Oil prices steadied on Monday as OPEC extended supply cuts until March 2020 during a meeting in Vienna, but prices pared gains as oversupply worries continued to overshadow the market. The Organization of the Petroleum Exporting Countries agreed on Monday to extend oil supply cuts until March 2020, three OPEC sources said, as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production. OPEC is slated to [Read more]
Archives for July 2019
Obsidian Energy Announces Extension of Syndicated Credit Facility Redetermination Date
CALGARY, July 1, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) ("Obsidian Energy", the "Company", "we", "us" or "our") announces the Company's banking syndicate has extended the syndicated credit facility redetermination date until August 30, 2019 as we progress through the necessary provisions in regard to the Peace River Oil Partnership ("PROP") disposition and continue to evaluate the potential of an unsecured bond offering, which remains subject to market conditions and [Read more]
U.S. Henry Hub natgas prices for June fall to lowest in 20 years
U.S. spot natural gas prices in June at the Henry Hub benchmark in Louisiana dropped to their lowest for the month since 1999 as record production so far this year allowed utilities to inject huge amounts of gas into storage. Next-day prices averaged $2.40 per million British thermal units (mmBtu) in June. That compares with an average of $2.97 in June 2018 and a five-year (2014-2018) average of $3.16. In June 1999, prices averaged $2.29. So far in 2019, next-day gas prices have [Read more]
The federal price on carbon takes effect in Yukon and Nunavut July 1
Starting today, the federal carbon levy will be applied in Yukon and Nunavut, while the Northwest Territories is set to implement its own price on carbon in September. The Yukon government says carbon emissions will be taxed at a rate of $20 per tonne for the rest of 2019, before rising each year starting on April 1 until the tax reaches $50 per tonne in 2022. The costs of gasoline, diesel and propane will go up, while the federal carbon pricing act includes targeted relief for [Read more]
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