Energy prices were lower in mid-day trading today, with the WTI down 1.8% at $39.91/bbl and Brent down 1.5% at $41.79/bbl. Natural gas was down 1.2% at $2.97/MMBtu.
While official moves have not yet been announced, Russia’s president indicated his support of halting OPEC’s planned production hikes at the start of the new year.
China’s national offshore oil and gas producer CNOOC reported a 27% drop in third quarter revenues from a year ago. The company plans for natural gas to make up half of total output by 2035.
Western Canada oil production has rebounded faster than the rest of the world, with more than 700,000 bpd brought back online after a 1 million bpd cut in the spring. The U.S., in comparison, is averaging about 9.9 million bpd, down from a high of 13.1 million bpd in mid-March. The rebound is aided by Canada’s federal government, which announced a $100 million contribution to assist oil and gas commercialization and sustainability.
The accelerating pace of consolidations in the U.S. oil industry is creating anxiety in Houston, the nation’s energy capital, which already has seen 17,500 lost oil and gas drilling jobs in the past two years.
ExxonMobil told employees it must reduce its workforce after initially rejecting staff cuts early in the pandemic.
Europe’s largest gas pipeline is positioning itself to be front and center of the hydrogen market, investing $39 million in a British producer of electrolyzer technology.
With several states and local governments legally mandating a transition to renewable or carbon-free electricity, some industry leaders are saying the U.S.’s “peak oil” has been reached.
Natural gas, long forecast for multi-generational growth, may be headed for “peak gas” sooner than expected as states and utilities accelerate moves to alternative energy.
Formosa is suspending construction on its $9.4 billion petrochemicals project in St. James Parish, Louisiana, until there is a vaccine for COVID-19 and infection rates subside.
The market for biodegradable plastic is forecast to grow to $6 billion by 2023, a response to increasing environmental concern from industry and consumers.
Supply Chain
Hurricane Epsilon, which wobbled eastward and missed Bermuda yesterday, is expected to cause dangerous surf conditions along the Atlantic coast of the U.S. and Canada.
Colorado’s East Troublesome Fire expanded by 100,000 acres in just one day, a result of droughts and record heat at a time of year when snow is usually falling in the region.
As spot rates in the trucking market remain high, railroad company CSX is courting shippers to switch to intermodal, having already raised intermodal volume by 7% year over year in the third quarter.
Partly due to a rise in e-commerce fulfillment, warehouse rental prices are expected to continue increasing with more leases being signed, according to data from real estate firm Prologis.
Toyota’s Hino Motors is teaming up with electric vehicle maker BYD to provide commercial electric trucks and buses to the Asian market by the first half of the decade.
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.
Markets
COVID-19 infections in the U.S. soared to 71,671 yesterday, the highest since July 24 and third highest daily infection rate on record.
Illinois, Ohio and North Dakota have hit daily COVID-19 records in the past two days, as the seven-day average of U.S. deaths hit the highest in a month.
Amid a second surge of COVID-19 in Chicago, officials are urging residents to stay home and have placed a 10 p.m. to 6 a.m. curfew on all non-essential businesses for two weeks.
Los Angeles County recorded some 2,000 new COVID-19 cases yesterday, the highest level in two months and twice recent daily averages, despite a decline in testing. Hospitalizations and deaths also are on the rise.
Gilead Sciences’ remdesivir became the first anti-viral therapy to win approval by the FDA for treatment of COVID-19. It previously has been used under an emergency use authorization.
Moderna enrolled 30,000 patients in the final stage of its vaccine trial, with results expected as early as November.
As negotiations between the Speaker of the House and Treasury Secretary dragged on yesterday, growing opposition in the Senate lowered hopes for a new stimulus bill before the November election.
Previously owned home sales in the U.S. rose 9.4% to their highest level in 14 years in September, a result of continued low mortgage rates and a desire for larger personal space.
A report from the Bipartisan Policy Center says Social Security funds are likely to be depleted by 2030, five years earlier than expected.
