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.
Come see us at the IWCS Cable & Connectivity Industry Forum in Providence, Rhode Island, on Oct. 10-13! M. Holland is a Gold Sponsor. If you are attending, please stop by Booth #113 to discuss our materials and offerings serving the wire and cable market.
Supply
Oil fell 2.5% Monday, settling at the lowest level in nine months after central banks around the world hiked interest rates, threatening demand.
In mid-morning trading today, WTI futures were up 2.7% at $78.78/bbl, Brent was up 2.8% at $86.42/bbl, and U.S. natural gas was down 0.6% at $6.87/MMBtu.
The average U.S. gasoline price rose 3.2 cents to $3.67 a gallon Monday, the first increase in 14 weeks.
At 12.1 million bpd, U.S. oil production remains nearly 1 million bpd below the monthly record set in November 2019.
U.S. exports of petroleum products jumped 11% to a record 6 million bpd in the first half of 2022, the fastest growth in five years.
China’s solar capacity rose 1.9% in August, putting it on track to overtake the nation’s wind power generation by the end of this year.
Australia’s new government is setting the nation up to be the next big market for offshore wind developers, with recent investment interest coming from Shell, Orsted and Equinor.
Skyrocketing LNG cargo prices have squeezed out smaller traders, concentrating business in a handful of energy majors and top global trading houses in a trend that could last until 2026.
More oil news related to the war in Europe:
European gas prices have fallen 50% from record highs last month as the continent builds gas inventories ahead of schedule.
The EU’s executive arm tomorrow will put forward a plan to cap natural gas prices in the bloc. A separate proposal to cap Russian oil prices has been delayed.
Oil markets are bracing for massive shifts in global trade flows when nearly 3 million bpd of Russian oil will need to be diverted after the EU’s embargo takes effect in December. Russia’s seaborne crude exports to Europe have already declined sharply to about half of pre-invasion levels.
TotalEnergies could announce an exit strategy from Russia as soon as this week, becoming one of the last Western oil majors to do so.
Supply Chain
In the latest extreme weather news:
Forecasters say Hurricane Ian could hit Tampa, Florida, which would be the first direct strike on the city in a century. The Category 3 storm is currently lashing western Cuba with heavy winds and rain and remains set for a midweek landing in Florida.
Ships are being asked to steer clear of Danish waters following an overnight gas leak from the now defunct Nord Stream 2 pipeline.
Containers at the ports of Los Angeles and Long Beach waited an average of 5.1 days in August, down from 5.6 days in July for the lowest average dwell time since May 2021.
Container dwell times at the Port of Houston have doubled as imports surged to a new record of 382,842 TEUs in August.
Charter rates for cargo ships are falling sharply as congestion eases and volumes decline across the board.
U.S. lumber prices ended Monday at $410.80 per thousand board feet, near pre-pandemic levels and down more than 70% from their March peak. The decline points to a sharp slowdown in construction activity.
Roughly 75% of manufacturing executives believe supply-chain disruptions will continue through the end of this year, according to surveys.
The Dallas Fed’s survey of Texas manufacturing activity fell almost five points to -17.2 in September, the fifth consecutive month in negative territory:
In the latest news from the auto industry:
BMW expects global deliveries of its fully-electric vehicles to jump more than 70% next year as it reaches the top end of its margin targets.
Electric car owners have seen a 42% hike in the cost of using public rapid charging stations in the last four months.
Volkswagen plans to build a $2.9 billion battery parts joint venture with Belgian materials firm Umicore, the latest automaker to bring battery supplies closer to home.
Supply chain issues are frustrating attempts by automaker Stellantis to create new retail schemes.
Investment firm A.P. Moller Capital is setting up a $1 billion fund to invest in logistics.
Apple has started making its new iPhone 14 in India as the tech giant looks to diversify its supply chain away from China.
China’s rapid build-up of clean energy is claiming more copper, supporting the market at a time when traditional sources of demand such as housing are faltering.
Domestic Markets
The U.S. reported 45,224 new COVID-19 infections and 373 virus fatalities Monday.
Durable goods orders fell 0.2% in August from the prior month, the second consecutive monthly decline. Excluding defense, durable goods orders were down 0.9%.
U.S. consumer debt soared $300 billion to an all-time high over the last year among the bottom 90% of earners, primarily driven by inflation.
Nearly 70% of workers responding in a recent survey say they are looking for extra work to combat inflation.
Analysts expect S&P 500 Q3 earnings to be up just 4.6% from a year ago, less than half the forecast of just two months ago.
The Chicago Fed’s index of U.S. economic activity fell to zero in August from a five-month high of 0.29 in July, pointing to moderating growth overall:
Industrial parts supplier W.W. Grainger expects to grow from about $15 billion in sales this year to up to $20 billion by 2025.
The U.S. government is appealing a court ruling allowing U.S. Sugar to buy rival Imperial Sugar despite antitrust concerns.
International Markets
China reported 999 new COVID-19 infections Sunday, an increase from a day before.
Airline bookings out of Hong Kong are surging after the island eased pandemic travel restrictions, including highly disruptive hotel quarantines. Beleaguered carrier Cathay Pacific has also resumed passenger flights.
Profits at China’s industrial firms shrank 2.1% in the first eight months of the year, with declines in 25 of 41 major sectors.
The Bank of Mexico is expected to raise its key interest rate by 75 basis points to a record 9.25% this week.
British home sellers boosted asking prices by 0.7% this month, the strongest pace in four months as buyer demand remains well above pre-pandemic levels.
EasyJet is dropping its carbon-offset program in favor of reaching emissions targets through sustainable fuels and more efficient planes.
Japanese McDonald’s stores are raising prices by 60% to cope with the nation’s depreciating currency.
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