We are sponsoring MAPP’s Benchmarking & Best Practices Conference in Indianapolis on Oct. 5-7! If you’re planning to attend, don’t forget to stop by M. Holland’s booth and tune in for our session featuring Debbie Prenatt, Market Manager, Sustainability. Click here to read more.
Supply
Oil rose 1% Thursday as the market focused on short supplies in the face of rebounding Chinese demand.
U.S. natural gas prices hit a six-week low Thursday on news that U.S. production topped 100 billion cubic feet per day for the first time ever.
In mid-morning trading today, WTI futures were down 5.8% at $78.65/bbl, Brent was down 5.1% at $85.89/bbl, and U.S. natural gas was down 1.4% at $6.99/MMBtu.
Britain and Turkey are looking to secure more long-term LNG deals with U.S. suppliers amid an energy crunch that shows no sign of slowing.
A total of 14 coal-fired plants with Chinese backing have entered operation since the country vowed to end support for coal capacity construction overseas last year.
In a pilot program, Japan started trading carbon credits on the Tokyo Stock Exchange this week.
Container ship utilization rates are declining sharply as spot prices fall on main trading routes.
Increasingly advanced camouflage technology is helping “dark fleets” of oil-carrying vessels go undetected, industry experts say.
Cathay Pacific’s cargo traffic fell 23.3% year over year in August after demand was flat for most of the summer, the Hong Kong carrier said.
Coal stockpiles at major European ports are falling as traffic on the Rhine River rises alongside water levels.
FedEx plans to raise shipping rates by an average of 6.9% across most of its services in January as the delivery giant copes with a global slowdown in business.
U.S. companies are expanding production of offshore wind vessels after the federal government designated them “vessels of national interest” earlier this year, speeding up project reviews and approvals.
Renault expects to control 80% of its electric vehicle value chain well ahead of a 2030 target as it expands partnerships in batteries, electric motors and power electronics.
The U.S. Postal Service plans to consolidate 21% of its delivery units into large-scale sorting and delivery centers across the country, as the agency continues its aggressive streamlining efforts.
Kittyhawk, an air-taxi company backed by Google’s co-founder, will shut down as safety concerns rise following several machine crashes in recent months.
China Southern Airlines ordered 40 A320neo-family aircraft from Airbus for roughly $5 billion.
Fraudsters stole an estimated $45.6 billion in pandemic aid by making fake unemployment insurance claims, nearly triple the estimated level of fraud from last year, a government watchdog said.
U.S. growth funds are seeing massive outflows this year as interest rates rise, while value funds attracted over $4.3 billion in August, the most in three months.
The U.S. House of Representatives could consider a stop-gap government spending bill as soon as next week, an effort to keep the government operating beyond the current fiscal year that ends on Sept. 30.
U.S. luxury home sales dropped 28.1% in the three months through August, the biggest decline since at least 2012, according to Redfin.
The U.S. median asking rent rose 11% year over year to a record-high $2,039 in August, according to Redfin.
Target plans to hire up to 100,000 seasonal workers in U.S. stores and warehouses this year, consistent with last year.
U.S. flight cancellations fell to 1.8% of total flights in July, down from 3.1% in June, although service complaints rose by 16.5%.
International Markets
Japan will allow visa-free, independent tourism and scrap its daily arrival cap on Oct. 11, a major policy shift after 2.5 years of strict travel restrictions.
Major central banks across the globe unleashed another 350 basis points of interest-rate hikes after the U.S. Federal Reserve raised its benchmark rate on Wednesday:
Notably, Britain hiked rates by a lower-than-expected 50 basis points on forecasts of lower peak inflation.
Japan remained an outlier, keeping its ultra-low rates unchanged.
Turkey imposed a surprise 100-basis-point rate cut Thursday, sending the lira tumbling to an all-time low even as inflation rises above 80%.
Switzerland instituted a 0.75% rate hike, emerging from negative rate territory.
Norway raised rates by 0.5% and signaled future increases will be smaller.
Indonesia increased rates by a higher-than-expected 0.5%.
Vietnam raised rates by 100 basis points in an effort to keep inflation below 4%.
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