• The possibility of a renewed demand for western Wisconsin’s frac sand in 2017 was discussed on Wisconsin Public Radio’s “The West Side” program on Dec. 12 on 88.3 WHWC-FM/ Menomonie-Eau Claire and 88.7 WRFW-FM/ River Falls. Host Rich Kremer was joined by guests Rich Budinger, operations manager for Fairmont Santrol, and Samir Nangia, a director of consulting with IHS Energy…
Read MoreCategory: Market Buzz
This Week’s Market Buzz
• The Organization of the Petroleum Exporting Countries (OPEC) reached a deal to cut back on oil production by 1.2 million barrels per day to raise global prices. OPEC nations currently produce about 33.7 million barrels of oil per day. Under the deal, they’ll bring that down to 32.5 million barrels per day, with Saudi Arabia, Iraq, UAE and Kuwait making…
Read MoreThis Week’s Market Buzz
Frac sand producers are raising prices due to stronger demand, betting on an improving outlook for the oil industry, said Scott Cockerham, managing director at consulting firm Huron. “It’s a very symbiotic system,” he said. However, of late, crude prices have also dipped from their recent highs near $52 a barrel; U.S. crude futures were trading at $43.87 a barrel,…
Read MoreThis Week’s Market Buzz
The Winona County, Minn., board of commissioners voted to hold a public hearing Oct. 13 on a compromise ordinance forwarded by the county planning commission. The planning commission proposal does not call for a ban on industrial sand production in the county, as called for in the proposal presented to them for consideration. Instead, it limits the number of industrial…
Read MoreThis Week’s Market Buzz
Republican presidential nominee Donald Trump is stirring unease in the oil and natural gas industry with his remarks about hydraulic fracturing, according to a report from The Hill. Trump supports fracking but said towns and states should be allowed to ban the drilling practice. That position is at odds with industry groups and congressional Republicans, who say the practice is…
Read MoreThis Week’s Market Buzz
A state appeals court has affirmed a decision blocking a frac sand mine in western Wisconsin, according to a report on Wisconsin Public Radio. The Mississippi Land Connection and Timber Company LLC and Wisconsin Bluff Sands LLC filed an application for a permit for a mine in the town of Waumandee in 2013. The Buffalo County Board of Adjustment denied…
Read MoreThis Week’s Market Buzz
Victory Nickel Inc. announced that it has sold its interest in a partnership created to trade in commodities for Canadian $430,766 less fees and costs of approximately $73,000. “This sale will provide some working capital while the oil and gas price recovers and drilling and the related consumption of frac sand returns,” said Rene Galipeau, CEO. “As mentioned in our…
Read MoreThis Week’s Market Buzz
Oil is hovering at about $50 per barrel, down slightly on concern about the economic outlook following Britain’s vote to leave the European Union. OPEC’s oil output has risen in June to its highest in recent history. Nigeria’s oil industry has partially recovered from militant attacks and Iran and Gulf members are now boosting supplies. Returning Nigerian supply will put…
Read MoreThis Week’s Market Buzz
Crude oil could rise to $60 a barrel by the end of the year, even without any help from OPEC, new Saudi energy minister Khalid Al Falih told CNNMoney. Al Falih was speaking just after OPEC wrapped up a summit in Vienna. During the meeting, OPEC decided against implementing a cartel-wide production quota range, once again failing to reach an…
Read MoreThis Week’s Market Buzz
Oil prices turned higher as investors weighed data showing a drop in U.S. crude supplies against the Organization of the Petroleum Exporting Countries’ decision not to freeze production. The U.S. data demonstrated how more than a year of low prices and spending cutbacks by oil companies are leading to shrinking supplies, helping reduce the oversupply of crude oil without intervention…
Read More