BOE Report

A late session dip pushes oil below $60 for the first time since July 2009

The price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95.Benchmark U.S. crude oil dropped 99 cents, or 1.6 per cent. Oil has fallen steadily for nearly six months, and is down 44 per cent since reaching a high for the year of $107.26 in late June."We don't see a price bottom," wrote energy analyst Jim Ritterbusch in a note to investors. He expects oil to fall further, toward $55 a barrel, in the short term.The drop is a result of [Read more]

Oil price plunge won’t affect long-term plans in Newfoundland offshore: industry

ST. JOHN'S, N.L. - The oil price plunge may be draining Newfoundland and Labrador's treasury but industry watchers say such volatility has little impact on long-term offshore development plans.They say those projects are mapped out over decades and not shaped by cyclical ups and downs, however startling."The degree of fluctuation can be scary to a lot of people," said Robert Cadigan, president and CEO of the Newfoundland and Labrador Oil and Gas Industries Association."We've seen very dramatic [Read more]

Alberta Premier Prentice says Alberta won’t spend way out of low oil prices

EDMONTON - Alberta Premier Jim Prentice says his government doesn't plan to spend its way out of the problems created by the falling price of oil.Prentice told the legislature today his government is committed primarily to finding economies within its own departments.He says he is heartened by a report from Moody's Investors that shows Alberta and Saskatchewan are in the best financial position to weather low prices.Oil prices have been free-falling since the summer and now hover in the $60 per [Read more]

Oversupply and weak demand take their toll on energy industry stock prices

PORTLAND, Ore. - Energy industry shares fell Wednesday as oversupply and weak demand continued to drag down the price of oil.Oil prices have been falling for months, but new industry reports suggest it could fall further.OPEC on Wednesday slashed its estimate of how much crude oil it will need to produce next year. And the Energy Department on Wednesday reported a surprise increase in U.S. crude supplies. That follows the U.S. Energy Department lowering its forecast this week for gasoline prices [Read more]

OPEC report, high US crude inventories sends oil prices to new 5-year lows

NEW YORK - The price of oil took another dive Wednesday, plunging to five-year lows amid mounting evidence that global supplies are far outstripping demand.The U.S. Energy Department reported a surprise increase in domestic oil inventories and OPEC projected that demand for its crude would sink next year to levels not seen in more than a decade.Benchmark U.S. crude slumped 4.5 per cent, or $2.88, to close at $60.94 a barrel on Wednesday. Prices have not been that low since July of 2009. U.S [Read more]

Premier Jim Prentice says low oil prices punch $6-$7B hole in Alberta budget

EDMONTON - Premier Jim Prentice says if oil prices continue to remain low, they will blow a $6 billion to $7 billion hole in the $40-billion provincial budget and no Albertan will be spared the pain."A return to extremely volatile energy prices has created conditions that we cannot ignore," Prentice said Tuesday in a speech to the Edmonton Chamber of Commerce."Tough choices are going to have to be made and they will be made."Prentice was reacting to the price of oil that was around the US$100 [Read more]

Harper calls oil and gas regs ‘crazy economic policy’ in times of cheap oil

OTTAWA - Stephen Harper slammed the door on unilaterally regulating Canada's oil and gas sector Tuesday even as four provincial governments, representing almost 80 per cent of Canada's population, were pledging to go further and faster in reducing greenhouse gas emissions.Environment ministers from British Columbia, Manitoba, Ontario and Quebec signed what they're calling a compact in Lima, Peru, where an international climate conference is underway.They've joined with 12 other sub-national [Read more]

Talisman says Repsol is one of several parties that have approached company

CALGARY - Talisman Energy Inc. (TSX:TLM) says several parties including Repsol have approached the Calgary-based oil and gas producer about potential deals — but added there's no assurance any agreement will result.Talisman made the comment at the request of the Toronto Stock Exchange after media reports said the Spanish and Canadian energy companies had resumed talks.Talisman previously acknowledged talks with Repsol last July but they haven't announced a deal.Since the summer, the price of oil [Read more]

Obama ‘Colbert’ show appearance won’t have Canada’s oilpatch laughing

WASHINGTON - In the Monday night episode of "The Colbert Report," the joke was on Canada's oil industry.That's because the featured guest appeared to take a dig at the industry's long-awaited, long-delayed Keystone XL pipeline project.Unfortunately for project proponents, it just so happened that this skeptical guest was the man who controls its fate: U.S. President Barack Obama.The issue was raised by pretend news anchor Stephen Colbert. The instant he began touting the potential merits of the [Read more]

Christy Clark says Petronas LNG project is a ‘done deal’ despite delay

TORONTO - British Columbia's premier said Monday the province's multibillion-dollar agreement with Petronas to build a liquefied natural gas terminal is "done," while acknowledging the Malaysian energy giant still has hurdles to overcome before the project can go ahead.Petronas announced last week that it was putting off construction of its proposed LNG terminal near Prince Rupert, B.C., even though it was pleased with recent moves the province made to make the nascent industry more [Read more]