National Average Price for Regular Unleaded – Current: $2.775; Month Ago: $2.723; Year Ago: $2.885. National Average Price for Diesel – Current: $3.004; Month Ago: $3.036; Year Ago: $3.171.
Oil prices fell sharply on Wednesday after U.S. data indicated that oil supplies nationwide reached the highest level ever, aggravating concerns that an even steeper drop could be imminent. On the New York Mercantile Exchange, WTI crude oil for April delivery fell 1.46% or 0.74 to $49.78 a barrel in U.S. afternoon trading. The U.S. Energy Information Administration (EIA) said in its weekly report that crude oil inventories rose by 10.3 million barrels for the week that ended Feb. 26, marking the largest weekly increase since 2002. Weekly inventory increases have been the norm of late. A week earlier, U.S. crude oil inventories rose by 8.4 million barrels for the week that ended Feb. 19 – more than doubling forecasts of a 4.0 million weekly increase.
Sun Chemical and its parent company, DIC Corporation, have acquired the high-purity iron oxides business of Cathay Industries, located in Valparaiso, Indiana, U.S.A. The purchase includes the customers, property and all assets related to the business located at the Valparaiso site. “This acquisition further demonstrates Sun Chemical and DIC’s commitment to be the leading and most innovative color and effects supplier to the global cosmetics market,” said Myron Petruch, DIC Executive Officer and President of Sun Chemical Performance Pigments. “The demand for the unique, ultra high-purity products produced at this site will continue to grow rapidly across the globe, as the cosmetics industry continues to tighten specifications and implement new regulations to ensure the highest purity raw materials in all of their products.” Click Read More below for additional information.