Canada averaged 113 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 33% are drilling for natural gas, 51% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 14% are moving. Drilling activity by province is 75% in Alberta, 14% in Saskatchewan, 7% in BC, and 4% elsewhere. Precision Drilling holds the majority of the Canadian market share with 31%, Ensign Drilling with 27%, Savanna Drilling [Read more]
Headlines
InPlay Oil Corp. Announces Extension of Credit Facility
CALGARY, Alberta, May 27, 2022 (GLOBE NEWSWIRE) -- InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) announces that the Term Out Date and Borrowing Base redetermination applicable to the revolving line of credit (Tranche A and Operating Facilities) under the Company’s Senior Credit Facility has been extended from May 31, 2022 to June 30, 2022. InPlay and its banking syndicate are in the process of negotiating the annual renewal and redetermination and have agreed to the [Read more]
Highwood Asset Management Ltd. Announces 2022 First Quarter Financial And Operating Results Along With Operational Update
CALGARY, AB, May 27, 2022 /CNW/ - Highwood Asset Management Ltd., ("Highwood" or the "Company") (TSXV: HAM) is pleased to announce financial and operating results for the three months ended March 31, 2022. The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the period ended March 31, 2022, can be found at www.sedar.com and www.highwoodmgmt.com. Highlights Within the industrial metals and minerals business [Read more]
U.S. oil & gas rig count falls for first time in 31 weeks
U.S. energy firms cut oil and natural gas rigs this week for the first time in 31 weeks, but the rig count rose for a record 22nd month in a row even. The weekly rig count decline comes as some U.S. publicly traded firms continue to focus more on returning money to shareholders and paying down debt rather than boosting output. The U.S. oil and gas rig count, an early indicator of future output, fell by one to 727 in the week to May 27, energy services firm Baker Hughes Co said in its [Read more]
Analysts say natural gas could go even higher after breaking 14-year record this week
CALGARY - The price of natural gas hit heights not seen since 2008 this week and analysts say it could go even higher this summer. The U.S. benchmark natural gas price hit is currently trading at around US$8.60 per million British thermal units, or MMBtu. It surged to over $9 earlier in the week. Analysts say the price could break $10 this summer due to low inventories and global concerns about energy security. Summer heat waves could also push prices higher by driving up electricity [Read more]
Oil lingers near 2-month high amid global supply concerns
Oil prices hovered around a two-month high on Friday, with Brent crude on track for its biggest weekly jump in 1-1/2 months, supported by the prospect of an EU ban on Russian oil and the coming summer driving season in the United States. U.S. West Texas Intermediate (WTI) crude futures were down 43 cents, or 0.37%, at $113.67 a barrel. WTI is set for a weekly gain of about 0.7%. Brent crude futures for July gained 20 cents, or 0.17% to $117.50 a barrel after rising to as high as $118.17 [Read more]
The world needs more of Canada’s natural gas to ensure global energy security and reduce GHG emissions
The war in Ukraine has exposed the complexity of the world’s energy interconnections. As global energy demand increases and new renewable energy development is not keeping pace, more natural gas is needed. Those pushing to reduce greenhouse gas (GHG) emissions faster ignore this reality. Concurrently, dictators and autocrats are moving to solidify their power, sometimes using energy as a weapon. Amid this turmoil, Canada remains reluctant to fulfill its unique position to help the globe’s [Read more]
High gas prices, energy security fears impede decarbonisation push
Energy security has become a top priority for importers as forecasts of tighter gas supplies and volatile prices in the next few years are keeping buyers on edge and impeding the push towards decarbonisation, energy executives said. Europe is importing record volumes of liquefied natural gas (LNG) as gas from its top supplier Russia has been disrupted following the Ukraine crisis. That drove prices in Europe and Asia to all-time highs earlier this year, fanning inflationary pressure and [Read more]
U.S. natgas futures drop 5% as output rises, demand slips
U.S. natural gas futures fell about 5% to a one-week low on Friday on rising output and forecasts for less demand over the next two weeks than previously expected. That decline came even though U.S. power generators were forced to burn more gas for a second week in a row this week due to lower wind power. Wind was on track to produce just 11% of the country's power this week, down from a recent high of 16%, while gas will generate about 36%, up from a recent low of 33%, according to federal [Read more]
Brent could push past $150/bbl if Russian oil exports shrink, BofA says
Global oil benchmark Brent crude could rise past $150 a barrel if there is a sharp contraction in Russian oil exports, Bank of America (BofA) Global Research said on Friday. Oil prices surged after Russian's Ukraine invasion, which Moscow calls a "special operation", and are currently just below the $120 a barrel level. "With our $120/bbl Brent target now in sight, we believe that a sharp contraction in Russian oil exports could.... push Brent well past $150/bbl," the bank said in a [Read more]
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