Alberta looks set to return to a budget surplus this coming fiscal year, ending seven years of deficit, as surging oil prices swell provincial royalty revenues and provide a boost to Premier Jason Kenney ahead of a spring leadership review. The oil and gas sector accounts for around 17% of Alberta's GDP, and a rally in U.S. crude to seven-year highs above $90 a barrel is super-charging the royalties that producers pay to extract the province's vast fossil fuel reserves. Some analysts say [Read more]
Oil prices rise while Russia-Ukraine tensions cool
Oil prices rose on Wednesday after retreating more than 3% in the previous session as investors gauged the impact of easing Russia-Ukraine tension against a taut balance between tight global supplies and recovering fuel demand. U.S. West Texas Intermediate (WTI) crude rose $1.55, or 1.68% to $93.66, after the contract ended Tuesday's session down 3.6%. Brent traded at $94.96 a barrel, up $1.62, or 1.74%, having slid 3.3% overnight after Russia announced a partial pullback of its troops near [Read more]
IEA’s Birol again urges OPEC+ to narrow gap between oil targets and output
The Organization of the Petroleum Exporting Countries (OPEC) and their allies, known as OPEC+, needed to narrow the gap between their oil production targets and actual output, the International Energy Agency's (IEA) head Fatih Birol said on Wednesday. "There is a significant difference between the targets that OPEC+ countries set in terms of their production levels, and what is produced today," Birol told a conference in the Saudi Arabian capital Riyadh. "It will be important for OPEC+ to [Read more]
U.S. natgas jumps over 6% to near 2-week high on cold weather forecasts
U.S. natural gas futures jumped more than 6% to a near two-week high on Wednesday on forecasts of much colder weather and higher heating demand through early March than previously expected. Traders noted the price increase came despite the continued slow return of U.S. production from cold weather-related reductions over the past month, and a 9% drop in European gas futures due to what looks like an easing of tensions between Russia and Ukraine. Over the past month or so, the U.S. has [Read more]
Keyera Corp reports results for the quarter ended in December
Keyera Corp reported quarterly adjusted earnings of 41 cents per share for the quarter ended in December. The mean expectation of five analysts for the quarter was for earnings of 58 cents per share. Revenue rose 144.9% to C$1.74 billion from a year ago; analysts expected C$1.19 billion. Keyera Corp's reported EPS for the quarter was 41 cents. The mean earnings estimate of analysts had fallen by about 24.7% in the last three months. In the last 30 days there have been no negative [Read more]
As oil prices soar, U.S. drillers scramble to find sand for fracking
With crude prices at their highest levels in years, U.S. oil drillers are trying to boost output fast, but their efforts have been hit by a shortage of sand to use for fracking operations. Crude output is expected to hit records in parts of Texas and New Mexico, the heart of U.S. shale activity. Sand supplies are so tight that it is slowing the pace of work for some oil drillers, and higher costs for sand are eating into the bottom line for others. But demand is still heavy as drillers [Read more]
Oil drops on profit-taking, Russia-Ukraine conflict remains key focus
Oil prices dropped on Tuesday as investors scooped up profits from the previous day's rally to seven-year highs and as global stock markets slumped, although lingering concerns that Russia might invade Ukraine and disrupt energy supplies limited losses. U.S. West Texas Intermediate (WTI) crude dropped $3.58, or 3.78%, to $91.22 a barrel, after gaining $2.36 the previous day. Brent crude futures were at $92.56 a barrel, down $3.12, or 3.26%, after rising $2.04 on Monday. Both benchmarks [Read more]
Tighter oil market confirmed by IEA demand revision
An upward revision in historical oil demand by the International Energy Agency in its monthly report points to a tighter global market than the West's energy watchdog had previously estimated. "Our balances are now more in line with observed market fundamentals, which underpin the view of traders. We believe the tighter balance for 2021 and 2022 is already reflected in the price of oil and the forward curve," the IEA told Reuters. Oil prices have powered toward $100 a barrel in 2022 as [Read more]
TC Energy Corp reports results for the quarter ended in December
TC Energy Corp reported quarterly adjusted earnings of C$1.06 per share for the quarter ended in December. The mean expectation of fourteen analysts for the quarter was for earnings of C$1.07 per share. Revenue rose 8.7% to C$3.58 billion from a year ago; analysts expected C$3.59 billion. TC Energy Corp's reported EPS for the quarter was C$1.14. The mean earnings estimate of analysts had risen by about 0.9% in the last three months. In the last 30 days one analyst negatively [Read more]
U.S. natgas futures rise 3% to one-week high on colder forecasts
U.S. natural gas futures climbed 3% to a one-week high on Tuesday on forecasts for much colder weather and higher heating demand over the next two weeks than previously expected. Traders noted the price increase came despite the continued slow return of U.S. production from cold weather-related reductions over the past month, and an 8% drop in European gas futures as some Russian troops return to base, easing tensions with Ukraine. Over the past month or so, the U.S. has worked with other [Read more]
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