U.S. crude stocks were expected to drop for the fifth consecutive week, while distillate and gasoline were seen rising last week, a preliminary Reuters poll showed on Monday. Six analysts polled by Reuters estimated, on average, that crude stocks fell by about 3.6 million barrels in the week to June 18. U.S. crude oil stockpiles dropped sharply last week as refineries boosted operations to their highest level since January 2020, signalling continued improvement in demand. The poll was [Read more]
Headlines
Inter Pipeline rejects revised hostile takeover offer by Brookfield Infrastructure
CALGARY - Inter Pipeline Ltd. has rejected a revised hostile takeover offer by Brookfield Infrastructure Partners LP that allows shareholders to receive their payment entirely in cash instead of a mix of cash and shares if they want. The company urged shareholders to reject the offer and support its friendly all-stock deal to be bought by Pembina Pipeline Corp., which would see shareholders receive half a Pembina share for each Inter Pipeline share they hold. Inter Pipeline says it [Read more]
PSAC announces the appointment of Gurpreet Lail as President and CEO
CALGARY, AB – The Petroleum Services Association of Canada (PSAC) Board of Directors is pleased to announce that effective June 28, 2021, Gurpreet Lail has been named President and CEO of PSAC. Lail is a proven executive with a track record of leadership success building alliances, developing value added programs, growing revenues, fund raising and achieving positive policy outcomes that benefit Canadians broadly. A lawyer by education and strategic leader by experience, Lail’s leadership [Read more]
Oil edges up as Iran nuclear talks drag on
Oil prices climbed on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer. U.S. West Texas Intermediate (WTI) crude for July was at $71.99 a barrel, up 58 cents, or 0.81%. Brent crude futures for August gained 34 cents, or 0.46%, to $73.857 a barrel. Both benchmarks have gained for the past four weeks amid optimism over the pace of global [Read more]
Pembina joins Inter Pipeline in filing cross-applications with Alberta Securities Commission to remedy Brookfield’s lack of disclosure and protect shareholder rights
CALGARY, AB - Pembina Pipeline Corporation ("Pembina") (TSX: PPL) (NYSE: PBA) today announced that Pembina and Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) have filed cross-applications with the Alberta Securities Commission (the "ASC") to remedy disclosure issues and coercive tactics by Brookfield Infrastructure Partners L.P. and its affiliates (collectively, "Brookfield") in relation to its inferior hostile take-over offer of Inter Pipeline (the "Take-Over Offer"). Pembina's President [Read more]
Brent spread narrows as oil market tightens
The price gap between the world's two most actively traded oil contracts narrowed to its lowest in more than seven months, demonstrating that U.S. oil output is still in the COVID-19 doldrums with the market likely to remain undersupplied. North Sea Brent futures traded at a premium of $1.89 to U.S. West Texas Intermediate (WTI) on Friday, its narrowest since Nov. 11. "We believe that the recent narrowing of the WTI-Brent price spread... is noteworthy, with North America taking the mantle [Read more]
Government of Canada approves the NOVA Gas Transmission Ltd. Edson Mainline Expansion Project
OTTAWA, ON - Today, the Honourable Seamus O'Regan Jr., Minister of Natural Resources, announced that the Government of Canada has approved the NOVA Gas Transmission Ltd. (NGTL) Edson Mainline Expansion Project with 25 conditions. This decision was based on facts, science, Indigenous knowledge, the public interest and careful consideration of the concerns of potentially impacted Indigenous communities. Reconciliation with Indigenous Peoples is a top priority for the Government of Canada. [Read more]
Canada’s weekly rig count up 19 to 129
Canada averaged 129 active drilling rigs this week according to data from the Canadian Association of Energy Contractors. Of those rigs, 49 are drilling for natural gas, 75 are drilling for oil, and 3 for other (helium, hydrogen, geothermal, or potash). Drilling activity by province is 84 rigs in Alberta, 14 in BC, and 27 in Saskatchewan. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude prices rose to their highest since 2018, prompting some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose nine to 470 in the week to June 18, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total rig count was up 204 rigs, or 77%, over this time last year. It was also up 93% [Read more]
OPEC told to expect limited U.S. oil output growth, for now
OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short term before a potentially strong rise in shale output in 2022. Officials from OPEC's Economic Commission Board (ECB) and external presenters attended a meeting on Tuesday focused on U.S. output, the sources said. OPEC heard from more forecasters on the outlook for 2021 and 2022 at a separate [Read more]