Headlines

Canada’s fleet of active drilling rigs grew from 45 to 48 since last week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count was 48 at August 6. 17 rigs were drilling for oil; 30 for natural gas. The drilling activity in Alberta grew from 29 to 32 since last week. Saskatchewan’s drilling shrank from 5 to 4 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]

Canadian heavy crude's discount narrowed slightly versus West Texas Intermediate (WTI) on Friday, but was expected to resume its widening trend as more production returns after shut-ins. Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, traded at $11.70 per barrel below WTI, according to NE2 Canada Inc. It settled the previous day at $11.90 under. The heavy differential widened earlier this week because of returning supplies after first-half [Read more]

U.S. energy firms cut the number of oil and natural gas rigs this week to a record low for a 14th week even as higher oil prices prompt some producers to start drilling again. The U.S. rig count, an early indicator of future output, fell by four to an all-time low of 247 in the week to Aug. 7, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 687 rigs, or 74%, below this time last year. The weekly rig count has dropped or held steady since [Read more]

OTTAWA - Canada's energy regulator has named a new advisory committee that aims to change how it interacts with Indigenous Peoples in Canada. The Indigenous advisory committee, which includes eight First Nations and Metis individuals from across Canada, is part of legislation the Liberals brought in last year to impose new rules for environmental assessments. Cassie Doyle, chair of the Canada Energy Regulator's board of directors, says the committee will not deal with specific projects or [Read more]

Oil prices dipped on Friday, adding to losses from the previous session, on worries that fuel demand recovery will slow amid a resurgence of coronavirus cases and as talks have stalled in the United States on a new stimulus deal. U.S. West Texas Intermediate (WTI) crude futures slipped 64 cents, or 1.48%, to $41.33 a barrel. Brent crude fell 62 cents, or 1.29%, to $44.52. Both contracts had traded higher earlier in the day. However, the two contracts are set for weekly gains of around [Read more]