LONDON, April 9 (Reuters) - Hedge funds trimmed their bullish position in crude oil and fuels in the most recent week after increasing it significantly over the previous fortnight. But the overall reduction conceals a sharp shift away from U.S. light crude (WTI) and towards the international marker Brent, according to an analysis of position data published by regulators and exchanges. Hedge funds and other money managers cut their net long position in the six most important futures and [Read more]
Headlines
Trans Mountain pipeline on hold as pressure mounts on B.C. to drop opposition
CALGARY - The future of the Trans Mountain pipeline expansion was cast in doubt on Sunday as Kinder Morgan Canada suspended all non-essential activities and related spending on the project in the face of mounting opposition from British Columbia. With the company citing its decision largely on the B.C. government's legal challenges to the pipeline and the need to protect its shareholders, the federal and Alberta governments pushed Premier John Horgan to abandon his promise to do whatever his [Read more]
QuickQuotes on Kinder Morgan suspending Trans Mountain spending
Kinder Morgan says it is suspending all non-essential activities and related spending on the Trans Mountain pipeline expansion project. Some quotes: "As KML has repeatedly stated, we will be judicious in our use of shareholder funds. In keeping with that commitment, we have determined that in the current environment, we will not put KML shareholders at risk on the remaining project spend." — Steve Kean, chairman and CEO of Kinder Morgan Canada ___ "The government of Canada believes that the [Read more]
Kinder Morgan Canada Limited Suspends Non-Essential Spending on Trans Mountain Expansion Project
Will Consult with Stakeholders until May 31st on Potential Paths Forward CALGARY, April 8, 2018 /CNW/ - Kinder Morgan Canada Limited (TSX: KML) today announced that it is suspending all non-essential activities and related spending on the Trans Mountain Expansion Project. KML also announced that under current circumstances, specifically including the continued actions in opposition to the Project by the Province of British Columbia, it will not commit additional shareholder resources to the [Read more]
Chiefs join anti-pipeline protests in Burnaby, B.C., promise to return
BURNABY, B.C. - The leader of the Union of British Columbia Indians Chiefs says he will keep up the pressure against the expansion of the Trans Mountain pipeline in Burnaby, B.C. Grand Chief Stewart Phillip sat with a coffee cup in his hands between fellow union executive members, Chief Judy Wilson and Chief Bob Chamberlin, at the gates of Kinder Morgan's worksite on Saturday afternoon. "It's about showing up, it's about doing more than paying lip service to opposition to this very toxic, [Read more]
Oilpatch CEO says Trudeau needs to give real pipeline support, ‘not just words’
CALGARY - Athabasca Oil Corp.'s chief executive had a message for Prime Minister Justin Trudeau on Friday, blasting his government for not providing regulatory certainty or doing its job to get pipelines built. "I would tell him he has to show leadership on the pipeline file. And it's not just words," said Athabasca CEO Rob Broen at the company's annual general meeting in Calgary. "He needs to back up Kinder Morgan, the pipeline he's approved, and he needs to see it through to [Read more]
Manitoba premier says he’ll take the federal government to court over carbon tax
WINNIPEG - Manitoba is prepared to take the federal government to court if Ottawa imposes a higher carbon tax than the province is planning, Premier Brian Pallister said Friday. "I have a simple message for Ottawa today — back off or we'll see you in court," Pallister said at the legislature. The federal government has demanded all provinces adopt a carbon price this year of $10 per tonne, which would rise by $10 each year until it hits $50 in 2022. Pallister is planning [Read more]
Canada Weekly Rig Count Continues Spring Breakup Decline, Down 23 to 111
Western Canada’s fleet of drilling rigs went down 23, amidst spring breakup, to a current count of 111 according to data collected by Baker Hughes for the week of April 6th. From one week ago, Alberta rig counts decreased from 114 to 92, Saskatchewan's rig count decreased from 6 to 3. Oil drilling went from 71 to 48; gas rigs remained at 63. View a full breakdown of western Canada’s rig activity. [Read more]
U.S. drillers add oil rigs for the third week in four
(Reuters) - U.S. energy companies added oil rigs for the third time in four weeks as crude prices drifted from a three-year high hit earlier this year amid concerns of a trade war between U.S. and China. Drillers added 11 oil rigs in the week to April 6, bringing the total count up to 808, the highest level since March 2015, General Electric Co’s Baker Hughes energy services firm said in its closely followed report on Friday. This was the biggest weekly addition in about two months. The [Read more]
Saturn Oil & Gas Inc. Provides Initial 30-day Production Results and Closes Financing
SASKATOON, Saskatchewan, April 06, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V:SMI) (FSE:SMK) is pleased to provide initial 30-day production (“IP30”) results for two of the three recently completed Viking horizontals in the Flaxcombe area. The Company would also like to announce that it has entered into a secured Financing Facility Agreement (the “Facility Agreement”) with UOG-BC Holdings Ltd., an affiliate of RC Morris & Company Special [Read more]