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.
Oil fell 0.5% Monday on news of lackluster demand from China in September.
In mid-morning trading today, WTI futures were up 1.5% at $85.82/bbl, Brent was up 1.0% at $94.19/bbl, and U.S. natural gas was up 3.2% at $5.36/MMBtu.
The average U.S. gasoline price fell 10 cents last week to $3.79 a gallon.
Natural gas prices in the U.S. Permian Basin are edging toward zero as booming production overwhelms pipeline networks, creating a regional glut.
Charter rates for very large crude carriers have surged to their highest level in two years as Chinese refineries boost crude buying.
UPS will raise rates another 6.9% on average in December, and FedEx will boost prices the same amount in January, as package carriers continue to pass along price increases even as demand softens and shipping costs decline across all modes except parcel transport.
UPS saw healthy profits on a year over year revenue-per-unit rise of almost 10% in the third quarter, even as demand weakened in the broader e-commerce market.
China’s COVID-19 policies are quickening its declining share of global exports:
In the latest news from the auto industry:
Higher prices contributed to a 56% year over year jump in revenue and a 49% increase in adjusted earnings for General Motors in the third quarter, boosting the company’s stock price in premarket trading.
The world’s top automakers have nearly $1.2 trillion of electric vehicle projects in the pipeline by 2030.
Toyota, slow to follow major competitors toward electrification, is halting some electric vehicle projects as it executes a strategy revamp to become more competitive with Tesla and other automakers.
Hyundai raised its full-year forecast but slashed its sales target by 7% due to supply chain issues and impacts from new U.S. limits on tax incentives for foreign-made electric vehicles (EVs). The automaker will break ground today on a $5.54 billion EV plant near Savannah, Georgia.
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