This Week’s Market Buzz

  • Oil futures ended sharply higher at press time as the International Energy Agency lifted its demand outlook for crude and a U.S. government report revealed a third-weekly drop in weekly inventories, prompting prices to post their highest finish since mid-March. In its monthly report, the International Energy Agency raised its forecast [] for global oil demand in 2021 by 230,000 barrels a day from its previous forecast. It now sees an increase of 5.7 million barrels a day from 2020 to 96.7 million barrels a day this year.
  • Newpark Resources, Schlumberger, Halliburton and ChampionX rate first in various categories of fluids, chemicals and proppants in EnergyPoint Research’s 2021 Oilfield Products Customer Satisfaction Survey.
  • Ovintiv said its Montney pads have set two new Canadian records, one for most amount of sand pumped in a day by one crew (9.97 million lbs.) and the record for most amount of sand pumped in a day on a single pad (two crews¬ – 18.89 million lbs.)

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