Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region. U.S. West Texas Intermediate crude futures were up 25 cents at $60.68 a barrel, having touched their highest since May 23 at $60.94. They gained 4.5% in the previous session. Brent crude futures were up 32 cents at $67.33 a barrel by 1153 GMT. Earlier in the session they hit their [Read more]
Headlines
Cenovus achieves landmark business milestone
One billion barrels of cumulative oil sands production CALGARY, Alberta, July 11, 2019 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that on July 10, 2019 the company reached one billion barrels of cumulative production from its Foster Creek and Christina Lake oil sands facilities in northern Alberta. Cenovus is the first company to produce one billion barrels of oil using steam-assisted gravity drainage (SAGD) technology. Foster Creek began producing oil as a [Read more]
Quebec premier affirms support for carbon price and Saskatchewan court challenge
SASKATOON - Quebec's premier is clarifying his province's carbon price isn't going anywhere, despite its entry into Saskatchewan's legal challenge of Ottawa's carbon tax. Francois Legault and Saskatchewan Premier Scott Moe spoke at a joint news conference in Saskatoon, as Canada's premiers gathered at The Council of the Federation's annual meeting. Quebec recently joined as an intervener in Saskatchewan's appeal to the Supreme Court of Canada after Saskatchewan lost a [Read more]
Heavy crude differential narrows slightly
The discount on Canadian heavy crude narrowed slightly on Wednesday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $11.50 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Tuesday, WCS for August delivery settled at $11.70 a barrel below WTI crude futures.* Some minor draws on storage have supported prices and narrowed the differential, a Calgary trader said.* Many industry players are attending [Read more]
Enbridge eases oil volume terms for Mainline pipeline in response to small producers’ fears
Enbridge Inc has lowered oil-shipping requirements on its Mainline pipeline by nearly two-thirds, the company confirmed on Wednesday, a move likely to satisfy smaller producers that feared they would be elbowed out by the company's initial requirements.Enbridge now requires minimum volume commitments of 2,200 barrels per day (bpd), down from the 6,000 bpd commitment it previously sought, Enbridge spokesman Jesse Semko told Reuters. The company confirmed the change after sources said [Read more]
U.S. oil producers shut offshore output as storm forms in Gulf of Mexico
Anadarko Petroleum Corp (APC.N) has joined major U.S. oil producers shutting production and withdrawing staff from offshore platforms in the U.S. Gulf of Mexico ahead of a storm threatening oil-producing areas. U.S. oil prices climbed 2.7% on Wednesday as more producers shut production and removed workers at Gulf oil and gas platforms. A tropical cyclone could form by Thursday, moving westward over the northern Gulf of Mexico, with the potential to produce a storm surge from Louisiana to the [Read more]
Oil gains on U.S. inventory drawdown, Gulf of Mexico storm
Oil prices rose more than 2% on Wednesday after industry data showed U.S. inventories fell more than expected and as major U.S. producers evacuated rigs in the Gulf of Mexico before a storm. U.S. West Texas Intermediate (WTI) crude futures climbed $1.28 to $59.11 by 1136 GMT, after hitting a session high of $59.31. Brent crude futures were up $1.42 at $65.58, but below a session high of $65.69. Data from the American Petroleum Institute (API) on Tuesday showed U.S. crude inventories [Read more]
Sinopec Canada: Buck Lake Duvernay Land Divestiture
Sinopec Canada (“Sinopec”) is looking to divest of its prospective Duvernay acreage in the Buck Lake Area of Alberta. Sinopec holds a 100% working interest in 24,320 acres (38 sections) of Duvernay rights in Buck Lake. Sinopec also has a 100% working interest in the 102/16-25-044-05W5/00 producing horizontal Duvernay well. Sinopec’s lands in the Buck Lake area are offset to the East and North by recent drilling activity by Kiwetinohk Resources Corp, Baytex Energy Inc. and Resourceful [Read more]
Sometimes stupidity rules, and we have no choice but to watch in horror as consequences unfold
This isn’t going to sound very nice, but think of all the stupidity in the world. I’m not trying to be mean, and no, this isn’t some sort of political diatribe. Sorry to break it to everyone but Trudeau isn’t stupid – he is just wildly out of his element. He has no ability or inclination for the finesse required to run a massive organization. Had he stayed in the drama classroom, we might all be marvelling at his brilliant productions. But just because someone isn’t stupid doesn’t mean they [Read more]
XI Technologies: July 2019 Expiring Land Report – Are there opportunities for you?
Each week, XI Technologies scans their unique combination of enhanced industry data to provide trends and insights that have value for professionals doing business in the WCSB. If you'd like to receive our Wednesday Word to the Wise in your inbox, subscribe here. Every few months, we like to take a look expiring land. According to AssetBook data, these are the top 25 companies with expiring lands over the next 12 months. From this data, AssetBook allows you to easily identify and rank [Read more]