Oil prices grew on Friday as markets wait to see whether major producers will commit to an extension of record production cuts to support oil prices. U.S. West Texas Intermediate (WTI) crude futures rose $1.59, or 4.2%, to $38.85 a barrel. Brent crude futures were up $1.94, or 4.84%, at $41.82 a barrel. Still both benchmarks are set for a sixth weekly gain on the back of output cuts and signs of improving fuel demand as countries begin to ease restrictions to prevent the spread of the [Read more]
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Heavy discount widens as top producers debate output cuts
Canadian heavy crude's discount widened versus the U.S. benchmark West Texas Intermediate (WTI) on Thursday. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $9.50 per barrel below WTI, according to NE2 Canada Inc, wider than Wednesday's settle of $8.60 under. Light synthetic crude from the oil sands was trading at $3.85 below WTI after Wednesday's settle of $2.25 under. Total U.S. refined product demand is down 22% against the five-year [Read more]
Hard-hit Canadian oil companies still waiting for Trudeau loans
Canadian oil producers sideswiped by economic damage from the coronavirus pandemic have received no federal loans, seven weeks after the first lending program was announced, government and industry officials said on Thursday. Prime Minister Justin Trudeau's government announced loans and loan guarantees for small and midsize energy companies in April, and credit for large employers in numerous sectors including energy on May 11, to survive an oil price crash sparked by the pandemic. But [Read more]
Canadian Association of Petroleum Producers: oil and natural gas industry offers a pathway to rapid and sustainable recovery
Industry recommendations to federal government will attract investment, advance environmental leadership and encourage innovation CALGARY, AB - As governments turn their attention to the reopening and rebuilding of Canada's economy, the Canadian Association of Petroleum Producers (CAPP) has been working closely with the federal government to identify measures to support economic recovery while the country continues to manage the health risks of the COVID-19 pandemic. CAPP recognizes the [Read more]
Oil prices rise on doubts over output cuts, surging U.S. diesel inventories
Oil prices rose on Thursday on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories. U.S. West Texas Intermediate (WTI) crude futures rose 1.84%, or 68 cents, to $37.41 a barrel. Brent crude futures rose 1.34%, or 53 cents, to $39.98 a barrel. Saudi Arabia and Russia, two of the world's biggest oil producers, have agreed to support extending into July the 9.7 million [Read more]
Update: Alberta Energy Regulator cracks down on non-compliant water intakes
In 2019, the Government of Canada made several important changes to the federal Fisheries Act, administered by Fisheries and Oceans Canada (DFO). As a result, water withdrawals in Canada are under greater scrutiny, reinforcing that most projects will require a review by DFO to maintain compliance. In conjunction with the changes made by DFO, the Alberta Energy Regulator (AER) is actively inspecting water intakes throughout the province. An update was released stating that many recent [Read more]
Statement by the Minister of Natural Resources on the coming into force of a regulation to improve the review process for exploratory drilling in the Canada-Newfoundland and Labrador offshore
OTTAWA - Canada's Minister of Natural Resources, the Honourable Seamus O'Regan, today released the following statement regarding the Impact Assessment Agency of Canada's announcement of the coming into force of the Ministerial Exemption Regulation pertaining to Offshore Oil and Gas Exploratory Drilling East of Newfoundland and Labrador: "The Newfoundland and Labrador (NL) offshore petroleum sector drives economic prosperity in the province and right across Canada, sustaining thousands of [Read more]
OPEC+ may meet over oil cuts this week if laggards agree to comply
OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing oil supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known as OPEC+, are still debating when to hold their ministerial talks to discuss a possible extension of the existing cuts. OPEC+ agreed to reduce supply by 9.7 [Read more]
Saturn Oil & Gas Inc. announces Q1 2020 results
CALGARY, Alberta - Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) today announced its financial and operating results for the three month period ended March 31, 2020. The Company’s unaudited interim financial statements and corresponding Management’s Discussion and Analysis (“MD&A”) for the three month period ended March 31, 2020 are available on SEDAR at www.sedar.com and on Saturn’s website at www.saturnoil.com. Copies of the materials can also be obtained [Read more]
Tourmaline declares quarterly dividend and announces election of directors
CALGARY, AB - Tourmaline Oil Corp. (TSX: TOU) ("Tourmaline" or the "Company") is pleased to announce that its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.12 per common share. The dividend will be payable on June 30, 2020 to shareholders of record at the close of business on June 15, 2020. This quarterly cash dividend is designated as an "eligible dividend" for Canadian income tax purposes. Tourmaline also announces that the nominees [Read more]