U.S. natural gas futures fell about 4% to an 18-month low on Friday on rising output and forecasts for heating demand to remain low and the weather to stay warmer-than-normal for another week, allowing utilities to leave more gas in storage. Front-month gas futures for February delivery on the New York Mercantile Exchange fell 13.9 cents, or 3.8%, to $3.556 per million British thermal units at 12:08 p.m. EST (1708 GMT), putting the contract on track for its lowest close since June 25, [Read more]
Headlines
Oil heads for solid weekly gain on China demand hopes
Oil prices rose slightly in early trade on Friday and were on track for gains of more than 6% for the week on solid signs of demand growth in top crude-oil importer China and expectations of less aggressive interest rate rises in the United States. U.S. West Texas Intermediate (WTI) crude futures rose 54 cents, or 0.69%, to $78.74. Brent crude futures climbed 48 cents, or 0.57%, to $84.27 a barrel. WTI is up 6.2%, recouping most of last week's losses, while Brent has jumped 6.7% so far [Read more]
Western Canada Select discount holds steady
Western Canada Select (WCS) crude's discount to the benchmark West Texas Intermediate (WTI) steadied below $25 a barrel on Thursday. WCS for February delivery in Hardisty, Alberta, traded between $24.90 and $24.80 a barrel below WTI, according to brokerage CalRock, On Wednesday it traded between $25.15 and $24.80 a barrel under U.S. crude. One Calgary-based crude trade said WCS has been strengthening as U.S. refinery demand picks up, and exports from the U.S. Gulf Coasts were also [Read more]
Tourmaline declares $2.00/share special dividend, provides operational and 2023 guidance update
CALGARY, AB, Jan. 12, 2023 /CNW/ - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce a special dividend and provide an operational and 2023 guidance update. SPECIAL DIVIDEND Tourmaline is pleased to announce the declaration of a special dividend of $2.00/share, given the continued strong financial performance and outlook for the Company. The special dividend is part of Tourmaline's comprehensive shareholder return plan and will be paid on February 1, [Read more]
Mexico says energy dispute not discussed at North American leaders’ summit
The leaders of North America did not discuss an ongoing dispute over Mexico's energy policies during a summit in Mexico City this week, Mexican President Andres Manuel Lopez Obrador said on Thursday. Washington and Ottawa in July launched dispute settlement proceedings under a regional trade deal against Mexico's drive to give priority to its state-run energy companies, arguing the policy discriminates against private U.S. and Canadian firms. "We did not discuss that," Lopez Obrador told a [Read more]
Out-of-this-world technology could help oil sands take giant leap forward in reducing CO2 emissions
CALGARY, Alberta - A Calgary company’s leading-edge technology – originally used by NASA to search for life on Mars – is coming down to earth to help reduce greenhouse gas emissions in the oil sands. Impossible Sensing Energy edged out competitors from around the world in a Pathways Alliance global challenge to find a key piece of measurement equipment that will help accelerate the widescale use of steam-reducing technologies in oil sands operations. “We take great pride as a Canadian [Read more]
Oil rises on China demand hopes; upcoming U.S. inflation data caps gains
Oil prices edged up on Thursday, building on gains in the previous session as China's demand outlook improved, though gains were limited ahead of upcoming inflation data from the United States. U.S. West Texas Intermediate crude also rose $1.01, or 1.30%, to $78.77 per barrel. Brent crude had risen $1.23, or 1.48%, to $84.16 per barrel. Both benchmarks rose 3% in Wednesday's session, boosted by hopes for an improved global economic outlook and concern over the impact of sanctions on [Read more]
Tight supply to support oil prices in H2, Morgan Stanley says
Morgan Stanley expects the oil market to tighten during the third and fourth quarter of 2023, supported by a recovery in demand prompted by China reopening its borders among other factors. "We see the oil market coming into balance in 2Q and turning tight in 3Q and 4Q, supporting higher prices later this year," the bank said in a note dated Wednesday, with uncertainties like China's re-opening, recovery in aviation, risks to Russian supply, slowdown in U.S. shale and the end to SPR releases [Read more]
Well of the Week – The Once and Future King
The start of a New Year is a good time to begin a Petro Ninja – Enlighten Geoscience Well of the Week series on the resurgence of a lithologic succession that used to dominate the western Canadian oil and gas industry. There are several ongoing examples of how carbonate reservoirs are resuming their prominence in our imaginations. At this point it is important to note that, as illustrated by the AER Table of Formations, the Paleozoic of the WCSB is dominated by carbonate rocks (limestones and [Read more]
Column: Global LNG volumes hit record high as Europe crowds out poorer Asia
The world imported more liquefied natural gas (LNG) in 2022 than ever before, but the war in Ukraine has meant that the growth was concentrated in wealthy European countries and away from poorer Asian countries. Total global LNG imports rose to 409 million tonnes last year from 386.5 million tonnes in 2021, according to data from Refinitiv, while figures from commodity analysts Kpler showed a slightly lower 400.5 million tonnes, up from 379.6 million tonnes. The record volumes were to be [Read more]