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This Week’s Market Buzz

•    At press time, Brent crude October futures lost as much as 5.2% to $55.88 a barrel, and prices have decreased more than 20% since their year-to-date peak in April. Meanwhile, U.S. West Texas Intermediate crude futures also slid as much as 5.8% to $50.52 a barrel.

•    Proponents of a frac sand mine outside Kanab, Utah, won support from two local boards recently, but they have a long way to go before convincing many residents that their project won’t harm the community and undermine an economy dependent on the geological wonders that abound in southern Utah, according to an article in the Salt Lake City Tribune.

•    Chapter 11 bankruptcy filings by Texas-based Emerge Energy Services, the parent company for Superior Silica Sands, will allow the company to continue to do business and pay employees during its reorganization, according to documents filed July 15 in federal court in the state of Delaware.