COVID-19 Bulletin: March 1

March 1, 2022 • Posted in COVID-19, Daily Bulletin

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Supply

  • Brent rose 3.1% Monday to $100.99/bbl, while WTI spiked 4.5% to settle at $95.72/bbl, as severe new sanctions on Russia raised fears of tighter global supplies. By the end of yesterday’s session, WTI had notched its third consecutive monthly gain. 
Crude Oil WTI
  • In mid-morning trading today, Brent futures were up another 7.8% at $103.22/bbl, WTI was up 6.8% at $104.81/bbl, and U.S. natural gas was 3.4% higher at $4.55/MMBtu. 
  • War in Eastern Europe continues to impact global energy markets:
  • U.S. oil demand rose an annual 10% to 20.8 million bpd in December, the highest level of the pandemic. 
  • Petrobras capitalized on surging crude prices to rake in $21.3 billion in profits last year, more than double the previous record from 2019. 
  • Pemex reported a $6.1 billion loss last quarter, the largest in seven quarters, even as output rose 4.5%.  
  • Exxon Mobil is shuttering over one-fifth of production at its 502,500-bpd Baton Rouge refinery until April for repairs and maintenance. 
  • Exxon Mobil made its first sale of certified circular polymer made at its Baytown, Texas, advanced recycling site.  
  • Chevron announced a $3.15 billion acquisition of sustainable fuels producer Renewable Energy Group, a bid to accelerate its transition to cleaner energy. 

Supply Chain

Wheat

Domestic Markets

International Markets

Ruble Plummets in the Wake of Western Sanctions

At M. Holland

  • 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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