ST. JOHN'S - An Equinor executive says companies are showing more interest in its proposed Bay du Nord oil project off the east coast of Newfoundland. Speaking to investors Wednesday, Equinor's chief financial officer said there are other discoveries in the Bay du Nord area that could be developed as tie-ins to the main project. However, Torgrim Reitan says the company is not changing its plans for Bay du Nord just yet, as it prepares to make a final decision early next year about whether [Read more]
Headlines
US crude stocks and distillate inventories fall, gasoline stocks rise, the EIA says
US crude stocks and distillate inventories fell while gasoline stockpiles rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 1.9 million barrels to 410.6 million barrels in the week ended October 23, the EIA said, compared with analysts' expectations in a Reuters poll for a 15,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 624,000 barrels, the EIA said. Oil futures held onto gains following the report. Global [Read more]
UBS raises Brent outlook, sees oil at $110/bbl by end-2026
UBS on Thursday raised its forecast for Brent crude prices, expecting oil to remain elevated in the coming months as Middle Eastern supply stays vulnerable to disruptions amid geopolitical uncertainty. * The bank now expects Brent crude to trade at $110 a barrel by the end of 2026, up from its previous forecast of $100. * UBS raised its Brent forecast for March 2027 to $95 per barrel from $90, for June 2027 to $90 from $85 and for September 2027 to $85 from $80 * "Uncertainty around our [Read more]
Bounty Developments Ltd.: Property Divestiture
Bounty Developments Ltd. (“Bounty” or the “Company”) has engaged Sayer Energy Advisors to assist the Company with the farmout or sale of its oil and natural gas interests located in the Elmworth, Evi, Paddle River, Paradise and Valhalla areas of Alberta and the Westhazel area of Saskatchewan (the “Properties”). The Properties consist of predominantly 100% working interests in Crown mineral rights with prospective drilling locations for oil and natural gas primarily in the Montney, Charlie [Read more]
EQT’s acquisition of Range underscores race to dominate US natgas market
EQT's acquisition of rival producer Range Resources this week marks the latest consolidation in the natural gas industry, as producers are scrambling to lock in supply to feed growing demand for liquefied natural gas exports and power demand. Canonsburg, Pennsylvania-based EQT said on Monday it will buy Fort Worth, Texas-based Range Resources in a $13 billion all-stock deal that will create the nation's biggest gas producer. EQT is the second-largest natural gas producer in the US. "The [Read more]
Phillips 66 beats quarterly profit estimates as refining margins soar
Phillips 66 beat Wall Street estimates for third-quarter profit on Wednesday, helped by higher refining margins as ongoing tensions in the Middle East boosted demand for US fuel exports. US refiners have emerged as key beneficiaries of disruptions in Russia, China and the Middle East that tightened global supplies, while utilization has averaged more than 95% of capacity from May through September. The company’s refining segment reported a sharp jump in adjusted earnings to $6.06 billion [Read more]
US regulator proposes new rules to speed up LNG projects
A US regulator proposed new rules on Wednesday to hasten liquefied natural gas projects and expand export capacity as part of the Trump administration's larger push to speed up energy infrastructure development and cut costs for consumers. The US is the world's largest LNG exporter and expected to add another 100 million metric tons to its production by the end of the decade. LNG has been at the center of US President Donald Trump's energy dominance agenda since his return to office. He [Read more]
Tamarack Valley Energy Announces Strong Q3 2026 Results and Provides Operational Update
CALGARY, AB, Oct. 28, 2026 /CNW/ -- Tamarack Valley Energy Ltd. is pleased to announce its financial and operating results for the three and nine months ended September 30, 2026. Selected financial and operating information should be read with Tamarack's unaudited consolidated interim financial statements and management's discussion and analysis for the three and nine months ended September 30, 2026, which are available at www.sedarplus.ca and www.tamarackvalley.ca. Tamarack's third [Read more]
Qatari mediators present Iran with new deal to end the war, official says
Qatari mediators presented Iran with a new draft deal on Sunday to end the war with the US and Israel, and Tehran is expected to send a response to the draft by the end of the week, an official briefed on the negotiations said on Wednesday. The new draft being considered by Iran sets a seven-day timeline addressing both Tehran's and Washington's concerns, laying out daily confidence-building steps that each side must take, the official said. The timeline could begin early next week and [Read more]
Oil rises over 1% after Saudi Arabian refinery attack reignites supply risk
Oil prices climbed more than 1% on Wednesday after an attack on a refinery in Saudi Arabia renewed concerns around supply risks from the major exporter. Brent crude futures gained $1.59, or 1.4%, to $115.47 a barrel as of 0435 GMT. US West Texas Intermediate crude rose $1.43 or 1.4% to $101.33. Yemen's Iran-aligned Houthis said on Tuesday they had hit Saudi Arabia's biggest oil refinery with a missile, intensifying their strikes against the world's second-largest crude producer. Saudi [Read more]
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