Oil prices dipped Wednesday as the White House continued to indicate it may pull more from strategic U.S. crude reserves. Reserve withdrawals already topped a previous record at 1.6 million barrels in October.
Energy futures were higher in mid-day trading, with WTI up marginally at $81.42/bbl and Brent up 0.1% at $82.70/bbl. U.S. natural gas was 4% higher at $5.08/MMBtu.
U.S. consumers face their biggest surge in energy costs in 12 years, with electricity prices rising 6.5% year over year in September alongside steep increases in natural gas (+28%), fuel oil (+59%) and propane (+35%).
Russia boosted gas flows to Europe Wednesday, easing some of the bloc’s supply concerns and causing wholesale prices to drop ahead of the winter season. The nation’s oil and gas discoveries fell to the lowest in five years in the first half of 2021.
After unsuccessfully approaching OPEC producers to boost production, Japan is warning of the long-term economic effects of continued high oil prices on the nation’s pandemic recovery.
Offshore drilling contractors Noble Corporation and Maersk Drilling announced plans to merge into a combined modern fleet of 20 floaters and 19 jackup rigs.
The U.S. and China issued a surprise joint pledge Wednesday to combat the worst effects of climate change, announcing plans to curb methane use, halt illegal deforestation and other measures. Absent from the agreement was any mention of phasing out fossil fuel vehicles.
Shell’s clean energy unit will sell renewable energy credits to oilfield firm Baker Hughes’ U.S. facilities over the next two years.
U.S.-based Charm Industrial announced it has buried the equivalent of 5,000 tonnes of carbon dioxide in a “bio-oil” generated from agricultural waste, a new but expensive method for trapping carbon that could gain broader support among firms.
Cost is one of the main factors preventing airlines from buying into sustainable alternative fuels, with prices three to four times more expensive than standard jet fuel.
Our most recent list of force majeure and allocation announcements from suppliers is here.
Supply Chain
The White House unveiled a new supply chain dashboard that will be updated two times per month, detailing the status of delayed imported goods at ports throughout the U.S.
The U.S. president paid a visit to the Port of Baltimore Wednesday, highlighting planned improvements and upgrades as part of the $1 trillion infrastructure bill Congress recently passed. He is expected to sign the bill into law Monday. If passed, the legislation would grant $125 million in federal funding to vessel owners looking to divert ships from the U.S. West Coast to less-congested ports on the Gulf and East Coast.
The Georgia Ports Authority will spend $8 million to convert five inland facilities in Georgia and North Carolina into pop-up container yards to help ease congestion and alleviate supply chain disruption.
Several national and state trucking associations are suing the White House over its COVID-19 vaccination and testing rules for companies with over 100 employees.
GM has resumed production of Chevrolet Silverado pickup trucks at its plant in Oshawa, Canada, after closing it in December 2019 to retool its assembly line.
Rising food costs and ongoing supply chain disruption are prompting U.S. food banks to ration servings and make meal substitutions for families seeking food for the holidays. Wheat prices rose above $8/bushel for the first time in almost a decade.
Nineteen nations at the COP26 climate summit in Scotland have signed onto a plan to support the establishment of at least six “green” shipping corridors by 2025.
For a partial list of automotive disruptions caused by semiconductor and component shortages, click here.
Domestic Markets
The U.S. reported 95,929 new COVID-19 infections and 1,625 virus fatalities Wednesday. New cases are rising in most states.
COVID-19 cases in New Mexico are rising quicker than any other state in the U.S., with daily cases up 48% over the past two weeks, compared to a 6% average rise nationwide.
Colorado has started sending thousands of free rapid COVID-19 tests to residents amid a recent surge in virus infections.
Despite having one of the highest vaccination rates in the U.S., Vermont’s COVID-19 cases have risen 55% the past two weeks, with daily cases hitting all-time highs above 400.
A public school in New York City’s Queens borough has closed its doors and will go fully remote for the next 10 days after 19 students and three staff members tested positive for COVID-19.
Less than 1% of New York City’s municipal workforce is on unpaid leave for not complying with its COVID-19 vaccine mandate, accounting for roughly 2,600 workers, down from 9,000 at the start of the month.
