• Oil settled at its highest level since early March as indications of an economic recovery from the coronavirus pandemic helped drive a rally in commodities. Both Brent and West Texas Intermediate crude futures jumped more than 2% at press time. European Union leaders agreed on an unprecedented stimulus package to pull their economies out of the worst recession in memory. At the same time, European regulators are eyeing a potential approval of the first COVID-19 vaccine this year, further adding to the positive sentiment.
• Canadian Pacific Railway said frac sand was a big decliner in the quarter as a result of crude market declines and resulting shut-in production. Steel aggregates and other construction inputs, which were all certainly challenged by the pandemic are expected to gradually recover through Q3 as industrial and construction sectors reopen.
• Diamondback Energy, one of the top U.S. shale producers, reopened most of its curtailed wells this month. It expects to pump about 180,000 bpd this year, down from 188,000 bpd last year. The reason: its rig count fell from 20 at the end of March to just seven by mid-July and is expected to be six by the end of the month.