Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Friday, in slow trade during the U.S. Independence Day holiday. Canadian differentials have compressed due to deep oil curtailments in spring, although improving prices have encouraged producers to restore some volumes. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $8.50 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's settle of [Read more]
Headlines
Canada’s Supreme Court dismisses appeal of long-delayed Trans Mountain oil pipeline
Canada's Supreme Court dismissed an appeal on Thursday of a lower court decision that had backed Ottawa's approval of expanding the Trans Mountain oil pipeline, removing a potential major obstacle to completion. The top court posted the decision on its website without further detail. The pipeline has put Prime Minister Justin Trudeau's Liberal government, which bought it in 2018 to ensure the expansion overcame legal and regulatory obstacles, in a political quandary. He has promised to [Read more]
NevadaNano modernizes combustible gas sensor technology, powers Blackline Safety’s G7 wearables
June 24, 2020 (Reno, Nev.) -- NevadaNano today announced its partnership with Blackline Safety Corp. (TSX.V: BLN) to modernize combustible gas detection systems in a range of industries, ensuring the safety of workers. NevadaNano’s signature line of microelectromechanical systems (MEMS)-based gas sensors, the Molecular Property Spectrometer (or MPS™) Flammable Gas Sensors, are integrated into Blackline’s portfolio of cloud-connected G7 connected safety wearables. NevadaNano MPS sensors [Read more]
Longshore Resources Ltd. closes previously announced transformational transaction
Calgary, July 3, 2020 - Longshore Resources Ltd. (“Longshore”) is pleased to announce that it has closed the consolidation transaction (the “Transaction”) previously announced on June 8, 2020. Longshore has acquired all of the outstanding shares of Rifle Shot Oil Corp. (“Rifle Shot”), Steelhead Petroleum Ltd. (“Steelhead”), and Primavera Resources Corp. (“Primavera”) (Longshore, Rifle Shot, Steelhead and Primavera collectively referred to as the “Companies”). The Transaction will further enhance [Read more]
Oil falls as growing coronavirus cases stoke fuel demand worries
Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world's largest oil consumer, dimmed the prospects of fuel demand recovery. U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.8%, to $40.31 a barrel. Brent crude futures were down 37 cents, or 0.9%, at $42.77 a barrel as of 0042 GMT. Both benchmarks rose more than 2% on Thursday, buoyed by stronger-than-expected U.S. jobs data and a fall in U.S. crude inventories. [Read more]
Heavy discount narrows, new trading cycle begins
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Thursday, the beginning of a new monthly trading cycle. Deep curtailments and ample space in storage and pipelines have compressed differentials, traders say. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $8.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Tuesday's settle of $10.35 under. Tight Canadian price differentials are [Read more]
U.S. oil & gas rig count hits record low for 9th week -Baker Hughes
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a ninth week in a row although the reductions have slowed as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by two to an all-time low of 263 in the week to July 2, according to data on Thursday from energy services firm Baker Hughes Co going back to 1940. That was 700 rigs, or 73%, below this time last [Read more]
Topaz continues to grow its business; announces growth initiatives Iincluding completion of strategic infrastructure acquisition with 15-year volume commitment and private placement
CALGARY, AB - Topaz Energy Corp. ("Topaz" or the "Company") is pleased to announce that it has completed a strategic infrastructure acquisition whereby it acquired, for cash consideration of $100 million, a 12.5% working interest in Advantage Oil & Gas Ltd.'s ("Advantage") Glacier gas plant, which has raw gas processing capacity of 400 mmcf/d and services the Montney resource play (the "Glacier Plant Acquisition"). Advantage is a Canadian intermediate, natural gas and liquids development [Read more]
Trans Mountain timeline: A look at key dates in the project’s history
OTTAWA - The Trans Mountain pipeline expansion cleared another legal hurdle Thursday when the Supreme Court of Canada denied leave to appeal to First Nations that argue they were not properly consulted about the project. The decision appears to end legal arguments about Ottawa's decision to approve the project, which is already under construction. Here are some other key dates in the history of the pipeline: October 1953: The Trans Mountain pipeline begins shipping oil with an initial [Read more]
Oil prices get a boost from fall in U.S. unemployment and crude stockpiles
Oil prices rose slightly on Thursday after data showed a fall in U.S. unemployment and a sharp drop in crude stockpiles, although concerns that a spike in U.S. coronavirus infections could stall a recovery in fuel demand kept gains in check. U.S. non-farm payrolls increased by 4.8 million jobs in June, the Labor Department reported on Thursday, beating expectations. U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.95%, to $40.20 a barrel, adding to a 1.4% rise on [Read more]