Oil prices rose on Tuesday, but forecasts of a slower than expected recovery in global fuel demand due to the coronavirus pandemic weighed. U.S. West Texas Intermediate (WTI) crude futures were up 52 cents, or 1.4%, at $37.78 a barrel. Brent crude was up 44 cents, or 1.1%, at $40.05 a barrel by 1209 GMT, while Both contracts fell on Monday. The International Energy Agency (IEA) on Tuesday trimmed its 2020 outlook by 200,000 barrels per day (bpd) to 91.7 million bpd, citing caution about [Read more]
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Paramount Resources Ltd. provides operations update and revised 2020 guidance
CALGARY, AB - Paramount Resources Ltd. ("Paramount" or the "Company") (TSX: POU) is pleased to provide an update on its operations and 2020 guidance. HIGHLIGHTS The Company is accelerating $60 million of development activities at Karr and Wapiti from 2021 into the second half of 2020. Sales volumes are now expected to average between 62,500 and 67,500 Boe/d in the second half of 2020, reflecting the impact of the previously announced unscheduled outage at the third-party natural gas [Read more]
Imperial provides Kearl operational update following pipeline restart
CALGARY, Alberta - Imperial (TSE: IMO, NYSE American: IMO) confirmed today that its Kearl oil sands operation has safely started ramping up production to normal rates following the return to service of a third-party diluent pipeline. The production impact of the outage is still being determined and will be updated at a later date. Imperial’s first priority continues to be the safety of our employees, contractors and the communities where we operate. [Read more]
Inter Pipeline restores Polaris services after leak
Canada's Inter Pipeline Ltd said on Monday it had restored services to its Polaris pipeline after a leak caused an outage to a part of the system. The oil pipeline operator said the Alberta Energy Regulator approved the installation of a 400-meter bypass pipeline that enables the western portion of Polaris to transport diluent to customers north of Fort McMurray. The company detected a leak in its system late last month and reported a spill of 90 cubic meters (566 barrels) of light oil, 80 [Read more]
Pipestone Energy Corp. announces results of shareholder meeting including approval of the preferred share financing
CALGARY, Alberta - (PIPE – TSX-V) Pipestone Energy Corp. (“Pipestone Energy” or the “Company”) announces that at the annual and special meeting of the shareholders of Pipestone Energy (the “Shareholders”) held today at 2:30 p.m. (Calgary time) in the McMurray Room at the Calgary Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta, the Shareholders approved each of the amended and restated by-laws, the long-term incentive plan, and employee share purchase plan of the Company. Additionally, [Read more]
Heavy discount narrows on tight supplies
Canadian heavy crude's discount versus West Texas Intermediate (WTI) narrowed on Monday with supplies tight. 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 Friday at $8.10 under. The heavy differential trades at "unsustainably low" levels and is likely to widen into the autumn as industry shut-ins continue to lift, TD Securities analyst Menno Hulshof said in a [Read more]
N.L.’s struggling oil sector dominates debate as legislature reopens
ST. JOHN'S, N.L. - Newfoundland and Labrador's struggling offshore oil industry dominated discussion today at the reopening of the province's legislature. The legislature resumed so the minority Liberal government could adopt a supply bill to keep operations running until a proper budget is passed later this month. But recent news that Husky Energy is considering axing its $2.2-billion West White Rose offshore oil project grabbed most of the attention. The company says it's reevaluating [Read more]
Oil industry sounds alarm on coronavirus dent in demand
Persistent damage to the global economy from the coronavirus pandemic will hollow out demand for oil more than previously thought, major industry figures said on Monday. The Organization of the Petroleum Exporting Countries (OPEC), energy giant BP and commodities trading giant Vitol all made grim forecasts as rising rates of COVID-19 infections sap hopes for quick recovery. OPEC said in its monthly report that world oil demand would fall by 9.46 million barrels per day (bpd) this year, a [Read more]
Offshore wells, ports shut as U.S. Gulf Coast storm advances
Energy companies, ports and refiners on Monday were racing to complete shut-downs as Tropical Storm Sally took aim at the central U.S. Gulf Coast with soaking rains and high wind. Sally was forecast to sock Louisiana and Mississippi with up to 85 mile per hour (137 kph) winds and drop 8- to 16-inches (20-40 cm) of rain, causing widespread flooding. Officials in the two states issued mandatory evacuations for residents in low-lying areas. The Louisiana Offshore Oil Port, the nation's [Read more]
U.S. natgas futures jump 4% as output falls, LNG exports soar
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]