In the Northern White Market, FOB Odessa 40/70m fell by $0.50 per ton, reflective of falling demand for sand (both Northern White and region in-basin) in West Texas.
The National Cereals and Produce Board in Kenya will be purchasing 15,000 bags of rice and beans at the end of this month which is in line with government plans to continue food supplies during the Covid-19 outbreak as reported in the Business Daily. This procurement will include 4,000 bags of rosecoco beans, 4,000 bags of mwitemania, 2,000 bags of red haricot beans and 5,000 bags of rice.
Northern White mine gate prices remained relatively flat this week, suggesting continued limited demand relative to in-basin supply. Prices stayed within 2% of last week’s prices across the board for 100m, 40/70m, 30/50m and FOB Odessa Northern White 40/70m.
An interesting argument was inspired by popular energy analyst and engineer David Ramsden-Wood, who I credit with initially addressing this concept. Kudos!
Frac sand suppliers have struggled in the current market environment. Crude oil prices have crumbled amid a major oversupply (especially during the COVID19 pandemic).
Northern White mine gate prices remained relatively flat this week, suggesting continued limited demand relative to in-basin supply. Prices stayed within 2% of last week’s prices across the board for 100m, 40/70m, 30/50m and FOB Odessa Northern White 40/70m.
Faced with an unprecedented imbalance of supply and demand for crude oil, amid COVID-19 and the OPEC+ fallout, traders have found a way to make astounding profits in an otherwise rough global market scenario; by trading offshore crude oil storage on very large crude carriers (VLCCs).
Northern white prices remained relatively stable this week, with 100m and 30/50m Northern White mine gate prices down 1% each this week. FOB Wisconsin 40/70m was down $1 / ton and FOB Odessa Northern White 40/70m was down by $0.60 / ton.
In the Permian, FOB Kermit 100m and FOB Kermit 40/70m each fell by $2.50 / ton this week, suggesting that the slow down in drilling and completion activity is weighing heavily on local sand prices. FOB Odessa Northern White 40/70m fell by $0.50.
Biomass has been trading in the range of $0.43 to $1.16/point, albeit on very light volume. It’s undeniable that even before the recent economic headwinds, the industry was dealing with a significant oversupply.