COVID-19 Bulletin: September 4

September 4, 2020 • Posted in News

Good Afternoon,

More pandemic news relevant to the plastics industry:

Some sources linked are subscription services.

Supply

  • Crude prices were modestly higher in early trading today, with the WTI at $41.67/bbl and Brent at $44.3/bbl. 
  • Mexico will likely cut its production goal for state-owned Pemex in the upcoming budget as oil revenues this year are running at 56% of the 2020 goal due to low prices and production shortfalls.
  • Colorado natural gas driller Ursa Resources filed for Chapter 11 bankruptcy protection.

Supply Chain

  • Polypropylene and polyethylene supplies are extremely tight in the aftermath of Hurricane Laura.
  • Major truckers are seeing rising tonnage and spot prices as factories and retailers replenish inventories in anticipation of continued economic recovery.   
  • dangerous heat wave is expected to grip the Western U.S. over the Labor Day weekend. 
  • We anticipate the Labor Day holiday will cause roadway congestion this weekend and early next week, impacting trucking capacity, pricing and performance. 
  • The Commercial Vehicle Safety Alliance has scheduled its (USA/CAN/MEX) Roadcheck for Sept. 9th through the 11th – we expect this to reduce capacity and service levels for the week.
  • Clients are advised to provide expanded lead times on orders to help ensure delivery dates will be met.

Markets

Retailers Face Mass Extinction in Pandemic Fallout

while online retailing has soared:

COVID-19 Crisis Accelerates Shift to Online Retail
  • Campbell Soup sees sales of packaged foods easing as some consumers return to restaurants and others encounter budget constraints. 
  • A third of Big Ten athletes who have tested positive for COVID-19 suffer from myocarditis, a heart complication that can mimic the symptoms of a heart attack and lead to death. 

International

  • A Pew Research study finds increasing economic pessimism across the globe as the pandemic continues to spread, with two-thirds of adults surveyed saying conditions are bad. 
  • The pandemic is ravaging the economies of the world’s largest developing nations, causing contractions rivaling the Great Depression. 
  • Front-line healthcare workers have been hard hit by COVID-19:
Where Most Health Workers Have Died from COVID-19
  • As many as a quarter of Latin American university students are expected to drop out due to financial challenges, shattering the dreams of many who were the first in their families to attend college. 
  • Total infections in Brazil topped 4 million yesterday, a doubling in just two months.
  • India recorded more than 83,000 new cases, bringing total infections in the country to nearly 4 million as it closes on Brazil for the second highest case count globally.
  • New infections in Indonesia, the current epicenter for COVID-19, exceeded 3,600 yesterday, a record high, two weeks after many Indonesians traveled for their independence day holiday. 
  • Mexico auto exports were down 13.1% year over year in August and down a third through the first eight months of 2019. 
  • Former Italian prime minister Silvio Berlusconi has been hospitalized after testing positive for COVID-19 earlier this week.

Our Operations

  • We will be closed next Monday for the Labor Day holiday.
  • To access 3D Printing training, order parts and seek technical assistance, visit our new online resource.
  • Resource Center: M. Holland offers a host of resources to clients, prospects and suppliers. To arrange a videoconference or meeting, contact:
  • M. Holland’s official status statement is available here.

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.

Stay informed with industry trends and insights.

Stay informed with industry trends and insights.
This field is for validation purposes and should be left unchanged.