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This Week’s Market Buzz

• U.S. West Texas Intermediate crude oil futures were at $51.69 per barrel at press time, down 67 cents, or 1.3 percent. International Brent crude futures were down nearly 1 percent, or 53 cents, at $60.921 per barrel. U.S. bank Morgan Stanley cut its 2019 oil price forecasts by more than 10 percent, pointing to weakening economic growth expectations and rising oil supply, especially from the United States. The bank now expects Brent to average $61 a barrel this year, down from a previous estimate of $69, and U.S. crude to average $54, against a prior forecast of $60.

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This Week’s Market Buzz

• Covia's recent presentation comparing BOE recoveries utilizing Northern White Sand (NWS) to Texas Gold (as a proxy for Regional Sand) is an eye-opener, according to Joel Schneyer, managing director at Capstone Headwaters. Covia reports 16 percent higher EUR's resulting from the higher crush, sphericity and roundness, and lower acid solubility and turbidity of using NWS compared to Texas Gold. But, what does this really mean to the bottom line? Read his analysis here.

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This Week’s Market Buzz

• U.S. crude oil fell below $50 a barrel for the first time in more than a year. Oil's recent slide has shaved more than a third off its price. Crude fell more than 1 percent to as low as $49.41 a barrel. The last time oil closed below $50 was in Oct. 4, 2017. Concerns about oversupply have sent oil prices into a virtual freefall. Crude hit a four-year high above $76 a barrel less than two months ago.

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This Week’s Market Buzz

• Oil prices rose after data showed inventory declines in the United States and as investors began to expect that the global oil market could have a deficit sooner than they had previously thought. Benchmark Brent crude oil was up 63 cents, or 1.1 percent, at $60.78 per barrel while U.S. West Texas Intermediate light crude rose 74 cents, or 1.5 percent, to $51.89.

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This Week’s Market Buzz

  • Crude oil prices crashed on Nov. 14, losing 7 percent in just one day, which was the biggest daily loss in three years. At press time, WTI is $56.67 per barrel, and Brent $66.8, despite pressure by a vicious combination of demand outlook, oversupply concerns and other factors such as President Trump’s call on OPEC to keep production at current levels.

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