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This Week’s Market Buzz


•    At press time, oil futures on the New York Mercantile Exchange dropped back after federal data showed a build in U.S. crude supply and increase in gasoline stocks. West Texas Intermediate futures were down $0.06 near $57.06 per barrel (bbl), and the Intercontinental Exchange December Brent contract traded flat at $62.38/bbl.

•    Eagle Materials Inc. reported revenue in the Oil and Gas Proppants segment was down 41% to $14.0 million. This decline resulted from a 34% decrease in average frac sand sales prices and an 11% decline in frac sand sales volume. The second quarter operating loss of $5.5 million included $3.8 million of depreciation, depletion and amortization.

•    About 25 workers were reportedly laid off at the Covia facility in Utica, N.Y., bringing the total number of workers laid off to 65, according to the News Tribune. That total includes administrative jobs. The layoffs mark a significant reversal of fortunes for the Utica plant, which in 2014 underwent improvements and added 45 jobs.