Crude oil prices turned away from their recently found highs following the announcement from the Oil Ministry of Iran that their head – Bijan Zangeneh, will not be attending the meeting between world’s major oil producers in Doha on Sunday. WTI lost more than 60 cents, slipping just below $41 per barrel, between 4:00 and 5:00 am. Brent finished the hour at $43.46. After a choppy hour between 5:00 and 6:00 am, both benchmarks are on the way to further losses, falling deeper still. The absence of Iranian oil minister at the meeting in Qatar’s capital has further undermined the already shaky chances of a deal to freeze production in the eyes of the investors.
National Average Price for Regular – Current: $2.852; Month Ago: $2.831; Year Ago: $2.598. National Average Price for Diesel – Current: $3.184; Month Ago: $3.143; Year Ago: $2.719.
Solenis, a leading global producer of specialty chemicals, has introduced a new line of imPress™ ID paper additives designed exclusively for HP Indigo digital presses. The new imPress™ ID chemistries are up to eight times more efficient at generating Indigo print adhesion. With these new additives, paper mills can efficiently and cost-effectively produce papers with a three-star rating for HP Indigo digital presses. “As digital printing continues to take market share from offset presses, the demand for papers optimized for digital printing systems will increase,” said Tom Hayden, Global Marketing Director, Printing and Writing. “Our imPress™ ID additives are very easy to run, so papermakers can diversify by quickly adding Indigo-approved grades to their portfolios. Mills that already produce Indigo grades can enjoy a number of additional benefits.” A main benefit is improved runnability. With imPress™ ID paper additives, no changes are required to the size press or machine settings. The chemistry is non-charged, so it doesn’t form deposits, agglomerate or cause stickies-related issues. In addition, the new imPress™ ID products are exceptionally versatile and work well with optical brightening agents and other size press chemistries. Click read more below for additional detail.
The US benchmark WTI (West Texas Intermediate) crude oil futures contracts for December delivery fell by 2.9% and settled at $44.29 per barrel on November 11, 2015. Prices hit lows seen in August due to estimates of rising inventory in the oversupplied market. ETFs like the United States Oil ETF (USO) and the ProShares Ultra DJ-UBS Crude Oil ETF (UCO) moved in the direction of WTI oil prices in yesterday’s trade. These ETFs fell by 2.3% and 4.8%, respectively, on November 11, 2015. On November 10, 2015, the API (American Petroleum Institute) reported that crude oil stocks rose by 6.3 MMbbls (million barrels) for the week ending November 6, 2015. Market surveys from Bloomberg project that crude oils stocks could rise by 1.3 MMbbls for the same period. The consensus of rising crude oil stocks is putting pressure on crude oil prices.