COVID-19 Bulletin: October 29

October 29, 2020 • Posted in Daily Bulletin, News

Good Afternoon,

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  • Oil prices were down more than 5% Wednesday on news of rising COVID-19 cases in the U.S. and Europe.
  • Crude prices fell further in early trading today, with the WTI down 3.9% at $35.93/bbl and Brent down 4.1% at $37.54/bbl. Natural gas was up 1.4% at $3.34/MMBtu.
  • PBF Energy’s 160,000-barrel-a-day refinery in New Jersey will idle operations due to the collapse in fuel demand. The company also plans to lay off 250 workers.
  • Russian crude oil exports dropped 7.9% year over year between January and August, a report from Russian customs shows.
  • China is building a $20 billion petrochemical and refining complex in the northern coastal province of Shandong, which could produce 400,000 bpd along with 3 million tonnes of ethylene per year.
  • In Alaska, a ConocoPhillips-led oil exploration project was approved by the federal government, which could eventually yield 160,000 barrels of crude per day.
  • Officials from Trinidad and Tobago said an idled oil tanker in the Gulf of Paria is at “minimal risk” of an oil spill as Venezuelan authorities began transferring oil from the vessel, a process that could take over a month. 
  • Oil and gas supermajors face a challenging task of strategically investing in renewables to keep their presence in the electric grid, as exemplified by BP’s recent partnership with Equinor in a large offshore wind investment.
  • With a new deal to integrate renewable energy to power its Nickel West operations in West Virginia, BHP plans to supply “sustainable nickel” to companies such as Tesla to produce batteries.
  • India added 883MV of rooftop solar capacity in the first nine months of 2020, spurred in part by government incentives.

Supply Chain

  • With winds of 110+ mph, Hurricane Zeta struck Louisiana near New Orleans, leaving in its wake at least three people dead, a major levee breach, and 2 million people without power. The state has suffered a record five hurricanes or tropical storms this year.
  • California lifted some evacuation orders as subsiding winds allowed firefighters to gain control of blazes in Orange County.
  • Orders for new rail cars more than doubled in the third quarter from the second quarter but remain lower than figures for 2019.
  • Ocean carrier capacity in the Transpacific lane is up 20% year over year.
  • UPS is encouraging customers to order early and even avoid shipping when possible to prepare for a hectic online shopping season.
  • 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. 



Global Majority Would Take Covid Vaccine

Our Operations

  • Reminder: Daylight saving time takes effect this Sunday, November 1, at 2:00 a.m.
  • Global Healthcare Manager Josh Blackmore was a featured speaker today during the Plastics in Healthcare Virtual Edition, sponsored by Plastics News. The title of his talk: Applying the Lessons from the First Wave of COVID-19 to Successfully Navigate the Second
  • To access 3D Printing training, order parts and seek technical assistance, visit our online resource.
  • 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.

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