A new study finds that 4 in 10 women are considering leaving the workforce because of increased family and parenting responsibilities during the pandemic.
Southwest Airlines reported a quarterly loss in the third quarter on a 68% drop in revenue and predicted the airline industry will “remain fragile” until vaccines for COVID-19 are widely available. The company is ending its practice of leaving center seats open.
Merchants are increasingly using “unattended retail,” which often provides a faster, lower-cost and contactless method for consumer purchases. Examples include soda fountains that consumers control through an app, and smart vending machines that sanitize themselves, refill bottles of common household liquids, or distribute products to multiple people at once.
Target is introducing online reservations to shoppers, allowing them to avoid holiday crowds.
Online consumers spent 52% more between March and September compared to the same time last year, boosting investment into highly valued e-commerce marketers.
Amid the surge in online purchasing, Gap is hiring 1,400 new workers at a New York distribution center to prepare for the holiday season. The company has pledged a return to profitable growth with the shuttering of 350 stores by 2024.
Legislation in Seattle considers classifying Amazon’s high-speed e-commerce warehouses as more costly than the meatpacking or logging industries for workplace injury claims.
After strong sales in the first half of the year, chipmaker Intel’s revenues dropped 4% in the third quarter as consumers flock to cheaper laptops.
Several electric vehicle startups went from small staffs and no revenues to multi-billion-dollar valuations in mere months in 2020, as investors seek to find the next titans of the electric car industry.
Burger King will start offering reusable containers for sandwiches and drinks next year.
Ocean Spray packaging will be 100% recyclable, reusable, compostable or biodegradable by 2025, the company said Thursday. The plan includes a partnership with a waste management firm to recycle packaging into new products for retailers, such as benches and picnic tables.
International
Europe’s per-capita infection rate surpassed that of the U.S. yesterday, with 235 cases per 1 million people vs. 181 per 1 million people in the U.S.
France reported a single-day record of more than 40,000 COVID-19 cases on Thursday. A nighttime curfew will take effect at midnight today. The country also joined a list of six others with more than 1 million total cases.
Greece reported a record number of COVID-19 cases Thursday, prompting officials to implement a mask mandate and new nighttime curfews in several cities, including Athens.
Slovakia is shutting down schools for a month and requiring the population to stay home except for work, essential shopping and trips to nature. The country will also provide nationwide free testing to its 5.5 million residents.
For fear of a nationwide health system collapse, the Czech Republic is again imposing strict lockdowns and mask mandates as the country’s per-capita infection rates are among the world’s highest.
Poland reported a record 12,107 new COVID-19 cases Thursday, with officials imposing new restrictions.
Denmark reported a record 760 new COVID-19 cases, bringing the country’s total infection count to 37,763.
New COVID-19 cases in India, which has seen falling infections in recent weeks, spiked today to 54,366.
Under growing public pressure, Australia is raising the number of citizens it will allow to return from abroad under its strict quarantine program for those reentering the country.
The Purchasing Managers’ Index (PMI) for the Euro zone slipped to 49.4 this month, a four-month low and below the threshold of 50 indicating growth, suggesting the economy is contracting again as COVID-19 cases rise.
Germany’s PMI slipped to 54.5 in September with manufacturing activity continuing to rise and service activity backsliding.
The U.K.’s PMI fell to 52.9 in October, a four-month low. Retail sales in the quarter ended September 30 were 4.7% higher than the prior-year period after rising for four consecutive months.
France’s PMI fell to 47.3, a five-month low, indicating economic contraction.
Consumer prices in Japan fell for the second straight month, raising concerns the ailing economy could be entering a period of sustained deflation.
The International Monetary Fund predicts a slow recovery for Africa, with the continent’s economy not returning to pre-pandemic levels until 2022.
Our Operations
During IWCS this week, our Wire & Cable team presented on innovative gels and tapes for the telecommunications industry. Click here to watch the session.
For registered attendees of the MAPP 2020 Benchmarking and Best Practices Conference, stop by M. Holland’s virtual booth and watch our recorded breakout session here.
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:
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.