BOE Report

BOE Report Staff

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Will eastern oil pipelines lead to lower prices at the pump for Canadians?

  By Lauren Krugel CALGARY - The Conservatives in Ottawa are staunch supporters, the New Democrats have called it a "win-win-win" and the premiers of Alberta and New Brunswick have loudly touted the benefits of an oil pipeline from west to east. But the degree to which Eastern consumers will benefit at the pump is unclear, as it's up to the pipeline's customers — oil producers at one end and refineries at the other — to determine which barrels go where. "One thing that I've [Read more]

TransForce doesn’t see improvement in Alberta oil rigging business

  MONTREAL - Alberta's oilsands production may be thriving, but TransForce doesn't foresee any improvement this year for North American oil drilling. The trucking company, which among other things moves drilling equipment, posted weaker results in the first quarter as energy sector revenues dropped 24 per cent and margins plummeted. Chief executive Alain Bedard told analysts Friday that he foresees an eventual improvement in the U.S. energy sector as the country seeks energy [Read more]

Jim Flaherty talks up Keystone XL pipeline to new U.S. treasury secretary

  WASHINGTON - Jim Flaherty made a pitch on Thursday for TransCanada's proposed Keystone XL pipeline with a top Obama administration official, telling Treasury Secretary Jack Lew that the contentious project is vital to both countries' economies. "He emphasized that the process is being followed," Canada's finance minister told a media roundtable after he attended G20 meetings in the U.S. capital on Thursday. "I emphasized that the State Department report indicates this is a very [Read more]

Clark campaigns in heart of BC’s oil and gas region, pumps LNG potential

  DAWSON CREEK, B.C. - Liberal Leader Christy Clark attempted Thursday to drive home her party's evangelism on the rosy future an aggressive development strategy for liquefied natural gas could provide, while warning that hers is the only party that can deliver on the promise. Clark was campaigning in Dawson Creek and Fort St. John, in the province's northeast, a landscape dotted with a burgeoning natural gas industry that forms the backbone of Clark's economic plan for the [Read more]

Keystone XL backers, foes convening in Nebraska

BY GRANT SCHULTE, ASSOCIATED PRESS GRAND ISLAND, Neb. -- Opponents and supporters of a massive Canada-to-Texas oil pipeline converged on a snowy Nebraska town Thursday for what could become a pivotal moment for the project. Despite a spring storm that brought sleet and snow to Nebraska, the U.S. State Department hearing in Grand Island was expected to draw at least several hundred people from the state as well as activists from outside the region who consider the state a key battleground [Read more]

Pipeline expansions still needed despite price-gap narrowing, Oliver says

  CALGARY - Despite a dramatic improvement in the price Alberta producers get for their crude oil in recent months, Natural Resources Minister Joe Oliver says market-opening pipeline expansions are still necessary. The difference between the Western Canadian heavy oil benchmark and its lighter American counterpart was at the painfully high level of $40 per barrel late last year — a phenomenon the Alberta government dubbed the "bitumen bubble" when explaining the hit it was taking to [Read more]

Natural gas storage beats estimates, futures prices soar

Working gas in storage was 1,704 Bcf as of Friday, April 12, 2013, according to EIA estimates. This represents a net change of +31 Bcf beating analyst estimates of ~+42 Bcf. Stocks were 794 Bcf less than last year at this time and 74 Bcf below the 5-year average of 1,778 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]April 12`[attr style="width: 25%"]April 5`[attr style="width: [Read more]

Oil rebounds to near $88 a barrel as US supply drop helps market recover from sell-off

By Pablo Gorondi, The Associated Press The price of oil rose to near US$88 a barrel Thursday as an unexpected drop in U.S. stockpiles of crude triggered a modest recovery from a sharp sell-off the day before. By early afternoon in Europe, benchmark West Texas Intermediate crude for May delivery was up $1.20 to US$87.88 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped $2.04, or 2.3 per cent, on Wednesday — the fourth daily drop of at least two per [Read more]

TSX, Venture plummet Wednesday, growth concerns punish commodities

  By Malcolm Morrison, The Canadian Press TORONTO - The Toronto stock market sold off late morning Wednesday as worries about the pace of global growth raised concerns about demand for commodities and sent prices for energy and metals lower. The S&P/TSX composite index lost 157.47 points or 1.3 per cent to 11,962.45. The Venture was hit 38 points to 921. "This clearly reflects a move to pricing in slower growth, the risk of deflation is back on the table, the effectiveness [Read more]

Crude stocks decrease week over week, beating analyst estimates

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]