More COVID-19 news relevant to the plastics industry:
The WTI oil price closed yesterday at $22.41/bbl, down 1.5%, on concerns that the nearly 10-billion bbl/day production cut agreed to by oil-producing nations may not be enough to stabilize oil markets. Brent crude rose 0.8% to $31.74.
Saudi Arabia slashed oil prices to Asia just days after agreeing to production cuts, signaling that stiff price competition will persist until inventories decline.
Oil-services firm Baker Hughes will take a $1.8 billion restructuring charge and write down $15 billion in goodwill.
The International Monetary Fund (IMF) today predicted the global economy will shrink by 3% in 2020, making it the worst year since the Great Depression and dwarfing the 0.1% contraction of 2009. The IMF expects a rebound in 2021.
Polyolefin prices rose in China from decade lows on rising demand for fiber, packaging and medical supplies and an aggressive schedule of pending maintenance shutdowns.
M. Holland is open for business, deemed essential and will continue to operate at full capacity. We have issued the following status statement:
In accordance with the guidance provided by the U.S. Department of Homeland Security Cybersecurity & Infrastructure Security Agency (CISA), M. Holland Company is considered a member of a critical infrastructure industry and will therefore remain operative. As such, with any necessary accommodations made to ensure the health and safety of our staff and business partners, we will continue to fully perform our normal business operations.
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.