Crude prices were weaker in early trading today, with WTI down 2.7% at $39.57/bbl and Brent down 2.2% at $41.70/bbl. Natural gas was 0.8% higher at $2.54/MMBtu.
As companies, such as BP and Shell, begin planning for a shift to renewable energy, Saudi Aramco plans to boost oil production capacity even as prices are lower.
Canada-based oil refinery operator Irving Oil ended a deal to purchase North Atlantic Refinery Limited, an idled 135,000 barrels-per-day refinery in Newfoundland.
Oil production in the Permian Basin, which supplies almost 40% of all oil and 15% of natural gas production in the United States, is struggling to recover from a drop in demand.
Carbon prices jumped 4% yesterday after the European Parliament announced proposals to toughen Europe’s carbon reduction goals as part of the Green Deal, a comprehensive initiative under negotiation aimed at dramatically reducing carbon emissions.
Construction equipment company Caterpillar is acquiring the oil and gas division of Scotland-based Weir Group, a provider of oil and gas drilling equipment and services, for $405 million.
The government in Ottawa will release a list of banned single-use plastics in Canada today and plans to designate plastics as a toxic substance, a blow to the country’s petrochemical industry and Alberta’s initiative to establish a recycling hub.
After surging to Category 4 strength, Delta weakened to a Category 3 hurricane before striking Mexico’s Yucatan Peninsula early today. It is expected to accelerate back to Category 4 strength as it aims for the U.S. oil producing region along the Gulf Coast on Saturday.
Prior to the announcement, the Federal Reserve chairman suggested more stimulus may be the safest route to prop up the U.S. economy, which has recovered faster than expected but is still reeling from the pandemic.
The White House is curbing H1-B visas for highly skilled workers. Under the new rules, a third of current H1-B workers in the U.S. would have been denied visas.
Holiday season retail traffic could be down as much as 25% as more and more shoppers turn online to buy. In addition, shoppers may want to avoid the packed crowds of Black Friday due to COVID-19.
Major airports are signing with XpressCheck to provide rapid COVID-19 testing that can deliver results in 13 minutes. Chicago’s O’Hare International Airport may have the service by the holidays.
Boeing has dropped its 10-year forecast for commercial aircraft demand by 11% from a year ago, saying most of the company’s deliveries will be for fleet replacement rather than fleet growth. In the first half of 2020, Boeing’s sales fell by 26%.
On Tuesday, M. Holland announced a new partnership with JL Goor Materials, a polymer distribution company headquartered in Dublin, Ireland. The agreement provides access to M. Holland’s Mtegrity™ products in Ireland and the U.K. Read more about the partnership here.
3D Market Manager Haleyanne Freedman and Jacob Fallon, Braskem’s Technology Engineer for 3D Printing, co-hosted a webinar on Polypropylene Advancements in 3D Printing earlier today. Learn more here.
Stop by M. Holland’s virtual booth at IWCS to meet our team of Wire & Cable experts. The M. Holland team is exhibiting October 15-16 from 8-1 pm ET. Click here to learn more.
To access 3D Printing training, order parts and seek technical assistance, visit our new 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.
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We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.