September 6, 2022 • Posted in Daily Bulletin

MH Daily Bulletin: September 6

News relevant to the plastics industry:

At M. Holland

  • 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.


  • 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.
  • Indonesia’s state-owned oil giant Pertamina, Asia’s biggest gasoline importer, has deferred some September deliveries after the government hiked fuel prices, a move likely to hit demand.
  • 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:
Pre-Labor Day retail gasoline prices are the highest in the United States since 2014

Supply Chain

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%.
United States Factory Orders
  • 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.
  • Citigroup is the latest bank to start trimming its mortgage workforce as part of an industrywide downsizing spurred by higher interest rates.
  • Job hoppers in July enjoyed an average net raise of about 8.5%, the highest in more than two decades. 
  • Higher spending power from the strong U.S. dollar is mitigating the impact of inflation for American consumers. 
  • Walmart’s Sam’s Club will raise its annual membership fees for the first time in nine years starting Oct. 17, as surging inflation has driven an increase in consumers looking to purchase items in bulk. 
  • 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. 

International Markets

Covid-19 in China: Lockdowns of Major Cities Continue
Chinese Exports Recover From Early 2022 Covid Setback

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