COVID-19 Bulletin: March 24

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

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Supply

  • Oil prices jumped over 5% Wednesday on the potential loss of 1.2% of daily global capacity after a storm damaged Black Sea pipelines owned by the Caspian Pipeline Consortium. Officials said the group’s oil supplies could be completely stopped for up to two months
  • In mid-morning trading today, WTI futures were down 1.4% at $113.40/bbl, Brent was off 1.6% at $119.70/bbl and U.S. natural gas was up 0.1% at $5.24/bbl. 
  • U.S. crude stocks fell a surprise 2.5 million barrels last week on higher demand, government data showed, with production remaining flat at 11.6 million bpd for the seventh straight week. 
  • A Federal Reserve index of oil and gas activity in Texas, Louisiana and New Mexico rose to 56 in the first quarter from 42.6 the previous quarter, marking the highest reading since the survey began six years ago. 
  • Canada, which has the world’s third-largest oil reserves, will unveil new plans today to boost oil exports and help alleviate the tight global market. 
  • California’s governor is proposing to send direct payments of $400 per vehicle to state residents to help offset higher fuel prices. Calls for similar measures are rising in Congress. 
  • U.S. gasoline prices averaged $4.24 a gallon last week, an 8 cent decline from the previous week’s record:
U.S. gasoline and diesel prices declined slightly the week after their March 14 peak

Supply Chain

Domestic Markets

International Markets

Euro Area Manufacturing PMI
  • Japanese consumer prices rose a smaller-than-expected 0.2% in February, the fifth straight monthly rise, as lawmakers assemble a new stimulus package to help ease food and fuel costs. 
  • Mexico’s federal budget deficit was up over tenfold in January from the year-ago period.  
  • Brazil suspended import tariffs for ethanol and six food products to the end of this year, a bid to help reduce soaring inflation. 
  • LG Energy Solution will invest $1.5 billion in a joint venture with Stellantis to start producing electric vehicle batteries in Canada by 2024. Separately, Stellantis is pairing up with Mercedes-Benz and TotalEnergies on a new battery plant in Italy
  • Volkswagen plans to put $7 billion into expanding electric-vehicle battery production in Spain, including possible construction of a new plant outside Valencia that could include Ford as a partner.

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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