More COVID-19 news relevant to the plastics industry:
Supply
Crude prices were modestly lower in mid-day trading with the WTI price at $40.31/bbl and Brent at $42.86/bbl.
Chevron is acquiring Noble Energy in a stock deal worth $5 billion, the largest energy deal since the pandemic began.
Just as the OPEC+ coalition is easing production restrictions, crude oil from China’s massive inventories is finding its way back into trading markets, underscoring the fragility of oil and gas recovery.
Oil shipments bound for China, the world’s largest importer, eased 22% in June compared with May.
Bruin E&P joined the growing list of shale producers to file for bankruptcy after lenders cut its credit lines. The firm operates mainly in North Dakota.
The U.K. is considering accelerating its plan to ban the sale of new gasoline- and diesel-powered vehicles ahead of its current deadline of 2040.
Supply Chain
Face mask manufacturers such as 3M and Honeywell are reshoring manufacturing due to the supply chain disruptions early in the pandemic; domestic production capacity is expected to quadruple this year.
The White House plans to ease the controversial Hours of Service rules for truckers beginning in September.
We continue to experience challenges with truck deliveries, particularly LTL shipments, due to labor shortages and operational delays caused by COVID-19 protocols.
The COVID-19 virus raged over the weekend with nearly 260,000 infections globally, a daily record. Total fatalities passed 600,000.
The seven-day average for new COVID-19 cases in the U.S. rose for the 41st consecutive day on Sunday, as Kentucky, Louisiana, Oregon and South Carolina recorded daily infection records.
Florida reported over 12,000 new COVID-19 cases on Saturday, its fifth straight day with more than 10,000 infections.
One hundred U.S. Air Force healthcare professionals were deployed at California hospitals, where capacity and staffing have been strained.
Leaders in Washington will meet today to begin negotiations on the next round of federal economic relief.
In announcing second-quarter results last week, the nation’s four largest banks set aside a combined $33 billion in loss reserves and indicated the outlook will be challenging for all manner of businesses, not just those most impacted by shutdowns and social distancing.
With hope fading for a quick taming of COVID-19, business leaders are grappling with how to reinvent their business models for what could be a years-long new paradigm.
Some retail stores are being repurposed as internet fulfillment centers and warehouses as bricks-and-mortar retailing loses ground to the internet.
According to McKinsey & Company, future packaging design must consider sustainability, hygiene and direct-to-consumer supply chains.
A shortage of home appliances is forcing months-long waits for buyers.
Major healthcare companies report that a recovery is underway for medical devices, which suffered early in the pandemic as healthcare facilities temporarily closed and patients postponed elective surgeries.
Realtor.com reports that interest is growing in suburban and rural properties, which saw a 30%+ jump in views in June compared with the prior-year period, versus a 19% increase for urban properties.
Business air travel, which accounts for more than 60% of airline demand, is unlikely to get back to 75% of pre-pandemic levels over the next 18 to 24 months.
Evidence mounts that the use of face masks is among the best methods for mitigating the spread of COVID-19.
Elevators, a pinch point for reopening offices, present challenges for building owners trying to introduce new rules for elevator etiquette.
Total global infections topped 14.5 million over the weekend.
International
The 27 European Union leaders, divided over a 1.8 trillion euro stimulus plan, appeared close to a compromise over the weekend. Talks continued today.
Half of hospitalized COVID-19 patients die in Mexico’s Baja state that borders the U.S. due to inadequate facilities and fear of hospitals among patients, which prompts them to delay seeking care.
COVID-19 infections in Spain doubled to nearly 6,000 last week from the prior week, prompting concerns about a second wave of the virus.
France, Hong Kong and parts of Australia mandated the use of face masks in public indoor spaces to stem rising infection rates.
Global real estate investment fell 33% in the first half of the year, with Asia suffering the most with a 45% decline.
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