Oil prices edged up early on Tuesday, lifted in part by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of ample supplies and a more subdued outlook for long-term demand. Brent crude futures were at $47.13 per barrel at 0147 GMT, up 25 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $44.64 per barrel, up 24 cents, or 0.5 percent. Traders said the uptick in prices was in part due to [Read more]
Headlines
Fire extinguished at Syncrude oil sands plant -spokesman
A small fire broke out in a sulphur emissions reduction unit at the Syncrude oil sands plant in northern Alberta on Monday morning and was extinguished within two hours with no injuries to workers, a Syncrude spokesman said. Spokesman Leithan Slade said the unit was being assessed for damages and it was too early to tell if there would be any effect to Syncrude production. (Reporting by Nia Williams) [Read more]
Platts RigData: U.S. Land Rig Count Slowing But Still Growing
HOUSTON, July 10, 2017 /PRNewswire/ -- Platts RigData, a forecasting and analytics unit of S&P Global Platts, today announced the U.S. rig count for June 2017 was 1,055, up 29 (3%) from May 2017, and up 584 (124%) from June 2016. This rig count includes U.S. onshore, U.S. inland waters, and U.S. offshore Gulf of Mexico drilling rigs. June U.S. land rig count: 1,009, up 33 (3%) from the previous month and up 588 (140%) from June 2016. June U.S. inland waters and Gulf of Mexico rig [Read more]
Despite the proliferation of new hybrid vehicles, their sales numbers remain marginal
The second coming is upon us, or more appropriately in the auto world the third coming. Tesla’s legendary-before-its-been-seen Model 3 will find its way into a few customers’ hands later this month. The third of Tesla’s pure electric vehicle (EV) models – the first being the groundbreaking, heavy selling Model S; the second the futuristic, modestly selling Model X – has advance orders of 400,000 and a cult following akin to a new iPhone launch. Starry-eyed millennials, and a few genuine car [Read more]
Statoil drills dry wells off Newfoundland
Norway's Statoil and Canada's Husky Energy have hit dry wells in a prospect off Newfoundland for which they had high hopes, Statoil said on Monday. The companies have drilled two dry wells in the Flemish Pass geological basin, some 500 km (310 miles) east of Canada's Newfoundland and Labrador province. "These results are disappointing, as we had hoped to add additional optionality to the near-field area at Bay du Nord," Trond Jacobsen, Statoil's head exploration in Canada, said in a [Read more]
Sayer Energy Advisors: The Canadian Oil Industry Asset Sale Listing
Spend less time looking for deals and more time making them. Don’t waste time and money when you can have all the information at your fingertips for less than $40.00 a week! Imagine starting your week with all the available divestiture information emailed right to your desktop. This convenient report includes all the details you need to pursue a possible deal. The Canadian Oil Industry Asset Sale Listing ensures subscribers are up to date with current opportunities. Each weekly issue includes: [Read more]
Canada’s Desjardins may stop pipeline loans, cites environment
Canadian lender Desjardins is considering no longer funding energy pipelines, a spokesman said on Saturday, citing concerns about the impact such projects may have on the environment. Desjardins, the largest association of credit unions in North America, on Friday temporarily suspended lending for such projects and may make the decision permanent, spokesman Jacques Bouchard told Reuters by telephone. He said the lender would make a final decision in September. Dejardins, a backer of Kinder [Read more]
Canada Weekly Rig Count Down 14 to 175
Western Canada’s fleet of drilling rigs dropped this week to 170 actively drilling rigs according to data collected by Baker Hughes for the week of July 7. Drilling activity is still very active in comparison to last year’s count. From one week ago, Alberta rig counts dropped from 115 to 105, the Saskatchewan rig count went down – current count at 43 from 46. Oil drilling dropped to 105 rigs from 112; gas rigs dropped to 70 from 77. View a full breakdown of western Canada’s rig [Read more]
U.S. drillers add oil rigs, pace remains slow -Baker Hughes
U.S. energy firms added oil rigs for a 24th week in the past 25 as the year-long drilling recovery continues but the pace of additions has slowed in recent months as crude prices declined despite OPEC-led efforts to end a global supply glut. Drillers added seven oil rigs in the week to July 7, bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said in its closely followed report on Friday. That compares with 351 active oil rigs during the [Read more]
Alberta credit rating maintained but DBRS concerned about growing debt
EDMONTON - An agency is maintaining Alberta's credit rating but says the outlook for the long-term is negative because of the NDP government's unwillingness to tackle its deficit and growing debt. DBRS Limited says the rating remains at AA-high, but the trend on long-term ratings has been changed to negative from stable and the province could face a downgrade within a year. "The negative trend reflects that Alberta continues to erode its low debt advantage through sustained [Read more]