VICTORIA - Criminal and civil contempt of court charges have been dropped against those who were arrested in February for violating an injunction while fighting the construction of a natural gas pipeline in northern B.C. The arrests of 22 members of the Wet'suwet'en Nation and their supporters sparked protests across the country, shutting down rail and roads and putting a dent in the Canadian economy. The BC Prosecution Service says in a statement issued Friday that criminal contempt [Read more]
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Canada weekly rig count up 1 to 21
Canada’s fleet of active drilling rigs grew from 20 to 21 rigs since last week, according to data from Baker Hughes. Total drilling count was 21 at June 5. 7 rigs were drilling for oil; 14 for natural gas. The drilling activity in Alberta grew to 11 from 10 since last week. Saskatchewan’s drilling remained at 2 rigs. View a full breakdown of Western Canada’s rig activity. [Read more]
Heavy discount narrows after mostly widening this week
Canadian heavy crude's discount narrowed versus the U.S. benchmark West Texas Intermediate (WTI) on Friday, reducing some of the discount that had otherwise expanded this week. Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, traded at $8.70 per barrel below WTI, according to NE2 Canada Inc, narrower than Thursday's settle of $9.25 under. The differential has widened overall this week as producers reverse some curtailed oil production, a Calgary trader [Read more]
U.S. oil & gas rig count falls to record low for 5th week
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a fifth week in a row even as some producers begin to reverse cuts as prices recover from historic lows caused by a slump in fuel demand amid coronavirus lockdowns. The U.S. oil and gas rig count, an early indicator of future output, fell by 17, or 6%, to an all-time low of 284 in the week to June 5, according to data from energy services firm Baker Hughes Co going back to 1940. That was 691 rigs, or [Read more]
Oil jumps on uncertainty over producers’ commitment to output cuts
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]
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]