COVID-19 Bulletin: September 24

September 24, 2020 • Posted in News

Good Afternoon,

More news relevant to the plastics industry:

Some sources linked are subscription services.

Supply

  • Oil prices ended higher yesterday on a reported drop in U.S. stockpiles but are under early pressure today.
  • In early trading, the WTI was at $39.58/bbl and Brent at $41.45/bbl. 
  • The natural gas price rebounded above $2 in early trading today, up 5.7% at $2.25/MMBtu. 
  • The Energy Information Administration said global oil markets will not return to balance until late in 2021.
  • If “peak oil” has arrived, producing nations may be forced to compete to attract oil companies to invest, straining national and corporate alliances and changing industry dynamics.
  • While renewables are expected to grow the fastest among energy sources this decade, natural gas should also continue to gain share over coal and oil as the preferred source for stabilizing electric grids.
  • Total will close a refinery and storage facility near Paris and spend more than $580 million to replace it with facilities to produce clean energy and bioplastics.
  • Total and Corbion plan to build a 100,000-ton-per-year PLA bioplastics plant in France through their PLA joint venture.

Supply Chain

  • A high pressure weather system, or heat dome, is expected to build in the West this weekend, creating conditions conducive to more wildfires as firefighters continue to struggle to control dozens of blazes.
  • The recent rise in manufacturing may be due in part to a rebuild of inventories drawn down early in the pandemic and economic shutdowns, providing a welcome but perhaps temporary boost to the economy.
  • 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

Can Falling Battery Prices Power EV Breakthrough?

International

Half of the Worlds Students Still Hit by Closures
  • Economists are reconsidering projections for a continuing economic recovery in Europe, now weighing whether a second COVID-19 wave will trigger a double dip recession.
  • Canada’s prime minister said the government will do “whatever it takes” to combat a second wave of COVID-19 gripping the country and painted a grim outlook for the remainder of the fall. Two opposition leaders did not attend the rare televised address because they are infected with the virus.
  • Saudi Arabia is opening major mosques in Medina and Mecca, closed in March, as it strives to revive its economy.
  • Turkey’s central bank raised interest rates in an effort to strengthen the country’s flagging currency.
  • Lufthansa Airlines will begin rapid COVID-19 testing for passengers beginning in October.

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.

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