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Long-term oil futures to remain soft despite recent spot price according to Deloitte forecast

CALGARY, ALBERTA (October 1, 2013) – While the current conflict in Syria has put upward pressure on the current spot price for oil and on short-term oil futures, a Canadian domestic oil and gas forecast released today by Deloitte’s Resource Evaluation & Advisory practice indicates that the long-term futures for WTI are still soft and point to a long-term price near US$85.00/bbl by 2018. See historical Canada oil and gas prices... In the commentary accompanying Deloitte’s September 30, [Read more]

Most American’s support Keystone, oppose fracking!

According to a Pew research poll, most American's support the Keystone XL pipeline but oppose fracking. The study found 65% of Americans are in favor of building the pipeline, with Democrats showing 51% support and Republican support at 82%. When it comes to fracking, 44% of Americans favor and 49% oppose increased use. Read the entire report here... [Read more]

REPORT: Harvest refinery up for sale

According to the Wall Street Journal, KNOC has decided to put Harvest's Come By Chance oil refinery in Newfoundland up for sale. The paper sites KNOC hired Deutsche Bank to sell the 115,000 bbl/d facility. The company's refining operations lost $106.6 million in the first half of 2013. The news comes shortly after reports that KNOC is looking to exit Canada and sell Harvest Operations. Harvest spokeswoman Kari Sawatzky refused to directly comment on the matter, but said “We’re [Read more]

Robert Redford slams oilsands in new video

Actor Robert Redford has come out swinging against the oilsands. The 77 year old said in a new video, released by the National Resources Defense Council, the oilsands are “destroying our great northern forests at a terrifying rate” and “killing our planet." The comments come a week after singer Neil Young compared Ft. McMurray to an atomically-bombed wasteland. Watch the video below: [Read more]

CTF Uncovers $341,000 in Taxpayer Funding to PEMBINA INSTITUTE

A Canadian Taxpayers Federation Report by Derek Fildebrandt: Using Freedom of Information requests, the Canadian Taxpayers Federation (CTF) has uncovered documents (Part 1, Part 2, Part 3and Part 4) showing that the City of Calgary has provided $340,656 to an environmentalist advocacy group/think tank, the Pembina Institute. A majority of the taxpayer funding was to support ‘professional fees’ for communications, disbursements, greenhouse gas offsets and preparing reports. What these [Read more]

REPORT: KNOC to sell Harvest

Financial Times is reporting Korea National Oil Corporation (KNOC) is seeking to sell 'lossmaking' Harvest Operations. According to reports, KNOC's CEO told reporters: We’ve made an internal decision to sell the Canadian company as its losses become bigger amid lower oil prices in North America...We are also looking into other foreign assets and seeking various ways to dispose of unprofitable assets. The move comes amid a slew of property sales in the western Canadian oilpatch. [Read more]

Novus stock still halted

Novus' stock is still ineligible for trading after IIROC halted the stock "At the Request of the Company Pending News." Novus was trading at $0.84 when the stock halted Wednesday Aug 28 at 8:37AM ET. The company, which produces over 3,100 boe/d primarily Viking oil, initiated a value realization process with Coramrk and FirstEnergy. Novus stock chart: UPDATE: Novus Energy Inc. enters into definitive agreement to be acquired by Yanchang Petroleum International Limited [Read more]

World petroleum use sets record high in 2012 despite declines in North America and Europe

Source: U.S. Energy Information Administration, International Energy Statistics The world's consumption of gasoline, diesel fuel, jet fuel, heating oil, and other petroleum products reached a record high of 88.9 million barrels per day (bbl/d) in 2012, as declining consumption in North America and Europe was more than outpaced by growth in Asia and other regions (see animated map). A previous articleexamined regional trends in petroleum consumption between 1980 and 2010; today's article [Read more]

Canadian Natural Resources says leaks at Primrose oilsands operation contained

  CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) says a mechanical failure caused contamination at its Primrose project on the Cold Lake Air Weapons Range, but says the damage has been contained and cleanup is ongoing.About 6,300 barrels of bitumen emulsion have been collected to date, with the rate of seepage now totalling less than 20 barrels per day, the company said Wednesday. The four locations initially impacted at Primrose covered an area of 20.7 hectares, but the area in [Read more]

Ford to offer natural gas F-150 for 2014

DETROIT (AP) -- Ford soon will offer a natural gas version of its F-150 pickup truck, the most popular vehicle in America. The company is the first Detroit automaker with that option in a light-duty pickup truck. Ford, General Motors and Chrysler already have natural gas-powered heavy-duty trucks. Ford says natural gas will be available on the 2014 F-150s with 3.7-Liter V-6 engines. The trucks will have factory-installed valves, pistons and rings to handle natural gas and gasoline. The option [Read more]