BOE Report

BOE Report Staff

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CALGARY FLOODS, UP TO 100,000 AT RISK

Officials with the City of Calgary say as many as 100,000 people could be forced from their homes due to heavy flooding. They say the evacuation would take place in stages over the next few days. Residents of six low-lying areas are already out of their homes. Torrential rains have created havoc in southern Alberta from Banff and Canmore and Crowsnest Pass in the Rockies, to Calgary and beyond in the north and south to Lethbridge. The flooding was particularly destructive in communities just [Read more]

Workers stop flow of dangerous sour gas from rupture in watery southern Alberta

  TURNER VALLEY, Alta. - Workers have stopped the flow of potentially deadly sour gas in a ruptured pipeline in southern Alberta, but residents of nearby Turner Valley are being asked to stay in their homes.Cara Tobin of the Alberta Energy Regulator says the well feeding the line has been shut off, but crews can't get in to seal off the rupture.That part of the pipeline is under water due to extreme flooding.She says Calgary-based Legacy Oil and Gas, the pipeline's owner, and the fire [Read more]

MARKETS SINK: TSX gets hit, oil drops, gold plummets

TORONTO - The Toronto stock market headed deeper into the red for a second day Thursday after the U.S. central bank signaled that investors will have to get used to less economic stimulus and ultimately higher interest rates. The S&P/TSX composite index ended its worst single-day sell-off since April 15 by closing down 299.71 points or 2.44 per cent at 11,968.57. That left the TSX down 465 points or 3.75 per cent so far this year. The slide cut across all sectors as the TSX was also caught [Read more]

Protesters disrupt work at Enbridge oil pipeline near Hamilton

  HAMILTON - A small group of activists disrupted work at an Enbridge pumping station outside Hamilton Thursday to protest the company's plan to reverse the flow of oil in one of its pipelines.Enbridge spokesman Ken Hall said protesters arrived at the company's Line 9 pumping station in North Westover at 6:30 a.m., and forced the workers to shut it down.Enbridge (TSX:ENB) has already received approval by the National Energy Board to reverse the flow of oil between Sarnia, Ont., and North [Read more]

Sour gas leak forces evacuations, confines people to homes in southern Alberta

  TURNER VALLEY, Alta. - A leak of potentially deadly sour gas in a southern Alberta town that also faced flooding caused evacuations and confined other residents to their homes on Thursday."The town of Turner Valley has evacuated some residents and has put others under shelter-in-place as a precautionary measure," said Cara Tobin of the Alberta Energy Regulator.About 150 people were forced to leave the town of about 2,500, said RCMP Sgt. Patricia Neely.The leak was at the south end of [Read more]

Industrial sector natural gas use rising

Source: Data through March 2013: EIA-857, Monthly Report of Natural Gas Purchases and Deliveries to Consumers, April and May 2013: Bentek Energy LLC. Note: Figures for April and May 2013 are estimates from Bentek Energy LLC based on pipeline flows, represented as a dashed line. Natural gas use for industrial purposes was more than 3%, or 0.6 billion cubic feet per day, greater during the first five months of 2013 compared to the same period in 2012. Higher industrial gas usage reflects [Read more]

Redford stresses same values with U.S. over Keystone XL pipeline

  EDMONTON - Alberta Premier Alison Redford says the United States and Canada share political and environmental values and must work together to become energy independent of those who do not.Redford made the comments in a speech today to the Foreign Policy Association in New York City.Redford says until recently North Americans had no choice but to import oil from countries that didn't live up to their values.Redford didn't specify which countries don't share North American values, but [Read more]

Anti Keystone billionaire steps up efforts, launches massive social media campaign

  By Lee-Anne Goodman WASHINGTON - San Francisco billionaire Tom Steyer, a friend to Barack Obama and a major Democratic financier, is unveiling a social media campaign on Thursday that aims to rally the president's formidable online army of supporters against the proposed Keystone XL pipeline.Steyer and a coalition of environmental and social justice groups will be in the U.S. capital to step up their efforts against Calgary-based TransCanada, a company they accuse of wanting "to [Read more]

Jobs go west as Imperial Oil converts Nova Scotia refinery to terminal operation

  HALIFAX - The Imperial Oil refinery in Halifax is being closed and converted to a terminal, in a move that deals the latest blow to Nova Scotia's manufacturing sector.The company said Wednesday it expects 80 of the 200 workers — ranging from engineers to mechanics — to either retire or stay at the terminal, while 120 others will be offered jobs at Imperial refineries and oil sands operations in Ontario and the West or at ExxonMobil's operations off Nova Scotia's coast.The refinery's [Read more]

US crude oil supplies grew by 300,000 barrels

NEW YORK (AP) -- The nation's crude oil supplies increased last week, the government said Wednesday. Crude supplies grew by 300,000 barrels, or 0.1 percent, to 394.1 million barrels, which is 1.8 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts expected a drop of 1 million barrels for the week ended June 14, according to Platts, the energy information arm of McGraw-Hill Cos. Gasoline supplies grew by 200,000 [Read more]