This Week’s Market Buzz

• Oil prices are still headed to $150 a barrel as supply growth continues to lag, according to JPMorgan energy strategist Christyan Malek. Brent crude oil rose 1% to about $94 a barrel at press time but is well off its earlier high of more than $130 a barrel in March. While some analysts have cut their oil price outlooks, Malek said JPMorgan still stands by its price target of $150 a barrel.

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• A proposed sand quarry on public land near Utah’s Dinosaur National Monument has been sidetracked into a bureaucratic inquiry regarding how to classify sand used in oil and gas drilling operations. Uinta Basin Sand LLC holds mining claims on 392 acres about 10 miles east of Vernal which it intends to develop into the Playa Sand Project, where millions of tons of sand would be extracted within view of the monument’s western reaches. But hardly a week after launching an environmental review this month, the Bureau of Land Management suspended its evaluation to address a critical question that has little to do with environmental impacts and everything to do with bureaucracy.

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