- Oil prices were steady at press time as the market grappled with a stronger U.S. dollar along with concern over increasing U.S. inflation, and after OPEC cut its 2021 oil demand forecast due to high prices. Brent crude futures were down 8 cents to $82.56 a barrel after falling earlier to $81.66. U.S. West Texas Intermediate (WTI) futures were down 2 cents to $81.32 after hitting a session low of $80.20.
- Alberta, Canada, is introducing legislation the province says will allow it to better compete in the developing global minerals market. The bill proposes that the Alberta Energy Regulator would oversee the development of metallic and industrial minerals. It would also ensure that was done in an environmentally responsible way. Alberta’s non-energy mineral production currently comes from about 20 quarries producing salt, silica, sand and limestone.
- According to Bloomberg, explorers are racing to get frac jobs done in the Permian Basin and other U.S. shale-oil fields before higher prices kick in next year, according to research and analysis firm Lium LLC. The number of hydraulic-fracturing crews deployed across the U.S. shale patch jumped by 10 in recent weeks to 230, Lium analysts said in a note titled “Permianflation.” A number of shale explorers including Devon Energy Corp., Diamondback Energy Inc. and ConocoPhillips warned investors that inflation could rise 10% to 15% next year as supply-chain snarls make equipment and labor more pricey.