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This Week’s Market Buzz

•    Smart Sand reported, “We support the United Nations’ Paris Accord objective of carbon-neutral operations by 2050 and plan to voluntarily align our strategies, goals and reporting efforts to do our part in supporting this global initiative. Simultaneously, Smart Sand will launch a formal Environmental, Social and Governance (ESG) program. Our website provides details that articulate our ESG goals. We look forward to telling our story, one in which we have already made progress on most of the United Nations Sustainable Development goals.”

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This Week’s Market Buzz

•    Oil prices were higher at press time, shortly after two sources told Reuters that OPEC provisionally agreed to cut production by 1.5 million barrels per day. International benchmark Brent crude traded at $51.52, up around 0.8%, while U.S. West Texas Intermediate stood at $47.10, around 0.7% higher.

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This Week’s Market Buzz

•    “The current economic system cannot sustain oil prices above $100 a barrel, and engage in genuine growth in the real economy for very long,” warned a report authored by Dr. Simon Michaux and published by the Geological Survey of Finland. “Alternatively, producers cannot sustain oil prices as low as $45 a barrel and still make a profit.”

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This Week’s Market Buzz

•    At press time, Brent crude rose 19 cents, or 0.3%, to $59.31 per barrel. The front-month U.S. West Texas Intermediate (WTI) crude futures contract gained 49 cents, or 0.9%, to settle at $53.78 per barrel. The more-active second-month WTI benchmark was up 95 cents, or 0.7%, at $54.44 a barrel.

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This Week’s Market Buzz

•    In the U.S. Energy Information Administration’s (EIA) January Short-Term Energy Outlook, EIA forecasts that the Brent crude oil spot price will average $65 per barrel (b) in 2020 and $68/b in 2021; and that the West Texas Intermediate (WTI) spot price will average $59/b in 2020 and $62/b in 2021. EIA expects that crude oil prices will remain elevated in the first few months of 2020, reflecting a price premium on crude oil from recent geopolitical events. However, this price premium will diminish in the first half of 2020, and market fundamentals will drive the crude oil price forecast in the second half of 2020 and in 2021.

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