This Week’s Market Buzz

• At press time, oil prices fell more than 7%, recording their biggest one-day drop since September as traders weighed signs that demand in Europe could falter and data showing that crude remains plentiful. U.S. crude prices ended the day down 7.1% at $60 a barrel following their fifth consecutive daily decline. The slide halts what had been a nearly uninterrupted rise since the start of the year. Even with the recent tumble, oil is still up nearly 25% in 2021.

• The active U.S. frac spreads recovered all the way to 175 as of Feb.12, more than double the count of just 85 as of August 28 of last year, according to Primary Vision. That count fell all the way to just 41 active spreads during the disastrous arctic freeze event that struck Texas, Oklahoma and other shale states in mid-February, but had recovered back to 140 as of the last available count on Feb. 26.

• Argentinian producer Loma Negra reported that its railroad segment volumes fell 15.2% in 2020 principally reflecting the overall economic contraction, particularly hit by lower building materials and frac sand volumes, and partially offset by other transported products.

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