U.S. natural gas futures jumped 4% on Monday as output fell and liquefied natural gas exports soared. That price increase came despite forecasts for milder weather expected to produce little heating or cooling demand over the next two weeks. After falling to a four-week low last week, front-month gas futures rose 9 cents, or 4.0%, to $2.359 per million British thermal units at 9:11 a.m. EDT (1311 GMT). On Friday, the contract closed at its lowest since Aug. 13. Gas speculators cut their [Read more]
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Oil mixed as storm threatens U.S. gulf production
Oil prices were mixed on Monday with U.S. crude rising as a tropical storm in the Gulf of Mexico forced rigs to shut down, but the gains were kept in check by wider concerns about excess supply and falling demand for fuels. U.S. West Texas Intermediate (WTI) crude futures were down 9 cents, or 0.2%, at $37.24 a barrel. Brent crude was down 3 cents at $39.80 a barrel. Both contracts ended last week lower, a second consecutive week of declines. Tropical Storm Sally gained in strength in [Read more]
Delphi Energy Corp. announces court sanction of plan of compromise and arrangement
CALGARY, Alberta - Delphi Energy Corp. (“Delphi” or the “Company”) is pleased to announce that the previously announced plan of compromise and arrangement (the “Plan”) of the Company, Delphi Energy (Alberta) Limited and Delphi Energy Partnership under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) and the Canada Business Corporations Act was sanctioned today by order of the Court of Queen’s Bench of Alberta (the “Court”) under the CCAA. Implementation of the Plan remains subject to [Read more]
Journey Energy Inc. provides banking update
CALGARY, AB - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") announces a further extension to the forbearance agreement with its banking syndicate. Journey reports that it has reached an agreement with its syndicate of lenders to extend the current forbearance period until September 30, 2020. Journey and its lending syndicate continue to be in discussions regarding the outstanding bank debt. This extension of the forbearance period will allow Journey and the [Read more]
Heavy discount edges wider, remains in narrow range
Canadian heavy crude's discount versus West Texas Intermediate (WTI) widened on Friday, but stayed at tight levels on supply concerns and strong demand. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $8 per barrel below WTI, according to NE2 Canada Inc. It settled on Thursday at $7.45 under. Imperial Oil Ltd shut production at its 220,000-barrel-per-day Kearl oil sands site in Alberta this month due to an outage of part of the Polaris [Read more]
Canada’s weekly rig count increases from 52 to 62
Canada’s fleet of active drilling rigs is up from 52 last week to 62 this week according to data from the Canadian Association of Oilwell Drilling Contractors. Total drilling count for the week of September 7 is 62, 22 of which are drilling for oil, 35 for natural gas, and one for potash. Drilling activity by province as of September 11 is 37 in Alberta, 13 in British Columbia, and 10 in Saskatchewan. Precision Drilling holds the majority of the Canadian market share with 44 per cent, [Read more]
U.S. oil & gas rig count falls for the first time in four weeks
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time in four weeks even as a rebound in crude prices from coronavirus lows over the past few months prompted some producers to return to the wellpad. The U.S. oil and gas rig count, an early indicator of future output, fell by two to 254 in the week to Sep. 11, according to data on Friday from energy services firm Baker Hughes Co . That total rig count fell to a record low of 244 rigs during the week ended [Read more]
‘Enough is enough’: Canada’s Montney producers swap oil and gas assets for cash
A wave of consolidation is underway in Canada's Montney oil and gas region as small companies struggling to weather the impact of coronavirus on the energy industry sell their holdings in what just a few years ago was a booming patch. Lockdowns and sharp contractions in economic activity have hammered global oil demand in 2020, pushing prices so low that producers worldwide have made record output and spending cuts. The Montney, which straddles Alberta and British Columbia, has seen at [Read more]
Canada touts plan to cut fuel carbon intensity; refiners fret about costs
The Canadian government says its plan to require reductions in carbon intensity of fuels will boost the economy as it recovers from the coronavirus pandemic, but oil and chemical companies say they are worried it will boost their costs as they struggle to rebound. Ottawa intends to release plans this autumn to reduce the carbon intensity of liquid fuel by 12% by 2030, including by requiring refiners to blend cleaner combustibles with fossil fuels under a Clean Fuel Standard, government and [Read more]
Heavy discount eases slightly, remains at tight levels
Canadian heavy crude's discount versus West Texas Intermediate (WTI) eased on Thursday, remaining at tight levels on supply concerns and improving demand. Western Canada Select (WCS) heavy blend crude for October delivery in Hardisty, Alberta, traded at $7.45 per barrel below WTI, according to NE2 Canada Inc. It settled on Wednesday at $7.50 under. The differential remains tight due to strong U.S. Gulf Coast demand for Canadian heavy oil, ample pipeline space and recent production outages, [Read more]