U.S. commercial crude oil inventories decreased by 1.3 million barrels from the previous week, beating the expected build of ~1.2 million barrels. Total crude oil stocks of 387.6 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories increased by 2.6 million barrels last week. [table] [attr style="width: 25%"]April 12`[attr style="width: 25%"]April 5`[attr style="width: 25%"]Change`[attr style="width: 25%"]% [Read more]
Edmonton based Pipeworx added to U.S. firm’s group of pipeline contractors
IRVING, Texas - Private equity firm Energy Capital Partners is continuing its move into the oilfield services sector with the acquisition of Canadian pipeline contractor Pipeworx Ltd. The deal was done through PLH Group Inc., an EC Partners company, which said Edmonton-based Pipeworx gives it a presence in Western Canada as part of a North American strategy. PLH announced the purchase Wednesday but didn't release financial details. "Canada, and Western Canada in particular [Read more]
Some Alberta municipalities, energy firms want more provincial processing
By John Cotter, The Canadian Press EDMONTON - Alberta could create thousands of new jobs and take in an extra $600 million in annual revenue if more oil and natural gas were processed in the province instead of being shipped raw to other jurisdictions, says a newly released report. The paper by a University of Calgary economist was commissioned by municipalities and energy companies in the Edmonton region known as Alberta's Industrial Heartland Association. The association [Read more]
Enbridge, Tundra to expand Manitoba rail terminal to move more crude to market
CALGARY - Enbridge Inc. and privately-held Tundra Energy Marketing Ltd. are working together on a project to bring growing light oil production from Saskatchewan, Manitoba and North Dakota to market by rail. Under a memorandum of understanding announced Tuesday, each company will own half of a loading terminal near Cromer, Man., which should be able to handle some 60,000 barrels of crude per day early next year. The first 30,000-barrel-per-day phase, under construction, is [Read more]
TSX advances, investors buy up resource stocks beaten down by weak Chinese data
By Malcolm Morrison TORONTO - The Toronto stock market was higher Tuesday as traders cautiously bought into stocks that sustained steep losses in the previous session when disappointing Chinese growth data sent commodities and resource stocks tumbling. The S&P/TSX composite index gained 69.01 points to 12,073.89 after the market registered its biggest one-day tumble since last June and the lowest close since mid-November, plunging 333 points. The TSX was also heavily [Read more]
BRUTAL: TSX plunges 332 points, Venture sinks 65 points, Oil down $3.70, Gold down $154
Gold and other commodities took a big tumble Monday following data that showed much weaker than expected economic growth in China, sending the benchmark index of the Toronto Stock Exchange to its biggest one-day loss in 10 months. By the close of trading, the S&P/TSX composite index had slumped 332.71 points, or 2.7 per cent, to 12,004.88. The materials group, which includes gold stocks, plunged 7.4 per cent. Gold futures tumbled $140.40 US an ounce to settle at [Read more]
IHS Acquires Fekete Associates
ENGLEWOOD, Colo.--(BUSINESS WIRE)--IHS Inc. (NYSE: IHS), the leading global source of information and analytics, today announced it has acquired Fekete Associates, a leading provider of integrated reservoir management software and services to the oil and gas industry. Terms of the transaction were not disclosed. “The acquisition of Fekete plays an important role in better supporting our customers as we continue to seamlessly connect IHS information and expertise with the right tools and [Read more]
Centrica, Qatar company acquire assets from Suncor for $1 billion
CALGARY - Centrica PLC of Britain and Qatar Petroleum International have reached an agreement with Suncor Energy to acquire most its conventional natural gas and crude oil assets in Alberta for $1 billion in cash. Suncor (TSX:SU.TO) says the transaction is subject to regulatory approval and is expected to close in the third quarter of 2013. The business will be held in a newly established partnership between Centrica and QPI, a wholly owned subsidiary of Qatar [Read more]
Trudeau 2.0 elected liberal leader
OTTAWA - Justin Trudeau called for an end to internal Liberal party divisions and an end to the partisan politics of division Sunday night as he was anointed party leader in a landslide, first-ballot win. Trudeau, eldest son of former prime minister Pierre Trudeau and the Liberals' undisputed star, swept more than 80 per cent of the available points in a final field of six candidates. Despite the foregone conclusion of Trudeau's coronation, a downtown Ottawa hotel was packed with [Read more]
TSX heads sharply lower amid falling commodity prices, weak U.S. retail data
By Malcolm Morrison, The Canadian Press TORONTO - The Toronto stock market sold off Friday as concerns about the strength of the world's biggest economy raised demand worries and helped send oil and metal prices tumbling. The S&P/TSX composite index dropped 143.79 points to 12,337.59. Falling commodities helped push the Canadian dollar down 0.3 of a cent to 98.64 cents US. U.S. indexes recouped most of earlier losses resulting from earnings disappointments from banks and a [Read more]
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