• Oil rose further above $84 a barrel at press time, within sight of a multi-year high as expectations OPEC and its allies will keep supplies tight countered rising U.S. inventories and the prospect of more Iranian exports. Brent crude rose 27 cents, or 0.3%, to $84.59 a barrel, while U.S. West Texas Intermediate crude added 27 cents, or 0.3%, to $83.08.
• Kansas City Southern’s (KCS) revenue per carload unit was up 16% for its frac sand business in the first quarter. “We are encouraged that despite several commercial headwinds, our network is performing extremely well and we are delivering near record velocity and dwell,” stated Patrick J. Ottensmeyer, KCS president and chief executive officer. “Underlying industrial demand is strong, and KCS has maintained resources to prioritize customer service as volumes return to the network. As certain supply chain disruptions are resolved and our revenue environment improves, our network will be well-positioned to handle incremental volume while continuing to provide premium service to our customers. We are also very pleased to have announced our combination with Canadian Pacific, creating the first single-line rail network linking the U.S., Mexico and Canada. This historic combination will enhance competition, create new options for customers, and support economic growth in North America.”
• According to Markets and Markets, the proppants market is estimated to reach $12.1 billion by 2025, at a CAGR of 9.1% between 2020 to 2025. The improvements in fracturing technology and new drilling techniques, increasing proppants consumption per well, innovation in proppants technologies and the growing natural gas demand to ensure energy security is driving the proppants market during the forecast period.