During M. Holland’s recent summer internship program, 15 bright college students worked both in-person and remotely across many departments. Click here to read more about their experiences at M. Holland and their perspectives on the plastics industry.
M. Holland will be attending the North American Detroit Auto Show on Sept. 14-15. This annual showcase for emerging automotive technologies will be held at Huntington Place in Detroit, Michigan. If you’re attending, please RSVP for M. Holland’s reception or contact Mike Gumbko, Strategic Account Manager, to set up a meeting with our Automotive team.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.
Supply
Oil jumped as much as 4% Monday after OPEC said it would curb output and Russia indefinitely halted a key supply of gas to Europe.
In early afternoon trading today, WTI futures were down 0.5% at $86.40/bbl, Brent was down 3.5% at $92.40/bbl, and U.S. natural gas was down 6.9% at $8.18/MMBtu.
OPEC+ agreed Monday to cut oil production for the first time in over a year by 100,000 bpd, citing demand concerns and the possibility of more supply coming from Iran.
Iran announced plans to boost its oil output to over 4 million bpd by March 2023, hoping to increase oil exports next year.
Renewed clashes broke out over the weekend in Libya’s capital, again threatening the nation’s oil output that has seesawed for much of the past seven months.
Overall U.S. fracking costs are set to jump 27% this year due to shortages of equipment and labor, researchers say.
The U.S. administration is poised to break with tradition by providing three-year guidance for biofuel blending mandates, instead of just one year, in a bid to give longer-term certainty to refiners.
The U.S.’s recently passed climate and healthcare bill will unleash billions in funding for small-scale nuclear power proposals through subsidies and tax incentives, especially for projects built near closing coal plants or industrial sites.
Labor Day weekend gasoline prices in the U.S. were the highest since 2014 at an average of $3.83 a gallon:
Blistering heat in California led to the highest electricity usage in five years Monday, prompting the state’s grid operator to declare a level-2 emergency, the last warning before rolling blackouts.
CMA CGM is building a five-year, $1.5 billion investment fund aimed at boosting its transition to new and low-emission fuels across its sprawling operations.
South Korean officials are slamming the U.S.’s move to favor American-made electric vehicles for thousands in consumer tax subsidies, saying the new law will disproportionately impact brands like Kia and Hyundai.
Berlin aims to replace its 1,600 diesel-powered buses with a new fleet of electric buses by 2030, part of a broader trend of electrifying public transport across Germany.
Turkey prices are 57% higher than their five-year average after a springtime outbreak of bird flu devastated flocks.
The United Nations’ gauge of global food prices fell for a fifth month in August as a resumption of grain exports from Ukrainian ports improved supply.
Domestic Markets
The U.S. reported 83,939 new COVID-19 infections and 407 virus fatalities Monday.
Florida reported 1,614 COVID-19 fatalities in August, leading the nation for the third month — and third summer — in a row.
New orders for U.S.-manufactured goods fell a surprise 1% in July, led by a decline in bookings for defense aircraft. Orders for computers and electronic products rose 0.8%.
The average U.S. interest rate for credit cards is up to nearly 18%, the highest level since 1996 at a time when inflation is forcing more consumers to rely on credit.
The average U.S. mortgage rate rose to 5.66% last week, nearly double the level from a year ago, according to Freddie Mac.
U.S. antitrust regulators have begun reviewing Amazon’s $1.7 billion takeover of robot vacuum maker iRobot and the firm’s $3.49 billion acquisition of primary care provider One Medical.
After beating out other buyers including Amazon and UnitedHealth, drugstore chain CVS is in advanced talks to buy home-healthcare company Signify Health for about $8 billion, with a potential deal announcement coming this week.
Apple will unveil new smartphones this week at a time when strong demand for the tech giant’s premium devices bucks an industrywide decline in smartphone sales.
In the latest news on the health of the global economy:
Global inflation eased to a 0.3% monthly pace in July, led by economic woes in China. Meanwhile, the pace and scale of interest-rate hikes across developing markets slowed.
Economists expect new home sales and prices in China to continue falling this year as the nation’s property crisis deepens.
Credit Suisse is in talks to cut about 10% of its global workforce, or 5,000 jobs, as part of a cost-reduction plan for Switzerland’s second-biggest bank.
Ryanair flew 16.9 million passengers in August, a record for the fourth month in a row as it continued to consolidate its position as Europe’s largest airline.
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