This Week’s Market Buzz

• Oil prices edged higher at press time, still above $100 a barrel, but were set for a second straight weekly loss, after a volatile trading week with no easy replacement for Russian barrels in a tight market. Brent crude futures rose 38 cents, or 0.7%, to $107.02 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up 77 cents, or 0.8%, at $103.75 a barrel, adding to the previous session’s 8% jump.

• Athabasca Minerals Inc. (AMI) announced a definitive agreement with Alberta-Pacific Forest Industries Inc., effective March 1, for the construction, operation and supply of treated industrial wastewater for AMI’s Prosvita Sand Project, which borders Al-Pac’s industrial operations in Athabasca County, Alberta, Canada.

• The U.S. Energy Information Administration says that between January 2021 and February 2022, the country added 220 oil rigs, of which half were in the Permian region of West Texas. This makes a compelling case for a rise in frac sand shipments by rail.

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