• The Iran crisis has oil heading up and down. West Texas Intermediate crude oil shed 4.8% to close at $59.72 a barrel at press time. Oil was already deeply in the red after a weekly inventory report showed a surprise build of U.S. stockpiles. The prior evening the U.S. benchmark hit an overnight high of $65.
• Smart Sand Inc. has refinanced its existing Credit Facility into a combination five-year equipment financing (Oakdale Equipment Financing) and a five-year senior secured asset-based lending credit facility (ABL Credit Facility.) Charles Young, the company’s chief executive officer, stated, “Securing this long-term financing is an important part of our long-term strategy. With this refinancing we are able to continue the buildout of our SmartSystems wellsite proppant storage solutions, pay down existing debt while maintaining financial flexibility to support our on-going operations, and continue operating as one of the lowest levered companies in the proppant supply and services industry.”
• According to a report from TMR Research, the industrial silica sand market is expected to witness rapid growth in North America and the Asia-Pacific region in the upcoming years. The positive growth prospects of the industrial silica sand market in the North American region is mainly attributed to the significant rise in production of industrial sand and gravel in the region.