U.S. natural gas futures were steady on Thursday as the market awaited direction from a federal report expected to show a bigger-than-usual U.S. storage build last week when mild weather limited demand for the fuel for both heating and cooling. That lack of price movement came despite several bearish factors, including record U.S. output, rising Canadian exports and forecasts for milder U.S. weather and lower demand over the next two weeks than previously expected. It also defied bullish [Read more]
Headlines
Oil stable as investors weigh US debt uncertainty, potential OPEC+ cuts
Oil prices were little changed on Thursday as uncertainty over whether the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts. Brent crude futures eased 1 cent to $78.35 a barrel by 04290 GMT. U.S. West Texas Intermediate crude (WTI) fell 11 cents, or 0.2%, to $74.23. Some progress had been made but several issues remained unresolved in U.S. debt ceiling negotiations, House Speaker Kevin McCarthy said Thursday, as the deadline ticked [Read more]
Alberta wildfires ease, and Canada natgas exports recover
Firefighters have made "significant progress" in tackling wildfires in Alberta thanks to rain and cooler temperatures, provincial government officials said on Wednesday, as Canadian natural gas exports to the U.S. rebounded after nearly three weeks of lower flows. Many oil and gas companies that shut in production as a precaution have restarted operations or are preparing to do so. At their height the fires shuttered at least 319,000 barrels of oil equivalent per day, or 3.7% of national [Read more]
Journey Energy Inc. reports on voting from the 2023 annual shareholders meeting
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey", or the "Company") announces the voting results from its Annual General Meeting (the "Meeting") held today pursuant to Section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations. Journey is pleased to report that all resolutions were approved by the shareholders and the details of the voting results are contained below. 1. Fixing the Number of Directors to be elected at the [Read more]
OPEC+ credibility on line with talk of more ‘ouching’: Kemp
Saudi Arabia’s energy minister has warned speculators to “watch out” - an implied threat to cut production again to drive prices higher when ministers from the expanded OPEC+ group of exporters meet on June 4. “I keep advising them (speculators) that they will be ouching, they did ouch in April, I don’t have to show my cards, I am not a poker player … but I would just tell them watch out,” Energy Minister Prince Abdulaziz bin Salman said at a conference on May 23. Total hedge fund short [Read more]
US crude stockpiles post massive surprise drawdown – EIA
U.S. crude oil and distillate inventories fell unexpectedly last week, while gasoline stockpiles declined more than forecast, the Energy Information Administration said on Wednesday. Crude inventories fell by 12.5 million barrels in the week to May 19 to 455.2 million barrels ahead of the driving-intensive Memorial Day weekend holiday, compared with analysts' expectations in a Reuters poll for a 800,000-barrel rise. Gasoline, jet fuel and distillate product supplied - proxies for fuel [Read more]
Making Sense of ChatGPT – How AI is Changing the Way We Work
Join Kyla Lawson of Stack Technologies Ltd. and Rob Dressler of CAPLA's Technology and Innovation Committee for a collaborative discussion on generative AI tools, including ChatGPT, the practical applications, the pros, and the pitfalls. Where & When Start: Thursday, June 8, 2023 at 12:00 PM End: Thursday, June 8, 2023 at 1:00 PM Time Zone: Mountain Time Register here [Read more]
XI Technologies: Word to the Wise: May 2023 Alberta Expiring Lands Report
Each week, XI Technologies uncovers trends and insights using our enhanced data and software focused on the WCSB. If you’d like Word to the Wise delivered directly to your inbox, subscribe here. XI Technologies looks at expiring land to provide useful business development intel for service companies and exploration and production (E&P) companies alike. For service companies, expiring lands provide insight into where drilling activity is most likely to occur in the coming [Read more]
Canada natgas exports to US back at levels seen before Alberta wildfires
Canadian natural gas exports to the U.S. this week returned to levels seen before wildfires in Alberta and other western provinces over the past three weeks forced producers to shut oil and gas wells and cut the amount of fuel flowing in pipelines. That return to normal gas flows from Canada caused U.S. gas futures to plunge about 10% earlier this week since Canada supplies about 8% of the gas consumed in, or exported from, the U.S. Last week, U.S. gas prices jumped about 14% due in part [Read more]
US natgas up 2% on forecasts for higher demand through early June
U.S. natural gas futures gained about 2% on Wednesday on forecasts for cooler weather this week and warmer weather next week that should boost demand more than previously expected through early June. Gas prices also gained support from low amounts of wind power in recent weeks that have forced power generators to burn more gas to produce electricity. That price increase came despite record U.S. gas output and the return of Canadian exports to levels seen before wildfires in Alberta and [Read more]