AAA Daily Fuel Gauge Report for Friday, 1/5/18

American Dollar to Canadian Dollar = 0.744548; American Dollar to Chinese Yuan = 0.137023; American Dollar to Euro = 1.064335; American Dollar to Japanese Yen = 0.006745; American Dollar to Mexican Peso = 0.058322.

Futures were steady in New York after rising 3.8 percent in the previous three sessions. Global demand will climb this year by the most since 2015, the IEA said Wednesday. OPEC on Tuesday raised estimates for the amount of crude it will need to supply in 2018 on stronger consumption from Europe and China. U.S. oil output gained last week as operations returned after Hurricane Harvey. The IEA report “was taken as confirmation of the prevalent supply-tightening narrative, that that oil surplus is slowly disappearing,” said Norbert Ruecker, head of commodity research at Julius Baer Group Ltd. Still, crude is “trading at the upper end of a fundamentally justified price range” and the “upcoming seasonal demand soft patch is set to create near-term headwinds.” Click Read More below for more of the story.

Sun Chemical has acquired the Metal Deco ink business of PPG, a US-based global supplier of paints, coatings and specialty materials. PPG, with a well consolidated portfolio, and Sun Chemical are both long standing players in the metal packaging industry. Through the acquisition, which reflects Sun Chemical’s strategy to grow by acquiring businesses that complement areas of its existing operations, Sun Chemical will expand both its operational territories and its overall position in the global Metal Deco market. By combining PPG’s complementary portfolio of Metal Deco products with those of Sun Chemical, customers will benefit from further innovative solutions and what will be the widest ink portfolio in the metal decoration market. Click Read More below for additional information.