WTI is up again today after a strong rally closing last week. Currently sitting at $48.16, the price of oil is up close to ten dollars from $38.34 compared to last Monday. The rise comes as the EIA reported estimates of U.S. crude oil production in June 2015 at 9.3 million barrels per day (b/d), a decrease of approximately 100,000 b/d from the revised May 2015 figure. The largest revisions in volume include decreases of oil production in Texas (ranging from about 100,000 b/d to [Read more]
NDP kicking can down road with royalty review
At first glance, the decision today by the Alberta NDP to give industry 16 months to plan accordingly before royalty rates are subject to change comes across as a good way to assuage industry concern and uncertainty. However, does this decision not ultimately just mean kicking the proverbial can down the road? Would it not have been better policy to decisively make a decision on royalties? Are Albertans not impatient enough with gaining renewed trust in the royalty framework (the very reason [Read more]
NDP pledge royalty rates will remain unchanged until December 31, 2016
Chair of Alberta's royalty review panel, Dave Mowat, and Energy Minister McCuaig-Boyd announced in a press conference today that royalty rates will remain unchanged until at least December 31, 2016. That is not to say however that no changes will be made. The idea put forth is to give industry the assurance that nothing will be changed for the next 16 months. According to Mowat, this will give energy executives sufficient time to plan capital allocation decisions and provide stability in a [Read more]
Why right now is worst possible time for royalty review
There has been recent chatter in the media that this is in fact the best time for Alberta to conduct a royalty review. The logic goes that because oil and gas prices are so slow, the NDP will be forced to remain in check and not do anything too drastic. The argument, however, misses the larger point at play. What the royalty review is in fact doing is creating unwelcome uncertainty the industry does not need. With so much uncertainty being caused by price volatility, why add more with the [Read more]
WTI jumps near 10%
Oil went as much as 10 percent higher today, posting its biggest one-day rally since 2009 as improving equity markets and news of lower crude supplies set off a buying wave with petroleum traders. This comes as oil dropped to a 6 year low this week. Oil also climbed as world stock markets rose on hopes that Chinese stimulus would work. [Read more]
Oil industry crash already longer than collapse of 2008
It has now been seven years since the 2008 Great Financial Crisis swept markets across the world. Closely rivalling the depths of the Great Depression, the market turmoil of 2008 was truly a difficult time for many of the world's leading and developing economies. Rising from the wreckage of 2008 has been a slow and arduous process for many different industries, with many hoping that such a precipitous drop in asset valuations would indeed remain a once in a generation event. For the oil and [Read more]
Chevron to cut 1,500 jobs worldwide and 12% of workforce in Houston
Of the 1,500 worldwide employees slated for layoff, 950 are for the Houston operation. The first group is set to leave in October. Chevron has already communicated the same to the Texas Workforce Commission as spokesman, Cam Van Ast said they plan to finish issuing pink slips by the end of the year. Chevron has not stated the positions it will be targeting with upcoming layoffs but has told state regulators that most will target positions on its four corporate centers in downtown Houston. [Read more]
Alberta Government names 5 person climate change panel
Environment Minister Shannon Phillips just a moment ago announced the completed five person climate change panel chaired by University of Alberta professor Andrew Leach. The five panelists are: - Andrew Leach - Gord Lambert, President of GRL Collaboration and Sustainability (and formerly of Suncor) - Linda Coady, Chief Sustainability Officer, Enbridge Inc. - Stephanie Cairns, Principal of Wrangellia Consulting, and Pembina Institute Board Member - Angela Adams, Director of Education, [Read more]
Federal NDP opposition to petroleum industry lives in Twittersphere
Collectively, NDP MLA's, MP's, and ardent supporters all have made it clear on their position towards the Canadian petroleum industry. Resoundingly, the industry, to this cohort of the population ultimately represents a zero sum game whereby oilsand (tarsand in their words), and pipeline development means imminent catastrophe. In the twittersphere, The NDP make no bones about their stance on oil and gas in Canada. NDP MP Dennis Bevington expressed his misunderstanding on Twitter by [Read more]
WCS trades at $23.75
Western Canada Select plummeted 7.26% to $23.75. Just outside Chicago, in Whiting Indiana, BP's Whiting Refinery closed for undisclosed reasons this past Saturday. The 405,000-barrels-per-day Whiting Refinery shutdown comes at the same time as the refining industry goes through seasonal turnaround in which facilities trim throughput for maintenance and infrastructure upgrades. A crude trader in Calgary who wished to remain anonymous was quoted as saying "combined, refinery turnarounds [Read more]
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