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This Week’s Market Buzz

  • According to Stratistics MRC, the global proppant market is estimated at $58.46 billion in 2015 and is expected to reach $143.46 billion by 2022 growing at a CAGR of 13.68 percent from 2015 to 2022. A shift towards alternative energy resources is the key factor favoring market growth. The increasing demand for energy and unconventional gas are the key drivers, whereas the high logistics cost is inhibiting proppant market growth. The future growth lies in potential explorable reserves. Frac sand is the leading segment accounting for around 86 percent of the market, while resin-coated proppants and ceramic proppants stand at around 14 percent. North America accounted for the highest market share as compared to other regions.

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This Week’s Market Buzz

• U.S. crude stockpiles have been rising for seven consecutive weeks, and forecasts of an eighth build of 2.9 million barrels last week fueled worries that demand growth may not be sufficient to soak up the global crude oil glut. U.S. benchmark West Texas Intermediate crude was holding at $54.01 a barrel. Benchmarks Brent crude oil was at $55.56 a barrel.

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This Week’s Market Buzz

• Oil prices turned positive again after government data showed a surprise drop in gasoline in storage that offset a huge rise in U.S. crude stockpiles. International Brent crude futures were trading at $55.54 per barrel up 49 cents, or 0.9 percent, from their previous close. U.S. West Texas Intermediate crude was at $52.55 a barrel, up 38 cents, or 0.7 percent. U.S. commercial crude inventories rose by 13.8 million barrels in the week through Feb. 3 to 508.6 million. That compared with analysts' expectations for a 2.5 million barrels increase.

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This Week’s Market Buzz

• Oil prices rose on February 23 after U.S. data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by OPEC to cut production. Benchmark Brent crude oil was up $1.05 a barrel, or 1.9 percent, at $56.89, recovering from a drop of 82 cents. U.S. light crude rose $1, or 1.9 percent to $54.59 a barrel. It fell 74 cents in the previous session.

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This Week’s Market Buzz

  • Light, sweet crude for delivery rose 44 cents, or 0.8 percent, to $53.19 a barrel during the Globex electronic session of the New York Mercantile Exchange. Brent crude for March delivery added 48 cents, or 0.9 percent, to $55.56/barrel. Prices continue to swing back and forth around the low $50-a-barrel level, and traders continue to weigh the outlook for a production cut struck by major oil-producing nations against the sizeable overhang in global oil stockpiles.

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