Oil prices fell more than 7% Monday, the largest daily decline since March, after OPEC agreed to boost its output over the coming months and concerns grow about the spreading Delta variant of COVID-19. Futures were higher in morning trading, with WTI up 0.7% at $66.85/bbl and Brent up 0.6% at $69.02/bbl. Natural gas was 2.1% higher at $3.86/MMBtu.
Goldman Sachs expects Brent crude to hit $80/bbl this summer on rebounding demand, despite OPEC’s agreement to add 400,000 bpd each month beginning in August.
Saudi Arabian crude exports increased to 5.6 million bpd in May, the most in four months.
BP and Germany’s EnBW have submitted a joint bid for offshore wind acreage off Scotland’s east coast that could end up producing 2.9 gigawatts of capacity.
The world’s largest carbon capture and storage project in Australia missed initial targets for injecting CO2 underground, highlighting the practical challenges of achieving ambitious environmental goals.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Supply Chain
A fourth heat wave struck the U.S. West and western Canada over the weekend, with unusually high temperatures expected to persist throughout the week.
Firefighters are working to contain roughly 80 large wildfires that have burned more than 1.2 million acres in the U.S. West:
Oregon’s Bootleg Fire, the nation’s largest, has burned more than 350,000 acres and forced thousands to evacuate.
California utility PG&E fears its equipment may have started the Dixie Fire burning in the Sierra Nevada, which has grown to more than 30,000 acres.
Lake Tahoe’s Tamarack Fire has spread to more than 18,000 acres with zero containment, prompting evacuations.
Chinese electricity providers are starting rolling blackouts amid record demand caused by extreme high temperatures in many regions, a similar situation to the U.S. West in recent weeks.
The ongoing global semiconductor shortage is taking its toll on the smartphone industry, with shipments expected to be down 10% in the second quarter and many companies forced to delay product launches.
Volvo’s second-quarter operating profit fell short of expectations, while the company warned of further production disruptions caused by the global computer chip shortage in the second half of the year.
Taiwan’s export orders, a bellwether for global tech demand, rose a larger-than-expected 31.1% in June from a year earlier, the 16th month of expansion.
Contractors report higher instances of shelling out their own money to cover excessive project costs, a result of rising materials prices that have upended the bidding market.
A completed merger between International Seaways and Diamond S Shipping has created the second-largest U.S.-listed tanker company by vessel count and the third largest by deadweight volume.
The FAA suspended operations of Hawaii-based Rhoades Aviation after one of its cargo jets crash-landed in the ocean earlier this month.
Markets
Average U.S. daily COVID-19 cases have more than doubled in the past two weeks, rising from 13,200 July 4 to more than 32,300 July 18. The country reported 52,111 new infections and 212 virus deaths Monday.
Los Angeles County, the nation’s most populous, is averaging more than 10,000 new COVID-19 cases per week, mostly caused by the Delta variant. Meanwhile, local governments in California’s Bay Area are asking fully vaccinated people to wear masks indoors, consistent with the U.S. surgeon general’s support of reissued mask mandates.
New York City’s mayor will not renew an indoor mask mandate despite rising COVID-19 cases throughout the city, with the weekly average ticking up more than 64% compared to a month ago. New York state’s single-day COVID-19 infections topped 1,000 Sunday for the first time since May.
Virginia is averaging 336 new COVID-19 cases per day, more than double the infection rate of the previous month and the highest since May.
Health officials in Kansas City, Missouri, are asking residents to wear masks in public places as COVID-19 hospitalizations rose to 1,357 Friday, the most since February.
Health officials in Las Vegas are advising the public to wear masks in crowds and indoor spaces.
A federal judge upheld Indiana University’s vaccine mandate for students and staff, potentially clearing the way for widespread adoption of the policy for students returning this fall.
Newly published research shows that the Pfizer/BioNTech COVID-19 vaccine produces 10 times more antibodies than China’s Sinovac vaccine.
Major U.S. stock indexes fell more than 2% yesterday, the steepest decline since October, over fears of higher inflation and increased outbreaks of the COVID-19 Delta variant.
U.S. mortgage rates dropped for a third straight week, with the average 30-year fixed rate falling to 2.88%, a five-month low.
Last year’s two-month economic recession from March to April was the shortest on record, U.S. data shows, ending the nation’s longest recorded economic expansion that begin in June 2009 and lasted 128 months.
After nearly 50 years of making the Passat and its predecessor models, Volkswagen will stop producing and selling the sedan in the U.S. after 2022 in favor of SUV production at its assembly complex in Chattanooga, Tennessee.
Uber is expanding same-day and on-demand grocery deliveries to more than 400 U.S. cities and towns, doubling the size of its current service.
Roughly 77% of Americans believe it is the responsibility of consumer-packaged goods companies to ensure their products and packaging are recyclable and don’t contribute to global pollution.
The U.S. sent 500,000 doses of Pfizer’s COVID-19 vaccine to Jordan over the weekend, part of an effort to help low-income countries combat the pandemic.
The EU first-dose COVID-19 vaccination rate has surpassed that of the U.S., despite the percentage of fully vaccinated people being significantly lower:
U.K. consumers are spending roughly 30% less in restaurants, bars and hotels than they were prior to the pandemic.
Up to 3 million people may be unable to afford a healthy diet because of the pandemic, new research shows, worsening maternal and child nutrition in many low- and middle-income countries.
New research from China highlights the development of a new degradable plastic that breaks down after being exposed to sunlight and air for only one week.
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.
We and selected third-parties use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL third-party cookies. For more details about cookies and how we use them, read the full Data Privacy Policy.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. For more details about cookies and how we use them, read the full Data Privacy Policy.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category .
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Cookie
Duration
Description
__cf_bm
30 minutes
This cookie, set by Cloudflare, is used to support Cloudflare Bot Management.
bcookie
1 year
LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID.
bscookie
1 year
LinkedIn sets this cookie to store performed actions on the website.
lang
session
LinkedIn sets this cookie to remember a user's language setting.
lidc
1 day
LinkedIn sets the lidc cookie to facilitate data center selection.
UserMatchHistory
1 month
LinkedIn sets this cookie for LinkedIn Ads ID syncing.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
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.
Cookie
Duration
Description
_ga
2 years
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.
_ga_S6SF7JZ2WY
2 years
This cookie is installed by Google Analytics.
_gat_UA-7828007-1
1 minute
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.
_gcl_au
3 months
Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services.
_gid
1 day
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.
CONSENT
2 years
YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
vuid
2 years
Vimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Cookie
Duration
Description
_fbp
3 months
This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.
fr
3 months
Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin.
IDE
1 year 24 days
Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile.
personalization_id
2 years
Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting.
test_cookie
15 minutes
The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE
5 months 27 days
A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.
YSC
session
YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.
yt-remote-connected-devices
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt-remote-device-id
never
YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.
yt.innertube::nextId
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.
yt.innertube::requests
never
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.