Oil prices were lower on Monday as rising coronavirus infections in India and other countries prompted concerns that stronger measures to contain the pandemic will hit economic activity, along with demand for commodities such as crude. WTI oil rose 43 cents, or 0.69%, at $63.49 a barrel, having gained 6.4% last week. Brent crude gained 38 cents, or 0.57%, at $67.09 a barrel after rising 6% last week. "The progress of vaccination drives in the developed markets can be seen in road traffic [Read more]
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Column: CO2 emission limits and economic development
For policymakers in North America and Western Europe, energy policy is often viewed exclusively through the lens of climate change, which takes priority over everything else. But for their counterparts in developing countries, where energy is still scare and expensive, and other social problems are pressing, it is only one of a number of competing objectives. "Taking action to combat climate change" is one of the 17 high-level sustainable development goals agreed by members of the United [Read more]
Canada’s weekly rig count down 7 to 60
Canada averaged 60 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 53% are drilling for natural gas, 38% are drilling for oil, 2% for other (helium, hydrogen, geothermal, or potash), and 7% are moving. Drilling activity by province is 78% in Alberta and 22% in BC. Precision Drilling holds the majority of the Canadian market share with 32%, Ensign Drilling with 19%, Nabors Drilling with 14%, Horizon Drilling with [Read more]
U.S. drillers add oil and gas rigs for fifth week in a row
U.S. energy firms added oil and natural gas rigs for a fifth week in a row for the first time since February as higher oil prices in recent months prompted some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose seven to 439 in the week to April 16, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That puts the rig count up 80% since falling to a record low of 244 in August [Read more]
Oil steady near four-week highs on demand revival
Oil prices dipped in early trade on Friday but were on course for a weekly gain of more than 6% with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in COVID-19 infections. U.S. West Texas Intermediate (WTI) crude futures were down 20 cents, or 0.31%, to $63.12 a barrel, after climbing 31 cents on Thursday. Brent crude futures fell 7 cents, or 0.10%, to $66.72 a barrel, following a 36 cent rise on [Read more]
Moe & Savage: Optimism in 2021
The recent Canadian Association of Petroleum Producers (CAPP) Symposium featured keynote speakers, such as Saskatchewan Premier Scott Moe and Alberta’s Energy Minster Sonya Savage, who gave compelling speeches on the state of the Canadian oil and gas sector. Canada’s oil and gas sector and economy have been tremendously impacted by COVID-19, and as the country trudges forward, the sector will play a huge role in the country’s economic recovery. Saskatchewan’s rich resource base will also be a [Read more]
We can support energy workers by supporting responsible energy production
Last week, TD Canada released a new report on Canada’s energy transition and how it could negatively affect oil and gas workers. The report notes that due to the reduction in North American demand for oil and gas products, hundreds of thousands of workers could be out of their jobs if the government does not support them through a transition. TD estimates that 50-75% of the current energy sector workforce could be at risk with an energy transition in North America. This means that up to 450,000 [Read more]
Altura announces fourth quarter and year end 2020 results and reserves
CALGARY, AB - Altura Energy Inc. ("Altura" or the "Company") (TSXV: ATU) is pleased to announce its financial and operating results for the fourth quarter and year ended December 31, 2020 and the independent evaluation of the Company's oil and natural gas reserves (the "McDaniel Report"), effective December 31, 2020, as prepared by McDaniel and Associates Consultants Ltd. ("McDaniel"). The audited consolidated financial statements and related management's discussion and analysis ("MD&A") for [Read more]
Differentials little changed as end of trade window approaches
Canadian heavy crude's discount to West Texas Intermediate (WTI) was little changed on Thursday, inching narrower as the end of the monthly trade window neared: Western Canada Select (WCS) heavy blend crude for May delivery in Hardisty, Alberta, narrowed marginally to settle at $11.45 per barrel below WTI, according to NE2 Canada Inc. On Wednesday it settled at $11.50 per barrel below the benchmark. WCS remains relatively strong by historic levels. Light synthetic crude from the oil [Read more]
On eve of mediation, Unifor says Line 5 is critical infrastructure for Canada and the U.S.
TORONTO - As the State of Michigan and Enbridge Inc. enter mediation about the Line 5 pipeline, Unifor argues that the pipeline is a safe and stable source of good jobs in Ontario and Québec. "What the Governor of Michigan has proposed is reckless and irresponsible, for both sides of the border," said Jerry Dias, Unifor National President, referring to Michigan Governor Gretchen Whitmer's campaign promise to revoke Line 5's easement. "If she thinks repairs are needed, that's one thing. To [Read more]