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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.

•    Covia announced that it will hold a virtual Annual Meeting of Stockholders on May 21, due to the public health impact of the COVID-19 pandemic and to support the health of its stockholders, directors, employees and community. The annual meeting will be held on the same date and time as originally scheduled, May 21, 2020, at 8:00 a.m.

•    U.S. Silica Holdings Inc. announced that its board of directors has elected to suspend the company's quarterly cash dividend of $0.02 per common share until further notice. U.S. Silica took this action as part of the company's strategy to preserve capital and tightly manage its liquidity in a challenging commodity price environment. "A great deal of thought and deliberation went into this decision and we fully understand its importance to our shareholders," said Bryan Shinn, chief executive officer. "We believe that suspending our dividend at this time is in the best interest of the company and shareholders as it allows us to preserve and invest that capital in opportunities within our industrial business that will generate higher long-term shareholder returns."