Glencore said on Tuesday it has suspended nearly $1 billion of planned investments at Horne Smelter, Canada's largest copper metal-producing operation, after failing to secure regulatory certainty from the provincial government of Quebec. Glencore was planning to close the facility due to environmental issues and expansive investments needed by the London-listed miner, Reuters reported in November last year. Investments at its Montreal facility will also be scaled back over the medium [Read more]
News
US refiners struggle to absorb sudden surge in Venezuelan oil imports
Oil refiners on the U.S. Gulf Coast are struggling to absorb a rapid surge in Venezuelan crude shipments since last month's flagship $2 billion supply deal between Caracas and Washington, pressuring prices and leaving some volumes unsold, according to traders and shipping data. The soft U.S. demand represents an early obstacle for President Donald Trump's hopes of sending the majority of the South American country's oil to the United States since U.S. forces captured Venezuela's President [Read more]
Ovintiv Announces Closing of NuVista Energy Acquisition
DENVER, Feb. 3, 2026 /CNW/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") announced today that it has completed its acquisition of all of the common shares ("NuVista Shares") of NuVista Energy Ltd. (TSX: NVA) ("NuVista") in a cash and stock transaction valued at $2.7 billion. The acquisition is expected to add approximately 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres (approximately 70% undeveloped) in the core [Read more]
Source Rock Royalties Announces Additional Alberta Crown Mineral Leases
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./ CALGARY, AB, Feb. 3, 2026 /CNW/ - Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces the joint-acquisition of additional oil sands and petroleum and natural gas ("PNG") leases in Alberta. As previously announced, Source Rock entered into a joint-acquisition agreement with a private company [Read more]
Kremlin says it has heard no statements from India on halting Russian oil purchases
The Kremlin said on Tuesday it had heard no statements from India about halting purchases of Russian oil after U.S. President Donald Trump said New Delhi had agreed to stop such purchases as part of a trade accord with Washington. U.S. President Donald Trump announced a trade deal on Monday with India that slashes U.S. tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers. Kremlin spokesman Dmitry Peskov said Russia was [Read more]
China’s Chambroad buys Canadian crude for May delivery, traders say
Chinese independent refiner Chambroad Petrochemical has bought one Canadian crude cargo for May delivery, four trade sources said on Tuesday, following a decline in Venezuelan crude supply into China. The refiner was one of the main buyers of Venezuelan oil, while it occasionally imported Canadian oil exported from the Trans Mountain pipeline for its bitumen production, according to trade sources. In its latest deal, Chambroad purchased Canadian Cold Lake crude exported from TMX at a discount [Read more]
Oil steady as markets consider possible U.S.–Iran de-escalation, firm dollar
Oil prices held steady on Tuesday as market participants weighed the possibility of a de-escalation in U.S.-Iran tensions, with a firmer dollar limiting the upside. Brent crude futures were up 6 cents, or 0.1%, at $66.36 per barrel at 0102 GMT. U.S. West Texas Intermediate crude was at $62.24 per barrel, up 0.2%. Oil prices fell more than 4% on Monday after U.S. President Donald Trump said Iran was "seriously talking" with Washington, signaling a de-escalation of tensions with the OPEC [Read more]
Trump says Mexico will stop sending oil to energy-starved Cuba
U.S. President Donald Trump said on Monday that Mexico would stop sending oil to Cuba as he ramped up a pressure campaign on the Caribbean nation. "Mexico is gonna cease sending them oil," Trump told reporters in the White House Oval Office. He did not elaborate on why he believed this to be the case. Mexican authorities did not immediately respond to a request for comment. Mexico is the single-largest supplier of oil to Cuba, which regularly suffers from energy shortages and mass [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 March delivery in Hardisty, Alberta, settled at $14.60 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $14.25 a barrel on Friday. * Monday was the start of the Canadian crude market's trade cycle, which runs from the first of each month until the day before pipeline nominations are due, and in which the bulk of the trading [Read more]
Kimmeridge Comments on Proposed Merger of Coterra and Devon
NEW YORK, Feb. 2, 2026 /PRNewswire/ -- Kimmeridge Energy Management Company, LLC, a private investment firm focused on the energy sector, today issued the following statement in response to an announced definitive agreement for Coterra Energy (NYSE: CTRA) and Devon Energy (NYSE: DVN) to merge in an all-stock transaction. Mark Viviano, Managing Partner at Kimmeridge, said: "As a significant shareholder in both companies, we are supportive of a combination that can unlock meaningful shareholder [Read more]
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