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This Week’s Market Buzz


• As much as 10 percent of U.S. fracking work could be delayed after Hurricane Harvey ripped through south Texas, Raymond James analysts said. More than half of the rigs running in the Eagle Ford shale – the only major U.S. shale formation affected by Harvey – suspended drilling because of the storm, according to the firm. “Given that much of oil and gas activity occurs in areas only accessible via dirt roads, the heavy rainfall usually makes the movement of trucks and supplies much more difficult,” Raymond James' Marshall Adkins wrote. “The trucking and rail of sand, chemicals and personnel to the well site will all take more time given the likely nasty condition of many Eagle Ford access roads."

• Athabasca’s Susan Lake Gravel Pit Management Contract expires Nov. 30, 2017. The corporation has requested a revised extension to the Susan Lake Contract to Sept. 30, 2018. The extension application is currently under review by Alberta Environment and Parks. Management continues to work with Alberta Environment and Parks, Alberta Energy Regulator and Syncrude regarding the claim and counterclaim surrounding the Susan Lake gravel pit. As of June 30, 2017, the corporation was not in compliance with certain financial covenants on their credit facility with HSBC Bank Canada, according to the company.

• The Land Stewardship Project (LSP) will not be able to participate in the lawsuit against Winona County, Minn.'s frac sand ban, according to WXOW. District Judge Mary Leahy ruled LSP didn't have a right to intervene, as it doesn't have an interest not already represented by the county. The ban, passed last November, prohibited the mining, processing or loading of "industrial materials," particularly sand used for hydraulic fracturing. Three companies sued Winona County over the ban this past spring. LSP had led a months-long citizen campaign for the ban.