Canada averaged 212 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 32% are drilling for natural gas, 55% are drilling for oil, 3% for other (helium, hydrogen, geothermal, lithium, or potash), and 10% are moving. Drilling activity by province is 78% in Alberta, 12% in Saskatchewan, 8% in BC, and 2% in Manitoba. Precision Drilling holds the majority of the Canadian market share with 37%, Ensign Drilling with 21%, Savanna [Read more]
Headlines
Oil dips ahead of OPEC+ meeting, EU Russian oil ban
HOUSTON, Dec 2 (Reuters) - Oil futures slipped 1.5% in choppy trading on Friday ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban on Russian crude on Monday. Brent crude futures settled down $1.31, a 1.5% drop, at $85.57 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.24, or 1.5%, to $79.98 per barrel. Both contracts dipped in and out of negative territory, but notched their first weekly gains at [Read more]
Energy hungry Europe can’t look to U.S. shale to fill any OPEC gap
U.S. shale oil drillers turned from scrappy wildcatters into multi-millionaires over the past two decades, propelling the United States to become the world's largest producer, but now they are running out of runway. Oil output gains are slowing and executives from some of the largest firms are warning of future declines from overworked oilfields and less productive wells. On Sunday, the Organization of the Petroleum Exporting Countries (OPEC) meets to decide whether to hold the line or cut [Read more]
WCS discount narrows slightly
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) narrowed slightly on Friday: WCS heavy blend crude for January delivery in Hardisty, Alberta, was trading at $28.80 barrel under WTI, according to traders, down from the previous session's settle of $29.15. The slight narrowing reflects an inventory draw in Western Canada and as the heavy oil market awaits Sunday's OPEC+ meeting, a trader said. WCS differentials have been under pressure since [Read more]
U.S. natural gas drop 5% on delayed Freeport LNG restart, less cold forecasts
U.S. natural gas futures dropped about 5% to a two-week low on Friday on a delayed restart for the Freeport liquefied natural gas (LNG) export plant in Texas and forecasts for milder weather and lower demand over the next two weeks than previously expected. Milder weather should allow utilities to leave more gas in storage. Gas stockpiles were about 2.4% below the five-year (2017-2021) average for this time of year. Freeport LNG delayed the expected restart of its export plant to the end [Read more]
U.S. oil & gas rig count holds steady this week
U.S. energy firms this week left the number of oil and natural gas rigs operating unchanged for the first time since June, energy services firm Baker Hughes Co said in its closely followed report on Friday. The U.S. oil and gas rig count, an early indicator of future output, remained unchanged at 784 in the week to Dec. 2, Baker Hughes said. That puts the total rig count up 215, or 38%, over this time last year. U.S. oil rigs held at 627 and gas rigs were at 155. With oil prices up [Read more]
Column: U.S. oil production’s post-pandemic rebound set to slow
U.S. production of crude oil and condensates increased to 12.3 million barrels per day (bpd) in September, the highest since the first wave of the coronavirus pandemic in March 2020. Production rose by 289,000 bpd from the previous month, with contributions from the Lower 48 states (+208,000 bpd), federal waters in the Gulf of Mexico (+64,000 bpd) and Alaska (+17,000 bpd). Crude production has increased in five of the most recent seven months, according to data from the U.S. Energy [Read more]
‘No sacred cows’ as TC Energy prepares for $5 billion of asset sales
As TC Energy Corp prepares to unload C$5 billion ($3.7 billion) in assets next year, investors and analysts say the North American pipeline operator has plenty of options without touching its core gas business. Chief Executive Francois Poirier cleared up any ambiguities this week when asked how much of TC's portfolio is in the shop window. "I remember reading a book once called, 'Sacred Cows Make the Best Burgers,'" Poirier said at the company's investor day. "There are no sacred [Read more]
Abandonment issues- regulatory changes and cost impacts
Managing oil and gas liabilities has become one of the most critical areas of concern for oil and natural gas companies, landowners, municipalities, provincial and federal governments. In the province of Alberta alone, approximately 258,000 wells are designated to be abandoned in the next ten years. This is an ambitious timeline that can easily be impacted negatively when commodity prices drop. Across the western provinces, wells have been drilled since 1901 when the Rocky Mountain [Read more]
U.S. LNG exports remain flat as domestic market braces for cold season
U.S. liquefied natural gas exports were flat last month, Refinitiv shipping data showed on Thursday, as production remained limited and the arrival of winter weather in the Northern Hemisphere led utilities to build inventories for domestic use. U.S. natural gas futures' implied volatility, a measure of the likely movement in prices, hit a record last week on the outlook for colder weather and doubts about the restart of the Freeport LNG plant in Texas this month. The plant has been idled [Read more]
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