This Week’s Market Buzz

Goldman Sachs has reiterated its forecast that Brent crude will hit $80 per barrel this summer as demand quickly recovers. “Rising vaccination rates are leading to higher mobility in the United States and Europe, with global demand estimated up 1.5 million barrels per day (mb/d) in the last month to 96.5 mb/d,” the investment bank said in a note as…

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This Week’s Market Buzz

Permian oil production has plunged by as much as one million barrels a day as the coldest weather in 30 years brought havoc to a region that seldom faces frigid Arctic blasts, according to the Houston Chronicle. Oil traders and company executives, speaking on condition of anonymity, lifted their estimate of supply losses in the region as the temperature in…

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This Week’s Market Buzz

• At press time, oil prices fell after a new strain of coronavirus discovered in the U.K. sparked fresh travel restrictions across Europe and concerns that there may be more lockdowns globally. Brent crude oil, the international benchmark, dropped 2.6% to $50.91 a barrel. Futures tied to West Texas Intermediate, the main U.S. crude gauge, fell 2.8% to $47.74 a…

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Once Booming, Sand Mines Shuttered

According to an article in the Winona Post, frac sand mining has proven to be a boom and bust industry in Trempealeau County, Minn. From creating scores of jobs and bringing in millions in revenues to idling plants – local frac sand companies’ fortunes have fluctuated with oil prices and competition. Since the pandemic crushed global demand for oil, the…

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