Crude oil prices continue to inch up supported by increased investor interest in the commodity amid reports of a slowdown in US oil production, however, analysts warn that weak fundamentals for oil remain intact. "We believe the optimism among investors vis-à-vis oil is exaggerated. This has given rise to considerable correction potential which could lead to a sharp fall in prices at any time," said a note from Commerzbank Corporates & Markets. Brent crude oil traded close to $59 per barrel on Monday, as many investors increase their bets on higher prices, with their net long positions hitting highest level since August 2014.
Solenis, a leading global producer of specialty chemicals, will increase prices by five to 20 percent on all process, functional and water treatment chemicals globally, effective immediately or as customer contracts allow. The price increase is necessary due to the steep increase in raw material costs and the supply-demand tightness experienced throughout 2018 which is expected to continue and increase during 2019.
“Solenis continues to partner with customers to deliver high-quality products and innovative solutions which create value,” said Varun Ratta, Senior Vice President of Product and Pricing Management. “We remain deeply committed to controlling, and where possible, mitigating costs and increasing operational efficiencies in order to provide differentiated technologies and reliability to our customers.”