October 25, 2022 • Posted in Daily Bulletin

MH Daily Bulletin: October 25

News relevant to the plastics industry:

At M. Holland

  • 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.
  • U.S. pipeline operator Kinder Morgan posted a 16.4% rise in quarterly profit on higher transport margins across all its fuels.
  • Schlumberger, the world’s primary oilfield services provider, is rebranding itself as “SLB” with an eye toward its lower-carbon future, executives said.
  • French refinery worker strikes have prevented the U.S. from sending any shipments of crude to the nation for the first time in four years.
  • Despite a drop in China’s crude imports in September, exports of diesel surged, along with margins.
  • The U.S. has sold off the last of its 180-million-barrel release of strategic crude reserves, leading to the lowest inventory level since 1984:
As much as 15 million barrels of crude oil sold from the U.S. Strategic Petroleum Reserve

Supply Chain

  • A labor deal between 22,000 U.S. West Coast dockworkers and their employers may take several more months, although service disruptions in the meantime are unlikely, port officials say.
  • Inbound containers waited for transport an average of 4.25 days at the ports of Los Angeles and Long Beach in September, the shortest dwell time since May 2021. 
  • Container ship bottlenecks are starting to ease on the U.S. East and Gulf coasts, although inland congestion continues to slow shipments. 
  • Container shipping lines are shifting capacity from the trans-Pacific market to the Atlantic for higher rates.
  • 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:
Is China Losing Its Export Prowess?

Domestic Markets

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United States Composite PMI

International Markets

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