Midland is deeply saddened to announce the passing of Ralph DeLetto, Executive Vice President, Chief Financial Officer, and co-owner of the company. Ralph passed away Monday night following a long and courageous battle with cancer, surrounded by his loving family. “Ralph was an extraordinary leader and a trusted partner whose vision and integrity helped shape Midland into the organization it is today,” said Mike Graves, President and Chief Executive Officer. “His contributions to our business and our people were immeasurable, and his legacy will continue to inspire us for many years to come.” Ralph is survived by his wife, Nancy, and his sons, Michael and Christopher, who are also valued colleagues at Midland.

National Average Price for Regular Unleaded Current: $2.164; Month Ago: $2.119; Year Ago: $2.596. National Average Price for Diesel Current: $2.441; Month Ago: $2.363; Year Ago: $3.008.

Futures in New York added as much as 1.6 percent after rising 1.3 percent Monday. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, said Energy and Industry Minister Khalid Al-Falih. In the U.S., Halliburton Co. and Anadarko Petroleum Corp. signaled that the investment in shale fields may finally be succumbing to the oil price slump. “Yesterday’s Saudi decision to cut exports still lingers in the market,” said Bjarne Schieldrop, chief analyst for commodities at SEB Markets. The headlines that the U.S. shale oil boom is easing are also driving futures higher, he said. Click Read More below for more of the story.