The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Friday. WCS for April delivery in Hardisty, Alberta, settled at $13.20 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $13.15 on Thursday. * The war in Iran has disrupted global supply of medium and heavy sour barrels, contributing to tighter spreads for heavy crude this month. * Canada will support the International Energy Agency's [Read more]
News
Statement from the Minister of Energy and Natural Resources
OTTAWA, ON, March 13, 2026 /CNW/ - Global energy markets are facing significant volatility following disruptions in the Strait of Hormuz. In response, the 32 member countries of the International Energy Agency (IEA), including Canada, have agreed to a co-ordinated release of oil stocks to help stabilize energy markets and supply around the world. This represents the largest-ever oil stock release in the IEA's history. Canada meets our IEA responsibilities through our role as a [Read more]
Canada to support IEA release with 23.6 million barrels, energy minister says
Canada will support the International Energy Agency's oil release with 23.6 million barrels from domestic producers, Energy Minister Tim Hodgson said on Friday. The IEA on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles held by member nations to combat a spike in prices since the start of the U.S.-Israeli war on Iran. "We will support this collective action with 23.6 million Canadian barrels, produced by our industry and co-ordinated with the [Read more]
Peyto Exploration & Development Corp. Confirms Monthly Dividend for April 15, 2026
CALGARY, Alberta, March 13, 2026 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. (TSX: PEY) ("Peyto") confirms that the monthly dividend with respect to March 2026 of $0.11 per common share is to be paid on April 15, 2026, for shareholders of record on March 31, 2026. Dividends paid by Peyto to Canadian residents are eligible dividends for Canadian income tax purposes. Shareholders and interested investors are encouraged to visit the Peyto website at www.peyto.com to learn [Read more]
Governments globally roll out measures to blunt effect of Iran war energy shock on consumers
Governments from Asia to Europe are scrambling to shield consumers from surging fuel and food costs triggered by the U.S.-Israeli war on Iran, rolling out measures ranging from fuel subsidies and price caps to emergency commodity releases. The conflict has halted a fifth of the world's oil and liquefied natural gas supply from the Middle East and forced top regional energy producers Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Qatar to cut output in what the International Energy [Read more]
Iran lets two gas tankers sail to India through Hormuz, sources say
Iran has allowed two Indian-flagged liquefied petroleum gas carriers to sail through the Strait of Hormuz, four sources with direct knowledge of the matter said, a rare exception to the Iranian blockade that has disrupted global energy supplies. The Indian-flagged LPG tanker Shivalik crossed the Strait under escort from the Indian Navy, said two of the sources, and the second vessel, Nanda Devi, was expected to clear in the next few hours. Since the United States and Israel launched a [Read more]
Crude futures turn positive on continued Hormuz closure
Crude futures climbed higher on Friday as the Strait of Hormuz remained closed, but analysts were wary the weekend might bring surprise changes in the status of the war two weeks after it started. Brent futures for May were up $1.59, or 1.58%, to $102.05 a barrel at 11:35 a.m. CDT (1635 GMT), heading for a weekly increase. U.S. West Texas Intermediate (WTI) crude for April gained $1.15, or 1.2%, to $96.88 a barrel, and was also set for an uptick on the week. "We're getting hammered by the [Read more]
US drillers add oil and gas rigs for second week in a row, says Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since early February, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by two to 553 in the week to March 13, its highest since November 2025. Despite this week's rig increase, Baker Hughes said the total count was still down 39 rigs, or 7% below this time last year. Baker Hughes said [Read more]
California hit by much higher oil prices as Iran war stresses refiners
Fuel costs in California are soaring even more than in the rest of the U.S. due to several unique factors, with fallout from the war in Iranforecast to push pump prices in the state to $10 a gallon and jet fuel prices jumping 47% in just two weeks. California's mandated gasoline blend and lack of pipeline access isolate it from the rest of the U.S. market, making it heavily reliant on energy imports from Asia that are being held up by closure of the Strait of Hormuz. Consumers in the state [Read more]
‘We’re ready to defend the Arctic,’ Carney says alongside German, Norwegian leaders
BARDUFOSS - Canada and its allies are prepared to defend the Arctic, Prime Minister Mark Carney said Friday in Bardufoss, Norway, after observing NATO’s Cold Response exercises. He held a news conference alongside Norwegian Prime Minister Jonas Gahr Store and German Chancellor Friedrich Merz. Asked by a German reporter whether the "conflict" over the Trump administration's demands for Greenland is settled, the leaders emphasized Greenland's independence. "It's up to the people in [Read more]
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