“2016 was a dramatic oil year,” said Bjarne Schieldrop, chief commodities analyst at SEB Markets. “2016 started very bearishly and ended very bullishly. 2017 is likely to be the opposite, but not quite as dramatic.” Brent for March settlement dropped 9 cents to $56.76 barrel on the London-based ICE Futures Europe exchange as of 11:24 a.m. local time. The February contract expired Thursday after losing 8 cents to $56.14. Total volume traded was about 63 percent below the 100-day average. West Texas Intermediate for February delivery was up 5 cents to $53.82 a barrel on the New York Mercantile Exchange. The contract fell 29 cents to $53.77 on Thursday. Prices are up 45 percent this year. click Read More below for more of the story
National Average Price for Regular – Current: $2.867; Month Ago: $2.862; Year Ago: $2.360.
National Average Price for Diesel – Current: $3.154; Month Ago: $3.168; Year Ago: $2.523.
Canadian Oil Sands Ltd. , the largest owner of the giant Syncrude oil-sands project, said on Sunday that it has halted production after a fire damaged equipment at its synthetic crude oil processing facility in northern Alberta. The company said the fire, which occurred early Saturday and was extinguished without any injuries, affected pipes connected to a water treatment unit at Syncrude’s heavy oil upgrader on the site of its Mildred Lake oil-sands surface mine. The cause of the blaze is under investigation, it said.
Kadant Inc. announced today that it has acquired all of the outstanding shares of RT Holding GmbH, the parent corporation of a group of companies known as the PAALGROUP for approximately 51 million Euros in cash, or approximately USD $58 million. PAAL manufactures channel balers and related equipment used in the processing of recyclable and waste materials. The company is headquartered in Germany and has operations in Germany, the United Kingdom, France, and Spain. “Our acquisition of PAAL broadens our product portfolio and extends our presence deeper into recycling and waste management,” said Jonathan W. Painter, president and chief executive officer of Kadant Inc. “With its strong aftermarket business and emphasis on product innovation, PAAL is an excellent fit with Kadant.”