Canadian heavy crude's differential to benchmark West Texas Intermediate (WTI) crude narrowed on Tuesday, the last day of the monthly Canadian crude trading window. Western Canada Select heavy blend crude for January delivery in Hardisty, Alberta, last traded at $16.30 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $16.45 per barrel below the U.S. crude benchmark on Monday. Canadian heavy crude is being supported by stronger heavy oil demand on the U.S. [Read more]
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Gibson Energy and US Development Group declare the DRU fully operational, including shipment of DRUbit™ by Rail™, providing an innovative, scalable market access solution throughout North America
CALGARY, AB - US Development Group, LLC (through a wholly-owned affiliate, collectively USD) and Gibson Energy Inc. (Gibson) (TSX: GEI) announced the diluent recovery unit (DRU) has been declared fully operational and the shipment of DRUbit™ by Rail™ (DBR) has commenced. The DBR network creates a first-of-its-kind separation technology and network that safely and sustainably moves heavy Canadian crude oil, also known as bitumen, from Canada to the U.S. Gulf Coast at a cost that is competitive [Read more]
Freehold Royalties Ltd. declares dividend for December 2021
CALGARY, Alberta - Freehold Royalties Ltd. (Freehold) (TSX: FRU) announces that its Board of Directors has declared a dividend of Cdn. $0.06 per common share to be paid on January 17, 2022 to shareholders of record on December 31, 2021. These dividends are designated as “eligible dividends” for Canadian income tax purposes. Freehold’s focus is on acquiring and managing oil and gas royalties. Freehold’s common shares trade on the Toronto Stock Exchange in Canada under the symbol FRU. For [Read more]
U.S. natural gas futures slip to one-week low on milder forecasts
U.S. natural gas futures eased to a one-week low on Tuesday on forecasts for milder weather and less heating demand over the next two weeks than previously expected. European gas prices, meanwhile, jumped 13% to a record high on worries about possible supply shortages this winter as Russian exports remain low. Rocketing European prices should keep U.S. liquefied natural gas (LNG) exports near record highs. Front-month gas futures fell 4.7 cents, or 1.2%, to settle at $3.747 per million [Read more]
Trans Mountain pipeline back to full capacity in late January at ‘earliest’
Trans Mountain's chief operating officer says the pipeline will likely return to full capacity in late January at "the earliest" as work continues after fallout from torrential rains that the company says will cost tens of millions of dollars. The pipeline shut down on Nov. 14 as a precaution following floods in the area of Hope, B.C., and came back online last week. Michael Davies, head of operations at the federally owned company, says the 21-day shutdown marks the longest in the [Read more]
Oil prices fall on demand concerns over Omicron spread
Oil prices fell on Tuesday due to investor worries about demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases. U.S. West Texas Intermediate (WTI) crude futures fell by 74 cents, or 1.04%, to $70.45. Brent crude oil futures eased by 76 cents, or 1.02%, to $73.50 a barrel. "Energy traders don't want to bet against OPEC+ but all the short-term risks from Omicron to Fed tightening is proving to be very disruptive to the short-term outlook for oil [Read more]
Omicron impact aside, oil supply set to top demand -IEA
A surge in COVID-19 cases and the emergence of the Omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is one of increasing output set to top demand this month and soar next year. "The surge in new COVID-19 cases is expected to temporarily slow, but not upend, the recovery in oil demand that is underway," the Paris-based IEA said in its monthly oil report. "New containment measures put in place to halt the spread [Read more]
4 new listings on the PNG Exchange
There are 4 new listings available on PNG Exchange. Property: Montney Karr Company: Archer Exploration Corp. 100% WI in 7.25 net sections of undeveloped Montney Lands in the Karr area Located in Townships 62-63 Ranges 1-3 W6 View this Property Property: Pembina Duvernay Company: Baccalieu Energy Inc. 100% WI in 4,800 acres, Townships 53 and 54 Ranges 8-10 W5 The prospect contains potential for light oil (35-42 API) in the Duvernay shale. View this [Read more]
Shell acquires solar and energy storage developer Savion, further expanding its global renewable power business
HOUSTON - Shell New Energies US LLC, a subsidiary of Royal Dutch Shell plc (Shell), has signed an agreement to buy 100% of Savion LLC (Savion), a large utility-scale solar and energy storage developer in the United States, from Macquarie's Green Investment Group. With this acquisition, Shell expects to significantly expand its global solar portfolio. "Savion's significant asset pipeline, highly experienced team, and proven success as a renewable energy project developer make it a compelling [Read more]
Kiwetinohk Energy Corp. announces expansion of lending syndicate and increased credit facility
CALGARY, Alberta - Kiwetinohk Energy Corp. (“Kiwetinohk” or the Corporation”) is pleased to announce a 40 percent increase to its Senior Secured Extendible Revolving Facility (or “Credit Facility”). Kiwetinohk’s existing lenders, Bank of Montreal as agent and co-leads ATB Financial and National Bank of Canada, have completed their semi-annual borrowing base redetermination and have agreed to amend the Credit Facility and increase the borrowing limit from $225 million to $315 million. To support [Read more]