COVID-19 Bulletin: April 5

April 5, 2021 • Posted in COVID-19

Hello,

More news relevant to the plastics industry:

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Supply

  • OPEC+ will boost collective production by more than 2 million bpd over the coming months, starting with a 350,000-bpd increase in May as world economies begin to rebound from the pandemic.
  • Energy prices were lower in early trading today, with the WTI down 3.4% at $59.34/bbl, Brent down 3.1% at $62.86/bbl and natural gas down 5.1% at $1.79/MMBtu. 
  • The number of active oil and gas rigs in the U.S. increased by 13 last week, with the total number of active rigs standing at 430, or 234 fewer than the same time last year. 
  • The U.S. has exported record amounts of liquefied natural gas (LNG) to Asia in recent weeks, with colder-than-normal winter temperatures in Japan, China and South Korea fueling higher demand for gas in the world’s top LNG-importing region. 
  • Rising numbers of air travelers could boost global aviation fuel demand, as the rolling average of commercial flights hit a post-pandemic high in recent days.
  • Exxon Mobil is set to post its first profit in five quarters on a $2.7 billion gain from higher oil and gas prices, despite a nearly $800 million hit due to Texas’ February storm. 
  • Our most recent list of force majeure and allocation announcements from suppliers is here.

Supply Chain

  • All 422 ships stranded by the recent blockage in the Suez Canal passed through the waterway by Saturday, authorities report.
  • Japan and the U.S. will cooperate on the supply of critical parts for computer chips, aiming for an agreement later this month. 
  • Separately, the White House will host a meeting on the resiliency of U.S. supply chains amid broad policy review on the issue.
  • A shortage of railcars is delaying handling of imports at the ports of Los Angeles and Long Beach. 
  • Roughly half of British firms expect long-term trade disruption caused by Brexit. 
  • Despite record volumes and the “best pricing in years,” General Mills’ margins in the current quarter will end up lower than 2019 levels, a result of surging logistics prices.
  • The Environmental Protection Agency will study how using renewable fuels to power electric vehicle charging could generate tradeable credits under a biofuels program.
  • California is facing its third driest year on record, with available water in reservoirs dropping by half
  • Logistics conditions remain strained, with trucking demand exceeding availability and continued congestion at ports due in part to operating challenges related to the pandemic. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.

Markets

International

How close is the UK to 'herd immunity'?

Our Operations

  • M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight during prevailing force majeure. For more information, email our 3D Printing team.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets. To arrange a videoconference or meeting with any of our Market Managers, please visit our website.

Thank you,

M. Holland Company

We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.

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