• Although U.S. benchmark crude futures have rebounded from April’s negative territory, price rallies remain limited amid uncertainty over when oil consumption will return to normal; and virus cases spiking in new hot spots like Iowa and South Dakota. Demand may also take a hit in September and October as Chinese imports ease state-issued quotas for independent refiners following a crude-buying spree earlier this year. At press time, West Texas Intermediate crude for October delivery fell $1.14 to $41.62 a barrel. Brent for November settlement lost 99 cents to $44.59 a barrel.
• The Texas First District Court of Appeals upheld a lower court’s decision allowing a lawsuit over the sale of sand used in fracking to proceed, according to the South Texas Record. SP Silica Sales LLC sued Keane Frac LP for breach of contract, fraud and fraudulent inducement over a contract to purchase sand. The contract called for the sand to be delivered from SP Silica’s Monahans Plant, which was under development. If the plant did not open on time, Keane would buy sand on the “spot market” and present invoices to SP Silica for the difference between the contract price and the spot price. Keane eventually cancelled the contract, citing eight unfilled sand orders.
• U.S. Silica Holdings Inc. President Brad Casper has resigned to pursue other opportunities effective Aug. 31. “Brad joined us nine years ago and has been an integral part of growing U.S. Silica into the diversified industrial minerals company that we are today. We appreciate Brad’s numerous contributions to our success and wish him the best in his future endeavors,” said Bryan Shinn, chief executive officer.