Iran has expanded its definition of the Strait of Hormuz into a "vast operational area" far wider than before the Iran war, according to a senior officer in the Islamic Revolutionary Guard Corps (IRGC) Navy. The strait is no longer viewed as a narrow stretch around a handful of islands but instead has been greatly enlarged in scope and military significance, said Mohammad Akbarzadeh, deputy political director of the IRGC Navy, the state-affiliated Fars news agency reported on Tuesday. "In [Read more]
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Top Asian LNG markets boost coal use as Iran war limits supply
Major Asian liquefied natural gas (LNG) importers Japan and South Korea ramped up coal-fired power generation in April and into early May, market data showed, as the Iran war disrupted supplies of the super-chilled fuel and boosted prices. Japan's gas-fired power supply hit two-year lows in April and South Korea's dropped to six-month lows, according to data from the Japanese Electricity Market Data Hub and Korea Power Exchange (KPX). The switch underscores how the conflict is reshaping power [Read more]
Oil rises as fading hopes of quick end to Iran war reignite supply worries
Oil prices rose 2% on Tuesday as hopes for a deal to end the U.S.-Israeli war on Iran faded, with stark differences between Tehran and Washington on a peace proposal bringing supply concerns again to the fore. Brent crude futures were up $2, or 1.9%, at $106.21 per barrel, while U.S. West Texas Intermediate gained $2.31, or 2.4%, to $100.38 by 0726 GMT. Both benchmarks climbed nearly 2.8% on Monday. U.S. President Donald Trump said on Monday the ceasefire with Iran was "on life support", [Read more]
A Trump-Xi deal could revive US energy exports to China
U.S. President Donald Trump will arrive in Beijing this week for a summit with President Xi Jinping on May 14 to 15, where U.S. officials say a deal for Beijing to buy more U.S. energy could be under consideration. Tariffs imposed during the U.S.-China trade war have halted most Chinese imports of U.S. oil and LNG, which were worth $8.4 billion in 2024, the year before Trump began his second term. Here is a summary of the major elements of that trade. LNG China's imports of U.S. [Read more]
Trican Reports First Quarter Results for 2026 and Declares Quarterly Dividend
Calgary, Alberta--(Newsfile Corp. - May 11, 2026) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce its first quarter results for 2026. The following news release should be read in conjunction with Management's Discussion and Analysis ("MD&A"), the unaudited interim condensed consolidated financial statements and related notes for the three months ended March 31, 2026, as well as the Annual Information Form ("AIF") for the year ended December 31, 2025. [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Monday. WCS for June delivery in Hardisty, Alberta, settled at $15.95 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, 15 cents lower than Friday's close. * While the discount has narrowed since the start of the month, the differential for heavy Canadian crude remains wider than it was at the beginning of the U.S. war on Iran. * The WCS [Read more]
Ovintiv Reports First Quarter 2026 Financial and Operating Results
Efficiency, Best-in-Class Inventory, and Clean Balance Sheet Delivering Superior Returns Highlights: Generated first quarter cash from operating activities of $1.1 billion, Non-GAAP Cash Flow of $1.2 billion and Non-GAAP Free Cash Flow of $634 million after capital expenditures of $605 million Produced average first quarter volumes of 679 thousand barrels of oil equivalent per day ("MBOE/d"), at the high end of company guidance across all products including 225 thousand barrels per day [Read more]
Cardinal Energy Ltd. Announces Monthly Dividend for May
Calgary, Alberta--(Newsfile Corp. - May 11, 2026) - Cardinal Energy Ltd. (TSX: CJ) ("Cardinal" or the "Company") confirms that our May dividend of $0.06 per common share will be paid on June 15, 2026 to shareholders of record on May 29, 2026. The Board of Directors of Cardinal has declared the dividend payable in cash. This dividend has been designated as an "eligible dividend" for Canadian income tax purposes. About Cardinal Energy Ltd. Cardinal is a Canadian oil and natural gas production [Read more]
US to loan 53.3 million barrels of oil from Strategic Petroleum Reserve
The Trump administration said on Monday it will loan energy companies 53.3 million barrels of crude from the U.S. Strategic Petroleum Reserve as part of a global agreement to calm oil markets that have spiked on the U.S.-Israeli war with Iran. Nine companies, including Exxon Mobil, Trafigura, and Marathon Petroleum Company, borrowed only about 58%of the 92.5 million barrels the Department of Energy last month had offered to loan from the SPR. The DOE this spring had already loaned about 80 [Read more]
Trans Mountain and its federal parent see case for Ottawa owning pipeline for good
The leaders of Trans Mountain Corp. and the federal agency that oversees the Crown corporation say it's possible Ottawa will own the Alberta-to-B.C. pipeline indefinitely. Mark Maki, the president and CEO of Trans Mountain, says it's a "sovereign pipeline" that operates almost entirely within Canada and that it's an "incredibly strategic asset" to the country. At a Canadian Club luncheon in Toronto, Maki was joined on stage by Elizabeth Wademan, who heads up the Canada Development [Read more]
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