U.S. energy firms this week added oil and natural gas rigs for a sixth week in a row in the best quarter for boosting the rig count since the second quarter of 2017 as producers return to the wellpad with crude prices holding above $45 a barrel. The oil and gas rig count, an early indicator of future output, rose 3 to 351 in the week to Dec. 30, energy services firm Baker Hughes Co said in its closely followed report on Wednesday. During December, the total rig count rose by 31, its fifth [Read more]
Headlines
Oil up on hopes of recovery in demand, lower U.S. inventories
Oil gained more ground on Wednesday as a U.S. coronavirus fiscal aid package and a decline in crude oil inventories lifted prices. U.S. West Texas Intermediate (WTI) crude rose 9 cents, or 0.18%, to $48.17. Brent crude futures rose 32 cents, or 0.63%, to $51.44 a barrel. "Oil prices have remained supported by a weaker U.S. dollar overnight and have finally found a friend in the API inventory report," said Stephen Innes, chief global market strategist at Axi, a broker. "This morning [Read more]
New oil and gas jobs from BOE Report Jobs
Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Dec. 24 May 2021 - Polytechnic Student Opportunities TC Energy Calgary Dec. 24 May 2021 - Business/Commerce Student Opportunities TC Energy Calgary Dec. [Read more]
Two workers killed in collision at Suncor oilsands mine near Fort McMurray
FORT MCMURRAY, Alta. - Suncor Energy Inc. says it is standing down mine operations at an oilsands site in northern Alberta following the deaths of two workers. Company spokeswoman Jennifer Lomas says a dozer hit a light-vehicle truck at the Fort Hills mine north of Fort McMurray about 5:30 p.m. Monday. She had no other details about the accident. The two workers were employed by Clearstream, a company contracted for services at the site. Provincial investigators with Occupational [Read more]
Regulator reports spill of 2,500 barrels of produced water from Alberta pipeline
Contaminated water that leaked from an oilfield pipeline on Christmas Day has entered the North Saskatchewan River but has had no detectable impact on it, says a spokesman for Calgary-based oil and gas producer ARC Resources Ltd. The spill was reported by a local landowner at about 2 p.m. last Friday, said Sean Calder, ARC’s vice-president of production, in an interview on Tuesday. “We had guys on site within about an hour and then the pipeline was shut in by 4 p.m., I believe,” he [Read more]
A look at Canada’s hydrogen strategy
With an eye towards the future, Canada’s Minister of Natural Resources, Seamus O’Regan recently announced the launch of the hydrogen strategy for Canada, a plan that aims to position Canada as a global hydrogen leader. The strategy is planned to create 350,000 jobs and help Canada reach net-zero emissions by 2050. O’Regan added that roughly $5 to $7 billion is needed to help aid the hydrogen industry. From the Federal Government, “we see Canada advancing a hydrogen economy as not just [Read more]
Oil rises on hopes U.S. pandemic stimulus to spur fuel demand
Oil rose on Tuesday, for the third time in four sessions, on expectations for rising fuel demand as the United States may expand their pandemic aid payments and a final Brexit deal is set to stabilize trade between Europe and the UK. U.S. West Texas Intermediate (WTI) crude futures added 59 cents, or 1.23%, to $48.27 a barrel. Brent crude climbed 61 cents, or 1.2%, to $51.51 a barrel. "Markets feel very rangy into the New Year but should find support today from broader risk markets as [Read more]
U.S. natgas futures drop over 10% on warmer weather forecasts
U.S. natural gas futures plunged more than 10% to a three-month low on Monday, weighed down by forecasts for warmer-than-usual weather in early January that could result in lower heating demand. One day ahead of the expiry date, Front-month gas futures declined 24.1 cents, or 9.6%, to $2.267 per million British thermal units by 10:33 a.m. EST (1533 GMT). Prices earlier dropped to their lowest since Sept. 25 at $2.238. "Technically gas prices declined sharply after Christmas due to profit [Read more]
Oil trims losses after Trump signs aid bill; demand concerns linger
Oil pared some of its losses from earlier on Monday after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package but lingering worries about near-term demand weighed on market sentiment. U.S. West Texas Intermediate (WTI) crude futures slipped 27 cents, or 0.55%, to $48.02 a barrel. Brent crude futures were down 9 cents, or 0.16%, to $51.18 a barrel, having fallen as much as 1.5% to $50.53 a barrel earlier in the session. "With President Trump signing [Read more]
Canada’s rig count ends the year at 120
Canada averaged 120 active drilling rigs this week according to data from the Canadian Association of Oilwell Drilling Contractors. Of those rigs, 63 are drilling for oil, 54 are drilling for natural gas, 1 for potash, and 2 for other. Drilling activity by province is 84 in Alberta, 18 in British Columbia, 17 in Saskatchewan, and 1 in Manitoba. Precision Drilling holds the majority of the Canadian market share with 33 per cent, Ensign Drilling with 19 per cent, Nabors Drilling with 13 per [Read more]