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COVID-19 - News digest as of 18.05.2021

May 18/2021

1. DuPont invests in automotive adhesives expansion in Germany and Switzerland

MOSCOW (MRC) -- DuPont is to invest around USD 5 m at facilities in Germany and Switzerland to increase capacity for automotive adhesives, said Chemengonline. The investment will expand capacity to support growing demand for advanced mobility solutions for vehicle electrification. New equipment has been delivered and installed that will increase manufacturing capacity as well as accelerate delivery of product samples to customers. "As we see continued recovery of the global automotive market, weТre closely collaborating with our customers in Europe to deliver innovative advanced mobility solutions to meet their business needs,Ф said Tina Wu, Vice-President and General Manager, Advanced Solutions, DuPont Mobility & Materials. "This investment reinforces our commitment to increase capacity and accelerate growth in hybrid and fully-electric vehicles."

2. Crude oil futures slightly up on optimism over stronger demand from US and Europe

MOSCOW (MRC) -- Crude oil futures were slightly higher, but rangebound, during mid-morning trade in Asia May 18, as optimism over increased oil demand from the US and Europe kept the market afloat, reported S&P Global. At 11:24 am Singapore time (0324 GMT), the ICE Brent July contract was up 17 cents/b (0.24%) from the May 17 settle at USD69.63/b, while the June NYMEX light sweet crude contract was up 10 cents/b (0.15%) at USD66.37/b. The market brushed aside news of Asia's worsening COVID-19 situation and turned its attention towards the recovery in the US, where a rebound in economic activity has propped up downstream oil product demand. Apple mobility data showed that US driving activity was up by around 1% in the week to May 14, reaching a nine-month high that is 142.04% of the January 2020 baseline. Furthermore, the US Transportation Security Administration said the number of people passing through US airports on May 16 was 1.85 million, the highest since March 2020. This is just 30% lower than the equivalent seen on the same day in May 2019, indicating that US domestic air travel demand is recovering.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, car components, petrochemistry, adhesives, DuPont, COVID-19, USA.
Category:General News
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