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Market Crux Just Put Sky Quarry Inc. (SKYQ) On The Watchlist
This Morning — Monday, November 9, 2026
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Get Focused On (SKYQ) While It’s Still Early…
November 9, 2026
Dear Reader,
There's a specific kind of setup that tends to emerge when infrastructure scarcity, geographic monopoly, and macro timing converge at once…
It doesn't happen very often.
But when it does, the data tends to tell a very clear story.
Consider the following sequence of facts — each one independently verifiable, and together they outline a picture worth examining closely.
Nevada imports more than 90% of its transportation fuels — much of it from California, which has been closing refineries at an accelerating pace.
The state formed a Fuel Resiliency Committee in 2026 to assess those supply risks.
Salt Lake City diesel crack spreads recently surged to roughly $133–$136 per barrel — up approximately 300% since January.
And the one company that operates Nevada's only crude oil refinery just confirmed production.
That company is Sky Quarry Inc. (SKYQ).
Sky Quarry Inc. (NASDAQ: SKYQ) is topping our watchlist this morning—Monday, November 9, 2026.
According to Yahoo Finance, (NASDAQ: SKYQ) has a float less than 8.5M listed as available to the public—with a float that small, the potential exists for big moves if demand begins to shift.
One Refinery, One State, One Equation
The Eagle Springs Refinery near Ely, Nevada, is the state's only operating crude oil refinery…
It's run by Foreland Refining Corporation, a wholly owned subsidiary of Sky Quarry.
The company restarted Eagle Springs in September 2026 after securing a Nevada air permit from the Division of Environmental Protection and completing roughly $300K in repairs and upgrades identified in a 2025 TAR360 assessment.
At the time of restart, the refinery had approximately 15,000 barrels of crude oil inventory on-site, with additional supply expected as operations progressed.
By October, refined petroleum production was confirmed — with Eagle Springs now producing diesel, vacuum gas oil, naphtha, and liquid paving asphalt from its approximately 5,000-barrel-per-day nameplate capacity and more than 100,000 barrels of on-site storage.
CEO Marcus Laun said the facility "is operating as expected".
Management has stated its near-term goals include raising throughput, expanding product sales, strengthening operating reliability, and securing additional crude supply.
The company is also evaluating broader crude sourcing, including regional supplies and possible future integration with its PR Spring operations in Utah.
The EIA's October 2026 Short-Term Energy Outlook forecasts diesel crack spreads remaining above historical averages through 2027.
The broader U.S. diesel market is estimated at $94.24B in 2026, projected to reach $123.37B by 2034 at a 3.68% CAGR, per Market Data Forecast.
And the U.S. petroleum refining market overall was valued at $793B in 2024, expected to reach $1,168B by 2032 at a 5.1% CAGR, per P&S Market Research.
The structural equation is straightforward…
One state with zero refining alternatives, losing access to its primary external supply, experiencing a 300% surge in regional diesel spreads — and one company with the only refinery inside those borders.
Western U.S. refining capacity has been steadily declining as California facilities shut down, and Nevada has historically depended on that capacity for the vast majority of its fuel.
That makes this particular geographic monopoly very difficult to replicate — and the macro data reinforces the timing.
The Second Engine — Hydrocarbons from Waste
What separates (SKYQ) from a pure refinery story is its second line of business.
Sky Quarry is also developing a proprietary recycling technology called ECOSolv — a low-temperature, closed-loop solvent extraction system designed to recover hydrocarbons from waste asphalt roofing shingles.
The data on the process is specific…
Up to 95% of hydrocarbons recovered.
Up to 99% of the proprietary solvent recycled.
Roughly 50% fewer CO₂ emissions per ton compared to traditional extraction methods.
No vacuum or pressure required.
Minimal water usage.
Each processed ton yields bitumen, fibers, granules, sand, and limestone powder — with an estimated roughly $260 in total recovered value per ton.
The feedstock base is substantial…
About 80% of North American homes have asphalt shingle roofs, and a typical reroofing job generates two to three tons of tear-off waste.
Roughly 15M tons of waste shingles are landfilled in the U.S. every year — representing an estimated 22M barrels of recoverable oil and over 9M tons of construction materials.
An estimated 700M tons have been landfilled since 1960, with shingles taking 300 to 500 years to decompose.
The global asphalt shingles market is projected to grow from $8.89B in 2024 to $11.86B by 2030 at a 4.76% CAGR, per TechSci Research.
The recycled asphalt market is expected to reach $10.95B by 2030 at a 5.8% CAGR, per GII Research.
Sky Quarry Inc. (SKYQ) is developing ECOSolv at its PR Spring facility in Utah, which sits on an oil sands lease estimated to hold approximately 180M barrels of oil equivalent and includes 7-megawatt power generation capacity.
That combination — a producing refinery generating revenue in Nevada, a resource recovery platform in development in Utah, and a feedstock supply that grows by 15M tons every year — creates a profile that's considerably more layered than a single-asset energy name.
The two sides of the business also share a common thread: each one converts an undervalued or overlooked resource into saleable fuel and materials.
Securing Feedstock Without Diluting Shareholders
The feedstock strategy is where the analytical case for (SKYQ) deepens…
In August 2026, the company announced a proposed $50M Nevada oil development program — and the structure warrants close attention.
Third-party capital would flow directly to qualified Nevada E&P producers.
No new Sky Quarry common equity is contemplated — meaning no dilution to existing shareholders.
The company would provide capital introductions and could enter long-term crude offtake arrangements — so successful production would be available for purchase by the Eagle Springs refinery.
CEO Marcus Laun described it as "not simply an exploration initiative" but a potential long-term feedstock strategy.
The geological data supports that framing…
The USGS estimates approximately 1.4B barrels of undiscovered, technically recoverable oil beneath Nevada's federal lands — ranking the state third nationally, behind only Alaska and New Mexico.
BLM lease sales in the first half of 2026 alone totaled roughly 30,168 acres, with exploration wells now approved in Railroad Valley — Nevada's primary oil-producing region where wells have historically peaked at roughly 5,000 barrels per day.
Producer Michael D. O'Neal of Grant Canyon Oil & Gas noted that his company's Nevada prospects look more attractive than most U.S. alternatives, citing long-lived reserves and shallow decline rates.
The company brought in Ray Hansen in July — a 35-year refining veteran with senior roles at HF Sinclair, CITGO, and Chevron — as President of Foreland Refining Corporation.
Hansen previously led operations at HF Sinclair's 140,000 barrel-per-day El Dorado refinery and most recently served as VP of HF Renewable Fuels.
He described the Foreland Refinery and PR Spring as "unique assets with tremendous potential."
That kind of operational depth — brought in specifically for the production ramp phase — suggests management is focused on execution at Eagle Springs while building out the Utah platform in parallel.
Sky Quarry has also already demonstrated the ability to attract capital behind its vision — having raised $29.5M through crowdfunding and warrant exercises from more than 10,000 committed participants.
9 Reasons Why We're Laser-Focused On (SKYQ) This Morning
— Monday, November 9, 2026
1. Small-Float: According to Yahoo Finance, less than 8.5M shares exist in the public float, the potential exists for big moves if demand begins to shift.
2. Nevada's Only Operating Refinery: Eagle Springs is the sole crude oil refinery in the state, giving Sky Quarry Inc. (SKYQ) a singular position in a market that imports over 90% of its fuel.
3. Diesel Spreads at 300% Above January: Salt Lake City diesel crack spreads recently surged to $133–$136 per barrel, with the EIA projecting above-average spreads through 2027.
4. Proprietary ECOSolv Technology: A closed-loop, low-temperature extraction system that recovers up to 95% of hydrocarbons and recycles 99% of its solvent — with an estimated $260 in recovered value per processed ton.
5. 15M-Ton Annual Waste Stream: The U.S. landfills roughly 15M tons of waste asphalt shingles per year, representing 22M barrels of recoverable oil — a feedstock base that expands every time another roof gets replaced.
6. $50M Non-Dilutive Feedstock Program: A proposed Nevada oil development program structured to channel third-party capital into local E&P projects, with potential crude offtake flowing directly to Eagle Springs — and no new common equity contemplated.
7. 1.4B Barrels Beneath Nevada: The USGS estimates that Nevada's federal lands hold approximately 1.4B barrels of undiscovered, technically recoverable oil — ranking it third nationally behind only Alaska and New Mexico.
8. 180M-Barrel Oil Sands Lease: The company's PR Spring facility in Utah sits on a lease estimated at 180M barrels of oil equivalent, with 7-megawatt power generation capacity already on-site.
9. Veteran Refining Leadership: The July 2026 appointment of Ray Hansen, with 35 years at HF Sinclair, CITGO, and Chevron and prior command of a 140,000-barrel-per-day refinery, brings deep operational experience to the Eagle Springs ramp-up.
Get Focused On (SKYQ) While It’s Still Early…
The evidence points in one direction…
A geographic monopoly in a supply-constrained state.
Diesel spreads at multi-year highs with the EIA projecting continued strength.
A second technology platform targeting one of the largest untapped waste streams in the country.
A feedstock strategy designed to scale without dilution.
And a float under 8.5M shares that amplifies any shift in demand.
Each of these data points is sourced and verifiable — and together, they outline a profile that warrants serious attention from anyone analyzing the energy space with a data-forward lens right now.
(SKYQ) is well worth a very close look.
Pull up (SKYQ) while it’s still early.
Sincerely,
Gary Silver
Managing Editor,
Market Crux
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