Atlanta lifted its indoor mask mandate earlier this week following a drop in its COVID-19 positivity rate the past two weeks.
The U.S. has administered roughly 900,000 initial doses of Pfizer’s COVID-19 vaccine to children aged 5 to 11 in the age group’s first week of eligibility.
There were 267,000 first-time unemployment claims last week, a pandemic low.
The average employer health coverage cost for a family plan rose 4% in 2021 to $22,221, up from $21,342 in 2020.
The U.S. is facing a highway death “crisis,” with 2020 driving fatalities at the highest level since 2007 despite a decline in driving during lockdowns. The death rate is up 18.4% through the first six months of this year.
The CDC is warning of an increased global threat of measles after 22 million infants missed getting vaccinated against the virus during the COVID-19 pandemic.
Roughly 25% of financial services firms expect to reduce their New York City workforces over the next five years amid a shift to lower-cost locations throughout the country.
Spending at U.S. discount stores is up 65% compared to the same period in 2019 and 21% from the week prior, as high inflation impacts consumer behavior.
Despite hourly earnings increasing 0.4% in October for American workers, top line inflation for the month rose 0.9%, bringing real wages down 0.5% for the period.
The median price for a single-family home rose 16% in the third quarter from a year ago to $363,700. Sales, meanwhile, are taking only one week on average to close, forcing buyers to bypass traditional home-buying safeguards.
Manhattan apartment rents surged 18% in October from a year earlier, the most on record.
Germany reported nearly 40,000 new COVID-19 cases Tuesday, its third day of record infections the past week.
The U.K. reported 39,329 new COVID-19 infections yesterday, up from 33,117 the day before. The nation also recorded its first case of COVID-19 in a pet dog.
France is seeing the beginning of a fifth COVID-19 wave, with the nation reporting 11,833 new infections Wednesday, its second consecutive day above 10,000 and a roughly 40% rise from a week earlier.
Russia reported over 40,000 COVID-19 cases and 1,237 deaths Thursday, both records, only two days after parts of the country reopened from a week-long workplace shutdown. Roughly 83% of the country’s virus hospital beds were filled as of Wednesday.
Slovakia saw a record-high 7,055 new COVID-19 infections Tuesday, while the Czech Republic reported 14,539 cases, nearing a record.
Italy expanded authorization for COVID-19 booster shots in a bid to get ahead of an expected fourth virus wave this winter.
Following the U.S., Israel approved giving children aged 5 to 11 doses of Pfizer’s COVID-19 vaccine. The nation began a series of “war games” to test its readiness for a potential new, more lethal virus strain.
China placed 9,000 tourists visiting the Gobi Desert into quarantine after a COVID-19 case was detected in a nearby city. The northern Chinese city of Shenyang is requiring overseas visitors to quarantine in a hotel for 28 days and then avoid leaving their residences for an additional 28 days, part of the country’s strict “zero COVID” strategy.
China shut down businesses that handle imported food in the port city of Dalian after a local COVID-19 outbreak.
The U.S. announced plans to rush deliver 300,000 Johnson & Johnson COVID-19 vaccine doses to humanitarian and front-line workers in conflict zones through the international COVAX vaccine sharing program.
The European Commission approved a contract to buy up to 60 million COVID-19 vaccine doses developed by French biotech firm Valneva, as the EU combats another virus wave.
China’s population is likely already shrinking after researchers predicted up to 10.5 million newborns this year, roughly the same as projected deaths.
Chinese property giant Evergrande again averted default with another set of last-minute bond payments, temporarily easing fears of a liquidity crisis in the nation’s property sector.
China launched on Wednesday a 4.6 billion euro-denominated bond issue in its second major foreign currency transaction in a month, a bid to take advantage of Europe’s exceptionally low yields.
Toxic air pollution in India is rising alongside the rebound of the nation’s economic activity, with New Delhi seeing four straight days last week of hazardous conditions.
The International Chamber of Commerce is proposing new definitions for “sustainability” that would impact roughly a third of global trade, the first time a global standard for the term has been recommended.
India is calling for $1 trillion in global investment by the end of the decade to finance its recent pledge of net-zero emissions by 2070.
At M. Holland
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.
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.