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.
At our Plastics Reflections Web Series event on Oct. 13, M. Holland will host panelists from Maersk and Bank of America to discuss the macroeconomic factors influencing global and domestic economies, including impacts on the plastics industry. Click here to register.
M. Holland Company, a leading international distributor of thermoplastic resins and ancillary materials, is offering up to 100% PCR content resin that helps brands utilize sustainable innovation in the plastics industry. Click here to read the full press release.
Supply
Oil rose for a second day Wednesday, gaining over 3.5% on a decline in U.S. inventories, a sign of rebounding demand.
Crude futures were marginally lower in mid-morning trading today, with WTI futures at $82.03/bbl and Brent at $89.12/bbl. U.S. natural gas was down 3.5% at $6.72/MMBtu.
U.S. crude stocks unexpectedly fell by 200,000 barrels last week, mirroring draws in gasoline and middle distillates, according to the EIA.
U.S. refinery utilization rates could top 90% next quarter for the third consecutive quarter in what would be a seasonal anomaly.
The Dallas Fed’s oil and gas outlook index plummeted in the latest quarter while its index of uncertainty rose, reflecting U.S. energy executives’ fears of recession.
Brookfield Asset Management, one of the world’s biggest clean-energy investors, is buying a pair of U.S. renewable developers for $1.5 billion, adding to a flood of cash in the renewables market.
Oil and gas industry parts supplier Smiths Group is seeing record demand as energy companies seek new sources outside Russia.
Ohio-based specialty polymer manufacturer Avient Corp. lowered its earnings forecast due to weakening demand, changes in its business portfolio and negative foreign currency translations.
The EU executive warned that a broad cap on gas prices could be too complex to launch, bringing uncertainty to the bloc’s future moves on the issue. France, Belgium and 13 other member nations have stepped up calls for the plan, which is opposed by Germany.
One of the last functioning Russian gas supply routes to Europe could be shut if Moscow moves forward with sanctions on Ukrainian energy firm Naftogaz.
Hurricane Ian prompted firms across a wide swath of industries to halt operations in the U.S. South, including major names in logistics, retail and energy. Florida’s largest seaports have shut down entirely.
Prices for the bulk sector’s largest vessels are picking up on growing demand from China’s construction industry, although iron ore demand remains below historical norms.
The total value of North American transborder freight moved by truck hit $77.5 billion in July, up 12.9% from a year ago.
Total inventories held by S&P 500 companies hit $1.17 trillion in the second quarter, up 19% from a year ago. U.S. wholesale inventories rose 1.3% in August, their 25th straight monthly gain.
The market for microfulfillment centers, which expanded during the pandemic as online retail sales demand grew and companies looked for new ways to ship goods, is now shrinking as merchants focus on in-store automated fulfillment and other distribution strategies.
GM is investing $760 million to prepare an Ohio plant for production of drive units for electric vehicles.
U.S. new vehicle sales are poised to hit almost 960,000 units this month, a 5.4% increase from the same time last year in what would be a new September record.
Tata Motors launched India’s lowest priced electric vehicle (EV) at a little over $10,000 this week, cementing its hold on the nascent Indian EV market.
Volkswagen priced the initial public offering of Porsche at the top end of its targeted range, putting the IPO on track to become one of Europe’s largest in more than a decade at roughly $73 billion.
Peru is forming plans to produce more lithium batteries domestically, joining other Latin American nations with ambitions to take advantage of surging demand for electric vehicles.
Cotton prices fell 25% the past month as concerns over slow demand overshadow a potentially poor U.S. harvest.
Domestic Markets
The U.S. reported 86,496 new COVID-19 infections and 1,260 virus fatalities Tuesday.
COVID-19 cases rose by 8% in New York state last week, led by an increase in cases outside New York City.
First-time jobless claims fell to 193,000 last week, a five-month low and well below the 215,000 expected by economists, indicating continuing tightness in labor markets.
The average office occupancy rate in 10 major U.S. cities remained mostly unchanged at 47.3% last week.
U.S. pending home sales fell 2.2% in August, the third month of declines in response to soaring mortgage rates and high home prices. Pending sales have declined in nine of the last 10 months.
U.S. mortgage rates hit 6.7%, the highest level since 2007.
U.S. mortgage applications fell 3.7% week over week while refinancing applications plummeted 10.9%.
Apple shares fell 4% Wednesday following a report that the tech giant was ditching plans to boost production of the latest iPhone due to unexpectedly low demand.
American meat giant Tyson Foods is overhauling its leadership as costs rise and sales slow after two years of soaring margins.
Quarterly forecasts for Nike are being widely downgraded as inflation-hit U.S. consumers cut discretionary spending.
Lehman Brothers’ brokerage unit has been fully liquidated 14 years after its parent’s bankruptcy helped trigger the 2008 financial crisis.
International Markets
Reported COVID-19 cases fell 11% globally last week while virus fatalities dropped 18%.
Travel during China’s Golden Week holiday, which begins this weekend, is poised to hit its lowest level in years as authorities urge people to stay at home to protect against the spread of COVID-19.
Economists expect Germany’s inflation rate to hit 9.5% in September, up from the 7.9% pace of August.
Consumer sentiment was down across the euro zone’s three largest economies of Germany, France and Italy in September, the latest in a string of monthly declines.
The European Central Bank could raise interest rates by another 75 basis points at its October meeting, adding to its fastest pace of policy tightening on record.
Italian officials slashed the country’s 2023 growth forecast from 2.4% to just 0.6% due to sky-high energy costs.
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