COVID-19 Bulletin: February 24

February 24, 2022 • Posted in COVID-19, Daily Bulletin

More news relevant to the plastics industry:

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Supply

  • Oil futures stayed flat Wednesday before surging overnight as Russia invaded Ukraine. In mid-morning trading today, Brent rose 6.4% to $103.72/bbl, WTI rose 7.1% to $97.97/bbl, and U.S. natural gas was up 4.0% to $4.81/MMBtu. 
Crude Oil WTI
Natural Gas EU Dutch TTF
  • Dutch commodities trader Vitol Group says oil prices could stay above $100/bbl for up to nine months as demand continues to outpace supply. 
  • U.S. crude inventories rose a larger-than-expected 6 million barrels last week compared to a 1.1-million-barrel draw the previous week, according to the American Petroleum Institute. 
  • The U.S. Permian Basin could have up to 400 operational rigs by year’s end, up from the current 300, as more producers seek to capitalize on high oil prices. 
  • U.S. gasoline consumption is nearing pre-pandemic levels despite prices averaging over $3.50/gallon for the past several days, the highest since 2014. Prices in California, already at a record high, are expected to top $5/gallon soon, with the price in downtown Los Angeles already topping $6/gallon
  • Libya’s National Oil Corporation is warning of lower output over the coming days due to poor weather. 
  • Houston-based LNG developer Tellurian narrowed losses last year to $114.7 million, down from $210.7 million in 2020. 
  • Independent U.S. refiner HollyFrontier saw larger-than-expected quarterly losses due to maintenance and weather-related downtime. 
  • Exxon Mobil slashed its global workforce by more than 9,000 people last year as part of continued restructuring and cost-cutting efforts during the pandemic. 
  • The U.S. Secretary of Agriculture joined the EPA in endorsing increased biofuel mandates for U.S. refiners as the industry awaits specific goals from the White House. 
  • China’s state-owned oil producer won the first contract for well drilling at Ecuador’s Ishpingo field, a key part of the South American nation’s plan to ramp up exploration and output this year.
  • German energy powerhouse Uniper lost nearly $5 billion last year after placing wrong-way bets on the price of European power.
  • The impending merger of Bluesource and Element Markets will create North America’s largest originator and marketer of carbon credits
  • The International Energy Agency said Wednesday that its forecasts for energy-related methane emissions may be 70% lower than actual levels. 
  • Three-quarters of the world’s population favor a ban on single-use plastics:
Overwhelming Supports for Banning Single-Use Plastics

Supply Chain

Domestic Markets

International Markets

MOEX Russia Index
  • British bank Barclays posted record annual profit last year on the back of a 27% rise in banking fees and higher mergers and acquisitions activity. 

At M. Holland

  • M. Holland just published a 2022 Logistics Outlook examining continued trucking, ocean freight and rail challenges, plus key takeaways for plastics companies. Read it here.
  • 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.

For all COVID-19 updates and notices, please refer to the M. Holland website.

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