Energy prices fell yesterday, with the WTI crude price falling 4% to below $40 and natural gas dropping over 10% to below $2/MMBtu on a sour demand outlook.
Crude prices were higher in early trading today, with the WTI at $39.60/bbl and Brent at $41.95/bbl.
The natural gas price was up at $1.88/MMBtu.
Daily deliveries of natural gas to industry fell 25% from January to June, with June deliveries still 4.6% below June of 2019, according to the Energy Information Administration.
Many oil-producing countries face mounting challenges with a growing debt load.
Royal Dutch Shell announced Project Reshape, aimed at cutting operating costs in its downstream operations by 30%-40% as it shifts its focus toward renewable energy sources. The cuts are on top of $4 billion in previously announced expense cuts due to the pandemic.
Supply Chain
Tropical storm Beta made landfall in Texas late yesterday, delivering heavy rainfall as it travels along the Gulf Coast.
California’s Bobcat wildfire near Los Angeles might not be tamed until the end of October.
Wary insurance companies are curtailing trade credit insurance used to facilitate global trade, posing additional risk to U.S. supply chains and the economic recovery.
Smart packaging is an increasingly important bulwark against security risks in more digitized supply chains.
Trucking capacity remains tight throughout the U.S., and spot pricing remains elevated.
Clients are advised to provide expanded lead times on orders to help ensure delivery dates will be met.
Markets
There were 52,070 new COVID-19 infections in the U.S. yesterday with 356 fatalities. The U.S. death toll topped 200,000 today.
The Congressional Budget Office downgraded its long-term outlook for the economy due to the pandemic and recovery spending, predicting an average growth rate of 1.2% over the next 30 years, down from 2.6% since 2000, and projecting national debt will soar to almost twice GDP.
The head of the Federal Reserve, which has limited power to rescue businesses, called on Congress to provide aid to struggling sectors as hopes fade for a phase 4 federal rescue package before November’s election.
The Federal Reserve said median household income in the U.S. hit a record high in the second quarter due in part to soaring stock markets, with most of the gain accruing to affluent households.
The CDC removed guidance on its website posted on Friday saying COVID-19 is spread through airborne transmission, creating confusion about its recommended 6-foot social distancing advice.
A shortage of reagents for COVID-19 test kits is forcing a curtailment of testing in many parts of the country.
Office furniture manufacturer Herman Miller reported a 300% increase in home office sales and a 257% rise in online orders in announcing strong quarterly results last week.
The Detroit auto show, which was postponed for a year to June 2021, has been rescheduled a second time to September 2021.
Volkswagen, the world’s largest carmaker, is considering selling its Bugatti luxury car brand in a move that could portend a further strategic review of its portfolio as it shifts toward electric vehicles.
Tesla is expected to announce a battery that can deliver $100/kilowatt-hour, considered the point of cost parity with internal combustion alternatives.
Rolls-Royce said it will have an electric vehicle this decade as at least 20 major cities globally plan to ban internal combustion engines.
A bill introduced in Michigan would mandate that Rivian and other electric vehicle companies sell their cars through dealerships, leaving Tesla as the only company permitted to sell directly in the state.
The bricks-and-mortar fitness industry has been among the pandemic’s biggest losers; gyms have lost more than $10 billion this year and 90% of employees were laid off during the pandemic.
Gym manager LA Fitness is considering financing alternatives as its lenders organize in advance of the October 15 expiration of a forbearance agreement.
Sixty-two-year-old Sizzler USA, a pioneer in casual dining with 107 restaurants, filed for bankruptcy due to the pandemic’s impact on sales.
The cruise industry announced planned protocols as it seeks to convince regulators and passengers that it will be safe to resume sailings when its self-imposed shutdown expires at the end of October.
The NFL’s Las Vegas Raiders debuted the team’s new $2 billion desert stadium, which took three years to build, on yesterday’s Monday Night Football broadcast, but no fans were in the stands due to the pandemic.
International
Surging COVID-19 infections in Europe sent global stock markets into retreat and prompted a return of government restrictions:
The U.K. government urged people to return to working at home where possible and is expected to impose renewed lockdown restrictions, including early closing of bars and restaurants. U.K. COVID-19 cases have been doubling every week recently.
Italy mandated testing for travelers entering from France as cases, hospitalizations and fatalities in France rise.
Madrid, which recorded more than 12,000 COVID-19 infections over the weekend, ordered residents to restrict activity “to the maximum” and enlisted the police and army to man checkpoints in the city.
After reducing COVID-19 cases to zero in May, Croatia is experiencing a surge in cases after reopening to tourism. Bar and restaurant owners staged a brief work stoppage in an appeal to the government for economic help.
Daily COVID-19 cases in India fell to 75,083 yesterday after the country suffered over 630,000 cases in the past week.
Asia produces over half the world’s plastics …
…and generates the most ocean pollution:
Our Operations
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.
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.
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.