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This Week’s Market Buzz

  • Smart Sand Inc. announced that it has received notification from the Nasdaq Stock Market that the company has regained compliance for continued listing. Charles Young, Smart Sand’s chief executive officer, stated, “We are pleased to have regained compliance with the Nasdaq continued listing rules. We remain focused on providing the highest quality products and services to our customers throughout the country.”

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This Week’s Market Buzz

•    Oil prices surged at press time after the International Energy Agency forecast lower global stockpiles in the second half of 2020, even as worries remain over a second surge in coronavirus infections in coming months. Crude prices have ticked up in the last two weeks as some countries relaxed coronavirus restrictions and lockdowns to allow factories and shops to reopen. West Texas Intermediate crude futures surged 8.98%, or $2.27, to settle at $27.56 per barrel, while Brent crude futures rose $1.94, or 6.65%, to settle at $31.13 per barrel.

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This Week’s Market Buzz

•    Investment bank Morgan Stanley expects Brent crude prices to rise to $40 per barrel during the last quarter of the year, citing improving demand as the main driver for higher oil prices. In a note to its clients, the bank states that it expects a strong rebound in demand, and even sees a supply deficit on the horizon if current OPEC+ output cuts are kept in place. “We expect demand to rebound to about 97 million bpd by the fourth quarter as economies come out of lockdown – a significant improvement although still down about 4 million bpd year-on-year,” the release stated.

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This Week’s Market Buzz

•    Following an unprecedented global crash, oil prices climbed at press time on signs that the global economy is moving towards a slow reopening, and inventory data shows storage demand for the commodity rising slower than expected. West Texas Intermediate crude climbed as much as 20%, to $18 per barrel. Meanwhile, international benchmark Brent crude rose 14%, to $25.75 per barrel, at intraday highs.

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