U.S. benchmark WTI rose 1.7% to a two-month high Wednesday after government data revealed the nation’s crude stockpiles are at their lowest levels since late 2018. Futures were lower in late morning trading, with WTI down 0.6% at $82.12/bbl and Brent down 0.5% at $84.26/bbl. U.S. natural gas was 9.8% lower at $4.38/MMBtu.
The U.S. Energy Information Administration forecasts Brent crude will average $75/bbl this year, down $4/bbl from last year’s average, on a gradual build in inventories:
Other analysts predict the opposite happening, with crude prices potentially rising over $100/bbl.
Petrobras imported 23 million cubic meters of LNG per day in 2021, a 200% increase from the previous year, as drought in Brazil impacted hydroelectric reservoirs.
The International Energy Agency says that surging COVID-19 Omicron cases have not dented global oil demand as much as expected, likely due to the strain being milder than other variants.
Europe’s gas storage levels have remained well below five-year levels for about a year because it is more cost effective to withdraw gas than pay higher prices for ebbing Russian supply, which provides about one-third of the continent’s gas. Europe’s total power bill could double this year from 2019 levels, Citigroup predicts.
Indonesian officials continue their back-and-forth on resuming the nation’s coal exports halted since Jan. 1, with the government now waiting on state utilities to confirm they have secured enough of the fuel.
Germany’s ruling party will press forward with phasing out coal and nuclear while expediting approvals for new solar and wind farms, an effort to push prices down and meet increased power demand by 2030.
The cost of last week’s severe snowstorms across the U.S. Southeast and Mid-Atlantic could total $5 billion in lost revenue, logistics firm Resilinc predicts, as more than 7,000 suppliers and 14,000 logistics sites were disrupted.
Shipping congestion is growing at the world’s largest port complex as carriers reroute to Shanghai to avoid trucking snarls at the COVID-restricted Ningbo port.
A new safety measure at the Port of Oakland will require container lines seeking berths to wait more than 50 miles offshore.
Israeli ocean carrier ZIM will pay $200 to truckers for each container they pick up within four days after it is discharged from their vessels at a Port of Los Angeles terminal.
The National Retail Federation predicts 2022 U.S. import volumes to stabilize after a record-setting 2021.
Most midsize businesses have started strategically stockpiling goods and sourcing from suppliers with greater geographic diversity to work around supply chain disruptions.
Intermodal container and trailer volumes fell 8.2% in December from the year-ago period, contributing to a disappointing second half for intermodal last year after a record-setting first half.
Advanced robots that can pick up separate objects are making their way into more distribution operations.
Taiwan Semiconductor Manufacturing Co., the most important chip supplier for Apple, raised growth forecasts after setting aside a record $44 billion in spending this year to remedy the global chip shortage and regain its stature from Intel as the world’s top chip builder.
Delivery times for computer chips increased by six days to about 25.8 weeks in December from the previous month, marking the longest wait time since data collection began in 2017.
Available warehouse space in the U.K. is at its lowest level ever recorded, Canadian real estate investment firm Colliers said.
Maersk accelerated its plans for net zero emissions by a decade to 2040.
M. Holland’s 2022 Plastics Industry Trends & Predictions
M. Holland’s market experts weigh in on what we can expect for the plastics industry in 2022. View the infographic and read more on current trends and predictions.
Domestic Markets
The U.S. reported 894,971 new COVID-19 infections and 2,421 virus fatalities Wednesday.
The White House is deploying military medical teams to New York, New Jersey, Ohio, Rhode Island, Michigan and New Mexico to help overtaxed hospitals.
Florida recorded its highest seven-day average for daily COVID-19 infections — 65,551.
Thirty percent of Coloradans who test for COVID-19 are positive, the state’s highest rate of the pandemic.
The president of the St. Louis Federal Reserve predicts the central bank will need to raise interest rates as many as four times this year, up from a planned three.
More than 11.7 million Americans were lifted out of poverty by the government’s first two rounds of pandemic stimulus payments, the U.S. Census Bureau estimates.
U.S. college enrollment has declined by more than 1 million students, or 7%, since the start of the pandemic, translating to deep cuts to university budgets and more school closings.
Median monthly rents in Manhattan rose an annual 16% in December to an all-time high of $3,475.
California regulators are reconsidering Tesla’s exemption from strict rules governing self-driving vehicles as more videos surface of the automaker’s cars driving themselves into dangerous situations.
International Markets
France registered more than 360,000 new COVID-19 cases for the second day in a row Wednesday, just shy of Tuesday’s record.
Chile leads the world in administering COVID-19 booster shots:
South Korea granted approval for the U.S.-made Novavax COVID-19 vaccine for adults.
European medicine regulators are considering timing annual COVID-19 shots to the onset of cold seasons, similar to the flu.
The pandemic has increased global extreme poverty rates and disproportionately affected lower-income populations, reversing progress made on bridging global inequality the past 20 years.
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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