National Average Price for Regular Unleaded Current: $3.481; Month Ago: $3.501; Year Ago: $3.803. National Average Price for Diesel Current: $3.807; Month Ago: $3.823; Year Ago: $4.103.

Futures lost 0.9 percent in New York after climbing 4.1 percent in the previous three sessions. Inventories rose by 3.1 million barrels last week, the American Petroleum Institute was said to report. Energy Information Administration data Thursday is forecast to show stockpiles dropped for a third week. Global supply and demand estimates for 2018 indicate that stockpiles may not fall further, potentially capping prices, according to the International Energy Agency. “According to the IEA’s calculation, at the current level of OPEC production there will be no global stock draws next year,” said Olivier Jakob, managing director of consultants Petromatrix GmbH in Zug, Switzerland. “If the IEA is right, then markets will continue to trade in the narrow” price band seen recently. Global oil stockpiles will fall this year by 300,000 barrels a day as stronger demand and output curbs by OPEC and Russia whittle away a surplus, the IEA said Thursday in its monthly report. Still, even if the producers decide to continue with the cuts next year, surging supplies from the U.S. and elsewhere will prevent inventories dropping further. Click Read More below for additional information.

Faced with dramatic increases in the cost of Azo intermediates and related raw materials, Sun Chemical Performance Pigments will raise its global prices on Azo pigments, specialty pigments and their pigment preparations, effective January 1, 2018. “The cost of Azo intermediates and other key raw materials have increased significantly and continue to do so, impacting the pigment industry,” said Chris Weighill, Vice President and Global Classical Pigment Product Manager, Sun Chemical Performance Pigments. “The expectation is that there will be no short-term relief in sight for these rising costs—forcing us to increase our prices. While we regret the necessity to take this action, current market conditions dictate that we must adjust our prices. We will continue to explore other cost reduction opportunities and productivity gains to offset the rising costs of raw materials.”