Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Friday, remaining in a narrow band after supply cuts. Deep oil curtailments in Western Canada have opened ample space on pipelines and kept differentials narrower than usual, according to traders. Demand for oil should return to pre-pandemic levels in the second half, adding to supply tightness, Haywood Research said in a note. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, [Read more]
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Canada weekly rig count remains at 21
Canada’s fleet of active drilling rigs remained at 21 rigs since last week, according to data from Baker Hughes. Total drilling count was 21 at June 12. 7 rigs were drilling for oil; 14 for natural gas. The drilling activity in Alberta and Saskatchewan remained the same, at 11 and 6 respectively. View a full breakdown of Western Canada’s rig activity. [Read more]
U.S. oil & gas rig count hits record low for 6th week
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a sixth week in a row even as oil prices rebound from historic lows and some producers return to the wellhead. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 279 in the week to June 12, according to data from energy services firm Baker Hughes Co going back to 1940. That was 690 rigs, or 71%, below this time last year. U.S. oil rigs fell [Read more]
Petrus Resources announces extension to credit agreement
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) announces its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement from June 15, 2020 to June 22, 2020. The Company continues to be in discussions with the bank syndicate on a one year extension to the credit facility, as well as with its term loan provider on a one year extension to the term loan. While discussions are ongoing, there is no certainty, nor [Read more]
Oil set to end week lower on coronavirus resurgence fears
Oil prices edged higher on Friday but were on track for their first weekly fall in seven as new U.S. coronavirus cases spiked, raising the prospect of a second wave hitting demand. West Texas Intermediate was up 76 cents, or 2.09% to $36.88 a barrel. Both contracts ended around 8% lower on Thursday. Brent was up 96 cents, or 2.51%, at $39.820 a barrel, having lost more than $1 earlier in the session. The oil benchmarks are heading for weekly declines of more than 8%, their first after [Read more]
OPEC+ panel meeting next week will advise on policy, not decide
LONDON/MOSCOW, June 12 - An OPEC-led panel meeting to review the oil market next week will advise the wider OPEC+ group cooperating on a record supply cut, five OPEC+ sources said, meaning further talks would be needed on whether to extend the agreement further. OPEC, Russia and allies, known as OPEC+, agreed on Saturday to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July. The reduction has helped oil prices to more than double [Read more]
Pipestone Energy Corp. announces it has successfully maintained Its $225 million reserve based loan and provides an operations update
CALGARY, Alberta - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) is pleased to announce that it has successfully redetermined its Reserve Based Loan (“RBL” or “Credit Facility”) with its syndicate of banks, maintaining its credit capacity of $225 million. RBL and Financial Liquidity Update: Pipestone Energy has closed on its RBL redetermination with its corporate banking syndicate, consisting of National Bank Financial Inc., Bank of Montreal, ATB Financial, and [Read more]
Alberta officially ends agency created to launch green rebates and programs
EDMONTON - Alberta is officially turning out the lights on Energy Efficiency Alberta, an agency created by the former NDP government to promote green initiatives and home rebates. Grant Hunter, associate minister in charge of red tape, says what remains of the agency's mandate can be done by other panels or by other departments. Energy Efficiency Alberta was launched in 2017 to promote renewable energy while funding programs and incentives on everything from solar panels to [Read more]
Heavy discount narrows against plunging U.S. benchmark
Canadian heavy crude's discount narrowed versus West Texas Intermediate (WTI) on Thursday, as the U.S. benchmark plunged on virus-related demand concerns. Deep oil curtailments in Western Canada, ahead of a gradual increase in refinery demand, has kept differentials narrower than usual, according to traders. Scotiabank said it expects three-quarters of Western Canadian shut-in volumes to return through summer, while turnarounds are also completed. It estimates total shut-ins and [Read more]
Oil prices hit by record U.S. crude inventories, bearish Fed
Oil prices fell on Thursday, hit by another record build-up in U.S. crude inventories and the U.S. Federal Reserve's projections that the world's biggest economy would shrink 6.5% this year. U.S. West Texas Intermediate (WTI) crude dropped 6.64%, or $2.59, to $36.43 a barrel. Brent crude futures erased Wednesday's gains, falling 6.04%, or $2.50, to $38.88 a barrel. With demand risks back at the forefront, both benchmarks are set for their worst daily drop in two weeks. U.S. crude [Read more]