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This Week’s Market Buzz

• Global benchmark Brent crude surged nearly $2 a barrel, lifted by concern about a steep drop in exports from Venezuela and worries OPEC may not raise production at its meeting this month. Brent crude futures settled up $1.96 a barrel, or 2.6 percent at $77.32. U.S. West Texas Intermediate crude rose $1.22, or 1.88 percent to $65.95 a barrel.

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This Week’s Market Buzz

• Athabasca Minerals Inc. entered into a Letter of Intent with a property owner in the town of Mayerthorpe, Alberta, Canada, for the Firebag Frac Sand Project storage and distribution hub.

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This Week’s Market Buzz

• The Wisconsin Department of Natural Resources issued a permit allowing OmniTRAX Logistics Services to fill in more than four acres of wetlands in Jackson County, Wis., in order to install nearly 10 miles of track in a loop along the banks of Halls Creek, a Class II trout stream that feeds into the Black River. OmniTRAX said it will use the terminal to fill more than 80 rail cars per day with sand from a nearby mine. Sand will be processed near the mine and brought to the rail terminal by a nearly two-mile-long conveyor that will pass under two public roads. The company said it intends to ship about 3 million tons of sand each year to Montana and Texas.

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This Week’s Market Buzz

• Select Sands Corp. has secured a $3.89 million capital expenditure line of credit to fund the company's previously announced expansion project to increase production capacity of its high-quality silica sands to 1 million tpy to meet the growing demand of its existing client base. Zig Vitols, president and CEO of Select Sands said, "We are very excited to secure financing for our latest expansion project. We are continuously striving to meet the growing demand from our expanding customer base and this project will be a significant step in meeting that demand while also increasing profitability of the company."

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This Week’s Market Buzz

• Dr. Linda Capuano, administrator of the U.S. Energy Information Administration (EIA), said, “The short-term outlook continues to forecast that Brent crude oil spot prices will average $63 per barrel in both 2018 and 2019, while West Texas Intermediate will remain below $60 per barrel, averaging about $4 per barrel less than Brent in both years. EIA continues to forecast record crude oil production in the United States for both 2018 and 2019, largely as a result of horizontal drilling and hydraulic fracturing in tight rock formations, especially in the Permian region. April’s short-term outlook expects U.S. production to average 10.7 million barrels per day in 2018, which would be a new record and represent an increase of nearly 15 percent from 2017 to 2018.”

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