U.S. natural gas futures on Monday extended their decline to a third session, hitting the lowest since mid-July on a weakening demand outlook and higher inventories. Front-month gas futures fell 25.7 cents, or 3.8%, to $6.57 per million British thermal units (mmBtu), by 9:52 a.m. EDT (1352 GMT), after touching $6.526 - their lowest since July 15 - earlier in the session. Moderating temperatures and a little bit of a resurgence in inventory injections are driving prices lower, said Thomas [Read more]
Headlines
Oil claws back some losses but strong dollar caps gains
Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand. The dollar index climbed to a fresh 20-year high on Monday, capping oil price gains. U.S. West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.30%, at $79.56 a barrel. Brent crude futures were up 14cents, or 0.16%, at $86.85 a barrel. Both contracts slumped [Read more]
Canadians see our energy products as boost to global sustainability
CALGARY, AB - A strong majority of Canadians (more than seven in ten respondents) believe Canada's liquified natural gas (LNG) can help improve global energy security and sustainability efforts, according to a new public opinion poll conducted by Research Co. for advocacy organization Canada Action during September 16 and 17. Seventy-three percent of respondents said our country should advocate for Canada's energy sector as a leader in environmentally sustainable production. Almost eight in [Read more]
Suncor Energy commences tender offers for ten series of notes
Calgary, Alberta - Suncor Energy Inc. (TSX: SU) (NYSE: SU) ("Suncor") today announced offers to purchase for cash any and all of the ten series of outstanding notes described below ("Notes"), up to a maximum C$1,750,000,000 aggregate amount of Total Consideration (as defined below), on the terms and conditions set forth in the Offer to Purchase dated September 26, 2022 (the "Offer to Purchase"). The Offer to Purchase and the related Notice of Guaranteed Delivery can be accessed at the following [Read more]
U.S. official rules out secondary sanctions for Russian oil price cap
A U.S. Treasury official has ruled out secondary sanctions to enforce a price cap mechanism on Russian oil exports despite a proposal last week by U.S. senators. Democratic and Republican senators last week proposed that U.S. President Joe Biden's administration use secondary sanctions on international banks to strengthen the price cap aimed at capping Russia's oil revenues while minimising the impact on global markets and prices. "We don't think secondary sanctions are needed," Catherine [Read more]
Hammerhead Resources Inc. and Decarbonization Plus Acquisition Corporation IV announce $1.39 billion business combination; combined company to be listed on Nasdaq
MENLO PARK, Calif. and CALGARY, AB - Hammerhead Resources Inc., a Calgary-based energy company ("Hammerhead"), and Decarbonization Plus Acquisition Corporation IV (Nasdaq: DCRD, DCRDW, DCRDU), a special purpose acquisition company ("DCRD"), announced today that they have entered into a definitive agreement for a business combination that values Hammerhead at C$1.39 billion. Upon closing of the transaction, the combined company is expected to be listed on the Nasdaq Capital Market ("Nasdaq") and [Read more]
Canada’s weekly rig count up 7 to 216
Canada averaged 216 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 28% are drilling for natural gas, 60% are drilling for oil, 4% for other (helium, hydrogen, geothermal, lithium, or potash), and 8% are moving. Drilling activity by province is 71% in Alberta, 19% in Saskatchewan, 8% in BC, and 2% in Manitoba. Precision Drilling holds the majority of the Canadian market share with 29%, Ensign Drilling with 25%, Savanna [Read more]
Petroleum Services Association of Canada announces rebrand to Enserva
CALGARY, Alberta - Canada’s energy industry is transforming, and so is Enserva (the “Association”) – today, our Association is proud to officially announce our rebrand from our previous identity as the Petroleum Services Association of Canada to our new moniker, Enserva. This exciting rebrand better reflects who our Association is and where we are going. For over 40 years, our Association has championed Canadian energy. Our roots run deep in the petroleum industry. Our future lies in the [Read more]
‘Heavy lifting’ needed to overcome opposition to permitting bill
U.S. Senator Joe Manchin on Friday warned that bipartisan opposition to his bill to overhaul energy permitting could derail his plan to attach it to temporary spending legislation and pass it by the end of the month. The West Virginia Democrat will likely need 10 Republicans for the permitting bill he introduced this week, which would speed approvals of fossil fuel projects like natural gas pipelines but also for huge electricity transmission lines needed to bring power from wind and solar [Read more]
Column: Alberta’s hydrogen tech future
What's happening with hydrogen in Alberta? The Alberta Hydrogen Roadmap has put us on the “path to building a provincial hydrogen economy and accessing global markets.” According to the website Alberta is already the largest hydrogen producer in Canada, with all the resources, expertise, and technology needed to quickly become a global supplier of clean, low-cost hydrogen. They quote an estimate of the worldwide market to be worth over $2.5 trillion a year by 2050 and predict hydrogen can be the [Read more]
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