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This Week’s Market Buzz

  • Canadian National Railway (CN) reported a higher than expected net profit in the first quarter but said lower commodity shipments weighed on revenue and have prompted a downward revision to the company's 2016 financial outlook. Its frac sand business was down 45 percent and coal was cut in half, accounting for 3.1 percent of total business, the lowest of any railway. CN said it expects crude and frac sands volumes to continue to decline until reaching a bottom later this year, with coal hitting a low in late 2017.

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This Week’s Market Buzz

  • A company that was working to start a frac sand mine in the towns of Alma and Adams, Wis., filed for bankruptcy, according to the Jackson County Chronicle. Terracor Resources filed for Chapter 15 bankruptcy in a federal court in Texas April 4. Terracor has been working to launch a frac sand processing facility and related rail spur – an effort that has drawn packed county zoning meetings and opposition from landowners and other members of the public.

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This Week’s Market Buzz

  • Light, sweet crude for May delivery settled down 7 cents, or 0.2 percent, at $41.45 a barrel on the New York Mercantile Exchange. The May contract is the new front-month contract, and the settlement price is the highest front-month closing price since Dec. 1, 2015. Brent, the global benchmark, rose 25 cents, or 0.6 percent, to $41.79 a barrel on ICE Futures Europe, the highest settlement since Dec. 4, 2015.

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This Week’s Market Buzz

  • Light, sweet crude for May delivery is currently trending at $37.26 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, is at $39.43 a barrel on ICE Futures Europe.

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This Week’s Market Buzz

  • Oil prices rose after a top energy monitor said that prices might have bottomed on hopes that falling supply would help alleviate the global glut of crude. The International Energy Agency said that prices have been supported by easing supply around the globe but cautioned that the recent rally might not be sustainable as the demand outlook remains uncertain. Crude prices have rebounded by around 40 percent since their lows last month. Brent crude, the global oil benchmark, rose 1.7 percent to $40.76 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 2.4 percent at $38.76 a barrel. Both benchmarks are up around 14 percent this month.

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