Key Currency Exchange Rates for Friday, 9/3/21

National Average Price for Regular Unleaded Current: $3.047; Month Ago: $2.913; Year Ago: $1.991. National Average Price for Diesel Current: $3.190; Month Ago: $3.088; Year Ago: $2.409.

Sun Chemical has formed a Food and Nutrition Group. The recently formed group will extend existing Sun Chemical and DIC Corporation expertise in color and algae cultivation to provide coloring solutions and nutraceutical ingredients to the dietary supplement, food and beverage industries. The Food and Nutrition Group was developed as part of DIC Corporation’s vision of transforming portfolios to achieve continued future growth. The group will leverage Sun Chemical’s advanced research and development coloring expertise to support new product development initiatives for both natural and synthetic food color. The research and development team at DIC Corporation headquarters is actively working with venture capital groups in developing bio-based nutraceutical ingredients, and Sun Chemical is committed to grow the new business group and will make additional investments to accelerate its growth.

Crude in New York fell 0.4 percent as traders cashed in after yesterday’s 3.1 percent surge. The oil market is nearing the end of the “lower for longer” era with a shortage likely in 2019, trading house Trafigura said Tuesday. Turkey can “close the valves” on oil shipments from Kurdistan, Turkish President Recep Tayyip Erdogan said after the Iraqi region held a vote on independence. Oil has gained more than 10 percent this month on forecasts for rising crude demand and as members of the Organization of Petroleum Exporting Countries maintain production cuts to drain a global glut. The market rebalancing has helped flip the futures curve into backwardation, a structure where immediate deliveries of oil are more expensive than longer-dated ones, signaling strong demand. Brent prices jumped to a two-year high on Monday before retreating Tuesday. “It’s pure profit taking,” Torbjorn Kjus, oil market analyst at DNB Bank ASA said by phone. “It’s very natural. The most natural thing would be if we lose some more during the day, but so far it’s holding up almost unexpectedly well after that very large rally yesterday.” Click Read More below for more of the story.