Oil prices were flat Thursday as markets weighed the possibility of more aggressive U.S. interest rate hikes. Crude futures were higher in mid-morning trading, with WTI up 1.8% at $91.49/bbl and Brent up 1.7% at $92.94/bbl. U.S. natural gas was 1.3% lower at $3.91/MMBtu.
U.S. Permian Basin production hit nearly 5 million bpd in January and is expected to grow by an annual rate of 600,000 bpd for the next several years, executives at Houston-based Plains All American Pipeline predict.
A cyberattack hit oil terminals across Europe last week, disrupting processing operations.
U.S. gas prices have nearly doubled since the start of the pandemic.
China’s state-owned PetroChina will invest $5.33 billion to expand petrochemical capacity while cutting refined fuel production, part of a policy of driving export growth while reducing fuel output as domestic demand is set to peak.
St. Louis-based Peabody Energy, the world’s largest private sector coal company, nearly tripled revenue expectations last quarter and said that its 2022 production was already committed in contracts.
France plans to build at least six nuclear reactors over the next several decades to help reach carbon neutrality by 2050, aided by a long-term goal of 100 GW of solar power and 40 GW of wind energy.
Spain’s largest LNG distributor will split into two entities, one focused on infrastructure and one on power generation, in a bid to accelerate growth and renewable projects.
An off-season wildfire broke out in Orange County, California, yesterday, prompting evacuations in Laguna Beach and Aliso Viejo.
In the latest news from Canada, where truckers are protesting COVID-19 restrictions:
Toyota, Ford and GM are scaling back production due to parts shortages caused by continued blockades of Detroit’s Ambassador Bridge. This morning, protestors opened one lane on the bridge in the hope of dissuading their possible forceful removal.
Ontario officials are warning of imminent police action to resume the flow of traded goods from Ontario to Detroit, the U.S.-Canada border’s largest gateway.
Border blockades are costing Canada as much as $500 million per day in lost trade, economists say, which could push up inflation and lead to negative economic growth.
The U.S. Department of Homeland Security is warning law enforcement that a convoy of truckers protesting COVID-19 restrictions could make its way across the U.S., potentially blocking roads in several major cities.
The number of ships waiting outside Southern California ports fell to 78 vessels this week, the lowest level since last November.
The Port of Savannah handled 479,000 TEUs in January, the 18th consecutive monthly record.
The National Retail Federation predicts U.S. imports will stabilize during the first half of this year, potentially giving relief to backlogged supply chains.
Cargo delays are rising at Singapore’s Changi Airport due to more COVID-19 cases among handlers.
The new Indo-Pacific Economic Framework will likely focus less on reducing tariffs and more on harmonizing issues including digital trade, supply chains and green technology, although more details of the plan are yet to be announced by the U.S. administration.
Loads posted on the truckload spot market rose 37.4% in January from a year earlier.
U.S. health officials are cautioning against a rising number of states dropping pandemic restrictions, saying moving too quickly could prolong the virus’ spread. The news comes as school districts across the country roll back mask and testing requirements.
A federal court ruling placed another roadblock to the White House’s plan to mandate COVID-19 vaccines for some 3.5 million federal employees.
Inflation is the highest in mountain states including Arizona, Colorado and Idaho, with prices rising up to 9% just over the past month in some cities.
The Federal Reserve will begin stress-testing financial institutions for a scenario in which markets seize up and unemployment jumps above 10%.
The freedom of remote working helped boost relocations by 20% last year versus 2020, with Vermont and North Dakota as the most popular states but most people relocating to sunbelt states.
U.S. foreclosures rose 29% last month and were more than double the same time last year after a federal moratorium on evictions expired.
The average 30-year U.S. mortgage rate is up to 3.69%, the highest in two years. Meanwhile, median prices for single-family homes were higher last quarter versus a year ago in 181 of 183 U.S. metro areas.
Manhattan rental prices rose an annual 23% in January to an average of $3,467, near the all-time high. Across the nation, rents were roughly 4% higher last year than in 2020.
Sales of $10 million homes doubled last year, primarily concentrated in Los Angeles.
Plastics News reported that M. Holland earned a Bronze rating from EcoVadis, a trusted provider of business sustainability ratings. The article reports that our improved annual score for 2021 is due to progress in our diversity and inclusion program, wellness benefits, career development and more.
M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. 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.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
This cookie is installed by Google Analytics.
A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.
Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services.
Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
Vimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.