COVID-19 Bulletin: March 10

March 10, 2022 • Posted in COVID-19, Daily Bulletin

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Supply

  • More oil news related to the war in Europe:
    • Oil prices fell roughly 13% Wednesday, the biggest one-day slide in two years, after Iraq and the UAE signaled support for higher production from OPEC. Prices also were pressured after the International Energy Agency said it could release more oil from strategic reserves
    • Energy futures were higher in late-morning trading today, with WTI up 1.1% at $109.90/bbl, Brent up 2.0% at $113.30/bbl and U.S. natural gas up 1.8% at $4.61/MMBtu. 
    • The U.S. government raised its forecast for the average price of Brent crude this year from $82.87/bbl to $105.22/bbl
    • Oil futures contracts for longer-term delivery have not risen nearly as much as short-term contracts. 
    • The average price for a gallon of gas in the U.S. rose to $4.25 Wednesday, topping the previous day’s all-time high of $4.17. Gas prices are up 15% since last week and 21% since last month. 
    • European gas futures plunged 43% Wednesday, tracking a widespread drop in prices for commodities. 
Natural Gas EU Dutch TTF
  • European gas prices have surged to new heights between $50-60/MMBtu just as LNG exporters in the U.S. complete several projects to deliver more supplies internationally. Over 160 cargoes were sent to Europe in the first two months of 2022, topping the previous record of 125 in 2020, as the U.S. government predicts exports to continue rising in the years ahead: 
EIA expects U.S. natural gas production to rise as demand for exports grow

Supply Chain

The Biggest Exporters of Wheat in the World

Domestic Markets

International Markets

Global Food Prices Surge
  • Shell and Scottish Power are putting a combined $99 million into infrastructure and facilities to help boost offshore wind development in Scotland. 
  • Colombia signed an agreement to develop its first offshore wind project and expects the industry to bring in nearly $30 billion of investment by 2050. 
  • Global CO2 emissions rebounded 6% last year to the highest level in history, new data shows. 

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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