The discount on Western Canada Select to the North American benchmark West Texas Intermediate futures settled Wednesday at its widest since March. WCS for August delivery in Hardisty, Alberta, settled at $10.95 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $10.90 a barrel Tuesday. * The differential between Canadian heavy crude and the U.S. benchmark is the widest it's been in four months, due to the return of more normal market conditions, analysts [Read more]
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US crude stockpiles fall as exports rise; fuel demand drops, EIA says
*Crude inventories drop by 3.9 mln bbls, surpassing forecast *Brent and US crude futures extend losses after EIA report *Crude exports rise to 3.5 mln bpd, EIA reports (Adds details throughout, commentary, market reaction, milestones) By Stephanie Kelly CHICAGO, July 16 - U.S. crude oil stockpiles fell last week as exports rose, while gasoline and distillate inventories rose, prompting some concerns about fuel demand, the Energy Information Administration said on [Read more]
Schlumberger to sell ChampionX subsidiary in deal with Competition Bureau
GATINEAU - The Competition Bureau says Schlumberger Ltd. has agreed to sell a subsidiary of ChampionX Corp. as part of its deal to buy the oilfield services company. The competition regulator says Schlumberger's acquisition of ChampionX would likely result in a substantial reduction in competition in the supply of critical oilfield services and equipment in Canada. Its review found the deal would likely lead to reduced innovation and access to products used in drill bits for oil and gas [Read more]
SLB Completes Acquisition of ChampionX
Enhanced portfolio drives innovation in production and reservoir recovery, expands SLB’s presence in high-growth vertical, and accelerates digital adoption HOUSTON--(BUSINESS WIRE)--SLB (NYSE: SLB) announced today that it has closed its previously announced acquisition of ChampionX Corporation. Under the terms of the agreement, ChampionX shareholders received 0.735 shares of SLB common stock in exchange for each ChampionX share. With the closing of the transaction, former ChampionX [Read more]
US withdrew oil from strategic reserve last week for first time since 2023, EIA shows
The United States withdrew oil from its Strategic Petroleum Reserve for the first time last week since December 2023, data from the Energy Information Administration showed on Wednesday. 300,000 barrels of crude oil were taken out of the reserve last week, the data showed. The U.S. Energy Department had announced last week that it will allow oil major ExxonMobil to borrow up to a million barrels of crude from the reserve to support its refinery operations. (Reporting by Shariq Khan and [Read more]
Rig counts don’t add up like they used to
Do you know what day of the week it is? Or what week it is? Month? No, not those, not the Thursdays and the third week of July, not that stuff. I mean the out-of-control catalogue of diseases and feelings and occupations that have declared their own "day". Did you know that this past Monday was "World Chimpanzee Day"? Or that the week of July 14-18 is "Dust Safety Week"? Or that according to a hair-brained site named "Always the Holidays" the month of July has 43 "official" awareness [Read more]
Competition Bureau reaches agreement with oilfield services company to preserve competition in the Canadian oil and natural gas industry
GATINEAU, QC, July 16, 2025 /CNW/ - The Competition Bureau has reached a consent agreement with Schlumberger Limited (Schlumberger) to address competition concerns related to its proposed acquisition of ChampionX Corporation (ChampionX). The two companies provide oilfield services in Canada. A Bureau review concluded that the proposed transaction would likely result in a substantial lessening of competition in the supply of critical oilfield services and equipment in Canada. Specifically, [Read more]
How Canada’s oil sands transformed into one of North America’s lowest-cost plays
Giant shovels, driverless trucks and a dog-like robot have all helped Canada's oil sands companies including Imperial Oil and Suncor become some of North America's lowest-cost oil producers, driving down overheads even as the worst inflation in a generation pushed U.S. shale costs up. As the global oil industry enters a downturn due to economic uncertainty related to U.S. tariffs policy and OPEC+ pumping more barrels, Canada's oil sands industry finds itself in a position of strength. In the [Read more]
Venture Global and Eni Announce 20-Year LNG Sales and Purchase Agreement
ARLINGTON, Va.--(BUSINESS WIRE)--Today, Venture Global, Inc. (NYSE: VG) and Eni S.P.A. of Italy announced the execution of a new Sales and Purchase Agreement (SPA) for the purchase of 2 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from CP2 LNG, Venture Global’s third project, for 20 years. This deal marks Eni’s first ever long-term agreement with a U.S. LNG producer. To date, approximately 13.5 MTPA of CP2 Phase One has been sold, raising the total contracted capacity for all [Read more]
Venture Global signs 20-year contract to supply LNG to Italy’s Eni
Venture Global will supply 2 million tonnes per annum (MTPA) of liquefied natural gas from its Calcasieu Pass 2 project over 20 years to Italian state-controlled energy group Eni, the two companies said on Wednesday. The deal is Eni's first long-term contract for LNG supply from the United States and will help it expand and diversify its global LNG footprint. Part of these volumes will contribute to the diversification of Europe's gas supplies, Eni said in a statement. Eni said it would [Read more]
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