Futures added 1.5 percent in New York. China’s crude imports last month jumped to the second-highest on record, customs data show, while U.S. government data on Thursday showed crude inventories fell by 2.75 million barrels last week. OPEC is said to expect a global oil glut will be gone a year from now. President Donald Trump is expected on Friday to disavow a deal with Iran that helped revive its oil exports, while stopping short of abandoning it. Oil has rebounded from the biggest weekly loss since May on signs that output cuts led by the Organization of Petroleum Exporting Countries are draining a surplus. OPEC expects the effort to succeed by the end of the third quarter of next year, said people familiar with the group’s internal forecasts. The prediction assumes that production in Libya and Nigeria will remain at current levels and U.S. shale output will expand by no more than 500,000 barrels a day next year, two people familiar with the matter said. Click Read More below for additional information.
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.”