• The North American benchmark price for oil surged at press time to more than $90 a barrel – its highest level since 2014. The March crude oil contract for West Texas Intermediate closed at $90.27 per barrel, up $2.01 per barrel, bolstered by geopolitical tensions and supply concerns.
• U.S. Silica Holdings Inc. said that a portion of its Industrial and Specialty Products business will increase prices for the majority of its non-contracted engineered clay products used primarily in edible oil, industrial oil and petrochemical processes. Price increases will range up to 15%, depending on the product and grade. The price increases are effective for shipments starting March 1. This increase is driven by ongoing inflationary pressures around raw materials, packaging, logistics and maintenance expenses.
• Source Energy Services Ltd. said that, subsequent to his appointment as Interim CEO of Nutrien Limited, Ken Seitz has resigned from Source’s board of directors and as chair of Source’s Health, Safety and Environment Committee. Stew Hanlon has been appointed as chair of the Health, Safety and Environment Committee and Carrie Lonardelli will be joining the committee.