BOE Report

BOE Report Staff

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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]

Edmonton based Pipeworx added to U.S. firm’s group of pipeline contractors

  IRVING, Texas - Private equity firm Energy Capital Partners is continuing its move into the oilfield services sector with the acquisition of Canadian pipeline contractor Pipeworx Ltd. The deal was done through PLH Group Inc., an EC Partners company, which said Edmonton-based Pipeworx gives it a presence in Western Canada as part of a North American strategy. PLH announced the purchase Wednesday but didn't release financial details. "Canada, and Western Canada in particular [Read more]

Some Alberta municipalities, energy firms want more provincial processing

  By John Cotter, The Canadian Press EDMONTON - Alberta could create thousands of new jobs and take in an extra $600 million in annual revenue if more oil and natural gas were processed in the province instead of being shipped raw to other jurisdictions, says a newly released report. The paper by a University of Calgary economist was commissioned by municipalities and energy companies in the Edmonton region known as Alberta's Industrial Heartland Association. The association [Read more]

Enbridge, Tundra to expand Manitoba rail terminal to move more crude to market

  CALGARY - Enbridge Inc. and privately-held Tundra Energy Marketing Ltd. are working together on a project to bring growing light oil production from Saskatchewan, Manitoba and North Dakota to market by rail. Under a memorandum of understanding announced Tuesday, each company will own half of a loading terminal near Cromer, Man., which should be able to handle some 60,000 barrels of crude per day early next year. The first 30,000-barrel-per-day phase, under construction, is [Read more]