Oil prices fell on Monday, unnerved by the prospect that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world. U.S. oil was off by 49 cents, or 1.21%, at $40.08 a barrel, after gaining 4 cents last week. Brent crude was down 43 cents, or 0.95%, at $42.68 a barrel after dropping slightly last week. More than 14.5 million people have been infected by the novel coronavirus globally and more than 604,000 have died of COVID-19, the [Read more]
Headlines
U.S. natgas futures slip to fresh 2-week low on rising output
U.S. natural gas futures slipped to a fresh two-week low on Monday as output slowly increases despite forecasts for hotter weather and higher cooling demand over the next two weeks than previously expected. Prices remained weak even though pipeline exports to Mexico are on track to hit a record high this month. Front-month gas futures on the New York Mercantile Exchange fell 2.5 cents, or 1.5%, to $1.693 per million British thermal units at 8:37 a.m. EDT (1237 GMT). If the contract closes [Read more]
Canada weekly rig count up 6 to 32
Canada’s fleet of active drilling rigs grew from 26 to 32 since last week according to data from Baker Hughes. Total drilling count was 32 at July 17. 6 rigs were drilling for oil; 26 for natural gas. The drilling activity in Alberta grew from 16 to 20 since last week. Saskatchewan’s drilling grew to 3 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Michigan wants Enbridge to pledge funds in case of oil spill
TRAVERSE CITY, Mich. - Michigan sought a pledge Friday from Enbridge Inc. to cover costs that would arise if oil were to leak from its dual pipelines that extend across a channel linking two of the Great Lakes. Department of Natural Resources Director Dan Eichinger asked the Canadian pipeline company to carry $900 million of liability insurance and set aside about $1.88 billion in additional assets for use as needed in the event of a catastrophic spill. The twin pipes run along the bottom [Read more]
U.S. oil & gas rig count falls to record low for 11th week
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for an 11th week in a row though they have slowed the reductions as some consider returning to the well pad with crude prices up from historic lows. The U.S. oil and gas rig count, an early indicator of future output, fell by five to an all-time low of 253 in the week to July 17, according to data on Friday from energy services firm Baker Hughes Co going back to 1940. That was 701 rigs, or 73%, below [Read more]
OPEC+ hits the refinery wall
Fuel traders and refiners are becoming more pessimistic about the outlook for the global economy and transportation for the rest of this year, even as the crude producers in OPEC+ try to push oil prices higher. OPEC+ is anxious to see higher crude prices as soon as possible but its ambition is likely to be thwarted in the short term by the renewed softness in fuel consumption. Price premiums for gasoline and diesel over crude have been flat or falling for almost four weeks since June 23 [Read more]
Major new pipelines and mines must show path to net zero to get approved
OTTAWA - Proposals for new mines, power plants, pipelines and railways in Canada will have to include plans to hit net zero emissions by 2050 if they have any hope of getting approved. The federal government today is finalizing the rules for how climate change will be considered in environmental reviews of major national projects. The final report of the strategic assessment of climate change says any projects that must undergo a federal impact assessment will need to show how they are [Read more]
Oil prices steady as clouds gather over fuel demand, looser supply curbs
Oil prices were unchanged on Friday, with trading marked by growing uncertainty about global recovery in fuel demand as new COVID-19 cases surge in several countries just as major producers get set to loosen production curbs. U.S. West Texas Intermediate (WTI) crude futures rose 1 cent to $40.76 a barrel at 0204 GMT, while Brent crude futures were steady at $43.37 a barrel. Both were still on track to end the week up slightly. On Thursday, the United States reported at least 75,000 new [Read more]
Petrus Resources announces second lien term loan extension, extension to credit facility and third quarter 2020 capital budget
CALGARY, Alberta - Petrus Resources Ltd. ("Petrus" or the "Company") (TSX: PRQ) is pleased to announce the concurrent extension of its second lien term loan (“Term Loan”) and Revolving Credit Facility ("RCF") and the completion of the RCF lenders' 2020 annual review. The Company’s board of directors has also approved its third quarter 2020 capital budget. SECOND LIEN TERM LOAN EXTENSION Petrus has entered into an amending agreement with Macquarie Bank Limited to extend the $35 million Term [Read more]
Heavy discount narrows on final day of August trading
Canadian heavy crude's discount narrowed to under $7 a barrel versus West Texas Intermediate (WTI) on Thursday, the final trading day the August trading cycle, as supplies have tightened traders said. Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $6.55 per barrel below WTI after settling at $7 below WTI on Wednesday, according to NE2 Canada Inc. "There is lack of crude here," one Canadian crude trader said In the first half of 2020, [Read more]