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BOE Report Staff

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TSX, U.S. markets fall amid moderate retail data from China and U.S

By Linda Nguyen, The Canadian Press TORONTO - The Toronto stock market fell sharply Monday as prices for commodities, particularly gold, drove down the index amid data that showed slightly smaller-than-expected increases in China's industrial production and retail sales. The S&P/TSX composite index dropped 69.13 points to 12,519.96. The Canadian dollar was up 0.14 of a cent to 99.03 cents US. The U.S. commerce department reported that retail sales edged up 0.1 per cent in April, [Read more]

Oil price falls to near $95 a barrel as rising dollar puts pressure on commodities like crude

By Pablo Gorondi, The Associated Press The price of oil fell to near $95 a barrel on Monday, reflecting the recent strengthening of the US dollar against the yen and other major currencies. By early afternoon in Europe, benchmark oil for June delivery was down 71 cents to $95.33 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 35 cents on Friday. The stronger US dollar is causing oil prices to fall, analysts said. The dollar has risen in recent days [Read more]

Plans to increase US exports of liquefied natural gas stir debate on environment

  WASHINGTON - A domestic natural gas boom already has lowered U.S. energy prices while stoking fears of environmental disaster. Now U.S. producers are poised to ship vast quantities of gas overseas as energy companies seek permits for proposed export projects that could set off a renewed frenzy of the much-debated kind of drilling known as fracking. Expanded drilling is unlocking enormous reserves of crude oil and natural gas, offering the potential of moving the country closer to [Read more]

Better oil price needed for emissions controls to work: environment minister

  OTTAWA — The ability of the oil and gas sector to absorb tough government controls on their greenhouse gas emissions depends on Canada getting a better price for its oil, Environment Minister Peter Kent says. The extra revenue would allow companies to invest heavily in leading-edge technology that would curtail pollution, he said in an interview from London. “What we have to do, one way or another, is get rid of the U.S. discount,” Kent said. “That would certainly provide great [Read more]

NRC teams with private companies to fund Carbon + Algae = Biofuels

  CALGARY – The federal government and two private companies are planning to build a $19-million plant that will use algae to convert greenhouse gas emissions from an oilsands site into useful products such as biofuels. The National Research Council says its will contribute $9.5 million toward the joint project with energy giant Canadian Natural Resources Ltd. (TSX:CNQ) and Pond Biofuels. The plant will be built at Canadian Natural’s Primrose South oilsands site near Bonnyville, [Read more]

Oliver on the defensive as he ends oilsands promotion tour through Europe

  OTTAWA - Joe Oliver's public-relations tour through Europe is ending as it began — with the natural resource minister on the defensive not just about Canada's oilsands but also about his own reaction to criticism. Oliver is flying back today from the U.K., after a whirlwind trip through Israel, Brussels, Paris and London to promote Canada's approach to oil and gas production. But even as he pleads with Europe to accept bitumen from the oilsands, he also lashes out at critics for [Read more]

Natural gas storage builds 88 Bcf, in-line with estimates

Working gas in storage was 1,865 Bcf as of Friday, April 26, according to EIA estimates. This represents a change of +88 Bcf; in-line with estimates of ~+89 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]May 3`[attr style="width: 25%"]April 26`[attr style="width: 25%"]Change East`756`704`+52 West`344`339`+5 Producing`765`734`+31 Total`1,865`1,777`+88 [/table] Source: EIA [Read more]

Enbridge sees few obstacles to expand Alberta-Wisconsin oil pipeline

CALGARY – Enbridge Inc. is seeking U.S. approval to pump more crude through an Alberta-to-Wisconsin pipeline — a process the company expects will be easier than the one TransCanada Corp. is facing with its Keystone XL pipeline. “I think I’d point out that this is a little bit of a different situation,” Enbridge CEO Al Monaco told analysts on a conference call Wednesday to discuss the company’s first-quarter results. “We’re talking about a relatively limited amount of work here from an [Read more]

556,000 bopd: Alberta produces record conventional crude in 2012, reserves shoot up

By Bill Graveland, The Canadian Press CALGARY - Alberta's energy regulator says higher oil prices and new technology have led to the largest increase in decades of both conventional oil production and reserves. In its latest report the Energy Resources Conservation Board records a 14 per cent increase in production in 2012 and 9.5 per cent increase in reserves over 2011 levels, due to the higher production rates from horizontal wells. Alberta's crude oil production totalled 556,000 [Read more]

Oil near $96 as U.S. supplies rise, refineries ramp up; gasoline demand weak

The Associated Press NEW YORK, N.Y. – The price of oil held onto small gains Wednesday after the government reported a slight increase in U.S. crude supplies. By early afternoon in New York, benchmark crude for June delivery was up 36 cents to US$95.98 a barrel. The contract fell 54 cents to finish at $95.62 per barrel on Tuesday. The U.S. Energy Department said oil supplies grew last week by 200,000 barrels to 395.5 million barrels, which is 4.2 per cent above year-ago levels. Analysts [Read more]