Governors in New Jersey and New York issued emergency declarations after Ida dropped record rainfall and spawned deadly tornadoes, closing airports, flooding buildings and subways, and causing multiple fatalities. New York City received its first ever flash-flood emergency alert from the National Weather Service.
Onshore infrastructure damage from Hurricane Ida is hampering efforts to get workers back to offshore production platforms and refineries in Louisiana, leaving around 1.7 million bpd of production offline, with analysts anticipating it could take weeks to fully restore service.
A number of Louisiana’s schools and universities will remain closed for the rest of the week as utility crews work feverishly to restore power to New Orleans. Officials imposed a city-wide curfew to prevent store looting, and set up sites and cooling stations to provide free food and relief from the area’s sweltering heat.
Some 37,000 Mississippi residents are still without power following the storm’s inward march Tuesday and Wednesday.
Vessel traffic resumed at the Port of New Orleans, with port conditions categorized as “Normal,” but terminal and breakbulk operations remain closed due to the lack of power.
Supply
Oil prices steadied Wednesday on news that OPEC+ will continue its schedule of modest production increases in coming months. The cartel also revised its 2022 demand forecast higher to 4.2 million bpd from 3.3 bpd.
Energy prices were firmly higher in late morning trading today, with WTI up 2.8% at $70.53/bbl and Brent up 2.5% at $73.39/bbl. Natural gas was 1.6% higher at $4.69/MMBtu.
U.S. crude inventories fell sharply by 7.2 million barrels last week, exceeding analyst expectations, as demand for refinery products rose to an all-time high of 22.8 million bpd despite resurgent COVID-19 cases.
Gas demand in India is expected to hit record levels this year following July’s 45% rise in passenger vehicle sales compared to a year ago.
Mexico state-controlled Pemex is buying out majority partner Royal Dutch Shell in its Deer Park, Texas, refinery venture.
The Environmental Protection Agency is seeking court approval to reconsider waivers from the previous administration that exempted oil refiners from biofuel blending mandates.
Norway is looking to overhaul its taxation of oil and gas firms, proposing plans to remove deductions and scrap reimbursements for exploration costs, a surprise announcement ahead of a new election later this month.
California’s Dixie Fire expanded nearly 40,000 acres in one day to 844,000 acres, with 52% containment.
Favorable weather helped firefighters keep Minnesota’s Greenwood Fire 37% contained, as crews now work to clean up the surrounding area.
Analysts predict widespread shortages, narrower selections and higher prices for products this holiday season because of months-long disruptions in the production and shipping markets.
The expansion of Amazon’s dedicated cargo airline, Amazon Air, has significantly enhanced the company’s overnight deliveries, putting 70% of the U.S. population within reach of the service.
Illinois shipper Dillon Transport shuttered its operations Tuesday after 41 years in the dry- and liquid-bulk trucking business, a decision reportedly made by its private equity owner.
Almost all the 755 office staffers at HMM, South Korea’s largest container shipper, joined seafaring employees in a strike over wage disputes, putting the company at risk of losing $580 million due to disrupted operations.
Tesla’s Chinese factories and domestic electric vehicle competitor Nio both announced production halts due to the global chip shortage.
A new United Nations report shows weather-related disasters have increased fivefold over the last 50 years, resulting in the deaths of more than 2 million people and $364 billion in damages.
Domestic Markets
The U.S. reported 198,025 new COVID-19 infections and 1,973 virus fatalities Wednesday.
U.S. COVID-19 hospitalizations have dropped 2.4% since last week, the first decline since June, while the country’s average daily infections remain at elevated levels nearing 160,000.
San Diego County declared COVID-19 misinformation a public health crisis, the first county in the nation to do so.
New York is expected to extend a moratorium on evictions into 2022 following a U.S. Supreme Court ruling that will force the wind down of federal protection.
In direct contradiction to private sector trends, New York City will require all remote city workers to return to the office full-time on Sept. 13.
A new study of COVID-19 “long-haulers” shows recovering patients face a greater likelihood of kidney damage, including those who were not hospitalized and who had no history of renal problems.
Chicago’s United Center became the latest pro sports arena to require documentation of vaccination or a negative COVID-19 test to gain entrance.
First-time jobless claims fell to 340,000 last week, a pandemic low.
Rising COVID-19 infections are causing another autumn of uncertainty that is beginning to sink consumer sentiment and the economic recovery.
The spread of the COVID-19 Delta variant is taking its toll on the airline industry, with the number of airline passengers screened at U.S. airports falling to 1.345 million people Tuesday, its lowest level since May.
U.S. mortgage applications dropped 2.4% compared to a week earlier, while refinancing applications fell 3.8% for the week ending Aug. 27.
The latest COVID-19 wave has prompted another ripple of delayed movie releases in Hollywood, causing further pain for beleaguered theater companies.
Nike gave headquarters employees the week off to support mental health and encourage de-stressing from the pandemic.
International Markets
Japan is expected to extend its state of emergency across Tokyo and 20 other prefectures for an additional two weeks beyond Sept. 12, as Tokyo announced more than 125,600 new COVID-19 infections for the month of August, almost triple July’s level.
Australian officials extended a COVID-19 lockdown in Melbourne by an additional three weeks as Victoria state infections climbed to 120 Wednesday.
Tourism officials in Mexico, which has yet to impose border restrictions for international arrivals, are asking the government to require travelers to show proof of vaccination or a negative test.
Spain has now fully vaccinated 70% of its population against COVID-19, a milestone.
Germany is exploring options to temporarily loosen data privacy laws so companies can find out if their employees have been vaccinated against COVID-19.
A new British study shows that roughly 1 in 7 teens could continue to have COVID-19 symptoms months after testing positive for the virus.
Mexico’s Central Bank raised its GDP growth expectations for 2021 to 6.2%.
Strong growth in consumer services and retail helped U.K. businesses grow at their fastest pace since May 2014 during the three months ending in July, with an index rising to +34 from July’s +33. British housing prices, meanwhile, rose 2.1% month over month in August, the second largest rise in 15 years after falling 0.6% in July.
A new report published by Botanic Gardens Conservation International shows that roughly 30% of the world’s tree species are on the verge of extinction, raising concerns about the continued effects of climate change.
At M. Holland
M. Holland will be closed Monday, Sept. 6 in observance of the Labor Day holiday.
During last week’s Plastics Reflections Web Series event, panelists from M. Holland, BPI, LyondellBasell and MTS Logistics discussed how global supply chain complexities are impacting the plastics industry. Click here to access the recording.
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.