Rock Products Logo
 

 

 
 

This Week’s Market Buzz

• Oil prices hovered around 2019 highs at press time, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were capped by slowing growth in the global economy. Crude inventories rose by 3.7 million barrels in the week to Feb. 15, the U.S. Energy Information Administration said, compared with analysts' expectations for an increase of 3.1 million barrels. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.04 a barrel. WTI hit a fresh 2019 high of $57.61 earlier in the day. Brent crude futures rose by 10 cents to $67.18 after touching a 2019 peak of $67.38.

Read more: This Week’s Market Buzz

This Week’s Market Buzz

• At press time, U.S. West Texas Intermediate (WTI) crude futures were down $1.77, or 3.3 percent, at $52.24 a barrel. International Brent crude oil futures fell $1.54 a barrel, or 2.5 percent, to $61.15.

Read more: This Week’s Market Buzz

This Week’s Market Buzz

• U.S. West Texas Intermediate crude oil futures were at $51.69 per barrel at press time, down 67 cents, or 1.3 percent. International Brent crude futures were down nearly 1 percent, or 53 cents, at $60.921 per barrel. U.S. bank Morgan Stanley cut its 2019 oil price forecasts by more than 10 percent, pointing to weakening economic growth expectations and rising oil supply, especially from the United States. The bank now expects Brent to average $61 a barrel this year, down from a previous estimate of $69, and U.S. crude to average $54, against a prior forecast of $60.

Read more: This Week’s Market Buzz

This Week’s Market Buzz

• International Brent crude oil futures fell 55 cents, or nearly 1 percent, to $60.95 per barrel at press time, while U.S. West Texas Intermediate crude futures fell 52 cents, or 1 percent, to $52.49 per barrel.

Read more: This Week’s Market Buzz

This Week’s Market Buzz

• Covia's recent presentation comparing BOE recoveries utilizing Northern White Sand (NWS) to Texas Gold (as a proxy for Regional Sand) is an eye-opener, according to Joel Schneyer, managing director at Capstone Headwaters. Covia reports 16 percent higher EUR's resulting from the higher crush, sphericity and roundness, and lower acid solubility and turbidity of using NWS compared to Texas Gold. But, what does this really mean to the bottom line? Read his analysis here.

Read more: This Week’s Market Buzz