Crude prices were flat in early trading today, with the WTI at $40.85/bbl and Brent at $42.56/bbl. Natural gas was 3.5% higher at $2.89/MMBtu.
The largest U.S. oil deal since the start of the pandemic was announced Monday, with ConocoPhillips agreeing to buy Concho Resources for $9.7 billion. The deal will turn ConocoPhillips into the second-largest oil independent and allow the company a much larger presence in the Permian Basin of Texas and New Mexico.
Permian Basin producers Pioneer Natural Resources and Parsley Energy are in merger talks, continuing the consolidation trend in the struggling energy industry, which has seen more than 50 bankruptcy filings this year.
Renewable energy comprised a record 11% of total U.S. energy consumption in 2019, with a new report showing wind energy and wood and waste energy each accounting for 24% of renewables used in the country. Hydroelectric power took third, with 22% of the renewable share.
An idled vessel off Venezuela’s eastern coast carrying 1.3 million barrels of crude oil has raised concerns of a potential catastrophic spill, as a recent picture shows the ship tipping dangerously to one side.
Trucking giant YRC has drawn down about a third of the controversial $700 million credit line it received from the federal government and will need approval to draw more.
UPS rates for shipments to the U.S. from China and Hong Kong will increase by 30% starting October 25, while UPS Express Freight rates from Europe to the U.S. will increase 165% starting November 1. The rising rates reflect higher volumes of shipments due to the pandemic and the holiday season.
Two-thirds of 150 manufacturing executives interviewed in a recent survey see the pursuit of just-in-time inventory waning in favor of warehousing inventory to create greater supply chain resiliency.
With tight freight capacity nationwide and supply constraints with many plastic resins, clients are advised to provide expanded lead times on orders to help ensure delivery dates.
GM is expected to announce a $1 billion+ investment to convert a plant in Spring Hill, Tennessee, to manufacture its first all-electric Cadillac. It will be the company’s third electric vehicle production facility.
Demand varies by ultimate end application, with improving conditions in the hard-hit automotive and construction industries and continuing robust conditions in sporting goods, consumer packaging and other markets.
Resin constraints are frustrating the recovery, particularly PP shortages impacting the automotive, appliance and other sectors.
Electrical & Electronics
Continuing uncertainty prevails in commercial construction and infrastructure markets.
Demand is robust in computer and consumer electronics markets.
Demand remains strong for safety equipment, hospital disposables, testing pipettes, etc.
Demand is recovering for surgical equipment and medical devices.
The early pandemic surge in demand for consumer goods packaging has eased, but conditions remain healthy.
Single-use plastics remain central to pandemic defenses.
Demand for sustainability solutions is rising across resin families.
Wire & Cable
Demand in the oil and gas sector remains anemic.
Demand is improving in the construction and infrastructure sectors but remains below pre-pandemic levels.
Demand is strong in electronics and telecommunications sectors, particularly related to 5G investments.
The pandemic is driving growing interest in 3D printing for both product development and industrial production.
We’re seeing rising interest and activity for our online training resources.
We’re seeing rising demand for customized equipment and materials.
Daily COVID-19 cases in the U.K. continue a rising trend:
New COVID-19 cases in India have dropped from 100,000 per day to around 55,000 per day in a month, a result of strict lockdowns that, if continued, officials believe will contain the virus by February. India has the second highest overall infections in the world:
Average daily COVID-19 cases in Canada rose 29% in the last seven days compared to the previous seven-day period, leading to more lockdowns and social restrictions.
Global Healthcare Manager Josh Blackmore will be a featured speaker at the Plastics in Healthcare Virtual Edition, sponsored by Plastics News, October 26-30. The title of his talk: Applying the Lessons from the First Wave of COVID-19 to Successfully Navigate the Second.
Resource Center: M. Holland offers a host of resources to clients, prospects and suppliers. To arrange a videoconference or meeting, contact: