WTI crude prices jumped as much as 13 percent on Friday after a report from the Wall Street Journal suggested OPEC might finally agree to cut production. Despite the gain, oil prices were poised to end the week down with significant losses. But WTI settled up more than 12 percent, for the best one-day gain since February 2009, when WTI gained 14 percent. It was a rally from a 13-year low the previous day. WTI for March delivery settled up $3.23, or 12.3%, to $29.44 a barrel on [Read more]
227,935 users visited the BOE Report in January
The BOE Report is pleased to announce a record month in both Canada and the United States for total viewership. In total, 227,935 unique users visited BOEreport.com with 70 percent of the traffic coming from Canada, 25 percent from the United States, and the remainder from around the world. BOE's core userbase remains in Calgary where 50 percent of the website's traffic originated. Users of BOEreport.com visit multiple times each day to check the latest in oil and gas news, and commodity [Read more]
Read Notley’s royalty review speech
More information about Alberta’s New Royalty Framework is available here Thank you for coming today. Let me begin by thanking my friend and colleague Minister McCuaig-Boyd for her hard work on this initiative. And thanking Dave Mowat and his talented colleagues on the Royalty Review Panel for their work. I suspect none of you were expecting quite how much work this was going to be! But it was well worth it. I also want to thank the many Albertans who took the time to [Read more]
Oil slides 7.59% as OPEC calls for cooperation
US oil shed 7.59% to $29.77 today. This comes after last week's rally that saw oil jump close to 10 percent. The slide came as the head of OPEC called for all oil-producing nations to work together. OPEC's Secretary General, Abdullah el-Badri, said both OPEC and non-OPEC oil producers need to tackle oversupply to help prices rise. "It is vital the market addresses the issue of the stock overhang. As you can see from previous cycles, once this overhang starts falling then prices start to [Read more]
WTI rallies 8.51% to $32.25
After several weeks of declining crude oil prices, there was good news to start today's trading session. WTI has risen above the $30 mark to sit currently at $32.25. Brent crude also is up 4.09% and is trading at $29.79. The rise in crude prices continues after a strong finish to Thursday trading. Today's continued rally comes after weekly U.S. government inventory and production data. Hopes for easier monetary policy from Europe fuelled a recovery in European and U.S. stock markets [Read more]
US crude dips below $31, 12-year low
Oil prices fell to a new 12-year low today. It was reported by CNBC that this comes "as slowing growth in China rattled investors' hopes for demand this year and traders increased bets against any near-term recovery." WTI was down $2.06 at $31.10 per barrel by 1:20 p.m. EDT, having briefly dipped below $31 to the lowest level since December 2003. Brent was down by $2.15 at $31.40 a barrel, after falling to the lowest level since April 2004. "Analysts pointed to China's slowdown, which [Read more]
Action plan needed to attract investment to Alberta’s energy sector says Wildrose
In a recent press release, the Alberta Wildrose party called for a better economic plan on the part of the provincial NDP government to deal with falling oil prices. As markets opened on Thursday, West Texas Intermediate (WTI) was selling at $32.10, with Western Canadian Select (WCS) selling below $20 per barrel. Wildrose Leader Brian Jean said while the NDP doesn’t control the price of oil, their ideological and aggressive actions have made a bad situation even worse. “Alberta is now [Read more]
Alberta and United States oil patch job losses close to equal
At this point, it goes without saying Alberta has been hit especially hard with the recent and prolonged declines in the prices of oil and gas. To put the job losses in perspective, consider this: The entire US energy industry has lost a total of 70,000 jobs year over year. In Alberta, oil patch job losses have so far amounted to 35,000 according to CAPP this past fall. What's worse, the whole Alberta economy lost 63,500 jobs in the first eight months of this year, according to government [Read more]
Crude falls 6.43% after OPEC decision
Oil prices slumped by more than 5% on Monday after OPEC decided to not cut production. The decision ultimately has sent crude to its lowest level since the depths of the global financial crisis almost seven years ago. Shares in energy companies lost ground as the impact of the drop in oil prices rippled through stock markets. Prices of other commodities also weakened following disappointment among traders on OPEC's Friday decision. Industry research and consultancy firm Wood [Read more]
Energy Minister McCuaig-Boyd issues another apology
Alberta’s Energy Minister apoligized for comments made at a Calgary luncheon suggesting out of work oil and gas workers may want to try moving to British Columbia to find work. Marg McCuaig-Boyd was answering a question about what the government is doing to mitigate job losses and keep people in the energy sector when she mentioned what she now undoubtedly regrets. “I want to apologize that I misspoke a little and it was never my intent to encourage people to leave Alberta, in fact we want [Read more]
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