Morning Oil & Gas Briefing
September 30, 2025
What Moved Overnight
- WTI crude oil: $62.11/bbl (−2.1%) – Goldman Sachs on Tuesday said that it expects OPEC+ to raise oil production quotas by 140,000 barrels per day for November, ahead of the group’s meeting on Sunday.
- U.S. natural gas (Henry Hub): $3.33/mcf (+ 1.9%)
- CAD/USD (USD per CAD): 0.71855 (−0.02%)
Canadian Headlines
- Imperial Oil to reduce workforce by ~20% by 2027: company plans a multi-year restructuring.
- Canadian gas curtailments: Producers in Western Canada are cutting gas output as AECO spot prices plunge, with some transactions dipping into negative pricing on pipeline/storage constraints.
US / Global
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BP greenlights $5B Gulf project: BP approved the Tiber-Guadalupe deepwater development in the U.S. Gulf.
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Shell’s LNG focus: Shell’s CEO highlighted LNG as the company’s main contribution to the global energy mix over the next decade. “I don’t think I’ve ever seen the stars as well aligned as I see now in Canada,” Sawan said.
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Exxon job cuts: Exxon will eliminate ~2,000 jobs (3–4% of staff) to streamline operations.