Oil extended gains above $71 a barrel on Friday, trading close to a two-year high as OPEC+ supply discipline and recovering demand countered concerns about patchy COVID-19 vaccination rollout around the globe. The Organization of the Petroleum Exporting Countries (OPEC) and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed U.S. crude inventories dropped more than expected last week. [EIA/S] U.S. West Texas Intermediate crude was up [Read more]
Headlines
Heavy crude differential widens
Canadian heavy crude's discount to West Texas Intermediate (WTI) widened on Thursday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.60 per barrel below the WTI benchmark, according to NE2 Canada Inc, widening from Wednesday's settle of $14.10 a barrel. Heavy crude differentials have remained wider than $14 a barrel since the new monthly trade cycle started on Tuesday. Light synthetic crude from the oil sands for July delivery [Read more]
Insurance provider for Trans Mountain pipeline says it won’t renew policy
An insurance provider for the Trans Mountain pipeline says it will not renew its policy with the company when it expires in August. Argo Group International Holdings Ltd., an international underwriter based in Bermuda, says the project no longer fits the company's risk appetite. The decision by Argo Group comes even after the operator for Trans Mountain received regulatory approval to protect the identity of its insurers. Trans Mountain had argued that identifying its insurers could [Read more]
Michigan responds on Line 5: ‘This case is a state-law action through and through’
WASHINGTON - Lawyers for the state of Michigan say the dispute over the Line 5 pipeline belongs in state court, countering efforts by Canada and others to have it heard by a federal judge. In documents filed in court Tuesday, Michigan Attorney General Dana Nessel also argues that Canada has no legal basis to invoke a 1977 treaty that covers cross-border pipelines. The brief is Michigan's stern reply to the argument by Calgary-based Enbridge Inc., the pipeline's owner, that the case belongs [Read more]
Inter Pipeline acknowledges Brookfield’s intention to revise offer; continues to recommend strategic combination with Pembina
CALGARY, AB - Inter Pipeline Ltd. ("Inter Pipeline") (TSX: IPL) is responding to the news release issued June 2, 2021 (the "Brookfield Release") by Brookfield Infrastructure Partners L.P. together with its institutional partners (collectively, "Brookfield") announcing its intention to file a variation to its offer (the "Brookfield Bid") to acquire Inter Pipeline. As previously announced on June 1, 2021, Inter Pipeline and Pembina Pipeline Corporation ("Pembina") have entered into an [Read more]
ROK Resources announces closing of previously announced asset acquisition, a fully subscribed private placement and first closing of the note financing
REGINA, SK - ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK) is pleased to announce that it has closed on its previously announced acquisition (the "Acquisition") of certain operated producing oil and gas assets (the "Asset") in Southern Saskatchewan (along with associated land leases, a facility, and related assets) pursuant to the Company's March 17, 2021 press release. The Acquisition has an effective date of April 1, 2021. ROK has completed the remainder of the financing pursuant [Read more]
Vaccine helping oilsands navigate outbreaks at sites in Northern Alberta
COVID-19’s third wave, fuelled largely by the B.1.1.7, B.1.351, and P.1 variants, affected nearly 3,000 people, decimating Canada’s oilsands workers notably in two outbreaks – CNRL Horizon and Mildred Lake, Syncrude. Heather Yourex-West reported that federal exemptions were blamed for the outbreaks across the sites, as workers were brought in for maintenance work post-winter drilling. Two people have died of COVID-19 while working in the oil sands. It was reported in mid-May that since the [Read more]
Entropy Inc. announces multiple CCS project evaluation engagements totaling approximately 1 million tonnes per annum, and expands executive team and board of directors
CALGARY, AB - Entropy Inc. ("Entropy" or the "Corporation", a subsidiary of Advantage Energy Ltd.) is pleased to announce Memoranda of Understanding ("MOUs") with four separate emitting corporations to develop Carbon Capture and Storage ("CCS") projects totaling approximately 1 million tonnes per annum ("TPA"). These MOUs represent an important step in commercial deployment of Entropy technology, demonstrate versatility across a broad range of applications and jurisdictions, and provide [Read more]
Saturn Oil & Gas Inc. Announces Appointment of Chief Financial Officer and Proposed Share Consolidation
Calgary, Alberta--(Newsfile Corp. - June 2, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) ("Saturn" or the "Company") is pleased to announce the appointment of Mr. Scott Sanborn as Chief Financial Officer ("CFO"), effective June 1, 2021, along with a proposed consolidation (the "Share Consolidation") of Saturn's outstanding common shares (the "Common Shares") on an up to 20:1 basis (the "Consolidation Ratio") as may be determined by the board of directors of the Company (the "Board") [Read more]
Heavy crude narrows in brisk trade
Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed on Wednesday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.10 per barrel below the WTI benchmark, according to NE2 Canada Inc, tightening from Tuesday's settle of $14.65 a barrel. One Calgary-based industry source said trade was relatively busy on the second day of the monthly trade cycle. Light synthetic crude from the oil sands for July delivery widened [Read more]