COVID-19 Bulletin: September 28

September 28, 2020 • Posted in Daily Bulletin, News

Good Afternoon,

More news relevant to the plastics industry:

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  • Crude prices were higher in mid-day trading today with the WTI at $40.57/bbl and Brent at $42.23/bbl.
  • The natural gas price was modestly lower in early trading today at $2.08/MMBtu. 
  • Devon Energy is negotiating to acquire competitor WPX, continuing a trend of consolidation in the shale industry as producers seek scale to counter pressures from the industry downturn.
  • The Baker Hughes count of active oil rigs rose by 4 to 183 last week; active gas rigs rose by 2 to 78. The total rig count is down by 599 from a year ago.
  • Despite high interest, bioplastics are only growing on pace with the plastics industry due to product limitations and capacity constraints.

Supply Chain

  • Much of Northern California was under red flag warnings due to wildfires, as dry, windy weather stoked several existing fires and spawned new ones that burned tens of thousands of acres over the weekend. More than 3.6 million acres in the state have been scorched this fire season.
  • With traditional insurers denying business interruption claims during the pandemic, Marsh & McLennan said the number of captive insurers it set up this year has tripled as companies seek protection against supply chain disruptions.
  • As China pursues a policy of “domestic circulation” aimed at localizing supply chains and raising domestic consumption, many exporters find they are making products that domestic consumers don’t want.
  • The European Union is considering including shipping under its Emissions Trading System, which would effectively impose a tariff on international carriers, prompting an outcry from foreign shipping companies.
  • Two recent surveys highlight a continuing truck driver shortage that is escalating freight rates.
  • 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.



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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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