Oil prices stabilized on Monday after one of the most bearish weeks in months, propped up by OPEC comments signaling the group and other producers may take further action to restore market balance in the long term. Oil production platforms in the Gulf of Mexico started returning to service after Hurricane Nate had forced the shutdown of more than 90 percent of crude output in the area. The prospective restarts kept price gains in check. “Oil is having trouble to find direction. Mixed signals keep investors busy changing their minds,” said Hans van Cleef, senior energy economist at ABN Amro. Click Read More below for more of the story.
Due to the unprecedented impact and devastation in the wake of Hurricane Harvey, several of Sun Chemical’s feedstock suppliers have announced a force majeure and many other raw materials suppliers are reviewing allocations.
While the volatility of the supplier markets is unknown at this point, the inks and pigments markets will be affected. Sun Chemical is committed to working closely with its suppliers to assess global ramifications, develop needed contingency plans, and to notify customers of potential delays or issues.
“Our thoughts go out to all those impacted by Hurricane Harvey and the devastation caused by this storm,” said Felipe Mellado, Chief Marketing Officer and Board Member, Sun Chemical. “The devastation from this hurricane has impacted businesses near and far and we are working closely with our supply chains to ensure minimal disruptions to our customers.”
Sun Chemical will continue to communicate as more information becomes available.