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 rebounded over 2% Tuesday after U.S. Gulf Coast producers shut down some output ahead of Hurricane Ian.
Hurricane Ian has shut in about 11% of oil production in the U.S. Gulf of Mexico and could potentially take out more as it makes landfall in Florida today.
In mid-morning trading today, WTI futures were up 2.1% at $80.12/bbl, Brent was up 1.4% at $87.45/bbl, and U.S. natural gas was down 1.4% at $6.56/MMBtu.
U.S. crude inventories rose by a surprise 4.15 million barrels this week, according to the American Petroleum Institute. Government data is due today.
Refinery workers that handle over half of France’s fuel-making capacity are striking over a pay dispute, disrupting fuel supplies in Europe’s third-largest economy.
Shell says global aviation fuel demand will recover to pre-pandemic levels of around 300 million tonnes a year within one to two years.
Shell and Exxon Mobil are launching a reported $2 billion sale of offshore natural gas assets in southern Britain and the Dutch North Sea, part of the two companies’ drive to dispose of aging assets.
Guyana’s economic growth could reach close to 60% this year as the tiny South American nation benefits from surging oil production.
More oil news related to the war in Europe:
EU and U.S. authorities are investigating newly discovered leaks on the Nord Stream and Nord Stream 2 pipelines to Germany, sending European natural gas futures up 20% Tuesday over fears of new supply shortages. EU officials blamed Russia for deliberate sabotage to destabilize Europe’s economy.
One in 10 German mid-size companies have cut or halted production because of high gas prices, according to a September survey.
Some EU nations, including France, Italy and Spain, are stepping up pressure on the EU executive for a new plan to cap the price of gas, a proposal that has split the bloc’s 27 member states.
Italy says it has secured enough gas from Algeria and Egypt to make up for any shortfalls this winter if Russia were to immediately cut off all exports to the country.
Eight countries around the Baltic Sea, including Germany, signed a new declaration pledging to phase out Russian energy imports and to decarbonize their energy sectors.
U.S. airlines canceled over 2,000 flights for Tuesday and Wednesday, and some Florida airports halted operations as they braced for the impact of Hurricane Ian.
The average U.S. diesel price fell 7.5 cents last week to $4.90 a gallon, the lowest level since March.
MSC, the world’s largest container line, will launch a cargo airline next year in partnership with Atlas Air. In related moves, Maersk and CMA CGM have announced plans to buy private airlines in recent months.
Shanghai International Port Group will spend $7.2 billion to build a new port and container terminal at the Yangshan Deep Water Port in Zhejiang province.
U.S. aerospace employment is 8.4% below its pre-pandemic level as parts-makers are still recovering from deep cuts made when the pandemic grounded most of the world’s airplanes.
Tesla plans to hold production at its Shanghai plant at about 93% of capacity through the rest of the year, a surprising restriction after the automaker spent months on upgrades.
Surging lithium prices are intensifying a race between carmakers to lock up supplies and raising concerns about a potential shortage.
New orders for U.S.-manufactured capital goods rose a larger-than-expected 1.3% in August, a seven-month high. Durable goods orders declined 0.2%, versus expectations of a 0.4% drop.
The Conference Board’s consumer confidence index rose to 108.0 this month from 103.6 in August, beating expectations as households spent less on gasoline.
The S&P 500 fell to its lowest level in almost two years Tuesday on worries about aggressive Federal Reserve monetary tightening. The index is down 20% from an early January high.
The yield for 10-year U.S. Treasuries hit 4% this morning for the first time in a decade.
U.S. new home sales unexpectedly rose by nearly 29% in August, a break in an otherwise steady downtrend this year, as buyers took advantage of price discounting by builders and fears of higher mortgage rates.
The widely followed Case-Shiller index of U.S. home prices were up 15.8% in July, the smallest year-over-year gain since April 2021. Meanwhile, July metropolitan home prices fell 0.44% from the prior month, the first drop since March 2012.
Chipotle Mexican Grill is testing autonomous kitchen assistants to make its tortilla chips, an effort to speed operations and reduce menial tasks for workers.
Large U.S. retailers including Best Buy and Home Depot are locking up more inventory amid rising instances of theft.
A federal antitrust trial over a partnership between American Airlines and JetBlue Airways began this week, roughly a year after U.S. officials filed suit.
Economists surveyed by Bloomberg expect China’s GDP expansion to slow to just 3.4% this year, the slowest pace in more than four decades, excluding 2020.
British supermarket prices rose 5.7% in September from a year ago, hitting the highest level since records began in 2005.
Brazil’s consumer prices fell 0.37% the past month, extending their downward trend on sharply lower fuel costs.
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