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BOE Report Staff

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US crude futures fall 2 per cent to below US$92 a barrel on weak economic data

  NEW YORK, N.Y. – Signs that the global economy isn’t strong enough to quickly burn through the world’s ample supplies of oil and gasoline sank crude oil prices for a second straight day. Weak U.S. economic reports Friday followed on the heels of reduced forecasts for oil demand. Oil dropped two per cent. U.S. crude futures fell $2.22, or 2.4 per cent, to $91.29 barrel in New York. Brent crude, which is used to price oil used by many U.S. refiners to make gasoline, fell $1.34 to [Read more]

Northern Gateway panel releases conditions for pipeline approval

  VANCOUVER - The panel weighing the future of the proposed Northern Gateway project released a long list of conditions Friday that the company would need to meet should the project receive approval, including almost $1 billion in liability coverage in the event of a catastrophic oil spill. The joint federal review panel stressed that the release of draft conditions does not mean a decision has been made. "The panel has not made any decisions on whether or not to recommend approval [Read more]

MARKETING MACHINE: Redford says frequent trips to Washington helpful, will go back next possible opportunity

  CALGARY - Alberta Premier Alison Redford says she's not worried that her frequent trips to Washington, D-C to promote the Keystone X-L oil pipeline will result in negative overexposure in the U-S. Redford has visited Washington four times since she became premier 18 months ago and has been the object of protesters opposed to the multi-billion dollar pipeline. She says if you're one of those people where your story is heard too much and no one wants to hear from you anymore, then [Read more]

Natural gas withdrawal better than expectations

Working gas in storage was 1,673 Bcf as of Friday, March 29, 2013, according to EIA estimates. This represents a net change of -14 Bcf greater analyst estimates of ~-3 Bcf. Stocks were 804 Bcf less than last year at this time and 37 Bcf below the 5-year average of 1,739 Bcf. [table] [attr style="width: 25%"]`[attr style="width: 25%"]April 5`[attr style="width: 25%"]March 29`[attr style="width: [Read more]

Poseidon Concepts up for sale under supervision of court-appointed monitor

  CALGARY - Poseidon Concepts Corp. (TSX:PSN.TO ) has received temporary protection from its creditors under supervision of a court-appointed monitor and been put up for sale. The Calgary-based oilfield services company has been grappling with a number of problems, including the discovery that most of its revenue in the first nine months of 2012 was improperly booked and must be restated. PricewaterhouseCoopers Inc., a firm that provides audit, accounting and restructuring [Read more]

Redford warns carbon tax won’t necesarily increase 266%

By Canadian Press/BOE Report WASHINGOTN, - Alberta Premier Alison Redford is pouring cold water on reports her government already has a dollar amount in mind for an increase to its carbon tax on industry. Redford is in Washington talking up Alberta's environmental policies to support the approval of the Keystone XL pipeline. The premier has repeatedly stressed Alberta's existing $15 per tonne carbon tax on large emitters who don't meet a 12 per cent intensity reduction target. And [Read more]

US commercial crude inventories build below estimates

U.S. commercial crude oil inventories increased by 0.3 million barrels from the previous week, well below the expected build of ~1.5 million barrels. Total crude oil stocks of 388.9 million barrels are well above the upper limit of the average range for this time of year. Total commercial petroleum inventories increased by 5.9 million barrels last week. [table] [attr style="width: 25%"]April 5`[attr style="width: 25%"]March 29`[attr style="width: 25%"]Change`[attr style="width: 25%"]% [Read more]

Enbridge lawyers get their turn: question opponents at Northern Gateway hearings

  PRINCE RUPERT, B.C. - Lawyers for Enbridge Inc. (TSX:ENB) are getting their turn to question opponents of the proposed Northern Gateway Pipeline as hearings examining the project continue in Prince Rupert. Enbridge spokesman Ivan Giesbrecht says company lawyers want more detail about research methods and evidence presented at the joint review panel hearings by groups critical of a twinned pipeline between Alberta and B.C.'s West Coast. Giesbrecht says questions this week will [Read more]

US Energy secretary nominee Ernest Moniz backs increased use of natural gas

  WASHINGTON - Ernest Moniz, chosen by President Barack Obama to lead the Energy Department, says he will push to increase use of natural gas as a way to combat climate change even as the nation seeks to boost domestic energy production. Moniz, a physics professor at the Massachusetts Institute of Technology, said "a stunning increase" in domestic natural gas and oil production in recent years was nothing less than a "revolution" that has led to reduced emissions of carbon dioxide and [Read more]

Redford heads back to Washington to lobby for Keystone

  WASHINGTON - Alberta Premier Alison Redford returns to Washington, D.C., today to lobby for the Keystone XL pipeline and highlight the province's record on the environment. Redford meets today with Canada's ambassador to the United States, Gary Doer, and will speak about the Keystone issue at the Brookings Institute. On Wednesday she will meet with members of Congress to reiterate the importance of the pipeline to the Canadian and American economies. U.S. President Barack [Read more]