotive won court approval to buy a defunct manufacturing plant in Indiana from Electric Last Mile Solutions.
Australia’s Syrah Resources will expand its Louisiana graphite plant by fourfold after winning over $200 million from the U.S. government in its drive to boost production of electric-vehicle components.
British electric-van-maker Arrival says it will restructure its business to focus on the U.S. market as it seeks to capitalize on new U.S. incentives.
The financing arm of U.S. logistics firm Flexport received $200 million in financing to expand its working capital lending to firms impacted by supply chain delays and congestion.
Appliance-maker Whirlpool will soon open a new factory in Buenos Aires, Argentina, which will export $50 million worth of products around Latin America per year.
Indonesia, the world’s largest tin exporter, is preparing for a potential ban on export of the metal as the government pushes to encourage more domestic processing.
U.S. airlines are coming out with impressive third-quarter results as the pandemic-related travel boom shows no sign of slowing.
Verizon, the U.S.’s No. 1 wireless carrier, posted a 23% slide in third-quarter profit and missed subscriber targets as more people switched to cheaper plans from AT&T and T-Mobile.
American Express saw a 24% gain in quarterly revenue to an all-time high, but the firm’s stock fell after it set aside larger-than-expected reserves for bad loans.
Shares of Allstate fell over 10% Thursday after the insurer announced over a billion dollars of reserve claims and inflation-related charges in the third quarter.
Chemicals giant Dow beat third-quarter profit estimates and outlined plans to cut costs by $1 billion next year to combat soaring European energy prices.
Economic growth in the six-member Gulf Cooperation Council will remain strong but slow significantly next year as high oil prices hurt demand for the commodity, economists say.
The U.K.’s prime minister resigned after just six weeks in office, the shortest tenure on record, after her failed tax cut plan sent the country’s currency crashing and forced Bank of England intervention.
India’s economy will grow well below its potential over the next two years as the central bank’s rate hikes show little progress in easing price pressures.
Canadian home prices fell by a record 3.1% from August to September, led by sharp declines in Ontario.
Walmart’s Mexico unit posted a 10% jump in third-quarter profit despite rising logistics and labor costs.
Mexico’s Grupo Financiero Banorte, which owns one of the country’s largest banks and pension funds, raised its full-year outlook after a 30% surge in third-quarter profit.
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