Tronox Limited announced on behalf of its subsidiary companies price increases for all Tronox titanium dioxide (TiO2) grades of: US$0.07 per pound in North America, effective September 1, 2016, or as contracts allow; €150 per metric ton in European, Middle Eastern, and African markets, effective October 1, 2016, or as contracts allow; and, US$150 per metric ton in Asia Pacific and Latin American markets, effective October 1, 2016, or as contracts allow.
American Dollar to Canadian Dollar = 0.782126;
American Dollar to Chinese Yuan = 0.158602;
American Dollar to Euro = 1.224013;
American Dollar to Japanese Yen = 0.009316;
American Dollar to Mexican Peso = 0.054796.
Storage space for crude oil is in danger of filling up world-wide, and that could lead to even lower prices, Nicole Friedman reports. U.S. crude-oil supplies are equal to nearly 70% of the nation’s storage capacity. The Cushing, Okla., storage hub is expected to hit capacity this spring. European commercial crude storage could be more than 90% full, Citigroup Inc. believes, while inventories in South Korea, South Africa and Japan could be at more than 80% of capacity. Producers could end up selling oil at a discount to the few remaining buyers with room to store it, but consumers could still benefit as refineries turn crude into gasoline and other fuels. More storage tanks are being built across the U.S., and some large tanker ships are being leased to hold the oil. Still, “the inventory levels are actually getting scary,” said Harish Sundaresh, portfolio manager and senior commodity strategist for Loomis, Sayles & Co. “When I look at storage, it doesn’t seem to me that we have enough.”
The month of April, in particular, could prove a critical inflection point for the direction of the market. Members of the OPEC cartel gather that month to consider whether to proceed with production cuts and the Trump administration makes critical decisions about U.S. sanctions on Iran’s oil sector – and perhaps Venezuela’s too. Such decisions will have to be made as oil demand is boosted by the end of spring maintenance at global refineries and industry ramps up to prepare for the peak summer driving season. Click read more below for additional detail.